Jindal Stainless Limited has informed the Exchange about Transcript
JSL · price
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Awaiting price reaction for this filing.
Jindal Stainless reported record Q4 FY25 sales volume of 6,42,641 metric tons (up 13% YoY, 9% QoQ) on strong domestic demand, but Q4 EBITDA fell to Rs. 1,061 crores due to nickel price volatility, negative inventory impact, and trade uncertainty from US tariff actions. FY25 EBITDA stood at Rs. 4,667 crores with 9% volume growth, while exports declined 24%. Management guided consolidated FY26 EBITDA per ton at Rs. 19,000-21,000 (vs. ~Rs. 13,800 in Q4), 9-10% volume growth, and 25-30% export volume growth, citing early improvement signs in Q1 FY26. CAPEX guidance for FY26 is Rs. 2,700-2,800 crores. Net debt held flat at Rs. 4,005 crores (net debt/EBITDA at 0.86). The company also announced a final dividend of Rs. 2 per share (Rs. 3 total for FY25), acquired a 9.62% stake in M1xchange TReDS platform, and is filing for anti-dumping duty on stainless steel imports.
Stock should react positively to forward-looking margin recovery guidance and improving export outlook, though weak Q4 numbers may cap upside. The anti-dumping application and Maharashtra greenfield expansion (4 mn tons over 15 years) signal long-term growth optionality, while the maintained low leverage supports balance sheet strength.