BSE Metal Sector Regulatory Filings — May 01, 2026

Record FY26 consolidated steel production 9.25 MT (+14% YoY from 8.12 MT) and sales 8.68 MT (+9% YoY), outperforming sector volume trends

Q4FY26 revenue INR 19,399 Cr (+28% QoQ) and adjusted EBITDA INR 2,647 Cr (+66% QoQ), signaling accelerating momentum into FY27

Consolidated gross revenue INR 62,412 Cr (+8% YoY) with PAT INR 3,361 Cr, demonstrating resilient top-line growth amid metal cycles

Crude steel capacity expanded to 15.6 MTPA, supporting future volume upside from current 9.25 MT FY26 production

Board recommended 200% final dividend (INR 2/share on Re.1 FV), affirming strong cash flows and shareholder returns

Exports share up to 7% FY26 from 6% FY25, with VAS mix at 61% in Q4FY26, enhancing revenue quality

Consolidated Net Debt/EBITDA improved to 1.66x (Mar'26) from 1.72x (Dec'25), indicating better leverage management QoQ

Domestic sales share 95% in Q4FY26, capitalizing on India infrastructure demand amid global metal volatility

Scheduled one-to-one investor/analyst meetings on May 06, 2026, with presentation available, potential for metals segment updates

Q4FY26 production +6% QoQ and sales +15% QoQ, outlier strength vs FY26 YoY EBITDA softness

Re-appointment of cost auditors signals ongoing cost optimization efforts post EBITDA -3% YoY dip

Consolidated adjusted EBITDA declined 3% YoY to INR 9,099 Cr from INR 9,339 Cr, signaling margin pressures in metals pricing

FY26 standalone PAT down 15% YoY to INR 3,074 Cr from INR 3,621 Cr due to higher depreciation/finance costs

Q4FY26 standalone PAT loss of INR 143 Cr, contrasting consolidated strength and highlighting subsidiary drags

Consolidated Net Debt rose to INR 16,019 Cr (Mar'26) from INR 15,443 Cr (Dec'25), despite EBITDA leverage improvement

EBITDA YoY decline despite +14% production growth indicates cost inflation or realization weakness across 3 filings

Neutral sentiment investor meet (materiality 3/10) may reveal Adani metals exposure risks amid group leverage concerns

Sales 8.68 MT vs production 9.25 MT implies inventory build-up, potential demand softness risk

Mixed sentiment in all 3 filings due to profitability vs volume disconnect, broader BSE METAL margin compression theme

15.6 MTPA capacity vs FY26 utilization ~59% (9.25 MT), alpha from volume ramp-up in infra boom

+66% QoQ EBITDA and +28% revenue in Q4FY26 positions for FY27 beat, trade ahead of guidance

200% final dividend INR 2/share offers immediate yield play amid mixed results

61% value-added sales in Q4FY26 (up implied from prior), margin re-rating potential vs commodity peers

Exports to 7% FY26 from 6%, opportunity in global steel recovery if China demand softens

Net Debt/EBITDA to 1.66x QoQ, undervalued vs peers with higher leverage in capex phase

May 06, 2026 meetings could disclose metals/green energy catalysts from Adani group synergies

Outlier +14% YoY production vs sector, relative outperformance for long positions

95% Q4 domestic sales aligns with India capex cycle, policy tailwinds from budget infra spend

Jindal Steel's +14% YoY production/+9% sales drove +8% revenue but -3% EBITDA across 3 filings, BSE METAL theme of pricing headwinds despite demand [IMPLICATION: Favor volume leaders with cost control]

Strong +28% revenue/+66% EBITDA QoQ at Jindal signals sector inflection, potential for FY27 recovery [IMPLICATION: Position for H1 earnings beats]

Net Debt/EBITDA 1.66x improvement QoQ at Jindal, low relative to historical metal peers amid capex [IMPLICATION: Reduced refinancing risk in rising rates]

200% dividend at Jindal amid record volumes, trend of cap allocation favoring payouts vs reinvestment [IMPLICATION: Dividend strategies outperform in cyclical sectors]

7% exports +61% Q4 VAS at Jindal, emerging BSE METAL diversification from pure domestic/commodity [IMPLICATION: Higher quality revenue shields downturns]

All Jindal filings mixed (3/3) due to EBITDA YoY dip vs volume records, Adani neutral; sector caution on margins [IMPLICATION: Selective longs on operational heroes]

Monitor announcement post 200% final dividend recommendation (INR 2/share), impacts yield strategies [TBD post-board]

Post-FY26 results with Q4 strength, watch AGM/earnings call for production/sales targets beyond 15.6 MTPA capacity [Upcoming]

One-to-one physical meets May 06, 2026 in Mumbai; track presentation for metals/green steel updates [May 06, 2026]

Q4 PAT loss INR 143 Cr and FY26 -15% YoY; watch subsidiary performance in Q1FY27 [Q1FY27]

Up QoQ to INR 16,019 Cr despite leverage improve; monitor Q1 debt metrics amid capex [Q1FY27]

Re-appointed M/s Shome & Banerjee; watch cost reports for EBITDA recovery drivers [Ongoing FY27]

Jindal record as benchmark; track peers for similar +14% YoY production trends [Next quarterly filings]