Jindal Stainless
Jindal Stainless
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Growth Rate
AI Analysis — Bull vs Bear
Jindal Stainless has a market capitalisation of about ₹61,151 crore and trades at a P/E of 19 and a P/B of 3.13. According to its FY26 annual report, consolidated net revenue was ₹42,955 crore, EBITDA rose 19.2% YoY to ₹5,560 crore and PAT rose 27.4% YoY to ₹3,185 crore. Sales have grown more slowly than profits recently, with a 3-year sales CAGR of 6% and a TTM sales growth of 10%. The stock has returned -5% over the last year, against a 36% 5-year CAGR.
- Profits are growing faster than sales. TTM profit growth is 28% against 10% sales growth, and FY26 consolidated PAT rose 27.4% YoY to ₹3,185 crore. This points to better operating leverage and cost control.
- Returns on equity have held up across cycles. ROE is 18% for the last year, 21% over 5 years and 19% over 10 years, which is high for a capital-intensive metals business.
- Margins are widening. FY26 EBITDA grew 19.2% to ₹5,560 crore, an implied margin of about 12.9% on ₹42,955 crore of revenue. In Q2 FY26 the operating margin rose to 12.7% from 12.1% a year earlier.
- Sales volumes hit a record. FY26 finished-goods volume rose 8.1% to about 2.57 million tonnes, the company's highest so far, which suggests steady domestic stainless steel demand.
- Recent quarters have been strong. Q2 FY26 consolidated net profit rose 33% YoY to ₹808 crore on revenue of ₹10,892 crore (up 11.4%), and profit was up 13% from the previous quarter.
- The long-term growth record is solid. Profit has compounded at 55% over 5 years and 23% over 10 years, sales at 29% over 5 years and 20% over 10 years, and the stock at 41% over 10 years.
- The valuation is fairly moderate for the growth on offer. A P/E of 19 compares with a 28% TTM profit growth rate and a 5-year average ROE of 21%.
- Top-line growth has slowed. The 3-year sales CAGR is 6%, compared with 29% over 5 years, so recent profit gains lean more on margins than on revenue growth.
- Profit growth is also slowing over the medium term. The 3-year profit CAGR is 15%, down sharply from the 5-year CAGR of 55%, which suggests the fast post-FY20 recovery is over.
- The stock has lagged its own fundamentals. It returned -5% over the last year even though TTM profit grew 28%, which may reflect sector sentiment or a de-rating.
- The P/B of 3.13 is high for a cyclical metals producer. If ROE falls below the current 18%, there is limited room for error.
- Margins are thin in absolute terms. An EBITDA margin of about 12.9% leaves earnings exposed to swings in nickel and ferro-chrome prices and to cheap stainless steel imports, particularly from China and Indonesia.
- The payout to shareholders is small. A dividend yield of 0.53% means most of the return depends on price appreciation in a cyclical sector.
- ROE has eased. Last year's ROE of 18% is below the 5-year average of 21%, which could indicate returns softening as the capital base grows with capacity expansion.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Profit growth lags revenue growth Sep 7
In Q1 FY27, consolidated net profit rose 7.73% YoY to ₹769.36 crore while revenue grew 10.50% to ₹11,278.54 crore. Profit growing slower than revenue points to some margin pressure.
- Stock slips to ₹730 Sep 7
Shares fell 1.04% to ₹730 on the BSE on the day the JFE Steel pact was announced. The partnership did not lift the stock right away.
- Steady promoter buying lifts stake Sep 19
JSL Overseas Holding bought about 22.6 lakh shares on the open market across three tranches: 6,41,817 on Sep 3-4, 6,19,678 disclosed Sep 16 and 9,97,696 on Sep 16-17. Its stake rose from about 17.12% to 17.40%.
- JFE Steel ferritic tech pact Sep 7
On Sep 7, 2026, JSL signed a Technical Assistance Agreement with Japan's JFE Steel to improve quality and processes for selected ferritic stainless grades. These grades are used in automotive, railway, infrastructure and process industries. JSL has 4.2 MTPA melt capacity and reported FY26 turnover of ₹42,955 crore.
- Q1 FY27 revenue up 10.5% Sep 7
Q1 FY27 consolidated revenue rose 10.50% YoY to ₹11,278.54 crore and net profit rose 7.73% to ₹769.36 crore. JSL runs 16 facilities, including in Spain and Indonesia, with a network across 12 countries.
- Dual CII energy efficiency awards Sep 22
The Jajpur and Hisar units both won recognition at the CII National Energy Management Awards 2026 for energy efficiency. This supports cost and ESG credentials.
- NCVET Awarding Body recognition Sep 18
JSL signed an MoU with NCVET to become an Awarding Body. This lets it design industry-led qualifications for the stainless steel workforce.
- SAP Ariba ESG supplier monitoring Sep 9
JSL integrated SAP Ariba Supplier Risk to build ESG intelligence into procurement. Supplier checks move from manual reviews to continuous digital monitoring.
- ₹99 crore NCDs redeemed Sep 28
JSL redeemed 990 NCDs worth ₹99 crore at maturity on Sep 28, 2026, with the final interest payment. This is routine debt servicing and modestly reduces debt.
- AGM approves ₹3 dividend Sep 3
Shareholders approved all five resolutions at the 46th AGM on Sep 2, 2026. These included a ₹3 per share final dividend and the reappointment of Chairman Ratan Jindal.
- Crisil ESG rating of 63 Sep 17
Crisil assigned an ESG rating of 63 and a Core ESG rating of 65 on Sep 17, 2026. The rating is based on public domain information.
- Nasscom MoU for digital skilling Sep 23
Employees get access to FutureSkills Prime certifications in AI, Big Data, Cloud and Cybersecurity, validated by MeitY and SSC Nasscom. The programme supports Smart Factory 4.0 at Hisar and Jajpur.
- Jefferies India Forum participation Sep 14
Management was scheduled to attend the 2026 Jefferies India Forum in Gurgaon on Sep 17, 2026, disclosed under SEBI Regulation 30.
TL;DR: Jindal Stainless had a constructive September. The promoter group kept buying on the open market, raising its stake to 17.40%, and the JFE Steel pact strengthens its push into higher-value ferritic grades. Q1 FY27 showed solid top-line growth of 10.5%, but profit grew more slowly at 7.73%, and the stock dipped to ₹730 on the pact day, so margins are the main thing to watch. Overall the trend is steady to improving, and Q2 FY27 margins will show whether the capability and efficiency gains are reaching earnings.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY07–FY27.
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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]
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