Jindal Stainless Limited has filed its Integrated Annual Report for the financial year 2025-26, reporting strong consolidated financial results and outlining a strategic roadmap for sustainable growth. The filing was made pursuant to Regulations 30, 34 and 53(2) of the SEBI Listing Regulations. The report, titled "The Metal of Progress. The Strength of Tomorrow," emphasizes material durability, lifecycle value, and recyclability as critical components of India's infrastructure ambitions.

FY26 Financial Performance

The company delivered robust financial results for FY26, supported by disciplined execution and a focus on value-added products. Consolidated revenue grew 9.3% year-on-year to ₹42,955 crore, while EBITDA rose 19.2% to ₹5,560 crore. Profit After Tax increased 27.4% to ₹3,185 crore. Finished goods sales volume reached a record 2.57 million tonnes, up 8.1% from 2.37 million tonnes in FY25.

Capital expenditure during FY26 stood at ₹2,700 crore, part of a broader ~₹5,700 crore strategic investment programme. Return on Equity improved to 17.5% from 16.1% in FY25, while Return on Capital Employed stood at 18.9%. The balance sheet remained strong with a net debt-to-equity ratio of 0.15x.

Key Operational and Strategic Developments

Jindal Stainless strengthened its manufacturing capacity during FY26 by commissioning its 1.2 MTPA stainless steel melt shop in Indonesia through joint venture PT Glory Metal Indonesia ahead of schedule. This increased the company's combined global melting capacity to 4.2 MTPA, including 3.0 MTPA in India. The company also progressed with the commissioning of a 1.1 MTPA Hot Rolled Annealed Pickled (HRAP) line and a 0.17 MTPA Cold Rolled Annealed Pickled (CRAP) line at Jajpur, Odisha.

The company is targeting an increase in CRAP capacity from 2.05 MTPA to 2.67 MTPA by FY28, and sales volumes of 3.5 MTPA by FY29. It also deepened its portfolio of specialised stainless steel solutions across defence, aerospace, mobility, railways and industrial applications, securing its first commercial aerospace order for India's Small Satellite Launch Vehicle programme.

Dividend and Capital Allocation

The Board recommended a final dividend of ₹3 per equity share (150%) of face value ₹2 each for FY26, subject to shareholder approval at the ensuing AGM. An interim dividend of ₹1 per share (50%) was declared in January 2026, resulting in a total dividend of ₹4 per equity share (200%) for FY26 — an increase of approximately 33.33% over the total dividend of ₹3 per equity share declared for FY25. The record date for the final dividend is Friday, August 21, 2026, with payment on or before October 1, 2026.

ESG and Sustainability Highlights

Sustainability remained integral to the company's strategy. Jindal Stainless advanced its 315.6 MW solar-wind hybrid renewable energy project with Oyster Renewable Energy, its largest renewable energy investment to date. Renewable sources accounted for nearly 47% of total electricity consumption across its Hisar and Jajpur facilities. The company maintained approximately 70% recycled scrap utilisation in its Electric Arc Furnace-based manufacturing process and continues progressing towards targets of reducing Scope 1 and Scope 2 emissions by 50% by 2035 and achieving Net Zero by 2050.

The Hisar facility achieved Zero Waste to Landfill (ZWTL) Platinum+ certification with a 99.99% waste diversion rate. GHG emission intensity was reduced by 18.14% from FY23 (2.15 tCO2e/tcs) to FY26 (1.76 tCO2e/tcs). The company scored 78 on the S&P Global DJSI Corporate Sustainability Assessment, earning recognition as an 'Industry Mover' and 'Sustainability Yearbook Member'.

CSR initiatives reached over 1.19 lakh individuals across healthcare, education, livelihoods, sanitation, and women's empowerment. Community healthcare initiative Niramaya reached more than 16,000 individuals across Hisar and Jajpur. The education and skilling initiative, Stainless Academy, impacted over 82,000 people in the fabricators ecosystem alone.

