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Jindal Stainless Results: Latest Quarterly Results & Analysis

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Jindal Stainless Ltd. 06 Aug 2025 16:01 PM
Result PDF

Q1FY26 Quarterly Result Announced for Jindal Stainless Ltd.

Iron & Steel Products company Jindal Stainless announced Q1FY26 results

Q1FY26 Consolidated Financial Highlights:

  • Net revenue at Rs 10,207 crore, up by 8.2% YoY.
  • EBITDA at Rs 1,310 crore, up by 8.1% YoY.
  • PAT at Rs 715 crore, up by 10.6% YoY.
  • Net debt at Rs 3,869 crore.
  • Net debt-to-equity ratio at 0.2x.

Q1FY26 Standalone Financial Highlights:

  • Sales volume at 6,26,252 tonnes, up by 8.3% YoY.
  • Net revenue at Rs 10,341 crore, up by ~8% YoY.
  • EBITDA at Rs 1,048 crore, up by 4.3% YoY.
  • PAT at Rs 642 crore, up by ~11% YoY.

Abhyuday Jindal, Managing Director, Jindal Stainless, said: “Despite continued volatility in the global landscape, Jindal Stainless has reinforced its market leadership underpinned by our customer-centric approach, sustained product and special grades innovation, and continued operational efficiency. We are advancing our presence across high-impact sectors such as railways, automotive, and infrastructure, while unlocking new opportunities across the sectors through strategic partnerships and application-driven offerings. Our initiatives like co-branding programmes and loyalty schemes are redefining customer engagement and operational agility. As stainless steel gains recognition as the material of choice for nation-building, the need for a dedicated national stainless steel policy becomes increasingly imperative.”

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Iron & Steel Products company Jindal Stainless announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Net revenue at Rs 10,198 crore, up by 8% YoY
  • EBITDA at Rs 1,061 crore, up by 3% YoY
  • PAT at Rs 590 crore, up by 18% YoY
  • Net debt at Rs 3,899 crore
  • Net debt-to-equity ratio at ~0.2

Consolidated FY25 Financial Highlights:

  • Net revenue at Rs 39,312 crore, up by 2% YoY
  • EBITDA at Rs 4,667 crore, similar to last year
  • PAT at Rs 2,500 crore, down by 7% YoY

Standalone Q4FY25 Financial Highlights:

  • Sales volume at 6,42,641 tonnes, up by 13% YoY
  • Net revenue at Rs 10,786 crore, up by 13% YoY
  • EBITDA at Rs 890 crore, up by 8% YoY
  • PAT at Rs 925 crore, up by 94% YoY

Standalone FY25 Financial Highlights:

  • Sales volume at 23,73,070 tonnes, up by 9% YoY
  • Net revenue at Rs 40,182 crore, up by 5% YoY
  • EBITDA at Rs 3,905 crore, down by 3% YoY
  • PAT at Rs 2,711 crore, up by 7% YoY

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “The past financial year has been a defining chapter in our mission to bolster our leadership in the domestic market and ensure our supply chain excellence. The early commissioning of our NPI facility in Indonesia, the full acquisition of Chromeni Steels to enhance the proportion of our cold rolled products, and our strategic investment in M1xchange have all strengthened our value chain from end to end, ensuring raw material security, product diversification, and a bold step toward digital leadership. As we accelerate green hydrogen adoption, innovate new products and grades for sustainable logistics, infrastructure and industries, scale renewable energy supply, and lead with transparent ESG disclosures, we are not just focused on manufacturing stainless steel, but also forging a wholesome, tech-enabled, and Atmanirbhar future for India.”

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Iron & Steel Products company Jindal Stainless announced Q3FY25 results

Standalone Financial Highlights:

  • Sales volume at 5,87,658 tonnes, up by 4.1% QoQ and 14.8% YoY.
  • Net revenue at Rs 10,066 crore, up by 3.3% QoQ and 10.8% YoY.
  • EBITDA at Rs 1,003 crore, down by 0.3% QoQ and 1.7% YoY.
  • PAT at Rs 619 crore, up by 5.0% QoQ and down by 20.6% YoY.
  • Net debt at Rs 3,344 crore.
  • Net debt-to-equity ratio at 0.2.

