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Jindal Steel Wins Odisha Iron Ore Block with 38MT Resources at 111.15% Premium
Jindal Steel has been declared the preferred bidder for the Rengalaberha North-East Extension and Nuagan West Iron Ore Block in Odisha. The block spans 84 hectares and contains estimated iron ore resources of 38 million tonnes. The company won the bid with a significant price offer of 111.15% premium to the state government. This move enhances the company's backward integration and raw material security for its integrated steel operations.
Key Highlights
Secured preferred bidder status for iron ore blocks in Keonjhar district, Odisha
Total estimated iron ore resources stand at approximately 38 million tonnes
Final price offer involves a 111.15% premium to the Government of Odisha
The block has been explored up to the G2 level, ensuring resource reliability
💼 Action for Investors
This is a positive development for long-term raw material security; however, investors should monitor the impact of the high premium on future production margins.
Jindal Steel Q3FY26: Production Up 25% to 2.51MT, EBITDA at ₹1,593 Cr Amid Expansion
Jindal Steel reported a strong 25% QoQ growth in production to 2.51 million tons, driven by the ramp-up of Angul facilities. However, margins were compressed by a one-time ₹350 crore start-up cost and lower steel prices, resulting in an EBITDA per ton of ₹6,981. Net debt rose to ₹15,443 crores due to heavy CAPEX, but management expects deleveraging as new capacities stabilize. Looking ahead, Q4FY26 is expected to see price recoveries of ₹3,000-₹3,500 per ton despite rising coal costs.
Key Highlights
Production rose 25% QoQ to 2.51 million tons; sales volume increased 22% to 2.28 million tons.
Adjusted EBITDA of ₹1,593 crores includes a ₹350 crore non-recurring expense for BF2 start-up.
Net debt increased to ₹15,443 crores (1.72x Net Debt/EBITDA) following ₹2,076 crore quarterly CAPEX.
Management guided for a coking coal cost increase of $18-$20 per ton in Q4FY26.
Commissioned 1,050 MW power plant modules and 0.2 MTPA CCL1 to enhance margins.
💼 Action for Investors
Focus on the company's ability to pass on rising coal costs through the guided ₹3,000+ price hikes in Q4. Long-term value depends on the successful commissioning of the 3 MTPA BOF3 at Angul by Q4FY26.
Jindal Steel Q3FY26: Record Production & Sales but PAT Drops 70% QoQ to INR 189 Cr
Jindal Steel reported record quarterly production of 2.51 MT (+25% QoQ) and sales of 2.28 MT (+22% QoQ) for Q3FY26. Despite a 12% QoQ increase in gross revenue to INR 15,172 Cr, adjusted EBITDA fell 15% to INR 1,593 Cr and PAT dropped sharply to INR 189 Cr. Net debt increased to INR 15,443 Cr with a Net Debt/EBITDA ratio rising to 1.72x. On the operational front, the company successfully commissioned 1,050 MW of power capacity and remains on track for its 3 MTPA steel expansion in Q4FY26.
Key Highlights
Highest ever quarterly steel production of 2.51 MT (+25% QoQ) and sales of 2.28 MT (+22% QoQ)
Consolidated Gross Revenue rose 12% QoQ to INR 15,172 Cr, but PAT fell to INR 189 Cr from INR 635 Cr in Q2
Adjusted EBITDA margin compression seen with EBITDA at INR 1,593 Cr, down 15% sequentially
Consolidated Net Debt increased by INR 1,287 Cr to INR 15,443 Cr; Net Debt/EBITDA rose to 1.72x
Successfully operationalized 1,050 MW power plant and remains on track for 3 MTPA Angul expansion in Q4FY26
💼 Action for Investors
Investors should monitor the commissioning of the 3 MTPA Angul expansion in Q4FY26 as it is critical for future volume growth. The sharp drop in profitability despite record volumes suggests significant margin pressure that needs to be evaluated against industry-wide input costs.
STEL Holdings Q3 Net Profit Jumps to ₹12.58 Cr; New Company Secretary Appointed
STEL Holdings reported a massive surge in standalone net profit to ₹12.58 crore for Q3 FY26, compared to just ₹0.09 crore in the same quarter last year. Total income for the quarter rose significantly to ₹17.20 crore, driven by its operations as a Core Investment Company. For the nine-month period ending December 2025, the company recorded a net profit of ₹25.36 crore against ₹5.90 crore in the previous year. The board also approved the appointment of Ms. Sruthi Sindhu as the new Company Secretary effective March 1, 2026, following the resignation of Ms. Lakshmi P.S.
Key Highlights
Standalone Net Profit surged to ₹1,257.75 Lacs in Q3 FY26 from ₹9.32 Lacs in Q3 FY25.
Total Income for the quarter increased to ₹1,720.18 Lacs compared to ₹30.43 Lacs YoY.
Nine-month (9M FY26) EPS improved significantly to ₹13.74 from ₹3.20 in the prior year.
