JINDALSTELJindal Steel LimitedNSE:JINDALSTELTechnicalAnalystSucrit## Jindal Steel & Power Ltd. (CMP ₹1,145.00, NSE: JINDALSTEL) **The SmartWay Research Desk | 4 September 2026** A New Delhi‑based steel and power company, incorporated in 1979. Jindal Steel & Power Ltd. (JSPL) is one of India’s leading **steel producers and energy companies**, with operations spanning **steel manufacturing, power generation, mining, and infrastructure projects**. The company has plants in Chhattisgarh, Odisha, and Jharkhand, and exports to over 20 countries. **Promoter Holding (Jun 2026):** **Jindal Family (Naveen Jindal & Associates) — ~60.5% stake (no pledges)** --- ### FY22–FY26 Snapshot - **Revenue Growth:** FY26 revenue ₹58,842 Cr vs ₹52,412 Cr in FY25 (+12.3% YoY). → **Good** - **Net Profit:** FY26 PAT ₹6,212 Cr vs ₹5,412 Cr in FY25 (+14.8% YoY). → **Good** - **Operating Margin:** FY26 EBITDA ₹12,812 Cr, margin 21.8% vs 21.2% last year (+60 bps). → **Good** - **Equity Capital:** Stable, face value ₹1. → **Good** - **Dividend Policy:** Dividend ₹6.00/share declared for FY26. → **Good** - **Asset Building:** Investments in **capacity expansion, coal mining, and renewable energy projects**. → **Good** - **Sales:** Strong demand from **domestic infra and export markets**. → **Good** - **Expense:** Raw material and energy costs remain volatile. → **Neutral/Good** - **EPS:** FY26 EPS ₹62.25 vs ₹54.20 last year (+14.9%). → **Good** --- ### Institutional Interest & Ownership Trends (Jun 2026) - **Promoter Holding:** ~60.5% (no pledges) - **FII Holding:** ~18.2% - **DII Holding:** ~15.6% - **Retail & Others:** ~5.7% --- ### Strategic Moves & Innovations - Expansion in **steel capacity and value‑added products**. - Focus on **renewable energy and green steel initiatives**. - Partnerships with **global infra players for exports**. - Diversification into **coal mining and power generation**. --- ### Cash Flow & Balance Sheet Strength - Market cap ~₹1,15,000 Cr. - Debt‑to‑equity ratio ~0.68 (moderate leverage). - Book value per share ₹312.00; P/B ~3.7. - EPS (TTM) ₹62.25; P/E ~18.4. --- ### Risk Factors - Moderate **P/E ratio ~18.4**, valuations fair. - Dependence on **steel demand cycles and infra spending**. - Exposure to **commodity price volatility (coal, iron ore)**. - Competition from Tata Steel, JSW Steel, and SAIL. --- ### Investor Takeaway Jindal Steel & Power has delivered **robust FY26 performance**, supported by steel demand, infra growth, and renewable energy initiatives. With strong promoter backing (Jindal Family, 60.5% stake), dividend payouts, and leadership in steel & power, JSPL remains a **large‑cap steel and infra play**. At CMP ₹1,145.00, valuations are **reasonable (P/E ~18.4, P/B ~3.7)**, reflecting growth potential with manageable risks.