Jindal Steel Limited has officially announced its Q4FY26 earnings conference call, scheduled for Saturday, May 2, 2026, at 1:00 PM IST. The company submitted this intimation to stock exchanges on April 28, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Conference Call Details

The earnings call will be organized by JM Financial Institutional Securities and will provide investors and analysts with insights into the company's Q4FY26 financial performance. Multiple time zones have been accommodated for international participants:

Management Participation

The conference call will feature comprehensive representation from Jindal Steel's senior management team. Key participants include CEO Gautam Malhotra, CFO Sunil Agrawal, and Whole Time Director Damodar Mittal, who signed the regulatory filing. The management lineup also encompasses:

• Sanjib Nanda, President Finance
• Pankaj Malhan, Executive Director of Sales & Marketing
• PK Biju Nair, Executive Director at Angul operations
• Debojyoti Roy, Whole Time Director
• Vishal Chandak, Head of Investor Relations & Strategic Finance

Access Information

Participants can join the conference call through multiple channels. The universal dial-in numbers are +91-22-6280 1366 and +91-22-7115 8267. International participants have access to toll-free numbers across major regions:

The company recommends dialing in 10 minutes prior to the scheduled time to ensure proper connection. Additionally, a DiamondPass link will be available for express access to join the call.

Regulatory Compliance

Jindal Steel Limited, formerly known as Jindal Steel & Power Limited, has uploaded the conference call details on its official website at www.jindalsteel.in as part of its disclosure obligations. The company noted that the meeting schedule remains subject to change due to any exigencies on the part of investors or the company. JM Financial Institutional Securities, the organizing broker, holds SEBI registration numbers for stock broking (INZ000163434) and research analysis (INH000000610).

Leading brokerage houses have presented contrasting views on Jindal Steel, with three major firms offering different perspectives on the steel company's prospects. The divergent analyst opinions highlight varying assessments of valuation metrics, demand outlook, and operational efficiency across the steel sector.

Nuvama Securities Implements Comprehensive Cuts

Nuvama Securities has announced significant downward revisions for Jindal Steel, reducing both the target price and EBITDA estimates for the upcoming financial years. The brokerage has cut its target price to ₹1,154 per share from the previous target of ₹1,293, while also lowering EBITDA projections across FY26 to FY28.

Goldman Sachs Maintains Neutral Stance

Goldman Sachs has assigned a neutral rating to Jindal Steel and Power with a target price of ₹1,335. The investment bank acknowledges strong capacity ramp-up potential, cost reduction opportunities, and operating leverage that support the company's outlook. However, Goldman Sachs notes that current valuations appear fair, which limits upside potential despite positive structural demand trends in the steel sector.

HSBC Sets Hold Rating with Balanced Outlook

HSBC has maintained a Hold rating on Jindal Steel and Power with a target price of ₹1,280. The brokerage highlights multi-year demand visibility driven by urbanisation and infrastructure growth, alongside policy protection from imports and a strong balance sheet supporting the long-term outlook. However, HSBC expects demand growth to only moderately outpace capacity additions, tempering near-term expectations.

Contrasting Analyst Perspectives

The three brokerage views reflect varying assessments of Jindal Steel's market positioning and growth trajectory. While Nuvama's comprehensive revisions indicate a more conservative earnings outlook, both Goldman Sachs and HSBC recognize structural strengths while maintaining measured expectations. HSBC's emphasis on urbanisation and infrastructure demand aligns with Goldman Sachs' acknowledgment of positive sector trends, though both remain cautious about valuation premiums.

Market Outlook Implications

The range of target prices from ₹1,154 to ₹1,335 underscores the complexity of evaluating steel sector investments amid evolving market dynamics. HSBC's focus on policy protection from imports and infrastructure-driven demand provides additional context to the investment thesis, while the consensus around moderate growth expectations suggests a balanced risk-reward profile for the steel manufacturer.