NSE: JSL · BSE: 532508
JINDAL STAINLESS LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,05,659 | 12.3 | 2.90 | 7.5 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,14,035 | 19.4 | 2.06 | 8.6 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,887 | 39.7 | 2.08 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 70,715 | 16.6 | 1.17 | 8.4 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED ◆ | 58,140 | 17.9 | 2.92 | 11.1 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,043 | 14.2 | 2.15 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,517 | 126.8 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 7,931 | 11.1 | 2.43 | 7.1 | 20.1 | 20.9 | — | 26.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.9 | 14.2 | 8 of 11 | 30% |
| P/B | 2.9 | 2.1 | 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 | 58140 | 16043 | 5 of 11 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Audio recording of October 23, 2026 earnings call posted | investor communications | low | — | — |
| 22 Oct 2026 · Q2 FY27 results: revenue up 18%, PAT up 11% YoY, rating upgraded to AA+ | investor communications | medium | — | — |
| 22 Oct 2026 · Jindal Stainless reports strong Q2 FY27 profit growth | compliance | low | — | — |
| 22 Oct 2026 · Board okays Q2 results, scheme to merge 4 wholly-owned subsidiaries | strategic transactions | high | — | — |
| 22 Oct 2026 · Quarterly revenue and profit rise; tax write-back lifts standalone profit | results | high | — | — |
| 22 Oct 2026 · Q2 profit rises; Board approves combination of four subsidiaries | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Jindal Stainless Q2 and H1 FY27 earnings call on Oct 23, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Jindal Stainless arm buys 40% stake in 24 MW renewable energy SPV | strategic transactions | high | — | — |
| 15 Oct 2026 · Jindal Stainless board to meet Oct 22 to approve Q2 FY26 results | results | low | — | — |
| 15 Oct 2026 · Jindal Stainless deploys electric trucks, targets 71 tonne monthly CO2 cut | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.