Consolidated Financial Highlights:

  • Net revenue at Rs 9,907 crore, up by 1.3% QoQ and 8.5% YoY.
  • EBITDA at Rs 1,208 crore, up by 1.8% QoQ and down by 3.1% YoY.
  • PAT at Rs 654 crore, up by 7.4% QoQ and down by 5.3% YoY.

Abhyuday Jindal, Managing Director, Jindal Stainless, said: “Recent times in the Indian steel and stainless steel industry have been witness to the adverse effects of subsidised dumping of inferior quality products by countries having surplus capacities. With India still being the fastest growing major economy globally, the domestic industry needs immediate government measures to stop dumping of surplus quantities into India, and circumvention of quality norms through several FTA countries. Our third quarter performance in the current fiscal is a testimony to our overall competitiveness even in the face of rising imports, and our adequacy in meeting domestic demand across all sectors. A favourable economy backed by bold infrastructure plans, accelerated use of stainless steel in process and greening industries, and a growing need to incorporate life cycle costing as a mandatory criterion for material selection in public procurement – all these factors augur well for continued demand of stainless steel.”

Result PDF

Iron & Steel Products company Jindal Stainless announced Q2FY25 results

Consolidated Financial Highlights:

  • Net revenue at Rs 9,777 crore, up by 3.68% QoQ.
  • EBITDA at Rs 1,186 crore, down by 2.08% QoQ.
  • PAT at Rs 609 crore, down by 5.67% QoQ

Standalone Financial Highlights:

  • Sales volume at 5,64,627 tonnes, down by 2.34% QoQ.
  • Net revenue at Rs 9,746 crore, up by 1.68% QoQ.
  • EBITDA at Rs 1,007 crore, up by 0.25% QoQ.
  • PAT at Rs 589 crore, up by 1.90% QoQ.
  • Net debt at Rs 2,580 crore.
  • Net debt-to-equity ratio at ~0.2.

Abhyuday Jindal, Managing Director, Jindal Stainless, said: “India’s growth story is the single biggest driver of domestic manufacturing, especially in times of global uncertainties causing continued slowdown in exports. We appreciate the government's renewed focus to use stainless steel in bridges and infrastructural applications in corrosive environments to prevent loss of life and property. The domestic market has always been our focus area, and we expect volume growth to pick up going forward. We also hope for a resolution to the ongoing dumping of subsidised and substandard imports from China and Vietnam, disturbing the level playing field for Indian manufacturers.”

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Iron & Steel Products company Jindal Stainless announced Q1FY25 results:

Standalone: 

  • Sales volume at 5,78,143 tonnes, up by 1.4% QoQ
  • Net revenue at Rs 9,585 crore, up by 0.7% QoQ
  • EBITDA at Rs 1,004 crore, up by 21.4% QoQ
  • PAT at Rs 578 crore, up by 21.4% QoQ
  • Standalone net debt at Rs 3,296 crore
  • Net debt-to-equity ratio at ~0.23

Consolidated:

  • Net revenue at Rs 9,430 crore
  • EBITDA at Rs 1,212 crore, up by 17.1% QoQ
  • PAT at Rs 646 crore, up by 29.0% QoQ

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “We thank the government on behalf of the entire industry for removing the basic customs duty on ferro nickel as it will aid competitiveness of the domestic industry. The first quarter witnessed our continued focus on operationalising our recent expansion plans. The addition of cold-rolled capacity to our product basket through Chromeni acquisition, combined with government initiatives in the area of standardisation and our planned co-branding scheme in other segments, open an array of possibilities for us. Given the increasing awareness on lowlife cycle costing and light-weighting properties of stainless steel, we anticipate growth in the industry in the coming fiscals.”

