Jindal Steel is India’s only private rail manufacturer and runs the world’s largest coal-gasification plant for steelmaking - it turns captive iron ore and coal into everything from 121-metre train tracks to the widest plates in the country, all on a single mine-to-metal chain. Founded in 1979 as part of the OP Jindal Group and renamed in mid-2025 to sharpen its focus, the company has spent over three decades layering on backward and forward integration so that it owns the raw material, the power, the logistics and the finishing mills. That philosophy - control the input, then move up the value chain into products rivals cannot easily copy - explains every major move, from the Angul blast furnaces to the new cold-rolling complex. # Business segments One integrated steel business, organised around three manufacturing sites and a single reportable segment, but earning its keep through three distinct product platforms - rails and heavy structures where it holds a unique licence, flat products where the recent capacity build is changing the mix, and a branded retail long-products franchise that reaches the individual house builder. ## 1. Rails and heavy structures: the monopoly that carries the nation’s freight **India’s only private rail supplier, with a product range no domestic competitor can match - from head-hardened metro rails to the world’s longest 121-metre tracks - plus a structural-steel franchise that is doubling capacity to chase the infrastructure build-out.** - **The licence is the moat** - Jindal Steel became India’s first private company to receive ‘Regular Rail Supplier’ status from Indian Railways in 2020, and it remains the only domestic manufacturer of head-hardened rails, supplying metro projects, the Dedicated Freight Corridor and Indian Railways itself. - **Rails that go where others cannot** - the company produces long track rails up to 121 metres and specialty grades including 1080 HH and 1175 HT, which means fewer welded joints and higher durability for heavy-freight and high-speed corridors. - **Structures built for the biggest jobs** - its hot-rolled parallel flange beams and columns, produced on a dedicated mill, have gone into the Chenab Bridge, the Versova-Bandra Sea Link and the Atal Setu, and a December 2025 expansion will double structural-steel capacity to 2.4 MTPA by mid-2028, taking section depths from 900 mm to 1,100 mm. - **Wheels are the next forward step** - a downstream rail-wheel forging plant at Raigarh, using GIFLO of Hungary’s technology, will produce 25,000 wheel sets a year for goods trains, Vande Bharat and bullet trains, turning the company’s own steel into a finished component. ## 2. Flat products: the new engine that is rebalancing the mix **A 6 MTPA hot-strip mill and a brand-new cold-rolling complex have transformed the company from a long-products specialist into a flat-products player, with the widest plates in India and a growing book of automotive and appliance-grade steel.** - **From zero to half the sales mix** - before the Angul hot-strip mill, the company did not produce hot-rolled coils, galvanized material or color-coated products; by Q4 FY26, flat products made up 52% of sales volumes, adding cold-rolled full-hard and automotive grades to the portfolio. - **The widest plates in the country** - the Angul plate mill rolls 5-metre-wide plates with TMCR and MULPIC technology for superior toughness and thickness control, and the company holds the largest domestic market share in quenched and tempered plates built to withstand severe impact and abrasion. - **Cold-rolling completes the chain** - the 1.2 MTPA cold-rolling complex commissioned in FY26 takes hot-rolled coil and turns it into cold-rolled and close-annealed steel for automotive body panels, white goods and precision tubes, lifting the share of value-added products to 61% of sales in Q4 FY26. - **A bolt-on acquisition fills a gap** - the purchase of Allied Strips Limited in April 2025 added over 300,000 tonnes of downstream processing capacity for cold-rolled and CRCA steel, giving the company a ready-made customer base in the automotive and consumer-durables sectors. ## 3. Branded retail long products: the house builder’s steel **A national TMT rebar brand called Jindal Panther, sold through nearly 5,800 dealers and backed by a loyalty programme, turns a commodity into a consumer pull product - and two-thirds of it goes to retail buyers, not large projects.** - **A brand, not just a bar** - launched in 2013, Jindal Panther TMT rebars use HYQST technology for high ductility and earthquake resistance, and the brand is promoted through a title sponsorship of IPL cricket, a Hardik Pandya ambassadorship and over 1,700 influencer meets a year. - **Deep rural distribution** - the retail network spans 5,763 TMT dealers as of Q4 FY26, 47 distributors, 16 experience centres and 51,000 enrolled influencers across nine high-growth states, with 68% of TMT sales going to the retail channel rather than to projects. - **Loyalty locks in the customer** - the Panther Connect programme and an upcoming e-commerce platform for individual house builders are designed to make the small contractor and the rural home builder stick to the brand, while cut-and-bend rebars and weld mesh add on-site convenience. - **A captive power and raw-material backbone** - the long-products mills at Raigarh, Angul, and Patratu are supported by a company-wide captive power capacity of 1,634 MW and are fed by captive iron-ore mines that cover roughly 60% of total ore needs, insulating the retail business from input-cost swings. # Group structure and partners **A single listed steel company, supported by a wholly owned Odisha subsidiary that houses the new flat-products capacity, a captive port under construction, and a sister renewable-energy venture that will supply green hydrogen and round-the-clock power under a 25-year offtake deal.** - **Jindal Steel Odisha Limited is the growth vehicle** - this wholly owned subsidiary operates the 6 MTPA hot-strip mill at Angul that started production in FY24 and now feeds the cold-rolling complex; its credit rating was upgraded to AA in late 2025. - **A captive port to cut logistics cost** - the 51%-owned Jindal Paradip Port Limited is building a dedicated berth on a 30-year BOT concession, with 12.5 MTPA capacity expected by March 2027 and 25 MTPA by March 2028, connecting directly to the Angul plant. - **Green power locked in for 25 years** - sister company Jindal Renewable Power Private Limited is developing up to 12 GW of renewable capacity and will supply green hydrogen (up to 4,500 tonnes per annum) and approximately 3 GW of renewable energy to the Angul DRI units, aiming to halve coal-fired power dependence within two to three years. - **Overseas mining assets are largely legacy** - the Australian coking-coal shaft has been closed and reserves are no longer accessible, though the licence remains; the Mauritius subsidiary carries accumulated losses and its investment is fully provided for.