Jindal Stainless Ltd logo

Jindal Stainless Ltd

JSL NSE

Key Fundamentals

MidcapIron & SteelMetals & Mining
Market Cap
₹60,710 Cr
Volatility
Moderate
P/E Ratio
18.66
EBITDA
₹5,912 Cr
Return on Equity
14.96%
Debt to Equity
0.38
Book Value
₹239.17
EPS
₹30.84
52W High
₹884
52W Low
₹652.25

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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43 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Growth Rate

Revenue Growth
9.12% ↗
Net Income Growth
27.40% ↗
Cash Flow Change
-28.05% ↘
ROE
7.09% ↗
ROCE
4.41% ↗
EBITDA Margin (Avg.)
9.30% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

Jindal Stainless Ltd is India's largest stainless steel producer with a market cap of ₹60,710 crore, trading at a PE of 18.8x. The company delivered FY25 revenue of ₹40,182 crore (up 5% YoY) with PAT of ₹2,711 crore (up 7% YoY), and has a 5-year compounded profit CAGR of 55%. It operates 3 MTPA domestic melt capacity with aggressive expansion plans, while India's stainless steel per capita consumption at 3.4 kg remains well below the global average of 6 kg.

Bull Case 8
  • Strong 5-year compounded profit CAGR of 55% and 10-year profit CAGR of 23%, demonstrating sustained earnings growth across cycles
  • India's stainless steel per capita consumption at 3.4 kg is nearly half the global average of 6 kg, implying significant long-term demand runway with industry growth projected at 7-8% annually
  • Dominant domestic market position with 3 MTPA melt capacity and plans to reach 7 MTPA domestically (plus 1.2 MTPA Indonesia JV), targeting 8.2 MTPA global capacity
  • Balance sheet has dramatically improved — net debt-to-equity fell from 0.6x in March 2025 to 0.14x by Q1 FY27, and net debt-to-EBITDA at 0.53x provides headroom for capex funding
  • Consistent ROE of 18% over 3 years and 21% over 5 years on a price-to-book of 3.09x indicates efficient capital deployment
  • FY25 sales volume grew 9% YoY to 23.73 lakh tonnes, and Q4 FY25 revenue jumped 13% YoY to ₹10,786 crore showing accelerating momentum
  • DGTR has launched anti-dumping probes into stainless steel imports from China, Indonesia, and Vietnam (October 2025), which could provide protection to domestic producers
  • 10-year stock CAGR of 40% and 5-year stock CAGR of 36% reflect sustained long-term value creation for shareholders
Bear Case 8
  • PE of 18.8x is relatively elevated for a metals company, and the 1-year stock CAGR of only 2% suggests the market may have already priced in near-term growth
  • FY25 EBITDA declined 3% YoY to ₹3,905 crore despite revenue growth, indicating margin compression from rising input costs or pricing pressure
  • TTM sales growth of 10% and 3-year sales CAGR of only 6% represent a notable deceleration from the 5-year CAGR of 29%, raising questions about growth sustainability
  • Massive capex plans — ₹2,700 crore for FY26 alone and a proposed ₹40,000 crore Maharashtra greenfield project — carry significant execution risk and could strain cash flows
  • China remains a structural threat as the world's largest stainless steel producer with overcapacity; cheap imports continue to pressure domestic pricing even with anti-dumping probes underway
  • Stainless steel is inherently cyclical and tied to nickel prices — India has no domestic nickel reserves, exposing JSL to commodity price and currency volatility
  • Dividend yield of only 0.54% offers limited downside protection, with most returns dependent on capital appreciation
  • The company's global expansion into Indonesia through a JV (49% stake) introduces geopolitical and operational risks in a new jurisdiction

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 1
  • Q1FY26 standalone profit dips Aug 3

    Standalone net profit fell 5.6% YoY to ₹605.89 crore from ₹641.64 crore, indicating some margin pressure at the entity level despite consolidated growth.

Positives 6
  • FY26 PAT up 27.4% YoY Aug 8

    Consolidated PAT rose 27.4% YoY to ₹3,185 crore with EBITDA up 19.2% YoY on net revenue of ₹42,955 crore per the FY26 Annual Report.

  • Final dividend ₹3/share declared Aug 8

    Record date set for August 21, 2026 for a final dividend of ₹3 per share, subject to approval at the 46th AGM on September 2, 2026.

  • Emissions down, recycling up Aug 8

    FY26 BRSR report shows 5% reduction in Scope 1 and 2 emissions and 70.12% recycled material usage, strengthening ESG credentials.

