Jindal Steel & Power

Net sales (including other operating income) of Jindal Steel & Power has declined 2.25% to Rs 13183.13 crore. Share of exports was 3% in Q4FY25 compared to 7% in Q3FY25.  Production and sales for Q4FY25 stood at 2.11MT (+3% YoY) and 2.13MT (+6% YoY) respectively.

Operating profit margin has declined from 18.12% to 17.22%, leading to 7.11% decline in operating profit to Rs 2,270.75 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.59% to 41.79%.   Purchase of finished goods cost fell from 6.06% to 3.94%.   Employee cost decreased from 2.72% to 2.39%.   Other expenses rose from 33.25% to 33.68%.   Preoperation capitalised expenses rose from 0.53% to 0.89%.  

Other income rose 109.05% to Rs 71.81 crore.  PBIDT fell 5.50% to Rs 2342.56 crore.  Provision for interest rose 6.53% to Rs 341.55 crore.  Loan funds rose to Rs 18,406.08 crore as of 31 March 2025 from Rs 16,472.14 crore as of 31 March 2024.  Inventories declined from Rs 7,077.37 crore as of 31 March 2024 to Rs 5,610.22 crore as of 31 March 2025.  Sundry debtors were lower at Rs 1,362.89 crore as of 31 March 2025 compared to Rs 1,664.54 crore as of 31 March 2024.  Cash and bank balance rose to Rs 4,180.05 crore as of 31 March 2025 from Rs 4,024.13 crore as of 31 March 2024.  Investments rose to Rs 2,200.87 crore as of 31 March 2025 from Rs 818.81 crore as of 31 March 2024 . 

PBDT fell 7.28% to Rs 2001.01 crore.  Provision for depreciation fell 30.59% to Rs 690.6 crore.  Fixed assets increased to Rs 65,658.23 crore as of 31 March 2025 from Rs 57,939.95 crore as of 31 March 2024.  Intangible assets stood at Rs 55.41 crore. 

Adjusted EBITDA was Rs 2,482 crore (-1% YoY) adjusted for FX gain of Rs 20 crore and one-offs of Rs 231 crore during the quarter. During the quarter, the company has taken a provision of Rs 1,229 crore towards diminution in value of investments in our overseas subsidiaries, primarily in Australia.

Profit before tax grew 12.64% to Rs 1,310.41 crore.  Provision for tax was expense of Rs 375.4 crore, compared to Rs 230.06 crore.  Effective tax rate was 522.77% compared to 19.77%.

Equity capital increased from Rs 100.24 crore as of 31 March 2024 to Rs 101.18 crore as of 31 March 2025.  Per share face Value remained same at Rs 1.00. 

Promoters' stake was 62.22% as of 31 March 2025 compared to 61.20% as of 31 March 2024 .  Promoters pledged stake was 11.35% as of 31 March 2025 compared to 13.11% as of 31 March 2024.

Consolidated net debt stood at Rs 11,957 crore as at 31st Mar'25 vs Rs 13,551 crore as at 31st Dec'24. Net debt to EBITDA decreased to 1.26x as at 31st Mar'25 vs 1.40x as on 31st Dec'24. The planned expansion projects are progressing well as per the stipulated timelines, supported by strong company financials. The total capex for the quarter was Rs 2,312 crore largely driven by the expansion projects at Angul 

Full year results analysis

Net sales (including other operating income) of Jindal Steel & Power has declined 0.52% to Rs 49764.97 crore. Share of exports was 6% in FY25 compared to 9% in FY24. Production grew 2% YoY to 8.12MT; Sales grew 4% YoY to 7.97MT

Operating profit margin has declined from 20.39% to 19.08%, leading to 6.93% decline in operating profit to Rs 9,494.19 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.44% to 42.68%.   Purchase of finished goods cost fell from 4.63% to 3.51%. Employee cost decreased from 2.57% to 2.43%. Other expenses fell from 32.99% to 31.88%. Preoperation capitalised expenses rose from 0.65% to 0.75%.  

Other income rose 6.97% to Rs 167.51 crore.  PBIDT fell 6.72% to Rs 9661.7 crore.  Provision for interest rose 1.38% to Rs 1312.08 crore.  Loan funds rose to Rs 18,406.08 crore as of 31 March 2025 from Rs 16,472.14 crore as of 31 March 2024.  Inventories declined from Rs 7,077.37 crore as of 31 March 2024 to Rs 5,610.22 crore as of 31 March 2025.  Sundry debtors were lower at Rs 1,362.89 crore as of 31 March 2025 compared to Rs 1,664.54 crore as of 31 March 2024.  Cash and bank balance rose to Rs 4,180.05 crore as of 31 March 2025 from Rs 4,024.13 crore as of 31 March 2024.  Investments rose to Rs 2,200.87 crore as of 31 March 2025 from Rs 818.81 crore as of 31 March 2024 . 

