Jindal Steel brings back former MD Sharma after CEO churn, revamps top leadership
Besides Sharma's reappointment as MD, Jindal Steel announced appointments to the offices of chief financial officer, chief operating officer, and head of human resources, marking one of its biggest management overhauls i
Life has come full circle for Vidya Rattan Sharma, the former managing director of Jindal Steel Limited, as he reprises the role after four years, with no successor having lasted a full term since he exited the corner office at the steel company in 2022.
Within days of chief executive officer Gautam Malhotra's exit, the Naveen Jindal-led steelmaker hit the reset button on its leadership team. Besides reappointment of Sharma as the MD, the company announced new appointments to the offices of the chief financial officer, chief operating officer and human resources head, marking one of its biggest management overhauls in years as it leans on seasoned industry veterans to steer its next phase of growth.
Former Hindustan Zinc finance chief Sandeep Modi will be Jindal's new chief financial officer, former Vedanta Aluminium chief Rajiv Kumar the chief operating officer and former IndiGo group CHRO Sukhjit S. Pasricha as head of human resources, according to their exchange filings.
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Vidya Rattan Sharma was reappointed as managing director due to his well-known reputation in the industry and the need for experienced leadership to accelerate Jindal Steel's growth after a series of CEO exits.
Jindal Steel made significant changes to its leadership team, including the reappointment of Vidya Rattan Sharma as MD, and new appointments for the CFO, COO, and head of human resources.
In the latest quarter, Jindal Steel reported a consolidated revenue increase to ₹15,501 crore, but net profit fell 44% to ₹844 crore due to higher raw material and interest costs, along with increased depreciation.
The new executives at Jindal Steel come from prestigious backgrounds: Sandeep Modi was the CFO at Hindustan Zinc, Rajiv Kumar led Vedanta Aluminium, and Sukhjit S. Pasricha was the CHRO at IndiGo, bringing extensive industry experience.
Investors may consider the leadership churn a concern, as it reflects instability; however, the recent appointments of seasoned executives could indicate a strategic move for improved growth and operational efficiency.
The reshuffle follows Malhotra's abrupt exit less than a year after he joined the company. At the time of joining, he had assured investors that he was committed to leading the company for the long term amidst a churn in senior management. Jindal Steel had informed stock exchanges earlier this month that July 15 would be his last working day.
Malhotra was the second corner office holder to exit since Sharma's prior stint. Before him, Bimlendra Jha, a former cement executive, held the MD and CEO position from August 2022 to February 2024.
Since leaving the MD position at Jindal Steel, Sharma was an advisor to the Naveen Jindal Group, overseeing projects that are part of Jindal's private business.
“Mr. Sharma is well known to the industry and market. He enjoys an outstanding reputation within the steel industry, both in India and internationally,” the company said in a press release on Friday. “The Management has entrusted him with this responsibility to accelerate the Company’s growth, drive operational excellence, and lead Jindal Steel Ltd. into its next phase of expansion.”
The latest appointments reinforce the company's preference for bringing in seasoned executives with experience in large industrial businesses.
Rajiv Kumar joins the company after leading Vedanta Aluminium and spending more than three decades at Tata Steel, where he last served as vice-president of operations at Kalinganagar. At Jindal Steel, he will oversee operations across the company's steel plants and mining assets with a mandate to improve production, operational efficiency and sustainability.
Sandeep Modi, who spent over two decades with the Vedanta Group and most recently served as chief financial officer of Hindustan Zinc, takes charge of finance, replacing interim CFO Sunil Agrawal, who will continue to oversee the finance function. Modi has held finance leadership positions across Hindustan Zinc, Bharat Aluminium Company and Talwandi Sabo Power and brings expertise in capital allocation, treasury, investor relations and business transformation.
The Delhi-based steelmaker's consolidated revenue from operations rose to ₹15,501 crore in the June 2026 quarter from ₹12,325 crore a year ago, driven by better steel prices and a higher share of value-added products, even as production and sales were lower because of planned maintenance shutdowns.
However, net profit fell 44% year-on-year to ₹844 crore from ₹1,496 crore. The decline was mainly due to higher raw material costs, interest costs on borrowings, higher depreciation as new capacities came on stream, which outweighed the benefit of higher revenue.
Jindal Steel's larger rival, Sajjan Jindal-led JSW Steel's consolidated net profit doubled to ₹4,651 crore for the first quarter of FY27, while revenue from operations saw a 10% year-on-year increase to ₹47,364 crore in the period.
Jindal Steel shares closed 0.40% lower on Friday, mirroring the benchmark index Sensex, which also settled 0.43% lower.
About the Authors
Dipali Banka
Dipali Banka is a Mumbai-based journalist who treats corporate reporting less like a beat and more like a puzzle to be solved. This invariably means she has to read through annual reports and speak with leaders and analysts. She tracks policies, deals, and the pulse of industries spanning metals, mining, paints, and cement, alongside aviation. She started out as an intern at The Statesman and then completed her postgraduate diploma in journalism from Asian College of Journalism, Chennai, in 2025. Relentlessly curious at heart, Dipali is driven by the simple urge to understand how things work and who they impact. Armed with an enduring fascination for steel and aeroplanes, she moves through the churn of daily news with focus, turning complexity into clarity without losing the story. She is particularly committed to shaping numbers into objective narratives, having little appetite for vagueness that gets in her way.
Outside the newsroom, Dipali is an unapologetically loud presence who values long conversations and longer walks to unwind. She devours books of all kinds and can often be found indulging in the lyrical sway of contemporary ghazals. She ardently believes that her relationship with her bylines is more sacred than it would ever be with anyone across the human race.
Nehal Chaliawala
Nehal chronicles India’s top conglomerates for Mint. From navigating the complexities of big-bang mergers and large-scale fundraises to decoding high-profile recruitments and seemingly inexplicable corporate pivots, Nehal focuses on unpacking the long-term strategies of the country’s most influential business houses. He aims to provide readers with a clear-eyed view of how these corporate titans shape the broader Indian economy.
His professional journey began at The Economic Times in 2018, where he spent over five years before joining Mint in 2023. Over his career, he has tracked diverse sectors like automobiles, metals, cement, power, infrastructure, and renewable energy. He also keeps a close watch on the intricacies of corporate finance and corporate governance. This wide-ranging sectoral experience allows him to better understand India’s large conglomerates that sit at the confluence of these vital industries.
Nehal studied mechanical engineering from the Pune University and graduated with distinction in 2017. Driven by a passion for storytelling, he pivoted to journalism immediately after, attending the Asian College of Journalism in Chennai. While his time in the newsroom has made him a healthy sceptic, his engineering roots keep him perpetually inquisitive about how things work—and why they fail.
He actively encourages readers to reach out for feedback, collaboration, or news tips. Nehal can be reached via LinkedIn or directly at nehal.chaliawala@livemint.com.
Source: Livemint — Companies
