Jindal Stainless
Jindal Stainless
Metals & MiningKey Fundamentals
MidcapIron & SteelMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoJindal Stainless Ltd, with a market cap of ~₹61,774 crore, is India's largest stainless steel producer. The company reported FY25 standalone revenue of ~₹40,182 crore and PAT of ~₹2,711 crore, with a net debt-to-EBITDA of 0.6x. The stock trades at a P/E of 19.4x and P/B of 3.19x, with a 5-year profit CAGR of 55% but moderating recent sales growth at 10% TTM.
- Strong 5-year compounded profit growth of 55% CAGR, significantly outpacing sales growth of 29%, indicating meaningful margin expansion and operating leverage over the cycle
- Healthy balance sheet with standalone net debt-to-EBITDA at just 0.6x as of FY25, providing substantial headroom to fund the planned ₹5,700 crore capex program without overleveraging
- Ambitious capacity expansion targeting 3.5 MTPA sales volumes by FY29 (up from ~2.57 MTPA in FY26), with ₹2,600 crore capex planned for FY27 alone to expand downstream processing and higher-value products
- Consistent return on equity averaging 18-21% over the last 3-to-5-year period, reflecting disciplined capital allocation in a capital-intensive metals business
- FY26 revenue rose to ~₹42,955 crore with operating profit of ~₹5,560 crore (OPM ~12.8%), an improvement from FY25's 11.8% OPM, showing margin recovery despite import headwinds
- 10-year stock CAGR of 42% and 10-year compounded sales growth of 20% demonstrate a long track record of value creation through business cycles
- Diversified manufacturing footprint across 16 facilities in India, Spain, and Indonesia as of FY25, reducing geographic concentration risk and enabling access to multiple markets
- India's anti-dumping investigation into cold-rolled stainless steel imports from China, Japan, Korea, EU, and others (initiated August 2024) could result in protective duties that strengthen JSL's domestic pricing power
- Sales growth has decelerated sharply — TTM compounded sales growth is just 10% and 3-year CAGR is only 6%, down significantly from the 5-year CAGR of 29%, suggesting volume or pricing headwinds
- Cheap Chinese and Vietnamese stainless steel imports are entering India at $52-63 per ton below domestic grades, pressuring domestic realizations and margins despite robust demand
- Heavy capex cycle with ₹5,700 crore planned in FY26 alone (after ₹4,500 crore spent in FY25 against ₹5,500 crore guidance), creating execution risk on timeline and return on invested capital
- P/B ratio of 3.19x is elevated for a metals and mining company, suggesting the stock is pricing in significant future growth that must materialize to justify the valuation
- Dividend yield of just 0.52% offers minimal income cushion to shareholders, particularly in a rising interest rate environment where risk-free alternatives yield significantly more
- FY25 PAT declined to ~₹2,500 crore from ~₹2,693 crore in FY24 (a ~7% drop), even as revenue was broadly flat, highlighting vulnerability of profitability to input cost and pricing swings
- The proposed ₹40,000 crore greenfield Maharashtra investment is still at land acquisition stage, introducing multi-year execution uncertainty and a long gestation period before returns materialize
- Europe is tightening steel imports, with Indian steel exports to the EU and UK expected to fall by up to 40% this fiscal, potentially redirecting more volume to the already competitive domestic market
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stock under pressure at ₹730 Sep 07
Despite strong Q1 FY27 results, JSL stock fell 1.04% to ₹730 on BSE, well below its 52-week high of ₹1,306 hit on Apr 21, 2026.
- ₹900 cr cold rolling expansion Aug 16
Jindal Stainless is investing ₹900 crore to raise cold rolling capacity from 2.05 MTPA to 2.67 MTPA by FY28 across Hisar, Kharagpur, and Jajpur facilities.
- Strong FY26 financials, 200% dividend Aug 16
FY26 revenue at ₹42,955 crore, EBITDA up 19.2% YoY to ₹5,560 crore, PAT up 27.4% to ₹3,185 crore. Board declared 200% final dividend (₹2/share) with Aug 21 record date. PL Capital has a Buy with ₹1,298 target.
- ₹40,000 cr Maharashtra mega plant Aug 16
JSL is identifying a site for a proposed ₹40,000 crore stainless steel facility in Maharashtra targeting hydrogen, nuclear, defence, and infrastructure sectors.
- JFE Steel ferritic tech partnership Sep 07
Jindal Stainless signed a Technical Assistance Agreement with Japan's JFE Steel on Sep 7, 2026 to enhance ferritic stainless steel quality for automotive, railway, and infrastructure applications.
- Coin blank capacity up 20% Aug 30
JSL expanding coin blank capacity from 10,000 to 12,000 tonnes annually. Its Hisar SPD holds 60-70% global market share and supplies blanks to 8+ international mints.
- ESG-integrated digital procurement Sep 09
Jindal Stainless deployed SAP Ariba Supplier Risk to shift ESG supplier assessment from manual checks to continuous digital monitoring.
- Promoter stake increase via open market Sep 08
JSL Overseas acquired 6,41,817 shares on Sep 3-4, raising its holding to 17.20%, signaling promoter confidence.
- HR digital transformation wins Aug 19
Won Gold and Silver at People Matters Infini-T Awards 2026 for digital HR transformation, achieving 91% drop in helpdesk tickets and eNPS of 64.
- AGM clears dividend, reappointment Sep 03
Shareholders approved all five resolutions at the 46th AGM on Sep 2, 2026, including ₹3 final dividend per share and reappointment of Chairman Ratan Jindal.
- Investor meet at Elara Dialogue Aug 31
JSL scheduled to participate in Ashwamedh - Elara India Dialogue 2026 investor meet in Mumbai on Sep 3, 2026.
- Green energy push at Hisar Aug 30
Hisar facility targeting 80% green energy usage this year (up from 70%), with zero liquid discharge and ~47% renewable electricity across operations in FY26. Net zero target by 2050.
TL;DR: Jindal Stainless is executing well on multiple fronts — strong FY26 financials (PAT up 27.4%, record 2.57 MT sales volume), aggressive capacity expansion via ₹900 crore cold rolling investment and a planned ₹40,000 crore Maharashtra facility, and strategic tech partnerships with JFE Steel. Balance sheet remains healthy at 0.15x net debt-to-equity. The key risk is the significant stock price decline from its ₹1,306 high to ₹730 levels despite improving fundamentals, suggesting market-wide or sector-specific headwinds. The growth trajectory remains firmly positive with multiple catalysts ahead through FY28.
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
Log in to view Jindal Stainless insights
63 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about Jindal Stainless
What does Jindal Stainless Ltd do?
Where is Jindal Stainless Ltd (JSL) listed?
Which sector does Jindal Stainless Ltd belong to?
What is the market capitalisation of Jindal Stainless Ltd?
What is the PE ratio of Jindal Stainless Ltd?
What is the 52-week high and low of Jindal Stainless Ltd?
Does Jindal Stainless Ltd pay dividends?
What is the Return on Equity (ROE) of Jindal Stainless Ltd?
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/JSL.md for Jindal Stainless Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.