Key Financial Figures (Consolidated TTM ending June 30, 2026)

  • Revenue (Net): ₹440 billion
  • EBITDA: ₹56 billion
  • Net Debt to Equity: 0.1x
  • Net Debt to EBITDA: 0.5x
  • Stainless steel capacity: 4.2 million tonnes per annum (MTPA)

Strategic Position & Operations

  • Company positioning: #5 top global stainless steel producer ex-China.
  • Described as a leader in specialized products with a diverse portfolio.
  • Operations underwent structural changes including adoption of Theory of Constraints (ToC).
  • Shifted production from Made to Order (MTO) to Made to Anticipation (MTA), resulting in a 70% MTA share and reduction in lead time by more than one-third.
  • Raw material procurement shifted to domestic sources, shortening the supply chain.
  • Reduced inventory pipeline and debtor days, strengthening cash flows and balance sheets.

Growth Strategy & Expansion

  • Strategic expansion plan includes upstream and downstream augmentation.
  • Growth projects ensure internal rate of return (IRR) of approximately 15%.

Acquisitions & Investments

  • JUSL Acquisition: Completed on July 20, 2023. Acquired remaining 74% equity stake for a cash consideration of ₹958 crores. Aims to improve synergies and governance structure.
  • JSL Super Steel Ltd (formerly Rathi Super Steel Ltd): Acquired in November 2022. Added wire rod and re-bars rolling capacity of 0.16 million tons for product diversification.
  • Rabirun Vinimay Pvt Ltd: Acquired in December 2023. Added pipes & tubes capacity of 50 KTPA located at Vidyasagar Industrial Park, Kharagpur, West Bengal (~60 acres).
  • Stake in NPI Facility (Indonesia): Partnered with New Yaking Pte Ltd to acquire a 49% stake in an Nickel Pig Iron (NPI) smelter to enhance raw material security.
  • Stake in SMS Facility (Indonesia): Formed a joint venture with a 49% stake to develop and operate a 1.2 MTPA Stainless Melting Shop (SMS) facility. Increases total melting capacity to 4.2 MTPA (including 3 MTPA in India). PT GMI becomes a step-down subsidiary.

Market Dynamics & Demand Drivers

  • Stainless steel consumption in India showed a CAGR of 20.9% (2021-2025) with a multiplier to GDP growth of 2.1x.
  • Government infrastructure push is a key demand driver, including:
  • 400 new Vande Bharat trains.
  • Railway capital spending increase of 14%.
  • ₹75,000 crore investment in 100 critical transport infrastructure projects.
  • Redevelopment of 508 railway stations under Amrit Bharat Station Scheme (₹25,000 crore).
  • 25,000km of national highways, 50 additional airports, and 8 million houses under Awas Yojna.
  • Strong regulatory support from Ministries of Road Transport and Railways and RDSO, mandating stainless steel use in bridges, reinforced concrete, and checkered plates in extreme environments and coastal areas.

New Application Areas & Projects

  • Green Hydrogen: Supplied 40 MT for 238 MT storage capacity in liquid hydrogen (LH2); represents ~10% of 5 MMT storage cap.
  • Ethanol: Current capacity 1,380 crore litres, expected to reach 1,700 crore litres by 2025.
  • Infrastructure: Supplied material for Foot Over Bridges (FOB), Road Over Bridges (ROB), and flyovers. Specific projects mentioned: FOB – Naupada – East Coast Railway, HIMALAYA FOB – CSMT, BMC, Mumbai, ROB – Kalyan Shilphata – Kalyan Patripool - MSRDC.
  • Defence & Aerospace: Materials for ballistic and blast protection, space application (Chandrayaan, satellite launch vehicles), missile applications, marine application (submarine rocket launcher), and nuclear applications (ITER project, BARC, IGCAR).

ESG Initiatives

  • Environmental:
  • Signed MoU with Renew Power for ~300 MW Wind-Solar Hybrid project for 1 MTPA expansion in Odisha.
  • 21 MWp rooftop solar project underway.
  • 7.3MWp floating solar project installed.
  • Partnered with Hygenco India Pvt Ltd for Green Hydrogen plant to replace fossil fuels; expected carbon abatement of 2700 tCO2/yr.
  • Social:
  • Over 4.5 lakh beneficiaries through CSR programs.
  • 'Stainless Academy' for awareness & ecosystem development: Courses in 11 leading institutes like IITs, workshops, skill enhancement programs with NSDC, over 18,000 fabricators trained.
  • Governance:
  • Detailed list of implemented policies including Whistle blower, Remuneration, CSR, Related party, POSH, Dividend distribution, Anti-Bribery & Anti-corruption, Human Right, Equal Opportunity.
  • R&D lab certifications: ISO 17025:2017 (NABL) and IATF 16949:2016.

Capital Allocation & Dividend Policy

  • Target dividend pay-out of up to 20% of PAT on a progressive basis.
  • Objective to maintain strong balance sheet with Net Debt/EBITDA <1.5x.

Forward-Looking Statements

Presentation contains forward-looking statements about future events and expectations, subject to risks and uncertainties. Company assumes no obligation to update these statements.