Result PDF

Iron & Steel Products company Jindal Stainless announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Standalone performance:

  • Sales volume at 5,70,362 tonnes, up by 12% YoY
  • Net revenue at Rs 9,521 crore, nearly the same as previous year
  • EBITDA at Rs 827 crore, down by 25% YoY
  • PAT at Rs 476 crore, down by 28% YoY
  • Net debt at Rs 2,418 crore
  • Net debt-to-equity ratio at ~0.18

Consolidated performance:

  • Net revenue at Rs 9,454 crore
  • EBITDA at Rs 1,035 crore, down by 10% YoY
  • PAT at Rs 501 crore, down by 30% YoY

FY24 Financial Highlights:

Standalone performance:

  • Sales volume at 21,74,610 tonnes, up by 23% YoY
  • Net revenue at Rs 38,356 crore, up by 9% YoY
  • EBITDA at Rs 4,036 crore, up by 13% YoY
  • PAT at Rs 2,531 crore, up by 26% YoY

Consolidated performance:

  • Net revenue at Rs 38,562 crore, up by 8% YoY
  • EBITDA at Rs 4,704 crore, up by 31% YoY
  • PAT at Rs 2,693 crore, up by 29% YoY

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “The last financial year has been an encouraging one. Riding strong on the Indian growth story, we have met our growth projections, and have recently added a new chapter to our expansion plans. This growth is underpinned by a sharp focus on operational efficiency, digitalization programs, people empowerment initiatives, market development, and customer satisfaction strategies. We continue to remain bullish on the Indian market while aiming to maintain our leadership position and ensuring sustainability in sourcing, processes, and products.”

Result PDF

Iron & Steel/Intermediate Products company Jindal Stainless announced Q3FY24 results:

Standalone Q3FY24:

  • Sales Volume: 5,12,015 MT (up by 9% YoY)
  • Net Revenue: Rs 9,088 crore (up by 1% YoY)
  • EBITDA: Rs 1,021 crore (up by 8% YoY)
  • PAT: Rs 779 crore (up by 41% YoY)
  • Net Debt: Rs 3,085 crore
  • Net Debt-to-Equity Ratio: ~0.23

Consolidated Q3FY24:

  • Net Revenue: Rs 9,127 crore
  • EBITDA: Rs 1,246 crore (up by 43% YoY)
  • PAT: Rs 691 crore (up by 35% YoY)

Operational Highlights

  • Domestic Sales Volume: 88% in Q3FY24 (up from 87% in Q2FY24)
  • Export Sales Volume: Discrepancy was observed due to an increase in the dumping of the 300 series from China and Vietnam.

Key Developments and Strategic Movements

  • Subsidiaries & Acquisitions

    • Interim Dividend: Rs 200 crore received from JUSL (wholly-owned subsidiary).
    • Rabirun Vinimay Private Limited: Acquired for Rs 96 crore to enter the pipe and tube segment.

  • Credit Ratings

    • Revised from AA-/Positive to AA/Stable for long-term facilities and reaffirmed at A1 for short-term facilities.

  • Plans and Investment

    • PTJSI: Consent for liquidation given.
    • Nickel Pig Iron Facility: Commissioning expected early in H1FY25.
    • Iberjindal S L: In-principle approval for 100% stake acquisition.

  • Research & Development

    • Developed various stainless steel grades for niche applications such as missile components, anti-tank guided missiles, and marble cutting.

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “The quarter has been eventful, with our maiden COP28 presence where we shed light on our decarbonisation efforts as a responsible business. Despite a global slowdown in stainless steel markets, the domestic market has been witnessing steady growth. Given the promise that India holds for the near and far future, we are confident of meeting our volumes in the next quarter. We will continue to focus our energies on green manufacturing, operational excellence, business development, and nation–building.”

 

Result PDF

Iron and Steel/Intermediate Products company Jindal Stainless announced Q2FY24 results:

Consolidated Financial Performance:
- Net revenue for Q2FY24 reached Rs 9,797 crore, showing a growth of 12% YoY.
- EBITDA for Q2FY24 stood at Rs 1,231 crore, marking an 80% YoY increase.
- Profit after tax (PAT) for Q2FY24 was recorded at Rs 764 crore, showing a significant growth of 120% YoY.

Standalone Financial Performance:
- Sales volume for Q2FY24 increased by 26% YoY, driven by robust domestic demand and global market agility.
- Net revenue for Q2FY24 reached Rs 9,720 crore, showing a 14% YoY growth.
- EBITDA stood at Rs 1,070 crore, a significant increase of 54% YoY.
- Profit after tax (PAT) for Q2FY24 was recorded at Rs 609 crore, marking a 74% YoY growth.
- Net debt for the quarter was Rs 2,149 crore, with a net debt-to-equity ratio of approximately 0.2.

