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Jindal Stainless Q2 FY27 results: net profit up 11.1% to ₹897.75 crore, revenue up 18.2%
Jindal Stainless Limited reported consolidated revenue of ₹12,874 crore in Q2 FY27, up 18.2% from Q2 FY26 and 14.1% from Q1 FY27. Net profit was ₹897.75 crore and basic EPS was ₹10.85, while EBITDA rose 3.0% year-on-year to ₹1,415 crore and margin declined 1.6 percentage points to 11.0%.
Key points
- Consolidated Q2 FY27 revenue was ₹12,874 crore, up 18.2% year-on-year and 14.1% quarter-on-quarter.
- EBITDA was ₹1,415 crore, up 3.0% from Q2 FY26 and 3.7% from Q1 FY27, while margin fell to 11.0% from 12.6% and 12.1%.
- Net profit was ₹897.75 crore, up 11.1% year-on-year and 16.8% from Q1 FY27; basic EPS was ₹10.85.
- H1 FY27 revenue was ₹24,152.4 crore, up 14.5%, while net profit was ₹1,666.41 crore, up 9.4%.
- Management lowered FY27 volume growth guidance to 4%-6% from 7%-9% and raised EBITDA-per-ton guidance to INR20,000-INR22,000.
How did Jindal Stainless perform in Q2 FY27?
Jindal Stainless reported consolidated revenue of ₹12,874 crore for Q2 FY27, up 18.2% from ₹10,893 crore in Q2 FY26 and 14.1% from ₹11,279 crore in Q1 FY27. Total income was ₹13,007.59 crore, up 18.4% year-on-year and 14.1% from the previous quarter. On the standalone basis, revenue was ₹11,413.28 crore and profit after tax was ₹785.5 crore, with revenue up 4.9%.
Consolidated EBITDA was ₹1,415 crore, compared with ₹1,374 crore in Q2 FY26 and ₹1,364 crore in Q1 FY27. The year-on-year increase was 3.0%, while the quarter-on-quarter increase was 3.7%; EBITDA margin declined 1.6 percentage points year-on-year to 11.0% and 1.1 percentage points from the previous quarter.
Profit before tax rose 11.4% year-on-year to ₹1,201 crore and 16.2% from Q1 FY27 to ₹1,034 crore. Net profit was ₹897.75 crore, against ₹807.92 crore in Q2 FY26 and ₹768.66 crore in Q1 FY27, while basic EPS was ₹10.85, compared with ₹9.8 and ₹9.34.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 12,874 | 11,279 | 10,893 | +18.2% | +14.1% |
| Other income | 133.73 | 118.39 | 89.68 | +49.1% | +13.0% |
| Total expenses | 11,923 | 10,363 | 9,921 | +20.2% | +15.0% |
| EBITDA | 1,415 | 1,364 | 1,374 | +3.0% | +3.7% |
| EBITDA margin | 11.0% | 12.1% | 12.6% | −1.6 pp | −1.1 pp |
| Profit before tax | 1,201 | 1,034 | 1,078 | +11.4% | +16.2% |
| Tax | 303.44 | 264.93 | 270.50 | +12.2% | +14.5% |
| Net profit | 897.75 | 768.66 | 807.92 | +11.1% | +16.8% |
| EPS (₹) | 10.85 | 9.34 | 9.80 | +10.7% | +16.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Jindal Stainless' costs and profit?
Total expenses rose 20.2% year-on-year to ₹11,923 crore, outpacing revenue growth of 18.2%. Cost of materials was the largest increase, up ₹2,325 crore, or 31.5%, to ₹9,708 crore. Employee cost rose ₹30.40 crore to ₹275.61 crore, finance costs increased ₹23.96 crore to ₹164.79 crore, and depreciation rose ₹37.05 crore to ₹298.95 crore.
Other expenses increased ₹150.18 crore year-on-year to ₹2,157 crore, while other income rose ₹44.05 crore to ₹133.73 crore. The quarter included an exceptional gain of ₹116.41 crore, compared with an exceptional gain of ₹17.41 crore in Q2 FY26. Tax expense was ₹303.44 crore, up ₹32.94 crore from the year-ago quarter.
