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Jindal Steel's Q1 FY26 saw stable production but sales dipped 10% quarter-on-quarter due to inventory replenishment and early monsoon. Gross Revenue was Rs. 14,336 Cr, with Adjusted EBITDA at Rs. 2,984 Cr (up 35% QoQ) and PAT at Rs. 1,496 Cr (up 36% QoQ), boosted by higher ASP and lower costs. Net debt rose to Rs. 14,400 Cr (1.49x Net Debt/EBITDA), but management commits to the 1.5x cap as a peak. Key projects like Blast Furnace-2 are nearing commissioning, and a new galvanizing line is operational. The company remains focused on high value-added products (72% of sales) and expects demand revival in Q2.