Jindal Stainless revenue rises 9% to ₹42,955 crore in FY26
- Revenue rose 9% YoY to ₹42,955 crore in FY26, driven by volume growth
- Net profit increased 27% to ₹3,185 crore; EBITDA grew 19% to ₹5,560 crore
- Net debt reduced to ₹3,040 crore as of March 2026, improving leverage ratios
- Company announced ₹900 crore cold rolling capacity expansion project
- Sales volume reached 2.56 million tonnes in FY26, up from 2.37 million tonnes
*this image is generated using AI for illustrative purposes only.
Jindal Stainless Limited reported a 9% year-on-year rise in revenue to ₹42,955 crore for FY26, driven by higher sales volumes and stable pricing. The company’s net profit also grew 27% to ₹3,185 crore during the period.
The stainless steel producer filed its August 2026 corporate presentation with the BSE and NSE on September 1, 2026. The filing details the company's financial performance, strategic expansion plans, and ESG commitments.
Financial Performance
Revenue grew at a 17% CAGR over the last five years. Sales volume reached 2.56 million tonnes in FY26, up from 2.37 million tonnes in FY25. EBITDA stood at ₹5,560 crore, reflecting an EBITDA per tonne of ₹21,670.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue (₹ crore) | 39,312 | 42,955 | +9% |
| Net Profit (₹ crore) | 2,500 | 3,185 | +27% |
| EBITDA (₹ crore) | 4,667 | 5,560 | +19% |
| Sales Volume ('000 tonnes) | 2,373 | 2,566 | +8% |
For Q1FY27, the company logged revenue of ₹11,279 crore and net profit of ₹769 crore. EBITDA for the quarter was ₹1,329 crore.
Balance Sheet Strength
Jindal Stainless continued its deleveraging trajectory. Net debt fell to ₹3,040 crore as of March 2026, down from ₹3,991 crore a year earlier. The net debt-to-EBITDA ratio improved to 0.55x from 0.86x in FY25. As of June 2026, net debt further reduced to ₹2,950 crore.
Total assets rose to ₹40,704 crore as of March 2026. The company maintains a target dividend payout of up to 20% of PAT on a progressive basis.
Strategic Expansion
The company is executing a capital expenditure plan focused on upstream and downstream augmentation. Key completed projects include the acquisition of Chromeni and a joint venture stake in an Indonesian melt shop. Ongoing projects include downstream HRAP and CRAP augmentation valued at approximately ₹1,900 crore.
A recently announced project involves cold rolling capacity augmentation at Hisar and Kharagpur, estimated at ₹900 crore. These initiatives aim to increase total melt capacity to 4.2 MTPA.
What the Numbers Show
Jindal Stainless demonstrates strong operating leverage. While sales volume grew by 8% in FY26, EBITDA expanded by 19%. This divergence suggests that factors beyond volume growth, such as operational efficiency or product mix optimization, contributed significantly to the margin expansion. The consistent reduction in net debt alongside rising profits indicates a strengthening financial position capable of supporting future capex without increasing leverage ratios significantly.
Historical Stock Returns for Jindal Stainless
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.54% | +4.50% | -0.11% | -5.46% | -3.79% | +387.71% |
How will the upcoming cold rolling capacity augmentation at Hisar and Kharagpur impact Jindal Stainless' margin profile in FY28 given the current competitive landscape?
What is the expected timeline for the downstream HRAP and CRAP augmentation projects to reach full operational capacity and contribute to revenue?
Given the improved net debt-to-EBITDA ratio of 0.55x, will management consider increasing the dividend payout beyond the current 20% target or initiate share buybacks?
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