JINDALSTEL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Australia | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 75% |
| “Reduced supply is also anticipated in the United States and Australia.” AR · +1 DOC | ||||||||
| China. | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 75% |
| “Despite lower production, higher exports from China continued to influence international markets and contributed to pressures across regions.” AR DOC | ||||||||
| Parties | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES During the year under review, all Related Party Transactions (“RPTs”) entered into by the Company…” AR DOC | ||||||||
| Financial Year | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY25 | EST | 75% |
| “Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format: Parameter Unit FY 2025-26 (Current Financ…” AR DOC | ||||||||
| United States | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY25 | EST | 75% |
| “Reduced supply is also anticipated in the United States and Australia.” AR DOC | ||||||||
| Business | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY25 | EST | 75% |
| “Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 PMI Manufacturing Index New export business Business e…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 70% |
| “c) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with…” AR · +1 DOC | ||||||||
| Authority. | CONTRACT | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 70% |
| “The company has contested the demand of ₹ 293.90 crore by filing writ petition before the Hon'ble High Court of Orissa, Cuttack against the order passed by the…” AR · +2 DOC | ||||||||
| Others | UNSTATED | 47,903 | 39,253–47,903 | 90.0% | — | FY26 | EST | 70% |
| “The carrying amounts of the Company’s net foreign currency exposure (net of forward contracts) denominated monetary assets and liabilities at the end of the re…” AR · +1 DOC | ||||||||
| CYIENTCyient Ltd. | UNSTATED | 6,369 | 5,219–6,369 | 12.0% | — | FY26 | EST | 75% |
| “He currently serves on the Boards of Cyient Limited and has extensive experience across board committees and international governance frameworks.” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | 1,236 | 1,013–1,236 | 2.3% | — | FY26 | EST | 70% |
| “We have been informed that no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or other Tr…” AR · +1 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | 8 | 7–8 | 0.0% | — | FY26 | EST | 60% |
| “3) Now enter your User ID a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Shareholders holding shares …” AR · +1 DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | 0 | 0–0 | 0.0% | — | FY26 | EST | 60% |
| “Ms. Aabha Bakaya and Mr. Vikas Sehgal have also confirmed that they are not debarred from holding the office of Director by virtue of any SEBI order or any ord…” AR DOC | ||||||||
| TATASTEELTata Steel Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Prior to joining Jindal Steel, he served as Chief – Corporate Strategy and Planning at Tata Steel, where he led enterprise-wide strategic planning, performance…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Steel exports declined ~27% in early FY25 amid weak global demand and low priced exports from China.” AR · +1 DOC | ||||||||
| Australia | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “On the supply side, Australia continued to dominate global exports of premium hard coking coal, although 0 100 50 150 200 250 300 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY…” AR DOC | ||||||||
| National Highways Authority of India | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “• Empty chemical containers are sent to authorised decontamination facilities for safe processing (d) Other waste: • Ash is supplied to fly ash brick plants an…” AR · +1 DOC | ||||||||
| Dedicated Freight Corridor Corporation of India | UNSTATED | — | — | — | SG&A | FY25 | EST | 75% |
| “In the domestic market, supplies were made to key infrastructure projects including metro rail networks and the Dedicated Freight Corridor Corporation of India…” AR DOC | ||||||||
| Others | CONTRACT | CT 325 | — | — | COGS | FY26 | EST | 70% |