Ms. Sruthi Sindhu (ACS: 79555) appointed as CS and Compliance Officer effective March 01, 2026.
Negative Other Comprehensive Income of ₹3,445.61 Lacs in Q3 reflects volatility in investment valuations.
💼 Action for Investors
The sharp increase in profit is positive, but investors should note that as an investment company, STEL's earnings are highly dependent on dividend cycles and market valuations. Monitor the total comprehensive income which remains volatile due to mark-to-market adjustments on investments.
STEL Holdings Q3 Net Profit Surges to ₹12.58 Cr; Revenue Jumps to ₹16.94 Cr
STEL Holdings reported a massive year-on-year growth in its Q3 FY26 standalone net profit, which rose to ₹1,257.75 Lacs from just ₹9.32 Lacs in the same quarter last year. Revenue from operations saw a significant spike to ₹1,693.78 Lacs, likely driven by dividend or interest income as a Core Investment Company. The company also announced a management change, with Ms. Sruthi Sindhu appointed as the new Company Secretary effective March 1, 2026. While operational profit is strong, Total Comprehensive Income for the quarter was negative at ₹2,187.86 Lacs due to fair value adjustments in its investment portfolio.
Key Highlights
Standalone Net Profit surged to ₹1,257.75 Lacs in Q3 FY26 compared to ₹9.32 Lacs in Q3 FY25.
Revenue from operations increased significantly to ₹1,693.78 Lacs from ₹30.43 Lacs in the corresponding quarter last year.
Basic and Diluted EPS for the quarter stood at ₹6.82, a massive jump from ₹0.05 YoY.
Nine-month net profit for the period ended Dec 31, 2025, reached ₹2,536.01 Lacs versus ₹589.97 Lacs YoY.
Management transition: Ms. Sruthi Sindhu appointed as CS & Compliance Officer following the resignation of Ms. Lakshmi P.S.
💼 Action for Investors
Investors should focus on the core profitability and dividend income which drove the surge, while noting that the Total Comprehensive Income remains volatile due to investment valuation fluctuations. The stock remains a play on the underlying portfolio value of this holding company.
STEL Holdings Q3 Net Profit Surges to ₹12.58 Cr; Revenue Up Significantly YoY
STEL Holdings reported a massive jump in net profit to ₹1,257.75 Lacs for Q3 FY26, compared to just ₹9.32 Lacs in the same quarter last year. Revenue from operations grew to ₹1,693.78 Lacs from ₹30.43 Lacs YoY, reflecting strong performance as a Core Investment Company. While operational profit is robust, the company recorded a Total Comprehensive Loss of ₹2,187.86 Lacs due to negative fair value adjustments in its investment portfolio. The board also approved the appointment of Ms. Sruthi Sindhu as the new Company Secretary effective March 2026.
Key Highlights
Net Profit for Q3 FY26 stood at ₹1,257.75 Lacs, a massive increase from ₹9.32 Lacs in Q3 FY25.
Revenue from operations jumped to ₹1,693.78 Lacs from ₹30.43 Lacs in the year-ago period.
9-month Net Profit reached ₹2,536.01 Lacs, significantly higher than ₹589.97 Lacs in the previous year.
Other Comprehensive Income saw a negative impact of ₹4,047.34 Lacs, leading to a total comprehensive loss for the quarter.
Management transition announced with Ms. Sruthi Sindhu taking over as Company Secretary from March 1, 2026.
💼 Action for Investors
The strong operational profit growth is a positive indicator for potential dividends, though investors should be aware that the bottom line is highly sensitive to market fluctuations in the company's investment portfolio. Monitor the underlying holdings to understand the volatility in Other Comprehensive Income.
Jindal Steel to Double Raigarh Structural Steel Capacity to 2.4 MTPA by 2028
Jindal Steel has announced a significant expansion at its Raigarh facility to double its structural steel capacity from 1.2 MTPA to 2.4 MTPA by mid-2028. This expansion focuses on heavy and ultra-heavy sections, enabling the production of India's largest parallel flange sections with depths up to 1,100 mm. The move is strategically aimed at capturing demand from high-growth sectors like infrastructure, energy, and high-rise construction. By increasing domestic supply, the company intends to reduce import reliance and solidify its leadership in the structural steel segment.
Key Highlights
Doubling structural steel capacity from 1.2 MTPA to 2.4 MTPA at the Raigarh facility by mid-2028.
Enhanced capability to manufacture sections up to 1,100 mm depth and 1,500 kg per metre, exceeding current 900 mm limits.
Strategic focus on reducing India's dependence on imported heavy structural steel sections for large-scale projects.
Expansion supports high-demand sectors including refineries, renewable energy, and next-generation infrastructure.
💼 Action for Investors
Investors should view this as a positive long-term growth catalyst that enhances the company's product mix and market share in specialized steel. Monitor upcoming quarterly updates for specific capital expenditure requirements and project execution milestones.