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Steel Historical case study · data as of 06 Jul 2026 · published 09 Oct 2026 (95 days later)

Jindal Steel — 100-point case study

How Jindal Steel looked on 50 technical and 50 fundamental measures on 06 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: JINDALSTEL · BSE: 532286
Close on 06 Jul 2026	₹1,059.50
Market cap then	₹1,08,221 crore
Valuation	P/E 32.2× · P/B 2.13×
Momentum	RSI (14) 34 · 1-year return +11.2%
Next 3 months	+0.1% vs Nifty 50 -7.5% (to 07 Oct 2026)

Scorecard

Technical — 50 points

6 bullish · 21 neutral · 0 caution · 22 bearish — the picture leaned negative.

Fundamental — 50 points

4 bullish · 39 neutral · 3 caution · 3 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: The price series ends on 7 Oct 2026 (Yahoo Finance had no row for 8 Oct). The company was renamed from Jindal Steel & Power to Jindal Steel.

Technical analysis — 50 points

Calculated by code from daily prices up to 06 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.58%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.58% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -6.8%	Bearish	The 100-session trend line was down (-0.06%/day) and the stock was -6.8% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +11.2%	Bullish	Compared with a year earlier the price was +11.2%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,153.80 / 30W 1,147.66	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,284.40→1,254.90; lows 1,201.10→1,109.50	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	38.2	Bearish	ADX at 38.2 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 13.1 / –DI 30.5	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,103.49 (-4.0%)	Bearish	Close of 1,059.50 was 4.0% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,179.93 (-10.2%)	Bearish	Close of 1,059.50 was 10.2% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,116.04 (-5.1%)	Bearish	Close of 1,059.50 was 5.1% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,067.24 / 21E 1,103.37	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 20 May 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 5.7% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-2.9% in 20 sessions	Bearish	The 50-day average fell 2.9% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,103 / 1,180 / 1,187 / 1,116	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,043.49 (+1.5%)	Bullish	Anchored to the start of July, the volume-weighted average price was 1,043.49; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	33.8	Bearish	RSI at 33.8 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -38.20 / signal -34.88	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-6.82 → -3.32	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-38.20	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 20.6 / %D 13.4	Bullish	Slow stochastic at 20.6 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-72.6	Neutral	%R of -72.6 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-86	Neutral	CCI at -86 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-6.9%	Bearish	Price changed -6.9% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.24 (bands 1,018.78–1,188.21)	Neutral	%B of 0.24 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 15.4% (74th pct of 6M)	Neutral	Band width was at the 74th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹28.78 (2.7% of price)	Neutral	A typical day's range was about ₹28.78, or 2.7% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	23.3% vs 1Y 28.3%	Neutral	Annualised 30-day volatility was 23.3%, close to the one-year level of 28.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,044.56–1,156.95	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.17	Neutral	A beta of 1.17 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.86× / 5-day 0.99×	Neutral	The final session traded 0.86× its 20-day average volume and the last five sessions averaged 0.99× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.70	Bearish	Average volume on up days was 0.70× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.32	Bearish	CMF at -0.32 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	23.3	Bearish	MFI, a volume-weighted RSI, was 23.3. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹165 cr/day	Neutral	About ₹165 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	998.33 / 942.42 / 926.75	Neutral	Nearest support (prior swing lows) sat at 998.33, 6.1% below the close, then 942.42, 926.75. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,060.31 / 1,093.47 / 1,150.00	Neutral	Nearest resistance (prior swing highs) sat at 1,060.31, 0.1% above the close, then 1,093.47, 1,150.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,052.50 \| R1 1,080.80 \| S1 1,031.20	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,052.50; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,231 \| 38.2% 1,184 \| 50.0% 1,146 \| 61.8% 1,109	Neutral	Measuring the 6-month rise from 986.40 to 1,306.20, the close was nearest the 61.8% retracement at 1,108.56. How to read: Information only.
42	52-week high / low	H 1,306.20 / L 926.75	Neutral	The close was 18.9% below the 52-week high and 14.3% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	falling channel	Bearish	Rule-based pattern scan: falling channel — successive lower highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,024.20–1,204.70	Neutral	The close was inside the prior 20-day range of 1,024.20–1,204.70. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Doji	Neutral	On 06 Jul the candle opened 1,058.50, ranged 1,045.90–1,065.50 and closed 1,059.50: Doji — indecision. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,200.00–1,237.45; Tenkan 1,078.05 / Kijun 1,127.35	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -15.8% / 3M -14.6%	Bearish	The stock underperformed the Nifty 50 by 14.6 points over three months and underperformed by 15.8 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +13.6%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 13.6 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	6 bullish · 22 bearish · 21 neutral · 0 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 998.33, resistance 1,060.31. This is a description of the chart on 06 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 06 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 06 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	32.2×	Neutral	At ₹1,059.50 the market valued the company at about ₹1,08,221 crore, or 32.2× the ₹3,361 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	2.13×	Neutral	Market cap was 2.13× the Mar 2026 book value (equity + reserves) of ₹50,899 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.03×	Neutral	The company was valued at 2.03× its trailing-12-month sales of ₹53,225 crore. How to read: Information only.
