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.

Key Developments

During the year, the company commissioned the 1.2 million tonnes per annum stainless steel melt shop in Indonesia through its joint venture, ahead of schedule, taking the total melting capacity to 4.2 MTPA. The company made the retail debut of 'Jindal Infinity', its stainless steel rebars, in Amritsar, Punjab. Jindal Stainless partnered with Indian Railways to develop India's first stainless steel salt container.

The company announced the partial commissioning of a 315.6 MW solar-wind hybrid power project in collaboration with Oyster Renewable Energy Pvt. Ltd. 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.

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+.

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. Amrit Bharat coaches is expected to further boost stainless steel demand going forward. Infrastructure sector saw rising stainless steel usage in flyovers, ROBs, and FOBs, with positive outlook across coastal regions. 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 expected to strengthen growth. Automobiles domestic market demand remained resilient with positive FY27 outlook. Pipes & Tubes sector witnessed positive demand in Q4 FY26 with positive domestic demand outlook for FY27.

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.

Shareholding Pattern

Jindal Stainless Limited has filed its Security Cover Certificate for the quarter ended 31st March 2026 with BSE Limited and the National Stock Exchange of India, pursuant to Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was made on 4th May 2026 and is in accordance with the SEBI Master Circular dated 13th August 2025 bearing reference no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117. The certificate has been provided by Lodha & Co LLP, Chartered Accountants, joint statutory auditor of the company.

Auditor's Certificate and Scope of Work

Lodha & Co LLP issued the certificate in accordance with an engagement letter dated 30th April 2026. The auditor's responsibility was limited to providing assurance on whether the book value of assets contained in the Statement of Security Cover was accurately extracted from the audited books of accounts of the company as at and for the year ended 31st March 2026. The procedures performed included verification of data extracted from audited books, arithmetical accuracy checks, review of the nature of charges on assets, examination of the Register of Charges under the Companies Act, 2013, and verification of compliance with financial covenants as stipulated in the Debenture Trust Deed dated 27th September 2022, as amended on 28th June 2024. The certificate was prepared for submission to the stock exchanges and Catalyst Trusteeship Limited, the Debenture Trustee for the company's NCDs.

Outstanding Non-Convertible Debentures

The Security Cover Certificate pertains to the company's Listed, Rated, Redeemable Non-Convertible Debentures outstanding as at 31st March 2026. The ISIN-wise details of the NCDs are as follows:

Statement of Security Cover — Key Asset and Liability Figures

The Statement of Security Cover has been prepared from the audited books of account as at 31st March 2026, in accordance with Regulation 54 read with Regulation 56(1)(d) of SEBI (LODR) Regulations, 2015 and Master Circular no. SEBI/HO/DDHS-PoD3/P/CIR/2024/46 dated 16th May 2024. All figures are in Rs. crores.

The following table summarises the key asset components under pari-passu charge relevant to the security cover computation:

The following table presents the key liability components under pari-passu charge:

Security Cover Ratio

Based on the Statement of Security Cover as at 31st March 2026, the pari-passu book value cover ratio stands at 4.02. No market value cover ratio has been reported in the statement, as market values were not ascertainable or applicable for the relevant asset categories. The company has confirmed full compliance with all financial covenants as stipulated in the Debenture Trust Deed with Catalyst Trusteeship Limited as at 31st March 2026.

Regulatory Compliance

The Security Cover Certificate and the accompanying Statement have been prepared in strict accordance with the applicable SEBI regulations and master circulars. The certificate is addressed solely to the Board of Directors of Jindal Stainless Limited for onward submission to the stock exchanges and the Debenture Trustee, and is not intended for general circulation or any other purpose. The filing was signed by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless Limited, on 4th May 2026.