Dividend Announcement:
- The Board of Directors approved the payment of interim dividend at a rate of 50% (Re 1 per equity share) for FY24.
- The record date for determining entitlement of members for dividend payment is October 28, 2023.
- The dividend will be paid on or before November 17, 2023, amounting to approximately Rs 82.34 crore.

Key Developments:
- Jindal Stainless signed an MoU with IIT Bombay to establish a Chair Professorship for research in the stainless steel sector.
- The company received Bureau of Indian Standards (BIS) certification for new stainless steel grades in the utensils and kitchenware segment.
- JSL earned a credit rating upgrade from CARE Ratings and revised ratings for its subsidiary, JUSL.
- The company explored the option to sell/liquidate/divest equity stake in its subsidiary, PT Jindal Stainless, Indonesia.
- Jindal Stainless became the first Indian corporate to execute a bilateral live transaction powered by public blockchain.
- The company successfully developed and supplied the DS 9513 grade as an import substitute.
- Jindal Stainless achieved carbon emission reduction through the trial of bio-coal at the electric arc furnace and became a member of Responsible Steel.
- The company received several awards and recognition for its initiatives and achievements.

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “Our domestic sales are up by 15% YoY, buoyed by the government’s push for stainless steel in strategic sectors. As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years. Chinese imports have increased by nearly 55% YoY. This highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market. We hope the government will take notice of the continuous and rampant imports by China, which is hurting the sector, especially the MSMEs, as well the government’s vision of an Atmanirbhar Bharat.”

 

 

Result PDF

Iron & steel/intermediate products company Jindal Stainless announced Q1FY24 results:

  • Consolidated Q1FY24:
    • Net revenue at Rs 10,184 crore, up by 25% YoY
    • EBITDA at Rs 1,192 crore, up by 34% YoY
    • PAT at Rs 738 crore, up by 45% YoY
  • Standalone Q1FY24:
    • Sales volume at 548,613 MT, up by 54% YoY
    • Net revenue at Rs 10,027 crore, up by 25% YoY
    • EBITDA at Rs 1,118 crore, up by 35% YoY
    • PAT at Rs 666 crore, up by 47% YoY
    • Net debt at Rs 2,956 crore
    • Net debt-to-equity ratio at ~0.2

Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “We have recently expanded our capacity, hence, the attention will be on stabilizing and synergizing the expanded units. We will continue to maintain a sharp focus on the domestic market and capitalize exports, wherever possible. However, since the Indian stainless steel industry is operating well below its capacity, it needs government support for a level-playing field. The industry is still awaiting a positive decision by the government on imposing a countervailing duty (CVD) to curb dumping of mass and subsidized stainless steel in India by China.”

 

 

Result PDF

 Iron & Steel/Interm.Products firm Jindal Stainless announced Q4FY23 & FY23 results:

Standalone Q4FY23:

  • Sales Volume at 5,07,632 MT, up by 8% QoQ
  • Net Revenue at Rs 9,444 crore, up by 5% QoQ
  • EBITDA at Rs 1,097 crore, up by 16% QoQ
  • PAT at Rs 659 crore, up by 19% QoQ

Standalone FY23:

  • Sales Volume at 17,64,405 MT
  • Net Revenue at Rs 35,030 crore
  • EBITDA at Rs 3,567 crore
  • PAT at Rs 2,014 crore
  • Net debt at Rs 2,591 crore
  • Net debt-to-equity ratio at ~0.2

Commenting on the performance of the Company, Managing Director, Jindal Stainless, Mr Abhyuday Jindal said, “With the completion of the merger of JSHL into JSL, capacity expansion and diversification acquisition, the last financial year has been historic for Jindal Stainless. We’re also proud to be chosen for the pilot of the ‘Make in India’ branding of steel and stainless steel products for exports from the country. We are constantly working on being more agile and adaptable to dynamic market conditions and customer requirements, and I’m sure that this strategy will continue to serve us well in the future. As a responsible corporate committed to its ESG goals, we are making focussed efforts to reduce our carbon footprints and increase consumption of renewable energy. It is noteworthy that we achieved a reduction of nearly 2.4 lakh tons of carbon emissions in the last two financial years. ”

 

Result PDF

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