Jindal Stainless Ltd logo

Jindal Stainless Ltd

JSL NSE

Jindal Stainless Ltd is one of the largest manufacturers of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods etc. [1]

AI Verdict: BUY Confidence: 7%

Jindal Stainless trades at a reasonable PE of 18.3x with strong 5-year profit CAGR of 55% and consistent ROE of 18%. With 86% analyst buy ratings and improving promoter confidence, the stock offers a compelling growth story in India's stainless steel space, though cyclicality and low dividend yield warrant monitoring.

Key Fundamentals

MidcapIron & SteelMetals & Mining
Market Cap
₹57,087 Cr
Volatility
Moderate
P/E Ratio
17.94
EBITDA
₹5,502 Cr
Return on Equity
17.41%
Debt to Equity
0.4
Book Value
₹240.06
EPS
₹30.84
52W High
₹884
52W Low
₹652.25

Technical Indicators

Key Insights

Strengths

1
  • Promoter holding has increased by 0.82% over last quarter.

Growth Rate

Revenue Growth
8.04% ↗
Net Income Growth
28.97% ↗
Cash Flow Change
-2.07% ↘
ROE
-20.17% ↘
ROCE
-13.63% ↘
EBITDA Margin (Avg.)
1.84% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Jindal Stainless trades at a reasonable PE of 18.3x with strong 5-year profit CAGR of 55% and consistent ROE of 18%. With 86% analyst buy ratings and improving promoter confidence, the stock offers a compelling growth story in India's stainless steel space, though cyclicality and low dividend yield warrant monitoring.

Bull Case 8
  • Strong 5-year compounded profit growth of 55% demonstrates exceptional earnings expansion and operational leverage
  • Consistent ROE averaging 18-21% over 3-5-10 year periods indicates disciplined capital allocation and sustainable returns
  • Overwhelming analyst consensus with 85.71% buy ratings (12 out of 14 analysts) and zero sell ratings signals strong institutional conviction
  • PE ratio of 18.3x is reasonable for a company delivering 29% TTM profit growth, implying a PEG ratio below 1.0
  • Remarkable 5-year stock CAGR of 46% reflects sustained wealth creation and re-rating potential still intact
  • Promoter holding increased by 0.82% in the last quarter, signaling insider confidence in the business outlook
  • 10-year compounded sales growth of 20% demonstrates long-term demand tailwinds in India's stainless steel consumption story
  • Market cap of Rs 57,932 crore provides adequate liquidity and index inclusion benefits for institutional investors
Bear Case 7
  • Dividend yield of just 0.14% offers negligible income return, making the stock unsuitable for income-focused investors
  • 3-year sales CAGR has decelerated to only 6% from the 5-year figure of 29%, indicating potential volume or pricing headwinds
  • Price-to-book ratio of 2.95x suggests limited margin of safety if earnings disappoint in a commodity downcycle
  • 1-year stock CAGR of just 4% indicates momentum fatigue after the multi-year re-rating from 46% 5-year CAGR
  • As a commodities sector stock, JSL is inherently exposed to stainless steel price volatility and nickel/chromium input cost swings
  • 3-year profit CAGR of 15% is significantly lower than the 5-year figure of 55%, showing earnings growth normalization
  • 52-week high and low data unavailable, limiting technical risk assessment for entry timing

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • Stock underperforms Nifty Metal index Jun 15

    JSL gained only 1.03% over the past year versus 40.34% for Nifty Metal index, and dropped 5.27% in the last one month.

  • Near-term macro concerns persist Jun 11

    Prabhudas Lilladher notes market focus on falling LME nickel prices, elevated fuel costs, higher Chinese imports, and export market uncertainty as near-term headwinds.

  • Stock corrected over 15% in month Jun 11

    JSL corrected over 15% in one month prior to the Prabhudas Lilladher upgrade, reflecting selling pressure despite long-term fundamentals.

Positives 3
  • Upgraded to BUY, ₹821 target Jun 11

    Prabhudas Lilladher upgraded JSL from Accumulate to BUY with ₹821 target, citing attractive valuations at 8.8x/7.2x EV/EBITDA for FY27/28E and 13% EBITDA CAGR over FY26-28E.

  • Indonesia melt shop commissioned Jun 11

    The 1.2mtpa Indonesia melt shop has been commissioned, supporting volume growth visibility towards ~3.5mt by FY29E with a new Maharashtra project also planned.

  • Three-session winning streak Jun 15

    JSL traded at ₹709.2, up 2.11% on the day, gaining for the third straight session and outperforming the Nifty's 1.17% gain.

Neutral 4
  • CFO candidate Kunjal Mehta appointed Jun 1

    Jindal Stainless appointed Kunjal Mehta as Senior Management Personnel effective June 1, 2026, with CFO candidature to be placed before the Board.