4	EV / EBITDA (approx.)	13.6×	Neutral	Enterprise value (market cap + ₹22,610 cr borrowings; cash not netted) was 13.6× trailing operating profit of ₹9,645 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	3.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹3.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -5.4%. Note: the Mar 2025 quarter carried unusual other income of ₹-1,158 crore; the Mar 2026 quarter carried unusual other income of ₹-550 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.19%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹2 a share, a 0.19% yield on the ₹1,059.50 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,08,221 cr	Neutral	At about ₹1.08 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹607.39 vs ₹1,059.50	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹607.39; the price was 74% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+7.0%	Neutral	Revenue for FY26 was ₹53,225 crore, +7.0% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+23.0%	Bullish	The Jan–Mar 2026 quarter brought ₹16,218 crore of revenue, +23.0% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+18.1%	Caution	FY26 net profit was ₹3,361 crore, +18.1% on FY25's ₹2,846 crore. Note: the Mar 2025 quarter carried unusual other income of ₹-1,158 crore; the Mar 2026 quarter carried unusual other income of ₹-550 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	n/a	Neutral	Quarterly profit was ₹1,041 crore versus ₹-304 crore a year earlier (n/a). Note: the Mar 2025 quarter carried unusual other income of ₹-1,158 crore; the Mar 2026 quarter carried unusual other income of ₹-550 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	0.0%	Bearish	Revenue compounded at 0.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-5.4%	Caution	Net profit compounded at -5.4% a year from FY23 to FY26. Note: the Mar 2025 quarter carried unusual other income of ₹-1,158 crore; the Mar 2026 quarter carried unusual other income of ₹-550 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	9.0%	Neutral	Over five years (FY21–FY26) revenue compounded at 9.0% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+19.7%	Caution	Reported EPS went from ₹27.57 to ₹33.01 (+19.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Mar 2025 quarter carried unusual other income of ₹-1,158 crore; the Mar 2026 quarter carried unusual other income of ₹-550 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	18%	Neutral	Operating profit (EBITDA) was 18% of sales in FY26 versus 19% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	24% → 18% → 13% → 18%	Bearish	Quarterly margins moved from 24% to 18% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	6.3%	Neutral	₹6.3 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	6.9%	Bearish	FY26 profit was 6.9% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	10%	Neutral	Return on capital employed (debt + equity) was 10% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	3.44%	Neutral	Net profit was 3.44% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	24%	Neutral	The company paid about 24% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	-14%	Neutral	Non-operating 'other income' of ₹-603 crore made up -14% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.44	Neutral	Borrowings of ₹22,610 crore were 0.44× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.33×	Neutral	Debt equalled 2.33 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.9×	Neutral	Earnings before interest and tax covered interest cost 3.9 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+7.9%	Neutral	Shareholders' equity grew +7.9% from ₹47,185 crore to ₹50,899 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹8,372 cr (13% of fixed assets)	Neutral	Projects under construction (CWIP) were 13% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-11 days	Neutral	Working capital tied up equalled -11 days of sales (FY25: -36). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	1 days	Neutral	It took 1 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	12 (FY25 10)	Neutral	Customers took 12 days on average to pay, versus 10 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹7,204 cr	Neutral	The business generated ₹7,204 crore of operating cash in FY26 versus ₹10,824 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.14×	Bullish	Operating cash flow was 2.14× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	6%	Neutral	The company paid out about 6% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	3% / 7% / 6%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+1.0%	Neutral	Paid-up equity capital changed +1.0% (₹101 cr → ₹102 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	62.71% (+0.49 pts YoY)	Neutral	Promoters owned 62.71% at Mar 2026 versus 62.22% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	9.19% (-0.40 pts YoY)	Neutral	FIIs held 9.19% at Mar 2026, down from 9.59% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	19.14% (+1.42 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 19.14%, up from 17.72%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.7 lakh (-11.1% YoY)	Neutral	The shareholder count moved from 3.1 lakh to 2.7 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, ROA improved, no meaningful dilution (<3%). Failed: leverage fell, operating margin improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 3 weakness(es)	Neutral	No strengths flagged. Weaknesses: The company has delivered a poor sales growth of 9.01% over past five years; Company has a low return on equity of 9.84% over last 3 years; Dividend payout has been low at 5.54% of profits over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	4 bullish · 3 bearish · 39 neutral · 3 caution	Neutral	On the numbers published by 06 Jul 2026 the fundamental picture was mixed. Valuation: P/E 32.2×, P/B 2.13×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 06 Apr 2026 – 06 Jul 2026 that an investor could have known on the snapshot date.

