Jindal Steel appoints new CEO, commissions Angul expansion amidst mixed financials

Jindal Steel Limited’s board of directors appointed Gautam Malhotra as chief executive officer and key managerial personnel, effective October 28, 2025. Malhotra, who joined the company in May 2024, brings over 19 years of experience in operations, supply chain, sales, marketing, strategy, finance, and M&A. This strategic appointment coincides with the commissioning of the country's second-largest blast furnace (BF-II) at Angul, boosting hot-metal capacity from 4.25 MTPA to 8.85 MTPA, and a 3 MTPA Basic Oxygen Furnace (BOF-II), increasing crude steel capacity from 6 MTPA to 9 MTPA.

For Q2FY26, consolidated gross revenue stood at INR 13,505 Cr, a 6% quarter-on-quarter decline, with adjusted EBITDA at INR 1,875 Cr, down 37%. Consolidated PAT was INR 635 Cr. Standalone results showed gross revenue of INR 14,021 Cr and PAT of INR 921 Cr for the quarter. Total capital expenditure for the quarter reached INR 2,699 Cr, primarily for Angul’s expansion projects. The company's name was officially changed to Jindal Steel Limited on July 22, 2025.

Consolidated net debt decreased to INR 14,156 Cr as of September 30, 2025, from INR 14,400 Cr on June 30, 2025, with a net debt-to-EBITDA ratio of 1.48x. The audit reports for subsidiaries Jindal Steel (Mauritius) Limited and Wollongong Resources Pty. Ltd. highlighted material uncertainties regarding their going concern status, with accumulated losses and negative net worth reported.