Jindal Stainless Limited announced its audited financial results for the financial year ended 31 March 2026 following a Board meeting held on 4 May 2026. The company reported standalone revenue from operations of ₹42,680.22 crore for the year, compared to ₹40,181.68 crore in the previous year. On a consolidated basis, revenue from operations stood at ₹42,954.66 crore, up from ₹39,312.21 crore in FY25. The company recorded finished goods sales volume of 25,65,902 tonnes, registering a year-on-year growth of 8.1%. Sales composition for FY26 was 92% domestic and 8% export, while Q4 FY26 stood at 93% domestic and 7% export. Walker Chandiok & Co LLP and Lodha & Co LLP, the joint statutory auditors, issued an unmodified opinion on both the standalone and consolidated audited financial results for the year ended 31 March 2026.

The Board recommended a final dividend of ₹3 per equity share for the financial year ended 31 March 2026, subject to shareholder approval at the upcoming 46th Annual General Meeting. This is in addition to the interim dividend of ₹1 per equity share paid during the year, bringing the total dividend for FY26 to ₹4 per equity share, representing 200% of the face value of ₹2 each. The final dividend payout is expected to aggregate approximately ₹247.33 crore. The consolidated net debt-to-equity ratio improved to 0.15 from 0.24 in the previous year, while Net Debt/EBITDA improved to 0.55 from 0.86.

Financial Performance

For the quarter ended 31 March 2026, the standalone profit after tax stood at ₹891.57 crore, while the full-year standalone profit after tax reached ₹2,842.95 crore. On a consolidated basis, profit after tax for the quarter was ₹834.21 crore, with the full-year consolidated profit after tax at ₹3,184.57 crore. The basic earnings per share (EPS) for the year stood at ₹34.51 on a standalone basis and ₹38.76 on a consolidated basis.

Q4 FY26 Performance

During Q4 FY26, the company's finished goods standalone sales volume stood at 6,41,743 tonnes. At a consolidated level, the Q4 net revenue was ₹11,330 crore, up 11.2% year-on-year. EBITDA increased to ₹1,454 crore, with the EBITDA margin expanding to 12.83% from 10.4% in the same quarter of the previous year. Consolidated net profit for Q4 stood at ₹843 crore, up 41.4% year-on-year. The consolidated net debt stood at ₹3,040 crore.

Balance Sheet and Cash Flows

The standalone total assets as at 31 March 2026 stood at ₹34,967.19 crore, compared to ₹33,009.67 crore in the previous year. Consolidated total assets increased to ₹40,703.62 crore from ₹36,158.05 crore. Net worth on a standalone basis was ₹18,867.21 crore, while consolidated net worth reached ₹19,791.28 crore. Cash and cash equivalents at the end of the year stood at ₹219 crore on a standalone basis and ₹415.12 crore on a consolidated basis. The company reported a net decrease in cash and cash equivalents of ₹295.42 crore in standalone operations and ₹222.86 crore in consolidated operations for the year.

External Debt & Key Ratios

The following tables present the consolidated borrowings profile and key financial ratios as at the reporting dates.

Long term debt ratings AA/Positive & Short term debt ratings A1+.

Management Commentary & FY27 Guidance

At the Q4 FY26 earnings conference call held on 5 May 2026, Managing Director Abhyuday Jindal and CEO & CFO Tarun Khulbe outlined the company's near-term outlook. Management guided for volume growth of 7% to 9% for FY27, with EBITDA per tonne guidance of ₹18,000 to ₹20,000 for H1 FY27, factoring in elevated energy costs arising from geopolitical disruptions in West Asia. The guidance is expected to be reviewed at the end of H1 FY27 based on prevailing conditions. For FY27, the capex guidance was set at approximately ₹2,600 crore. Management also indicated that export volumes are expected to constitute 8% to 10% of the expanded total volume in FY27, with continued focus on markets such as Japan, Korea, Taiwan, and Germany.

Capacity Expansion & Operational Developments

The 1.2 million tonnes per annum stainless steel melt shop in Indonesia, commissioned ahead of schedule through the company's joint venture, takes total melting capacity to 4.2 MTPA, including 3 MTPA in India. Management indicated that the Indonesian facility is expected to ramp up to 70% to 80% of capacity during FY27, with slabs intended to be brought to India for downstream processing. Downstream expansion projects in India are advancing as planned, including the upcoming commissioning of a 1.1 million tonnes per annum HRAP line and a 0.17 million tonnes per annum CRAP line at Jajpur. An additional ₹900 crore commitment was announced towards augmenting cold rolling capacities at Hisar and Kharagpur, with CRAP capacity targeted at 2.67 million tonnes per annum by FY28.

Jindal Stainless Steelway Limited, a subsidiary, commenced operations at its first stainless steel fabrication facility in Patalganga near Mumbai, built with an initial investment of approximately ₹125 crore. Land acquisition for the proposed Maharashtra greenfield facility is currently underway, with downstream capacity planned to be commissioned first, followed by upstream. On the energy front, the company is diversifying fuel sources across its Jajpur, Hisar, and Ghaziabad plants, including a shift towards natural gas, coal gasification, syngas, and green hydrogen, following disruptions in LPG and propane availability. A 600 cubic metre green hydrogen plant at Jajpur is expected to be operational by June–July, with Hisar capacity also set to be expanded.

