Jindal Steel's Q1 FY26 saw stable production but sales dipped 10% quarter-on-quarter due to inventory replenishment and early monsoon.

Gross Revenue was Rs. 14,336 Cr, with Adjusted EBITDA at Rs. 2,984 Cr (up 35% QoQ) and PAT at Rs. 1,496 Cr (up 36% QoQ), boosted by higher ASP and lower costs.

Net debt rose to Rs. 14,400 Cr (1.49x Net Debt/EBITDA), but management commits to the 1.5x cap as a peak.

Key projects like Blast Furnace-2 are nearing commissioning, and a new galvanizing line is operational.

The company remains focused on high value-added products (72% of sales) and expects demand revival in Q2.