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Jindal Iron and Steel Company (JISCO) had seen nothing but success from its incorporation in 1983 until 2000, when it went into a loss for the first time. This decline jolted senior management into an extensive turnaround strategy involving actions on many fronts. By fiscal year 2002, the company had not only returned to profit, it had reversed a loss of Rs735 million into a profit of Rs1726million. The case highlights the various actions taken to achieve this remarkable result. The case can be used to achieve the following objectives: (1) evolution and revolution: it is normal for organisations to go through evolution (development) and revolution (crisis) in their growth trajectory. The issue here to consider is whether the 2000 crisis was due to managerial slack (incompetence), external market factors or a hybrid of the two; (2) strategy typology: in periods of stability, consistent patterns of behaviour, with perhaps some fine-tuning can guarantee success. The case illustrates that in fast-changing environments different adaptation patterns are required; and (3) marketing: the case illustrates the advantages of geographical diversification.