Jindal Stainless Limited announced its financial results for the quarter and half year ended September 30, 2026 (Q2FY27), approved by the Board of Directors.

Financial Performance (Consolidated)

Q2FY27 Results:

  • Net revenue: ₹12,874 crore, increased 18.2% year-on-year (YoY)
  • EBITDA: ₹1,433 crore, increased 3.2% YoY
  • Profit After Tax (PAT): ₹898 crore, increased 11.1% YoY
  • Finished goods sales volume: 6,64,378 tonnes, increased 2.5% YoY
  • Net debt: ₹3,121 crore
  • Net debt-to-equity ratio: 0.15x

Quarter-over-Quarter (QoQ) Performance:

  • Sales volume increased 14.4% from Q1FY27 (5,80,805 tonnes)
  • Net revenue increased 14.1% from Q1FY27 (₹11,279 crore)
  • EBITDA increased 7.8% from Q1FY27 (₹1,329 crore)
  • PAT increased 16.8% from Q1FY27 (₹769 crore)

Half-Yearly (H1FY27) Performance:

  • Sales volume: 12,45,183 tonnes, decreased 2.3% from H1FY26 (12,74,302 tonnes)
  • Revenue: ₹24,152 crore, increased 14.5% from H1FY26 (₹21,100 crore)
  • EBITDA: ₹2,762 crore, increased 2.4% from H1FY26 (₹2,698 crore)
  • PAT: ₹1,666 crore, increased 9.4% from H1FY26 (₹1,523 crore)

Operational Highlights

Sales Mix (Geographical):

  • Domestic: 89% of total sales in Q2FY27 (91% in Q2FY26, 89% in Q1FY27)
  • Export: 11% of total sales in Q2FY27 (9% in Q2FY26, 11% in Q1FY27)

Export Performance:

  • Export growth expanded by 20% QoQ and 36% YoY
  • Company diversified global reach with emphasis on South Korea, Colombia, South Africa, Brazil, and Japan

Market Context:

  • Domestic market faced increased import pressure from April 2026
  • Imports of stainless steel flat products from China in July 2026 were 53,271 MT, 2.9 times the FY26 monthly average of 18,576 MT
  • First four months of FY27 account for about 63% of entire FY26 imports from China
  • Demand performance supported by higher contributions from value-added products, automotive, and ornamental pipe & tube segments
  • Global acceptance increased for plates and ferritic grades across white goods, lifts and elevators

Corporate Actions

Amalgamation:

The Board approved the amalgamation of four wholly-owned subsidiaries into Jindal Stainless Limited:

  • Chromeni Steels Limited
  • Rabirun Vinimay Private Limited
  • JSL Super Steel Limited
  • Jindal United Steel Limited

Purpose: To simplify Group structure, optimize utilization of financial and other resources, improve operational efficiency, reduce administrative and compliance costs, eliminate inter-company transactions and balances, strengthen corporate governance, and facilitate better management oversight and decision making.

Business Developments

Credit Rating Update:

  • CARE upgraded rating on long-term borrowings to AA+ (Stable) from AA
  • CARE reaffirmed rating on short-term borrowings at A1+

Technical Collaboration:

  • Signed Technical Assistance Agreement with JFE Steel, Japan for ferritic grades

Product Development & Innovation:

  • Supplied ~40% of stainless steel for India's first hydrogen-powered train from Jajpur and Hisar facilities
  • Developed special stainless steel grade with higher aluminium content for catalytic converter applications (first time in India)
  • Advanced two product developments for 400-series portfolio: 430HF for appliance applications and EN 1.4003 (entered new market in South Africa)

Sustainability & ESG

  • Achieved 12% reduction in GHG Emission Intensity (Scope 1+2) from 1.76 tCO2/tcs in FY26 to 1.55 tCO2/tcs in Q2FY27

Marketing & Digital Initiatives

Jindal Saathi Loyalty Programme:

  • Expanded to over 1.35+ lakh members, including 19,500+ retailers and 1.16 lakh+ fabricators
  • Generating over 7.2 lakh QR scans monthly
  • Expanded co-branding Jindal Saathi Seal scheme into water tank segment

Digital Adoption:

  • B2B platform covers order booking, lead generation, stock opportunity and service support
  • Achieved 100% digital adoption among MoU Trade and Plates & Tubes partners

Subsidiary Update: Jindal Lifestyle Limited

  • Commissioned state-of-the-art powder coating facility at Pathredi unit
  • Enhances surface finishing capabilities and enables value-added solutions with improved aesthetics and durability for metro and infrastructure applications

Stainless Academy Initiatives

  • Signed agreement with National Council for Vocational Education and Training (NCVET) under MSDE for recognition as Awarding Body
  • Enables development and offering of government-recognized, industry-led qualification and certification programmes
  • Conducted 205 Fabricator Training Programmes, reaching 12,165 independent fabricators across 12 states

Management Commentary

Mr. Abhyuday Jindal, Managing Director, commented:

  • Delivered growth in Q2 building on recovery from geopolitical crisis that impacted Q1 operations
  • Performance underpinned by resilient domestic demand supported by robust economic growth and improved lifecycle costing approach
  • Focused on sustaining sales volumes amid suspension of Quality Control Orders and influx of substandard stainless steel imports
  • Will continue expanding market outreach initiatives and focusing on improved product mix for domestic and global markets

Company Background

Jindal Stainless is India's leading stainless steel manufacturer with:

  • Annual turnover: ₹42,955 crore (USD 4.86 billion) in FY26
  • Annual melt capacity: 4.2 million tonnes
  • 16 manufacturing and processing facilities in India and abroad (Spain and Indonesia)
  • Worldwide network in 12 countries (as of March 2026)
  • 10 sales offices and 6 service centers in India (as of March 2026)
  • Product range includes slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel, and coin blanks
  • Founded in 1970, uses electric arc furnace process for reduced greenhouse gas emissions