Jindal Steel & Power’s (JSPL) Q1FY24 EBITDA of INR 26.3bn was 6% and 16% ahead of our and consensus’ estimates. Key points: 1) EBITDA/t (adj.) of INR 14,485 was ahead of our estimate of INR 12,080; 2) net debt at a 15-year low level of INR 68.1bn; 3) commissioning of 6mtpa pellet plant at Angul (in Odisha) and mining leases for Utkal C and Gare Palma IV/6 have been concluded; and 4) key facilities for Angul-II have been delayed by a quarter on average.