Jindal Steel wins Odisha iron ore block with 101.2% premium bid

Jindal Steel Ltd. on Wednesday, March 11, said it has been declared the preferred bidder for the Thakurani-A1 iron ore block in Odisha following the conclusion of an online auction conducted by the state government.In an exchange filing, the company said it has committed to pay a 101.20% premium to the Odisha government for the block, which spans 202 hectare in Keonjhar district.

The Thakurani-A1 block was among 12 virgin mineral blocks auctioned by the Odisha Directorate of Mines and Geology in December 2025.
According to the company, the block is a G3-level explored deposit with an estimated 50 million tonnes of iron ore resources.
Jindal Steel said the development marks a significant step in its strategic growth plans and strengthens its mine-to-metal business model, which integrates captive raw material resources with steel manufacturing.For the December quarter, its revenue increased 10.9% year-on-year to ₹13,026 crore, broadly in line with Street expectations. EBITDA, however, declined 25.2% YoY to ₹1,632 crore, while the margin fell to 12.5% from 18.6% in Q3FY25, below the CNBC-TV18 poll estimate of 12.8%.

Jindal Steel’s net profit slipped 80% YoY to ₹188.5 crore from ₹951 crore a year ago and lower than the CNBC-TV18 estimate of ₹430 crore.

Following the announcement, shares of the company were trading off the day’s highs, 0.59% up at ₹1,194.20 as of 10.53 am. The stock has gained 32% in the last one year.

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