Tata Steel vs Jindal Stainless: Which Steel Manufacturer Delivered Highest Earnings in Q4FY25?

India’s leading steel manufacturers, Tata Steel and Jindal Stainless, released their financial results for the January–March quarter (Q4 FY25), offering valuable insights into their respective strategies, market conditions, and operational resilience. While Tata Steel delivered a solid top-line performance driven by rising volumes, Jindal Stainless reported profit growth aided by exceptional gains. Here's a deep dive into how the two companies fared during the quarter.

Tata Steel vs Jindal Stainless: Q4 FY25 Financial Comparison

Tata Steel Q4FY25 Results

Tata Steel reported consolidated revenues of ₹56,218 crore for the March 2025 quarter, marking a 5% sequential growth. This increase was largely attributed to stronger deliveries across key geographies. The company posted an EBITDA of ₹6,762 crore during the quarter, translating to an EBITDA margin of approximately 12%.

The India business continued to be Tata Steel’s core strength. Revenues in the domestic segment stood at ₹34,661 crore, while EBITDA was ₹7,418 crore, resulting in an impressive margin of 21%. Crude steel production in India was recorded at 5.44 million tons, which dipped on a quarter-on-quarter basis due to a planned relining of one of the blast furnaces at its Jamshedpur facility. However, deliveries increased by 6% sequentially to 5.60 million tons, indicating robust market demand.

During the quarter, Tata Steel incurred a capital expenditure of ₹3,220 crore, with total capex for FY25 amounting to ₹15,671 crore. The company’s net debt stood at ₹82,579 crore as of March 31, 2025, but its financial position remained strong with group liquidity of ₹38,791 crore, including ₹12,222 crore in cash and cash equivalents. The Board of Directors proposed a dividend of ₹3.60 per equity share (face value ₹1), signalling confidence in the company’s future outlook.

Also Read: A Quick Look at Tata Steel Q4FY25 Results

Jindal Stainless Q4FY25 Results

Jindal Stainless reported a consolidated net profit of ₹590 crore for Q4 FY25, reflecting an 18% year-on-year increase. This rise in profitability was primarily due to one-time gains from two exceptional items. In the same quarter of the previous fiscal year (Q4 FY24), the company had recorded a net profit of ₹501 crore. Net revenues for the quarter rose 8% year-on-year to ₹10,198 crore, up from ₹9,454 crore.

On the balance sheet front, Jindal Stainless remained well-capitalised with a consolidated net debt of ₹3,899 crore as of March 31, 2025. Despite a capex-intensive year, the company managed to maintain its net debt-to-equity ratio at a conservative ~0.2, reflecting prudent financial management. The Board recommended a final dividend of ₹2 per share for FY25. Combined with interim dividends, this takes the total dividend payout for the year to ₹3 per equity share with a face value of ₹2, equivalent to a 150% dividend.

Conclusion

Tata Steel and Jindal Stainless represent two different scales and strategies within the Indian steel industry. Tata Steel, with its large-scale operations and global presence, continues to invest heavily in capacity and infrastructure while maintaining strong performance in India. Jindal Stainless, on the other hand, has shown operational discipline and balance sheet strength, though its profit growth in Q4 was significantly influenced by exceptional items.

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