PBDT fell 7.87% to Rs 8349.62 crore.  Provision for depreciation fell 1.92% to Rs 2767.55 crore.  Fixed assets increased to Rs 65,658.23 crore as of 31 March 2025 from Rs 57,939.95 crore as of 31 March 2024.  Intangible assets stood at Rs 55.41 crore. 

Adjusted EBITDA was down 6% YoY to Rs 9,570 crore adjusted for FX gain of Rs 155 crore and one-offs of Rs 231 crore respectively during the year. Adjusted EBITDA per tonne for the year stood at Rs 12,008 per tonne.

Profit before tax down 10.56% to Rs 5,582.07 crore.  Share of profit/loss was 8,970% lower at Rs -9.07 crore.  Provision for tax was expense of Rs 1497.87 crore, compared to Rs 297.95 crore.  Effective tax rate was 34.48% compared to 4.77%.

Minority interest increased 584.69% to Rs 33.55 crore.  Net profit attributable to owners of the company decreased 52.65% to Rs 2,812.13 crore. 

Equity capital increased from Rs 100.24 crore as of 31 March 2024 to Rs 101.18 crore as of 31 March 2025.  Per share face Value remained same at Rs 1.00. 

Promoters' stake was 62.22% as of 31 March 2025 compared to 61.20% as of 31 March 2024.  Promoters pledged stake was 11.35% as of 31 March 2025 compared to 13.11% as of 31 March 2024. 

Cash flow from operating activities increased to Rs 10,823.96 crore for year ended March 2025 from Rs 6,008.35 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 10,607.09 crore, compared to Rs 8,517.09 crore during the year ended March 2024. 

Other Highlights

The company has started commissioning activities of Blast Furnace -2 and expects the first hot metal tapping in Q1FY26. 1,710 TPD Air Separation Unit was commissioned during Q4FY25. The rest of the projects under the current expansion phase are progressing as per timeline.

During the quarter, the company has also received mine opening permission for Utkal B1 and won Saradhapur Jalatap East Coal block in the 11th round of e-auction.

JSP acquired Allied Strips Limited (ASL) in an all-cash deal of Rs 217 crore in April'25. ASL has a capacity of 0.54mt HRPO and 0.3mt CRFH/CRCA. The company is in the process of completing the integration of ASL with JSP.

The Board of Directors have recommended a final dividend of 200% i.e., Rs 2/share for the year, subject to approval of shareholders

 

 The scrip is currently trading at Rs 892

 

Jindal Steel & Power : Consolidated Results
Particulars	2503 (03)	2403 (03)	Var.(%)	2503 (12)	2403 (12)	Var.(%)
Net Sales (including other operating income)	13,183.13	13,486.96	-2	49,764.97	50,026.76	-1
OPM (%)	17.2	18.1		19.08	20.4
OP	2,270.75	2,444.49	-7	9,494.19	10,200.75	-7
Other Inc.	71.81	34.35	109	167.51	156.6	7
PBIDT	2,342.56	2,478.84	-6	9,661.70	10,357.35	-7
Interest	341.55	320.62	7	1,312.08	1,294.23	1
PBDT	2,001.01	2,158.22	-7	8,349.62	9,063.12	-8
Depreciation	690.6	994.9	-31	2767.55	2821.75	-2
PBT	1,310.41	1,163.32	13	5582.07	6241.37	-11
Share of Profit/(Loss) from Associates	-9.15	0.2	PL	-9.07	-0.1
PBT before EO	1301.26	1163.52	12	5573	6241.27	-11
EO Income	-1229.45	0	-	-1229.45	0	-
PBT after EO	71.81	1163.52	-94	4343.55	6241.27	-30
Taxation	375.4	230.06	63	1497.87	297.95	403
PAT	-303.59	933.46	PL	2845.68	5943.32	-52
Minority Interest (MI)	35.81	-1.91	PL	33.55	4.9	585
Net profit	-339.4	935.37	PL	2812.13	5938.42	-53
EPS (Rs)*	#	#		35.4	58.2
Notes
* EPS is on current equity of Rs 102.01 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database