| “Add: GST Recovered 8,092.60 7,738.25 Total Revenue from operations 57,235.97 57,747.64 @Inclusive of captive sale on project of ₹ 325.34 crore (31st March, 202…” AR · +2 DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “23 NON-CURRENT FINANCIAL LIABILITIES- BORROWINGS (₹ in crores) Particulars As at 31st March, 2026 As at 31st March, 2025 Secured Term Loan From Banks 14,678.27…” AR DOC | ||||||||
| JINDALSAWJindal Saw Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Jindal Steel is now working with Jindal SAW on commercial orders, further advancing self-reliance in sour service steel production.” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Policies • Biodiversity Policy • Energy Policy • Environment Policy 30% Reduction in CO2 emissions committed by 2030, using 2005 as the baseline Natural Capita…” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | COGS | FY23 | EST | 65% |
| “supplied 4,082 MT of seamless pipes to M/s BHEL • Obtained BIS license for Structural Weather-Resistant Steel (IS 11587) in the long products segment • Secured…” AR DOC | ||||||||
| VEDLVedanta Ltd. | UNSTATED | — | — | — | COGS | 2026-07 | EST | 65% |
| “Mr. Kumar served as CEO of the Aluminium business of Vedanta prior to joining Jindal Steel.” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: FY 2025-26 (Current Financial Year) FY 2024-25 (Previous Financial Year)…” AR DOC | ||||||||
| NMDCNMDC Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “In addition, NSL has entered into a contract with Jindal Steel and Power Limited (JSPL) for the supply and operation of four Bogie Flat Steel Wagon (BFNV) rake…” AR DOC | ||||||||
| ANTHEMAnthem Biosciences Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “He served as the MD & Group CEO of Jindal Steel & Power Limited, Whole-time Director of L&T Group Board and MD & CEO (Power) at L&T, held various positions in …” AR p.92 · 31-MAR-26 · +1 DOC | ||||||||
| TARILTransformers And Rectifiers (India) Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In steel, metals, and process industries, TARIL serves Jindal Steel & Power, JSW, SAIL, Hindustan Zinc, Jindal SAW, Shyam Metallic, and Gajanan Ferro.” AR p.58 · 31-MAR-26 DOC | ||||||||
| RHIMRHI MAGNESITA INDIA LTD. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Most recently, he served as Executive Director - Odisha at Jindal Steel, where he played a pivotal role in strengthening operational performance, accelerating …” AR p.22 · 31-MAR-26 DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “The prices improved marginally in the second half of the year in anticipation of imposition of safeguard duties to protect the domestic steel industry from the…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Other current assets (₹ in crore) Particulars As at 31st March, 2025 As at 31st March, 2024 - Security deposit* 111.24 133.86 - Advance to vendors and others* …” AR · +1 DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “The major outside clients of CMPDIL in FY 2025-26 include NTPC Mining Limited (NML), WBPDCL (West Bengal Power Development Corporation Limited), THDC India Lim…” AR DOC | ||||||||
| HEGAMHEG Advanced Materials Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Notable clients include Jindal Steel and Power Limited (JSPL), Steel Authority of India Limited (SAIL), ArcelorMittal, Qatar Steel, Emirates Steel, Tata Steel,…” AR p.56 · 31-MAR-26 · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2025-11 | EST | 65% |
| “Imports from China also jumped 46% quarter-on-quarter in Q2FY26 despite the imposition of the safeguard duty.” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 0/4 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.726 | 14-NOV-26 | Bank of India share 16% · Central Depository Services (India) Ltd. share 0% · Cyient Ltd. share 84% |
| CUST MOM 1M | +18.1% | 14-NOV-26 | from 15-OCT-26 · Tata Steel Ltd. +5.8% w 0 · Bank of India +18.2% w 1 · Central Depository Services (India) Ltd. +11.9% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Jindal Saw Ltd. -12.6% w 0 · Vedanta Ltd. +5.6% w 0 |
| DISTRESS SCORE | 0.372 | 12-OCT-26 | roe 0.07 · operatingMargin 0.18 · debtToEquity 0.44 · interestCoverage 3.91 · assetTurnover 0.55 · leverage 1.92 |
| SUPP MOM 1M | +5.1% | 14-NOV-26 | from 15-OCT-26 · Anthem Biosciences Ltd. +11.3% w 0 · NMDC Ltd. -1.4% w 0 · Transformers And Rectifiers (India) Ltd. -5.6% w 0 · HEG Advanced Materials Ltd. +22.4% w 0 · RHI MAGNESITA INDIA LTD. -1.0% w 0 |