Manufactures stainless steel flat and long products at integrated Indian plants at Hisar and Jajpur, and from a melt shop in Indonesia commissioned in March 2026. The combined network sells into automotive, metro coaches, railways, lift-elevator and white-goods applications, and has supplied stainless steel for Indian Railways for over three decades, including about 40% of the stainless steel used in India's first hydrogen-powered train. Raw materials account for 65% of revenue, while the energy basket (propane, LPG, natural gas and ammonia) is the volatile cost swing factor, with Middle East disruption pushing gas costs up 2.5x-3x. FY26 EBITDA reached ₹5,560 crore, up 19% year-on-year, on net debt-to-EBITDA of 0.55x. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stainless steel flat and long products. Cyclical, asset-heavy stainless steel manufacturing with exposure to nickel, chrome and energy prices.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 21,223 | 35,697 | 38,562 | 39,312 | 42,955 |
| EBITDA (ex other income) | 3,090 | 3,696 | 4,857 | 4,616 | 5,519 |
| margin % | 14.6 | 10.4 | 12.6 | 11.7 | 12.8 |
| Owners' profit | 1,881 | 2,115 | 2,713 | 2,505 | 3,193 |
| EPS, as reported (₹) | 37.81 | 25.68 | 32.95 | 30.42 | 38.76 |
| ROE % · ROCE % | 36.5 · 36.2 | 17.4 · 19.1 | 18.7 · 20.0 | 15.0 · 17.2 | 16.0 · 18.0 |
| Debt / equity (x) | 0.60 | 0.32 | 0.41 | 0.38 | 0.37 |
| Cash from operations | 1,083 | 3,096 | 4,818 | 4,718 | 3,395 |
| Capex | (765) | (1,656) | (1,475) | (1,885) | (2,658) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,777 | 9,907 | 10,198 | 10,207 | 10,893 | 10,518 | 11,337 | 11,279 |
| Profit before tax | 834 | 890 | 729 | 969 | 1,078 | 1,082 | 1,112 | 1,034 |
| Net profit | 609 | 654 | 590 | 715 | 808 | 828 | 834 | 769 |
| EPS (₹) | 7.42 | 7.95 | 7.18 | 8.67 | 9.80 | 10.06 | 10.24 | 9.34 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,08,660 | 12.5 | 2.93 | 7.5 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,28,494 | 20.7 | 2.20 | 9.0 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,14,044 | 41.9 | 2.20 | 14.7 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 73,936 | 17.3 | 1.23 | 8.7 | 5.6 | 4.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Jindal Stainless deploys SAP Ariba for ESG supplier risk management | compliance | minimal | — | — |
| 8 Sept 2026 · Promoter group entity buys 6.4 lakh shares of Jindal Stainless | ownership changes | high | — | — |
| 7 Sept 2026 · Jindal Stainless signs tech assistance agreement with Japan JFE Steel | compliance | low | — | — |
| 3 Sept 2026 · Shareholders approve all five resolutions at 46th AGM | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · JSL 46th AGM: Rs 3 dividend declared, Ratan Jindal re-appointed | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Jindal Stainless shares August 2026 corporate presentation with growth roadmap | investor communications | medium | — | — |
| 31 Aug 2026 · Jindal Stainless to attend Ashwamedh Elara India Dialogue on Sept 3 | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Record date fixed for NCD redemption and interest payment on Sep 28, 2026 | corporate actions | medium | — | — |
| 25 Aug 2026 · Credit rating upgraded by Care Ratings for long term borrowings | credit debt | high | — | — |
| 19 Aug 2026 · Jindal Stainless wins two honours at People Matters Infini-T Awards 2026 | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 9.9 |
| 16.1 |
| JINDAL STAINLESS LIMITED ◆ | 62,273 | 19.2 | 3.13 | 11.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 18,448 | 16.3 | 2.47 | 10.3 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 12,824 | 141.2 | 0.97 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 9,255 | 12.9 | 2.83 | 8.2 | 20.1 | 20.9 | — | 26.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.2 | 16.3 | 8 of 11 | 30% |
| P/B | 3.1 | 2.2 | 11 of 11 | 0% |
| ROCE | 15.8 | 8.1 | 3 of 11 | 80% |
| ROE | 16.0 | 10.5 | 4 of 11 | 70% |
| Debt / Equity | 0.4 | 0.4 | 6 of 11 | 50% |
| EBITDA margin | 13.1 | 15.1 | 8 of 11 | 30% |
| Revenue growth | 10.5 | 9.8 | 5 of 11 | 60% |
| Profit growth | 7.6 | 18.8 | 8 of 11 | 30% |
| Market cap | 62273 | 18448 | 5 of 11 | 60% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
