Guidance ledger · Q4 FY26

Jindal Steel Limited JINDALSTEL

3 revisions on record · 0 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↔ widened Net debt-to-EBITDA ceiling Q1 FY26 → Q4 FY26

~~1.5x ('sacrosanct red line we will not breach')~~ → 1.66x actual, with sub-1.5x deferred to Q2FY27 normalization

“consolidated net debt was INR 16,019 crores with a net debt to EBITDA of 1.66x and debt to equity of 0.43x”

↑ raised Coking coal sequential cost trajectory Q1 FY26 → Q4 FY26

~~Q2FY26 down $5/t (delivered $4)~~ → Q1FY27 up $20 to $25/t sequentially

“For Q1FY27, we expect coking coal prices to increase by $20 to $25 per tonne sequentially”

→ narrowed FY27 production / sales guidance Q1 FY26 → Q4 FY26

~~too early to give any guidance~~ → 11-11.5 MT production, 10.5-11 MT sales

“our production plan for FY 27 is 11 million to 11.5 million tonnes and sales between 10.5 million to 11 million tonnes”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.