02 May 2026 Jindal Steel reports Q4 FY26 net profit of ₹1,041 crore; board recommends ₹2 dividend — Consolidated net profit for January–March 2026 was about ₹1,041 crore against a loss of ₹304 crore a year earlier, and FY26 net profit was ₹3,361 crore. The board recommended a final dividend of ₹2 per share, subject to shareholder approval. source
02 May 2026 Jindal Steel posts record Q4 FY26 production and sales volumes — Q4 FY26 production was 2.65 million tonnes and sales 2.62 million tonnes, both quarterly records. The company had commissioned new BOF units, taking crude steel capacity to 15.6 MTPA. source
19 Jun 2026 Shareholders approve director appointments via postal ballot — Shareholders approved the appointment of Debojyoti Roy as Wholetime Director and the re-appointment of Damodar Mittal as Wholetime Director through a postal ballot that closed on June 18, 2026. Public institutions cast 25.45% of their votes against Mittal's re-appointment. source
27 Jun 2026 Promoter entity Beaufield Holdings releases pledge on 1.7 million shares — Beaufield Holdings released a pledge on 1.7 million Jindal Steel shares (0.17% of share capital) on June 18, 2026. After the release, 1,791,360 shares (0.18%) remained encumbered. source
01 Jul 2026 CARE Ratings upgrades Jindal Steel's long-term rating to CARE AA+ — The company told the exchanges that CARE Ratings upgraded its long-term bank facilities and proposed NCDs from CARE AA to CARE AA+ (Stable), and reaffirmed its short-term rating at CARE A1+. The subsidiary Jindal Steel Odisha's long-term facilities were also upgraded to CARE AA+. source
02 Jul 2026 Head of Sales & Marketing Pankaj Malhan resigns — Pankaj Malhan stepped down as head of sales and marketing with effect from June 30, 2026, citing personal reasons. The company reported the change to the stock exchanges. source

What happened next (06 Jul 2026 → 07 Oct 2026)

Price went from ₹1,059.50 to ₹1,061.00 by 07 Oct 2026 (+0.1%) while the Nifty 50 moved -7.5% — outperforming by 7.6 points.
Highest ₹1,196.40 on 27 Aug 2026; lowest ₹1,010.10 on 13 Jul 2026.
S1 998.33: held on a closing basis.
S2 942.42: held on a closing basis.
R1 1,060.31: cleared on a closing basis on 27 Jul 2026.
R2 1,093.47: cleared on a closing basis on 30 Jul 2026.
200-day SMA: price was below it at the snapshot and crossed above on 04 Aug 2026.
Apr–Jun 2026 results (reported 24 Jul 2026): revenue ₹15,482 crore (+25.9% YoY), net profit ₹844 crore (-43.6% YoY), operating margin 17% vs 24% a year earlier (Screener consolidated figures).

Later news

11 Jul 2026 CEO Gautam Malhotra resigns — Jindal Steel disclosed on July 11, 2026 that CEO Gautam Malhotra would step down with effect from July 15, 2026, for personal reasons. source
24 Jul 2026 Q1 FY27 net profit falls 44% YoY to ₹844 crore as revenue rises 26% — Consolidated net profit for the June 2026 quarter was ₹843.8 crore, compared with ₹1,495.97 crore a year earlier. Revenue from operations rose 25.9% YoY to ₹15,482 crore but was lower than the ₹16,218 crore in the March quarter. source
24 Jul 2026 Board names V.R. Sharma Managing Director along with new CFO and COO — Along with the Q1 results, the board appointed Vidya Rattan Sharma as additional director and Managing Director for two years, subject to shareholder approval. Sandeep Modi was named CFO and Rajiv Kumar COO, effective July 24, 2026. source
27 Jul 2026 Jindal Steel guides FY27 sales of 10.5–11 million tonnes — Management said it aims to make full use of its expanded 15.6 MTPA capacity and guided FY27 sales of 10.5–11 million tonnes. It attributed part of the Q1 profit decline to a planned maintenance shutdown. source
28 Aug 2026 47th AGM approves V.R. Sharma as MD; all resolutions passed — All nine resolutions passed at the 47th AGM on August 28, 2026, including V.R. Sharma's appointment as Managing Director with 99.67% support. The record date for the FY26 final dividend was August 21, 2026. source

Educational summary. On 06 Jul 2026 the technical picture leaned negative and the fundamental picture was mixed. Over the next three months the stock moved +0.1% against -7.5% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Jindal Steel today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 09 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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