India's Jindal Steel quarterly profit slumps on elevated costs; names MD

JSW Steel

24/07/2026 14:30

    July 24 (Reuters) - Indian steelmaker Jindal Steel JINT.NS reported a drop in first-quarter profit on Friday as elevated coking coal costs outweighed a recovery in domestic steel prices, while the company appointed Vidya Rattan Sharma as managing director.
Sharma previously served as MD of the company from 2019 to 2022. He will serve for two years starting Friday, according to the company. 
Here are details from the company's earnings report:
The New Delhi-based company's consolidated net profit slumped 43.5% year-over-year to 8.45 billion rupees ($87.51 million).
Jindal Steel's cost of materials consumed climbed 43.7%, pushing up its overall expenses by 38.7% to 142.96 billion rupees.
Total revenue from operations rose about 26% to 154.82 billion rupees, helped by higher sales volumes and an increase in steel prices.
The company's consolidated steel sales rose 17.4% to 2.23 million tons.
Analysts at Elara Capital said domestic prices of hot-rolled coil, which are flat steel products, rose 12-13% year-on-year, supported by a weaker rupee and higher Chinese export offers.
Coking coal prices rose by $17 per ton in the June quarter, according to an executive of larger rival and India's top steelmaker JSW Steel.
Meanwhile, Sandeep Modi replaced Sunil Agrawal as chief financial officer. 
Last week, JSW Steel JSTL.NS reported a quarterly profit beat on firmer steel prices and steady volumes.
      ($1 = 96.5625 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Harikrishnan Nair)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))