  • Multiple investor meets attended Jun 8

    Management participated in ICICI Securities India Investor Conference (Jun 8), Jefferies India Access Days in London (Jun 11), and 360 One virtual meet (Jun 19).

  • 39,608 stock options granted Jun 23

    Board approved grant of 39,608 options under ESOS 2023, including ESOPs at ₹349 and RSUs at face value.

  • Trading window closed from Jul 1 Jun 23

    Trading window closed from July 1, 2026 until Q1FY26 results are declared, per SEBI insider trading regulations.

TL;DR: Jindal Stainless has seen short-term price weakness with a 15%+ correction in one month and underperformance versus Nifty Metal, but the selloff prompted a broker upgrade to BUY with ₹821 target citing attractive valuations and strong volume growth visibility. Key positives include the commissioned 1.2mtpa Indonesia melt shop and a path to 3.5mt capacity by FY29E. Risks center on LME nickel weakness, Chinese import competition, and elevated fuel costs, but the trend appears to be stabilizing with a three-session recovery and active investor engagement suggesting management confidence ahead of Q1 results.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
9,765
10,184
9,797
9,127
9,454
9,430
9,777
9,907
10,198
10,207
10,893
10,518
11,337
Expenses
8,621
8,992
8,566
7,881
8,419
8,219
8,590
8,714
9,165
8,911
9,519
9,110
9,882
Operating Profit
1,144
1,192
1,231
1,246
1,035
1,210
1,186
1,193
1,033
1,296
1,374
1,408
1,455
OPM %
12%
12%
13%
14%
11%
13%
12%
12%
10%
13%
13%
13%
13%
Other Income
78
76
140
52
53
51
47
99
87
69
107
77
84
Interest
83
100
156
146
153
143
159
161
150
144
141
134
149
Depreciation
181
188
222
236
233
232
241
242
241
252
262
269
278
PBT
957
981
993
917
702
886
834
890
729
969
1,078
1,082
1,112
Tax %
25%
25%
23%
25%
29%
27%
27%
26%
19%
26%
25%
24%
25%
Net Profit
716
738
764
691
501
646
609
654
590
715
808
828
834
EPS in Rs
9.3
9.06
9.4
8.41
6.08
7.87
7.42
7.95
7.17
8.67
9.79
10.05
10.23
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
6,933
7,144
9,279
11,638
13,557
12,951
12,188
32,733
35,697
38,562
39,312
42,955
Expenses
6,564
6,571
8,113
10,294
12,392
11,819
10,764
27,642
32,111
34,052
34,844
37,394
Operating Profit
368
573
1,166
1,343
1,165
1,132
1,424
5,090
3,586
4,511
4,469
5,560
OPM %
5%
8%
13%
12%
9%
9%
12%
16%
10%
12%
11%
13%
Other Income
1,238
-14
63
62
45
44
148
171
236
515
438
310
Interest
942
1,030
788
566
637
586
480
344
325
554
612
568
Depreciation
411
316
325
320
352
425
403
759
724
879
956
1,060
PBT
253
-788
116
520
222
165
690
4,159
2,774
3,592
3,339
4,242
Tax %
0%
-29%
28%
34%
35%
56%
39%
25%
25%
25%
25%
25%
Net Profit
253
-556
83
346
145
73
419
3,109
2,084
2,693
2,500
3,185
EPS in Rs
11.17
-24.05
2.04
7.16
2.97
1.46
8.6
58.59
25.68
32.95
30.41
38.74
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
10%
9%
10%
10%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
45
46
80
96
96
97
97
105
165
165
165
165
Reserves
-214
1,666
1,734
2,369
2,495
2,620
3,108
9,718
11,766
14,193
16,523
19,626
Borrowings
11,289
10,347
5,888
5,015
4,388
3,903
3,230
4,007
3,958
6,052
6,402
7,460
Other Liabilities
2,898
2,798
3,208
3,354
3,736
4,057
4,300
8,746
11,226
10,355
12,827
13,452
Total Liabilities
14,018
14,858
10,909
10,834
10,715
10,678
10,735
22,576
27,115
30,765
35,917
40,704
Fixed Assets
7,552
6,863
6,609
6,342
6,345
6,181
5,855
8,646
9,961
13,254
14,800
18,233
CWIP
144
70
29
144
29
15
58
525
773
1,112
1,783
1,790
Investments
14
393
404
439
454
449
456
626
970
1,246
1,646
1,547
Other Assets
6,308
7,532
3,868
3,909
3,887
4,033
4,365
12,779
15,411
15,152
17,688
19,133
Total Assets
14,018
14,858
10,909
10,834
10,715
10,678
10,735
22,576
27,115
30,765
35,917
40,704
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
554
966
5,115
1,452
1,419
1,180
1,308
1,038
3,096
4,818
4,718
3,395
Investing
-1
1,053
-30
-194
-192
-186
-152
-985
-2,480
-3,229
-3,433
-3,506
Financing
-580
-1,972
-5,106
-1,257
-1,237
-991
-1,119
101
-386
-829
-1,882
-112
Net Cash Flow
-28
47
-21
1
-11
4
37
154
229
760
-597
-223
Free Cash Flow
556
798
5,057
1,258
1,213
1,006
1,145
70
1,448
3,367
2,890
755
CFO/OP
139
166
441
107
122
104
91
37
107
123
119
79
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
57
48
35
28
25
20
28
43
37
27
29
26
Inventory Days
147
154
133
116
96
117
130
116
125
108
132
122
Days Payable
104
143
119
104
99
113
123
98
117
95
124
106
Cash Conversion Cycle
101
59
50
41
22
23
35
61
46
41
36
42
Working Capital Days
29
75
-77
-20
-19
-24
-2
33
30
23
12
5
ROCE %
0%
2%
9%
14%
12%
11%
16%
44%
21%
22%
18%
19%

