Jindal Stainless Limited (JSL)
₹687.40 -3.14% last close, 23 Oct
Snapshot
Jindal Stainless Limited closed at ₹687.40 on 23 Oct 2026, 7.4% below its 200-day average, with an RSI(14) of 36.8 and a P/E of 17.02. On the daily chart it is in a weak downtrend, with a technical score of 16/100 (strong bearish). In the quarter ended September 2026, revenue grew 18.2% and net profit grew 11.1% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹687.40
- Day change
- -3.14%
- Market Cap
- ₹56,638 Cr
- 52-week range
- ₹652.25 – ₹884.00
- From 52-week high
- -22.24%
Financials23 Oct 2026
- P/E
- 17.02
- P/B
- 2.66
- ROE
- 15.7%
- ROCE
- 19.0%
- Debt to Equity
- 0.36
- OPM
- 12.2%
- YoY qtr sales growth
- 18.2%
- YoY qtr profit growth
- 11.1%
- Dividend Yield
- 0.44%
Latest quarter Sep 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Weak Downtrend
- Technical score
- 16/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 36.80
- ADX (14)
- 13.99
- SuperTrend
- Bearish
- vs 20-day SMA
- -5.57%
- vs 50-day SMA
- -5.90%
- vs 200-day SMA
- -7.44%
- RS rating
- 51.00
- Nearest support
- ₹674.25
- Nearest resistance
- ₹750.77
Exchange activity23 Oct 2026
- Delivery
- 52.56% vs 57.16% average
- Volume vs its average
- 1.1×
Events
- Latest results
- Q2 FY27, filed 22 Oct 2026
- Board meeting filing
- 22 Oct 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Q2 FY27 results
Jindal Stainless Limited reported Q2 FY27 results on 22 Oct 2026: revenue ₹12,874 Cr (+18.2% year on year, +14.1% on the previous quarter), and net profit ₹898 Cr (+11.1% year on year); the operating margin was 11.1%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹12,874 | +18.2% | +14.1% |
| Operating profit | ₹1,433 | +3.2% | +7.8% |
| Net profit | ₹898 | +11.1% | +16.8% |
| EPS (₹) | 10.85 | +10.7% | +16.2% |
| Operating margin | 11.1% | — | — |
- Profit -14% below its own trend
- Operating margin contracted 161 bps YoY
- Exceptional items of ₹116 Cr in the quarter
Quality of profit: of pre-tax profit of ₹1,201 Cr, ₹969 Cr (81%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -1.6% year on year.
Against its own trend: net profit of ₹898 Cr was -14.2% against the ₹1,047 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -6.3% (close before the filing to the latest close).
JSL delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 52.56% of the JSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.16%. That is close to its usual level.
Delivery in the last 5 sessions: 60.0% · 58.5% · 48.9% · 35.3% · 52.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jindal Stainless Limited (JSL) released its Q2 & H1FY27 investor presentation, reporting consolidated Q2FY27 revenue of ₹12,874 crore, an increase of 18% YoY. Operating EBITDA grew 3% YoY to ₹1,433 crore, while Net Profit (PAT) rose 11% YoY to ₹898 crore, supported by a 3% YoY uptick in sales volume to 664 KT. Net debt stood at ₹3,121 crore as of September 2026, maintaining a low Net Debt/Equity ratio of 0.15x. The company also detailed an ongoing Scheme of Amalgamation to merge wholly owned subsidiaries JUSL, Chromeni Steels, JSL Super Steel, and RVPL into JSL.
- Q2FY27 consolidated revenue up 18% YoY to ₹12,874 crore (H1FY27 revenue up 14% to ₹24,152 crore)
- Q2FY27 EBITDA rose 3% YoY to ₹1,433 crore with EBITDA/tonne at ₹21,600
- Consolidated PAT increased 11% YoY to ₹898 crore in Q2FY27 from ₹808 crore in Q2FY26
- Sales volume expanded to 664 KT in Q2FY27, up 3% YoY and 14% QoQ
- Net Debt was ₹3,121 crore with Net Debt/Equity at 0.15x as of September 2026
Jindal Stainless Limited (JSL) has approved a draft scheme of amalgamation to merge four wholly-owned subsidiaries—Chromeni Steels, Rabirun Vinimay, JSL Super Steel, and Jindal United Steel—into itself with an appointed date of April 1, 2027. The transferor entities recorded an aggregate FY26 turnover of ~Rs 7,888 crore (~18% of JSL's standalone turnover). Since all transferors are 100% owned, no cash consideration or shares will be issued, resulting in zero equity dilution. Alongside, JSL reported standalone Q2 FY27 revenue from operations of Rs 11,413.28 crore (up 4.9% YoY) and net profit of Rs 785.50 crore (up 22% YoY).