Against Q1 FY27, total expenses rose ₹1,559 crore and cost of materials increased ₹1,847 crore. Other expenses fell ₹396.04 crore and employee cost declined ₹17 crore, while other income rose ₹15.34 crore. The Q1 FY27 quarter had no exceptional item. The filing does not state reasons for the cost movements beyond describing the Q1 gas and logistics disruptions.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 9,708 | 7,383 | +2,325 | +31.5% |
| Employee cost | 275.61 | 245.21 | +30.40 | +12.4% |
| Finance costs | 164.79 | 140.83 | +23.96 | +17.0% |
| Depreciation | 298.95 | 261.90 | +37.05 | +14.1% |
| Other expenses | 2,157 | 2,007 | +150.18 | +7.5% |
| Total expenses | 11,923 | 9,921 | +2,001 | +20.2% |
| Other income | 133.73 | 89.68 | +44.05 | +49.1% |
| Tax | 303.44 | 270.50 | +32.94 | +12.2% |
| Exceptional items | +116.41 (gain) | +17.41 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Jindal Stainless reported consolidated revenue of ₹24,152.4 crore, up 14.5% from ₹21,099.92 crore in H1 FY26. Total income was ₹24,404.52 crore, up 14.8%, while profit before tax increased 9.1% to ₹2,234.78 crore.
Net profit for H1 FY27 was ₹1,666.41 crore, up 9.4% from ₹1,522.58 crore in H1 FY26. Basic EPS increased 9.3% to ₹20.19 from ₹18.47. The same-day presentation reported H1 revenue of ₹24,152 Cr. and PAT of ₹1,666 Cr. on a consolidated basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 24,152 | 21,100 | +14.5% |
| Profit before tax | 2,235 | 2,047 | +9.1% |
| Net profit | 1,666 | 1,523 | +9.4% |
| EPS (₹) | 20.19 | 18.47 | +9.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹44,431.31 crore, compared with ₹40,703.62 crore at 31 March 2026, and total equity was ₹21,280.19 crore against ₹19,882.17 crore. Borrowings declined to ₹6,997.3 crore from ₹7,341.59 crore, while cash and cash equivalents rose to ₹436.35 crore from ₹415.12 crore.
Inventories increased to ₹11,205.48 crore from ₹9,507.52 crore. Trade receivables rose to ₹3,712.45 crore from ₹3,085.62 crore, and trade payables increased to ₹10,681.23 crore from ₹8,265.87 crore. The earnings presentation reported net debt of ₹3,121 Cr. at September 2026, compared with ₹3,040 Cr. in March 2026.
H1 FY27 operating cash flow was ₹1,582.97 crore, compared with ₹2,183.26 crore in H1 FY26. Investing cash flow was negative ₹1,665.61 crore against negative ₹1,842.6 crore, financing cash flow was positive ₹301.29 crore against negative ₹355.86 crore, and capital expenditure was ₹1,521.34 crore against ₹1,728.79 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 44,431 | 40,704 |
| Total equity | 21,280 | 19,882 |
| Borrowings | 6,997 | 7,342 |
| Cash and equivalents | 436.35 | 415.12 |
| Inventories | 11,205 | 9,508 |
| Trade receivables | 3,712 | 3,086 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,583 | 2,183 |
| Cash from investing | −1,666 | −1,843 |
| Cash from financing | 301.29 | −355.86 |
| Capital expenditure | 1,521 | 1,729 |
Source: Company's results filing (XBRL).
How has Jindal Stainless done over the last 8 quarters?
Revenue reached its highest level in Q2 FY27 at ₹12,873.86 crore, after ₹11,337.19 crore in Q4 FY26 and ₹11,278.54 crore in Q1 FY27. Profit after tax also peaked at ₹897.75 crore, compared with ₹834.21 crore in Q4 FY26 and ₹768.66 crore in Q1 FY27.
EBITDA margin rose to 13.4% in Q3 FY26 before easing to 13.2% in Q4 FY26, 12.1% in Q1 FY27 and 11.0% in Q2 FY27. Revenue rose year-on-year in each of the last eight quarters, while profit after tax rose year-on-year in each of the last seven quarters.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026 on 22 October 2026. It also approved a draft scheme to merge Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited into Jindal Stainless Limited.