Shareholding Pattern

As of Mar 2026
Promoters 62.05%
FIIs 20.87%
Public 7.45%
DIIs 7.15%
Others 2.48%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
68.12%
68.12%
68.60%
68.60%
69.87%
70.10%
70.10%
70.10%
57.94%
57.94%
57.94%
58.69%
60.49%
60.49%
60.49%
60.71%
60.88%
61.10%
61.23%
61.23%
62.05%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
23.97%
0.00%
20.83%
22.49%
22.78%
22.16%
21.38%
21.25%
21.42%
21.53%
20.87%
DIIs
1.08%
1.74%
2.94%
3.58%
3.03%
2.42%
3.08%
7.22%
6.15%
6.01%
5.42%
3.82%
6.63%
6.25%
5.87%
6.27%
6.92%
7.09%
7.08%
7.22%
7.15%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.32%
8.08%
7.90%
6.84%
6.58%
7.88%
8.01%
7.11%
9.00%
8.96%
8.91%
9.15%
8.78%
8.13%
8.22%
8.18%
8.22%
7.98%
7.68%
7.48%
7.45%
Others
22.48%
22.07%
20.56%
20.98%
20.51%
19.60%
18.81%
15.58%
26.91%
27.09%
3.77%
28.35%
3.27%
2.64%
2.64%
2.68%
2.61%
2.58%
2.59%
2.53%
2.48%
No. of Shareholders
73,578
78,471
1,02,936
1,01,600
1,11,066
1,31,174
1,31,244
1,14,652
1,42,325
1,39,365
1,52,709
1,66,183
1,87,726
2,02,103
2,09,910
2,11,924
2,22,569
2,19,278
2,12,125
2,09,086
2,07,613

Documents

1
Concall - Jan 2018 Jan 2018
2
Concall - Jan 2018 Jan 2018
3
Concall - May 2018 May 2018
4
Concall - Jun 2018 Jun 2018
5
Concall - Jul 2018 Jul 2018

Frequently Asked Questions about Jindal Stainless Ltd

What does Jindal Stainless Ltd do?
Jindal Stainless Ltd is one of the largest manufacturers of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods etc. [1]
Where is Jindal Stainless Ltd (JSL) listed?
Jindal Stainless Ltd is listed on the Indian stock exchanges. It is listed on NSE: JSL and BSE: 532508. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Jindal Stainless Ltd belong to?
Jindal Stainless Ltd operates in the Commodities sector within the Ferrous Metals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Jindal Stainless Ltd?
Jindal Stainless Ltd has a market capitalisation of approximately ₹57086.93 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Jindal Stainless Ltd?
The Price-to-Earnings (PE) ratio of Jindal Stainless Ltd is 17.94. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Jindal Stainless Ltd?
Over the past 52 weeks, Jindal Stainless Ltd has traded between a low of ₹652.25 and a high of ₹884. This range helps investors understand the stock's price volatility and recent trading levels.
Does Jindal Stainless Ltd pay dividends?
Yes, Jindal Stainless Ltd has a dividend yield of 0.14%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Jindal Stainless Ltd?
Jindal Stainless Ltd has a Return on Equity (ROE) of 17.41%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Jindal Stainless Ltd on Tapetide?
On Tapetide, you can view Jindal Stainless Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Jindal Stainless Ltd is one of the largest manufacturers of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods etc. [1]

Website jindalstainless.com
CEO Mr. Ratan Kumar Jindal
Employees 5,728
Listed 2003-11-17
Face Value ₹ 2
Issued Size 82,44,19,588

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