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Slightly better than estimates

Highlights of standalone results

* Revenue stood in line with our estimate at INR347b (+7% YoY and 12% QoQ). The increase was aided by a rise in domestic deliveries, which was partly offset by a drop in realizations.

* Steel production stood at 5.4mt (+7% YoY and QoQ), whereas deliveries were in line with our estimates at 5.55mt, up 9% YoY and 17% QoQ. This was supported by resumed operations of Jamshedpur and NINL post maintenance shutdowns.

* ASP remained subdued at INR62,486/t in 2QFY26, declining 1% YoY and 4% QoQ, led by price corrections during the quarter due to monsoons.

* EBITDA stood at INR81.5b (+23% YoY and +14% QoQ) and was slightly above our estimate of INR75.4b, translating to EBITDA/t of INR14,681/t (vs our estimate of INR13,733/t) in 2QFY26.

* APAT for the quarter stood at INR44.6b (+25% YoY and +19% QoQ) against our estimate of INR38b, supported by better operating profit.

Highlights of consolidated results

* Revenue stood at INR587b (+9% YoY and +10% QoQ) and was in line with our estimate. Sales volume stood at 7.91mt (+5% YoY and +11% QoQ), which was offset by muted ASP of INR74,196/t (+4% YoY and flat QoQ) in 2QFY26.

* Adjusted EBITDA stood at INR89b (+61% YoY and +20% QoQ), in line with our estimate of INR85.3b, translating to an EBITDA/t of INR11,247 (vs our est. INR10,548/t) in 2QFY26.

* APAT for the quarter stood at INR32.7b (6.2x YoY and +53% QoQ) against our estimate of INR28b.

Highlights of European operations

* Consolidated steel deliveries stood at 2.1mt (-1% YoY and flat QoQ), in line with our estimate during the quarter.

* Revenue stood at INR216b (+5% YoY and +4% QoQ) during the quarter.

* EBITDA continued to be positive during the quarter at INR1.5b (in line with our estimate), against an EBITDA loss of INR13.4b in 2QFY25.

* EBITDA/t stood at USD8/t (flat QoQ) in 2QFY26 against an EBITDA/t loss of USD75/t in 2QFY25.

Other highlights

* Net debt stood at INR870b as of 2QFY26, which includes cash of INR86b. This translates into net debt/EBITDA of 2.97x as of Sep’25.

* The company has spent INR32.5b on capital expenditure during the quarter and INR70.8b in 1HFY26.

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