Product Mix & Series Composition

Management highlighted a gradual shift in product mix, with the 400 series increasing from 17% in FY25 to 18% in FY26, and further to 19% in Q4 FY26. The 400 series is expected to continue growing as automotive and infrastructure demand picks up. The product series composition for Q4 FY26 and FY26 is presented below.

Key Developments

The company made the retail debut of 'Jindal Infinity', its stainless steel rebars, in Amritsar, Punjab, and partnered with Indian Railways to develop India's first stainless steel salt container. The partial commissioning of a 315.6 MW solar-wind hybrid power project in collaboration with Oyster Renewable Energy Pvt. Ltd. was announced. The share of renewable power as a percentage of total imported power utilised across Jajpur and Hisar facilities increased to 46.8%, up 82% from FY25. The Hisar unit achieved Zero Waste to Landfill certification with a Platinum+ rating. The company also onboarded Ranveer Singh as its first-ever brand ambassador and associated with Sunrisers Hyderabad as part of a brand-building initiative. Jindal Stainless achieved an EcoVadis score of 71 out of 100 in Q4 FY26 with bronze medal recognition.

Raw Material Price Trends

Nickel prices (USD/MT) averaged 17,356 in Q4 FY26, recovering from a low of 14,892 in Q3 FY26. Ferrochrome prices (INR/MT) recovered to 1,16,800 in Q4 FY26 from a low of 99,742 in Q4 FY25. Management noted that energy-related input costs, including propane, LPG, natural gas, and ammonia, increased approximately 2.5x to 3x due to geopolitical disruptions in West Asia.

Sector Outlook

The Railways segment witnessed healthy coach demand in Q4 FY26, driven by Vande Bharat sleeper trainsets, Metro and Indian Railways' shift from ferritic to austenitic stainless steel. Infrastructure sector saw rising stainless steel usage in flyovers, ROBs, and FOBs. Lift and elevator demand remained strong. Process Industry sectors including Oil & Gas, Power, and Water continued steady demand, with emerging applications in Chemicals & Fertilizers, Hydroelectric projects, Dairy segment, and Thermal Power Plants. Automobiles domestic market demand remained resilient. Pipes & Tubes sector witnessed positive demand in Q4 FY26 with a positive domestic demand outlook for FY27. Management also noted that demand for stainless steel in metro coach manufacturing is expected to witness a jump of 2x to 3x over the next 3 to 4 years.

Shareholding Pattern

Jindal Stainless has announced the establishment of a new 1.2 million tons stainless steel melt shop in Indonesia, targeting 70% to 80% capacity utilisation by FY27, with the facility's output earmarked for processing in India. This development comes alongside the company's Q4 FY26 volume growth of 8%, which is consistent with its FY27 guidance range of 7% to 9%, and its longer-term ambition to achieve sales volumes of approximately 3.5 million tons per year by FY29. The company has also filed the audio recording of its Q4 & FY26 Earnings Call, held on May 05, 2026, with stock exchanges under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Indonesia Melt Shop and Capacity Ramp-Up

The new stainless steel melt shop in Indonesia, with a capacity of 1.2 million tons, represents a key element of Jindal Stainless's capacity expansion strategy. The facility is targeting 70% to 80% utilisation by FY27, and its output is planned to be processed in India, reinforcing an integrated supply chain approach between the two geographies. This cross-border production model is designed to support the company's scaled-up volume targets over the medium term.

The following table presents the key details of the Indonesia facility and related strategic parameters:

Demand Outlook: Metro Projects and Lift Industry

Jindal Stainless expects rising demand for stainless steel from metro projects, alongside steady growth in the lift industry by FY27. These end-use segments are anticipated to contribute to the company's volume growth trajectory, complementing broader industrial and infrastructure demand drivers. The company remains confident in its FY27 volume growth guidance of 7% to 9%, even as Gulf conflicts have posed headwinds during the recent period.

Q4 FY26 Performance and FY27 Guidance

The 8% volume growth recorded in Q4 FY26 is consistent with the FY27 guidance range of 7% to 9%, suggesting the company's operational momentum is tracking in line with its stated objectives. This near-term performance serves as an interim benchmark as Jindal Stainless advances toward its longer-term volume milestones. An executive at the company has also outlined a capital expenditure plan of 26 billion rupees for FY27, intended to build capacity in support of the FY29 sales volume ambition of approximately 3.5 million tons.

The following table presents the key operational and strategic parameters shared by the company:

Earnings Call Recording Filed Under SEBI Regulations

In a separate regulatory disclosure, Jindal Stainless filed the audio recording of its Q4 & FY26 Earnings Call with BSE Limited and the National Stock Exchange of India. The call was held on May 05, 2026, and the filing was made in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording has been made available to investors and analysts through the company's official investor relations portal.

The following table summarises the key details of the regulatory filing:

The disclosure was signed by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless, and submitted to both exchanges in accordance with applicable listing obligations.