Jindal Steel Appoints New Leadership, Announces Q1 FY26-27 Results and Credit Rating Upgrade

Jindal Steel Appoints New Leadership, Announces Q1 FY26-27 Results and Credit Rating Upgrade​

Jindal Steel Limited has announced significant appointments of senior management personnel following its Board meeting held on July 24, 2026. The company also reported its unaudited financial results for the first quarter (Q1) of the financial year 2026-27 across both standalone and consolidated bases, alongside reporting a credit rating upgrade.

The appointments included Mr. Vidya Rattan Sharma as Additional Director and Managing Director, Mr. Sandeep Modi as Chief Financial Officer, and Mr. Rajiv Kumar as Chief Operating Officer (COO). Mr. Sukhjit S. Pasricha was appointed as Head of Human Resources (HR) at the company. Additionally, S S Kothari Mehta & Co. LLP has been appointed as the Statutory Auditors.

Leadership Appointments and Operational Focus​

Mr. Vidya Rattan Sharma, who brings four decades of international leadership experience in the steel, power, and metal sectors, was appointed as Additional Director and Managing Director, subject to shareholder approval. Mr. Sandeep Modi, who is a Chartered Accountant and has nearly two decades of experience across metals, mining, and power sectors, joined the company as Chief Financial Officer (CFO).

Mr. Rajiv Kumar, an industry leader with over 35 years of experience in operations and manufacturing within the steel sector, was appointed as COO. Mr. Sukhjit S. Pasricha, who has approximately 30 years of work experience, was appointed as Head of HR.

The company confirmed that Mr. Sunil Agrawal, who was serving as CFO on an interim basis, will step down from his role but will continue overseeing the Finance function following the appointment of Mr. Sandeep Modi.

Financial Performance for Q1 FY26-27​

Jindal Steel reported its financial results for the quarter ended June 30, 2026 (Q1 FY26-27). The company saw a decline in both production and sales compared to previous quarters due to planned maintenance shutdowns across key facilities.

The consolidated results showed:

• Gross Revenue: INR 17,885.43 Cr (a decline of -8% QoQ)
• Adjusted EBITDA: INR 2,667 Cr
• Net Profit After Tax (PAT): INR 843.80 Cr

The standalone results reported Gross Revenue of INR 17,565 Cr and recorded a Net Profit After Tax of INR 1,086 Cr.

A summary of the consolidated financial performance is provided below:


Key operational metrics and balance sheet status for the consolidated entity as of June 30, 2026:

Operational and Financial Details​

The consolidated production stood at 2.40 MT in Q1 FY27, a decline of 10% Quarter-on-Quarter (QoQ). Steel sales were reported at 2.23 MT, marking a 15% QoQ decrease. The share of value added steel (VAS) increased to 66% in Q1 FY27 from 61% in Q4 FY26.

The company also noted that the consolidated Net Debt/EBITDA ratio is 1.71x as at June 30, 2026.

Audit and Subsidiary Updates​

S S Kothari Mehta & Co. LLP was appointed as Statutory Auditors for a term running from the conclusion of the 47th Annual General Meeting (AGM) until the conclusion of the 52nd AGM.

The company holds an equity investment of E 575.73 crores in its wholly owned subsidiary, Jindal Steel (Mauritius) Limited (JSML). As of June 30, 2026, JSML has accumulated losses of # 3,016.48 crores and a negative net worth of # 1,430.29 crores. Despite these findings, the financial statements of JSML were prepared on a 'Going Concern' basis, based on continued financial support from Jindal Steel Limited.

JINDALSTEL Stock Price Movement​

JINDAL STEEL LIMITED shares settled today after shedding 0.18% to close at ₹1035.8, continuing a slight decline throughout the session. The stock saw moderate trading activity with 372,876 shares traded during the day.