  • Hydrogen train steel supplier Jul 20

    Jindal Stainless supplied 40% of stainless steel for India's first hydrogen-powered train using grade X5CrNi1810 from Jajpur and Hisar plants.

  • Nine quality & sustainability awards Jul 31

    Won six NAMC awards (Jul 24), three TQM awards at Jajpur (Jul 31), and the Ecopreneur Lifetime Achievement Award at Hisar (Aug 1) in a single month.

  • Q1FY27 consolidated profit up 7.7% Aug 3

    Consolidated net profit rose 7.7% YoY to ₹768.66 crore on higher revenue, showing continued growth at the group level.

Neutral 2
  • Investor roadshows in Asia Aug 6

    Management to meet investors including Sumitomo Mitsui, Invesco, and Allianz on Aug 10, followed by a non-deal roadshow in Hong Kong and Singapore from Aug 11-13, 2026.

  • Q1FY27 earnings call held Aug 4

    Q1FY27 earnings conference call hosted by Anand Rathi Research was held on August 4, 2026 at 4:00 PM IST; audio recording published per SEBI LODR.

TL;DR: Jindal Stainless delivered strong FY26 results with PAT up 27.4% and EBITDA up 19.2%, supported by operational efficiency and a growing sustainability profile. The only headwind is a modest 5.6% dip in standalone Q1 profit, though consolidated Q1FY27 numbers still grew 7.7%. Multiple awards and strategic supply wins (hydrogen train) reinforce brand positioning. The trend is clearly improving with robust profitability, shareholder returns via dividend, and active investor engagement signaling management confidence.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
10,184
9,797
9,127
9,454
9,430
9,777
9,907
10,198
10,207
10,893
10,518
11,337
11,279
Expenses
8,992
8,566
7,881
8,419
8,219
8,590
8,714
9,165
8,911
9,519
9,110
9,882
9,949
Operating Profit
1,192
1,231
1,246
1,035
1,210
1,186
1,193
1,033
1,296
1,374
1,408
1,455
1,329
OPM %
12%
13%
14%
11%
13%
12%
12%
10%
13%
13%
13%
13%
12%
Other Income
76
140
52
53
51
47
99
87
69
107
77
84
153
Interest
100
156
146
153
143
159
161
150
144
141
134
149
146
Depreciation
188
222
236
233
232
241
242
241
252
262
269
278
302
PBT
981
993
917
702
886
834
890
729
969
1,078
1,082
1,112
1,034
Tax %
25%
23%
25%
29%
27%
27%
26%
19%
26%
25%
24%
25%
26%
Net Profit
738
764
691
501
646
609
654
590
715
808
828
834
769
EPS in Rs
9.06
9.4
8.41
6.08
7.87
7.42
7.95
7.17
8.67
9.79
10.05
10.23
9.33
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
44,026
Expenses
6,564
6,571
8,113
10,294
12,392
11,819
10,764
27,642
32,111
34,052
34,844
37,473
38,460
Operating Profit
368
573
1,166
1,343
1,165
1,132
1,424
5,090
3,586
4,511
4,469
5,482
5,566
OPM %
5%
8%
13%
12%
9%
9%
12%
16%
10%
12%
11%
13%
13%
Other Income
1,238
-14
63
62
45
44
148
171
236
515
438
388
421
Interest
942
1,030
788
566
637
586
480
344
325
554
612
568
570
Depreciation
411
316
325
320
352
425
403
759
724
879
956
1,060
1,111
PBT
253
-788
116
520
222
165
690
4,159
2,774
3,592
3,339
4,242
4,307
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
3,239
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
39.4
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
13,189
Total Liabilities
14,018
14,858
10,909
10,834
10,715
10,678
10,735
22,576
27,115
30,765
35,917
40,441
Fixed Assets
7,552
6,863
6,609
6,342
6,345
6,181
5,855
8,646
9,961
13,254
14,800
18,217
CWIP
144
70
29
144
29
15
58
525
773
1,112
1,783
1,806
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
18,871
Total Assets
14,018
14,858
10,909
10,834
10,715
10,678
10,735
22,576
27,115
30,765
35,917
40,441
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
-3,500
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
-217
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
80
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 Jun 2026
Promoters 62.05%
FIIs 20.45%
Public 7.55%
DIIs 7.35%
Others 2.60%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
20.45%
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%
7.35%
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%
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%
7.55%
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%
2.60%
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
2,11,641

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 Metals & Mining sector within the Iron & Steel 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 ₹60710.26 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 18.66. 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 0.54%. 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 14.96%. 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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