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Jindal Stainless

JSL NSE
₹688.80 No trade today
P/E
17.48
View as Markdown
MCP
Close 4 Nov 2026 ₹688.80 −41.00 −5.62% 1Y
Start ₹729.80

Key Fundamentals

MidcapFerrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.30%
Debt to Equity
0.38
EPS (TTM)
₹39.40
Book Value
₹257.79
Market Cap
—
P/E (TTM)
17.48
P/B
2.67
ROE
17.70%
Dividend Yield
0.59%
EBITDA
₹5,912 Cr
52W High
₹884.00
52W Low
₹652.25
Volume
0

Peer Comparison

Commodities › Metals & Mining › Iron & Steel

Jindal Stainless peer comparison
JSW Steel
₹1,343.0011.55₹3,24,536 Cr2.900.54%10.20%11.00%₹1,99,021 Cr₹31,708 Cr
Tata Steel
₹179.9320.38₹2,21,171 Cr2.232.27%11.70%12.50%₹2,39,756 Cr₹11,263 Cr
Jindal Steel
₹1,149.0043.11₹1,14,107 Cr2.240.18%8.22%9.70%₹56,413 Cr₹2,709 Cr
Steel Authority of India
₹170.4916.49₹69,475 Cr1.131.40%6.57%7.92%₹1,11,135 Cr₹4,272 Cr
Jindal Stainless (this company)
₹688.8017.48₹56,473 Cr2.670.59%17.70%19.30%₹44,026 Cr₹3,239 Cr
Sarda Energy & Minerals
₹441.2013.77₹15,290 Cr1.930.47%15.10%16.90%₹5,665 Cr₹1,151 Cr
NMDC Steel
₹39.49136.17₹11,356 Cr0.880.00%0.45%3.06%₹13,938 Cr₹84 Cr
Median 7 companies₹441.2017.48₹69,475 Cr2.230.54%10.20%11.00%₹56,413 Cr₹3,239 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
70
Strong
Cheap vs sector & own history 24% weight
Growth
37
Poor
Sales & profit trajectory 9% weight
Financial Health
41
Weak
Solvency, leverage, coverage 9% weight
Momentum
28
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1162
OscillatorsBearish261
Moving AveragesStrong Bearish901

Key readings

RSI (14)
42.84
Neutral
MACD (12,26,9)
−13.81
Bearish
SMA (50)
723.53
Bearish
SMA (200)
736.60
Bearish

As of

Analyst Rating

Based on 16 analysts
BUY94%

15 of 16 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
15
94%
HOLD
1
6%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+19.65%
5Y+28.65%
3Y+6.36%
1Y+9.27%
TTM+9.82%

Net profit

Net profit growth by window
10YTurned to profit
5Y+50.03%
3Y+15.19%
1Y+27.40%
TTM+26.13%

Operating cash flow

Operating cash flow growth by window
10Y+13.39%
5Y+21.02%
3Y+3.12%
1Y−28.04%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.74 pp
5Y+1.08 pp
3Y+2.71 pp
1Y+1.39 pp
TTM+0.90 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,279 Cr
Mar 2018₹11,638 Cr
Mar 2019₹13,557 Cr
Mar 2020₹12,951 Cr
Mar 2021₹12,188 Cr
Mar 2022₹32,733 Cr
Mar 2023₹35,697 Cr
Mar 2024₹38,562 Cr
Mar 2025₹39,312 Cr
Mar 2026₹42,955 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹83.00 Cr
Mar 2018₹346 Cr
Mar 2019₹145 Cr
Mar 2020₹73.00 Cr
Mar 2021₹419 Cr
Mar 2022₹3,109 Cr
Mar 2023₹2,084 Cr
Mar 2024₹2,693 Cr
Mar 2025₹2,500 Cr
Mar 2026₹3,185 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,602 Cr −3.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Jindal Stainless Ltd trades at ₹674 as of 2026-10-30 with a market cap of ₹55,566 Cr, a trailing PE of 17.11 and ROE of 16.02%. The stock sits near its 52-week low of ₹652.25, having declined 9% over the past year, while the company's longer-term profit compounding remains robust at 23% over ten years.

Bull Case 8
  • Strong long-term profit compounding: net profit has grown at a 23% CAGR over the past ten years, indicating sustained earnings power through multiple commodity cycles
  • Impressive five-year profit CAGR of 55% demonstrates a step-change in profitability during the recent expansion phase
  • TTM profit growth of 28% comfortably outpaces TTM sales growth of 10%, signalling improving margins and operating leverage
  • Comfortable balance sheet with a debt-to-equity ratio of just 0.38, providing financial flexibility for capacity expansion or downturn resilience
  • ROCE of 18% reflects efficient capital deployment and strong underlying business economics for a metals company
  • Ten-year stock CAGR of 36% highlights substantial long-term wealth creation for shareholders
  • PE of 17.11 is moderate relative to the company's 23% ten-year and 28% TTM profit growth, suggesting earnings growth has kept pace with or outrun valuation expansion
  • Five-year ROE average of 21% indicates consistently high returns on shareholder equity over the medium term
Bear Case 8
  • The stock is trading at ₹674, just 3.3% above its 52-week low of ₹652.25, reflecting persistent negative price momentum
  • One-year stock return of -9% versus a 52-week high of ₹884 represents a roughly 24% drawdown from peak, signalling significant near-term headwinds
  • Three-year sales CAGR of only 6% indicates a marked deceleration in top-line growth compared to the five-year CAGR of 29%
  • Dividend yield of just 0.59% offers minimal income cushion during periods of capital depreciation
  • As a stainless steel producer, the company is inherently exposed to nickel, chromium and ferrochrome price volatility, which can compress margins rapidly
  • Price-to-book ratio of 2.61 means the market still prices in a meaningful premium over book value, leaving room for de-rating if earnings momentum fades
  • Three-year ROE of 18% has moderated from the five-year average of 21%, hinting at a potential mean-reversion trend in returns
  • Three-year stock CAGR of 15% has cooled sharply from the five-year CAGR of 33%, suggesting the high-growth re-rating phase may be behind

