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Jindal Stainless Limited reported a muted performance in Q2FY27

ICICIdirect Research 23 Oct 2026 DISCLAIMER

News: Jindal Stainless Limited reported a muted performance in Q2FY27 with consolidated revenue from operations up 18% YoY to ₹12,874 crore, while EBITDA rose marginally 3.2% YoY to ₹1,433 crore. Stainless steel sales volume for the quarter came in at 6.64 lakh tonne (up 2.5% YoY), while EBITDA/tonne moderated to ₹ 21,568/tonne, down ~₹ 1,320/tonne QoQ. Alongside its financial results, JSL's board approved the amalgamation of wholly owned subsidiaries including Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel to streamline group operations. PAT for the quarter came in at ₹ 898 crore, up 11% YoY supported by higher other income and exceptional gains.

View: The operational performance came in below our expectations especially on the volume front. Company eluded substantial rise in import volumes as primary season for pressure on sales volume. Media articles, suggest company lowering its sales volume guidance of 7-9% for FY27E to 4-6% while upgrading its EBITDA/tonne guidance from ~₹ 18-20K/tonne to ~₹20-22k/tonne. We shall closely monitor company’s performance given the increasing application of stainless steel domestically & JSL’s leadership in this space amid cheaper imports as near-term headwinds.

Impact: Neutral

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