Consumer Engagement and Brand Building

Consumer engagement gained momentum during the year with the launch of the company's first national brand campaign featuring brand ambassador Ranveer Singh. The expansion of the Jindal Saathi programme and continued growth of the Jindal Saathi Pragati loyalty platform reflect the company's evolution towards a stronger B2C business model and efforts to build greater awareness and adoption of stainless steel across India.

46th AGM and Governance

The 46th AGM will be held on September 2, 2026 via Video Conferencing. Key ordinary business includes adoption of standalone and consolidated financial statements for FY26, declaration of the final dividend, and re-appointment of Mr. Ratan Jindal as a Director liable to retire by rotation. Special business includes ratification of remuneration of ₹4,75,000 payable to M/s Ramanath Iyer & Co., Cost Accountants, for FY26-27. Remote e-voting commences August 29, 2026 at 9:00 am and ends September 1, 2026 at 5:00 pm. The Board comprises eight members with 50% Independent Directors and 25% Women Directors. The company secured 1st Rank in the Corporate Governance category for the third consecutive year at the India Corporate Governance & Sustainability Vision Awards 2026.

What the Numbers Show

The divergence between revenue growth (+9.3%) and PAT growth (+27.4%) highlights significant operating leverage achieved through volume expansion and cost discipline. With finished goods sales volume rising 8.1% to a record 2.57 MTPA, the company successfully converted top-line growth into disproportionate bottom-line gains, further supported by a reduction in net debt-to-equity from 0.24x to 0.15x.

Jindal Stainless Limited reduced its Scope 1 and Scope 2 greenhouse gas emissions by 5% in FY26, achieving an absolute decrease of approximately 72,500 tCO2e, according to its Business Responsibility and Sustainability Report (BRSR) filed on August 8, 2026. The stainless steel manufacturer also reported that recycled materials constituted 70.12% of its total input mix, underscoring a strategic shift toward resource efficiency and circularity. The filing, submitted to the National Stock Exchange and BSE Limited pursuant to SEBI Listing Regulations, includes a reasonable assurance statement from SGS India Private Limited.

The disclosures cover the financial year ended March 31, 2026, and were prepared on a standalone basis. Jindal Stainless highlighted its commitment to achieving Net Zero emissions by 2050, with an interim target to reduce emission intensity by 50% from the FY22 baseline. The company’s decarbonization efforts included renewable energy procurement, solar installations, and process optimizations across its Hisar and Jajpur facilities.

Emissions and Energy Efficiency

Jindal Stainless identified energy and emissions as a material risk due to the energy-intensive nature of steel manufacturing. In response, the company implemented several decarbonization initiatives in FY26:

Both the Hisar and Jajpur facilities are designated consumers under the Government of India’s Performance, Achieve and Trade (PAT) Scheme. In PAT Cycle VII, the Hisar plant achieved a Specific Energy Consumption (SEC) of 0.0557 toe/ton against a target of 0.0591 toe/ton, while the Jajpur facility recorded an SEC of 1.393 toe/ton against a target of 1.4070 toe/ton.

Circular Economy and Water Stewardship

The company leveraged the inherent recyclability of stainless steel to minimize reliance on virgin resources. Recycled scrap and revert materials made up 70.12% of total inputs by value. Jindal Stainless also attained ‘Zero-Waste-to-Landfill’ certification for one of its major manufacturing sites in FY26.

Water management remains critical, particularly at the Hisar plant located in a water-stressed region as per Central Ground Water Board classifications. The company reported zero liquid discharge from its units, with all wastewater recycled and repurposed on-site. Jindal Stainless has set a target to achieve water neutrality by 2033 through enhanced conservation and replenishment initiatives.

Social Impact and Governance

On the social front, Jindal Stainless impacted 1,19,406 beneficiaries through Corporate Social Responsibility (CSR) initiatives focused on healthcare, education, and livelihood generation. The company maintained a Lost Time Injury Frequency Rate (LTIFR) of zero for employees and reported no human rights violations or cybersecurity breaches during the year. Gender diversity among employees stood at 5.35%, with the company targeting 8% women representation by 2030.