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

AI News Digest

9h ago

TL;DR: JSL delivered solid Q2FY27 earnings with 11% profit growth and raised its EBITDA per tonne guidance, supported by strong export momentum and value-added product mix. However, the company cut its volume growth guidance due to geopolitical disruptions and faces significant headwinds from surging Chinese imports following the suspension of Quality Control Orders. The balance sheet remains healthy at 0.15x net debt-to-equity. The near-term trend is mixed — margins are improving but volume growth is under pressure from trade policy shifts and import competition.

Headwinds 4
  • FY27 volume guidance cut Oct 22

    JSL lowered FY27 sales volume growth guidance to 4-6% from the earlier 7-9% due to ongoing geopolitical uncertainties and Q1 disruptions.

  • Chinese import surge Oct 22

    Stainless steel flat product imports from China in July 2026 were 2.9x the FY26 monthly average, with the first four months of FY27 accounting for ~63% of the entire previous year's China imports.

  • Raw material and shipping risks Oct 22

    CEO warned that spikes in shipping, raw material or energy costs could impact profitability. Gas availability remains a concern amid Strait of Hormuz and West Asia uncertainty.

Positives 5
  • Q2 profit up 11% YoY Oct 22

    Q2FY27 net profit rose 11% YoY to ₹898 crore on revenue of ₹12,874 crore (up 18% YoY), with H1FY27 net profit up 9% YoY to ₹1,666 crore.

  • EBITDA guidance raised Oct 22

    JSL raised EBITDA guidance to ₹22,000 per tonne from ₹18,000-20,000 per tonne, reflecting improved operational efficiency and value-added product mix.

  • Export surge 36% YoY Oct 22

    Exports grew 36% YoY and 20% QoQ in Q2FY27, comprising 11% of total sales as JSL diversified into strategic global markets.

Neutral 2
  • Promoter adds 4.6 lakh shares Nov 3

    JSL Overseas acquired 4,60,493 shares via open market on Oct 30 and Nov 2, 2026, raising stake marginally from 17.71% to 17.77% (total holding: 14,64,86,740 shares).

  • Low leverage maintained Oct 22

    Net debt-to-equity ratio remained stable at 0.15x with net debt at ₹3,121 crore, indicating a healthy balance sheet.

Quarterly Results

₹ Cr
JSL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
12,874
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
11,459
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
1,415
OPM %
12%
13%
14%
11%
13%
12%
12%
10%
13%
13%
13%
13%
12%
11%
Other Income
76
140
52
54.98
51
47
99
87
69
107
77
84
153
250
Interest
100
156
146
153
143
159
161
150
144
141
134
149
146
165
Depreciation
188
222
236
233
232
241
242
241
252
262
269
278
302
299
PBT
981
993
917
702
886
834
890
729
969
1,078
1,082
1,112
1,034
1,201
Tax %
25%
23%
25%
29%
27%
27%
26%
19%
26%
25%
24%
25%
26%
25%
Net Profit
738
764
691
501
646
609
654
590
715
808
828
834
769
898
EPS (₹)
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
—

Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
JSL profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
JSL balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
JSL cash flow, annual, ₹ crore
Particulars 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

Ratios

JSL financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view Jindal Stainless insights

67 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.55%
  • FIIs 20.07%
  • DIIs 7.74%
  • Public 7.19%
  • Others 2.44%

0.60% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Jindal Stainless

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.
Where is Jindal Stainless Ltd (JSL) listed?
Jindal Stainless Ltd trades as JSL on the NSE and under code 532508 on the BSE.
Which sector does Jindal Stainless Ltd belong to?
Jindal Stainless Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the PE ratio of Jindal Stainless Ltd?
Jindal Stainless Ltd trades at a PE ratio of 17.48 as of 4 Nov 2026, on earnings per share of ₹39.4, against a book value of ₹257.79 per share.
What is the 52-week high and low of Jindal Stainless Ltd?
Over the last 52 weeks Jindal Stainless Ltd has traded between ₹652.25 and ₹884 as of 4 Nov 2026.
Does Jindal Stainless Ltd pay dividends?
Jindal Stainless Ltd has a dividend yield of 0.59%.
What is the Return on Equity (ROE) of Jindal Stainless Ltd?
Jindal Stainless Ltd reported a return on equity of 17.70%. Its debt-to-equity ratio is 0.38.

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.

Website jindalstainless.com
CEO Mr. Ratan Kumar Jindal
Employees 5,728
Listed 17 Nov 2003
Face Value ₹2

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