Earnings Call Transcripts of Investor Meet held on May 05, 2026.
JSL · price
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Jindal Stainless reported strong Q4FY26 results with EBITDA of INR 1,455 crores (up 37% YoY) and PAT of INR 834 crores (up 41% YoY). Full year FY26 saw 8% volume growth to 2.57 million tons, with EBITDA at INR 5,560 crores (up 19% YoY) and PAT at INR 3,185 crores (up 27% YoY). The balance sheet strengthened significantly with net debt reduced to INR 3,040 crores and net debt/EBITDA at 0.55x. Key expansions are on track including the 1.2 million tpa Indonesian melt shop (commissioned ahead of schedule) and downstream capacity additions in India. FY27 guidance includes 7-9% volume growth and INR 18,000-20,000 EBITDA per ton for H1. The company targets 3.5 million tons annual volume by FY29. Management flagged Middle East geopolitical issues causing 2.5-3x cost increase for industrial gases, but remains confident in guidance despite this headwind.
Strong execution and margin performance demonstrate operational resilience. The company is well-positioned for continued growth with capacity expansions and deleveraged balance sheet, though near-term margin guidance reflects caution on geopolitical-related cost pressures.