The proposed amalgamation has 1 April 2027 as its appointed date and remains subject to shareholder, creditor, statutory, regulatory and National Company Law Tribunal approvals. The same-day earnings presentation said CARE Ratings upgraded the company’s long-term borrowing rating to AA+ (Stable) from AA and reaffirmed the short-term rating at A1+. No dividend, fund raise or appointment was disclosed in the cited filings.
What did Jindal Stainless' management say?
Management described Q2 as a recovery from Q1 gas and logistics disruptions and said exports rose 20% quarter-on-quarter and 36% year-on-year to 11% of Q2 volumes. It also said Chinese-origin imports in the first four FY27 months were nearly two-thirds of total FY26 imports, following the suspension of the quality control order.
Management identified risks from substandard imports pressuring domestic demand, industrial-gas availability, geopolitics and energy-price movements. It also said the second-half volume ramp depends on commissioning downstream facilities without further disruption, Maharashtra land acquisition was slower than expected, and European duty-free quota cuts constrain export opportunities.
How did Jindal Stainless shares react?
Jindal Stainless shares fell 0.5% after five minutes, 0.4% after 15 minutes and 0.9% after 30 minutes following the after-market filing. From the pre-results close of ₹708.6, the stock closed the first tradable session down 3.3%.
By the next day’s close, the stock was down 2.8% from its pre-results close, and by the fifth session it was down 5.0%. The Iron & Steel industry median was down 3.0% on the reaction day, down 1.7% by the next day and down 3.3% by five days; Jindal Stainless underperformed the sector by 0.3 percentage points, 1.0 percentage point and 1.7 percentage points over those periods.
Earlier reaction-day moves were mixed: down 0.2% on 3 August 2026, down 1.1% on 4 May 2026, up 0.3% on 21 January 2026, up 3.7% on 10 November 2025, down 1.8% on 6 August 2025, down 0.5% on 8 May 2025, up 2.2% on 29 January 2025 and up 0.8% on 17 October 2024.
| After the filing | Stock | Iron & Steel median |
|---|---|---|
| 5 minutes | −0.5% | |
| 15 minutes | −0.4% | |
| 30 minutes | −0.9% | |
| Reaction day | −3.3% | −3.0% |
| Next day | −2.8% | −1.7% |
| 5 days | −5.0% | −3.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 3 August 2026 | −0.2% |
| 4 May 2026 | −1.1% |
| 21 January 2026 | +0.3% |
| 10 November 2025 | +3.7% |
| 6 August 2025 | −1.8% |
| 8 May 2025 | −0.5% |
| 29 January 2025 | +2.2% |
| 17 October 2024 | +0.8% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel companies do?
Five other Iron & Steel companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 20.7%, above Jindal Stainless’s 18.2% consolidated year-on-year revenue growth. Four peers grew faster than Jindal Stainless, while one grew more slowly.
Among the five peers for which profit was compared, four reported higher profit. Jindal Stainless recorded 11.1% year-on-year growth in net profit for the quarter.
| Jindal Stainless revenue growth (YoY) | +18.2% |
|---|---|
| Median of 5 other Iron & Steel companies | +20.7% |
| Companies with slower revenue growth than Jindal Stainless | 1 of 5 |
| Companies with faster revenue growth than Jindal Stainless | 4 of 5 |
| Companies whose net profit rose | 4 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Jindal Stainless' revenue in Q2 FY27?
Revenue from operations was ₹12,874 crore, up 18.2% from ₹10,893 crore in Q2 FY26 (consolidated).
Did Jindal Stainless make a profit in Q2 FY27?
Yes. Net profit was ₹897.75 crore, against a net profit of ₹807.92 crore in Q2 FY26.
What was Jindal Stainless' EPS in Q2 FY27?
Basic earnings per share were ₹10.85, against ₹9.80 in Q2 FY26.
How did Jindal Stainless shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.3% from the previous close; the median Iron & Steel stock moved −3.0%.
When did Jindal Stainless announce its Q2 FY27 results?
On 22 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 15 October 2026) · PDF
- Disclosure Of Outcome Of Board Meeting Under Regulations 30, 33 And Other Applicable Regulations Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 As Amended ('SEBI Listing Regulations') (BSE, 22 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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