- Merger of 4 wholly owned subsidiaries: Chromeni Steels (FY26 turnover Rs 6,068.09 cr), Jindal United Steel (Rs 1,682.30 cr), JSL Super Steel (Rs 98.29 cr), and Rabirun Vinimay (Rs 39.36 cr)
- No cash payout or equity dilution as all 4 entities are wholly owned subsidiaries
- Appointed date set as April 1, 2027, subject to NCLT, shareholder, and creditor approvals
- Standalone Q2 FY27 revenue reached Rs 11,413.28 crore vs Rs 10,880.89 crore in Q2 FY26
- Exceptional gain of Rs 95.63 crore recognised on write-back of excess provision under Haryana OTS Scheme
Jindal Stainless Limited (JSL) reported a 4.9% YoY increase in standalone revenue from operations to ₹11,413.28 crore for Q2 FY27 (quarter ended September 30, 2026), compared to ₹10,880.89 crore in Q2 FY26. Standalone profit after tax increased by 22% YoY to ₹785.50 crore, aided by an exceptional gain of ₹74.77 crore. Concurrently, the Board approved a draft scheme of amalgamation to merge four wholly owned subsidiaries (Chromeni Steels, Rabirun Vinimay, JSL Super Steel, and Jindal United Steel) into JSL with an appointed date of April 1, 2027. JSL also fully redeemed ₹99 crore worth of NCDs during the quarter, leaving zero NCDs outstanding.
- Q2 FY27 standalone revenue from operations rose 4.9% YoY to ₹11,413.28 crore vs ₹10,880.89 crore in Q2 FY26
- Standalone net profit grew 22% YoY to ₹785.50 crore vs ₹643.89 crore in Q2 FY26 (up 29.6% QoQ)
- Board approved merger of 4 wholly owned subsidiaries including Chromeni Steels (FY26 turnover ₹6,068.09 crore) and Jindal United Steel (FY26 turnover ₹1,682.30 crore)
- Appointed date for the proposed scheme of amalgamation is set as April 1, 2027, with no cash or share dilution
- Redeemed 990 NCDs totaling ₹99 crore, resulting in zero outstanding NCDs as of September 30, 2026
Jindal Stainless Limited's wholly-owned subsidiary, Chromeni Steels Limited (CSL), has acquired a 40% equity stake in Oyster Green Hybrid Four Private Limited for an initial cash tranche of ₹1.25 crore. CSL is committed to investing up to ₹12.50 crore in total towards this special purpose vehicle to establish a 24 MW wind-solar hybrid captive renewable energy plant. The project is projected to generate ~70 million units annually for CSL's captive power needs, with commissioning slated by Q1 FY28. Financially, the total investment is minor relative to JSL's size, representing less than 0.03% of TTM revenue (₹44,026 crore).
- CSL acquired a 40% equity stake in SPV Oyster Green Hybrid Four Private Limited
- Current tranche investment stands at ₹1.25 crore, out of an aggregate planned investment of up to ₹12.50 crore
- Project will develop a 24 MW wind-solar hybrid captive plant generating ~70 million units annually
- Project commissioning expected by Q1 FY2027-28
Jindal Stainless Limited (JSL) has deployed 10 dedicated electric trucks for finished goods logistics between its Jajpur plant and Kharagpur/Kolkata. The initiative forms part of a green mobility programme that includes 80 LNG trucks and 60 CNG buses, aiming to move 8,000–10,000 tonnes of cargo monthly. Across ~240,000 km of modeled travel, the company expects to reduce emissions by approximately 71 tonnes of CO₂ per month (~26% reduction vs diesel). While positive for corporate ESG and decarbonization metrics, the financial impact on JSL's Rs 44,026 crore revenue base is negligible.
- Deployed 10 dedicated electric trucks for finished goods transport on Jajpur–Kharagpur–Kolkata routes
- Overall alternative fuel fleet includes 80 LNG trucks, 60 CNG buses, and emerging CNG truck dispatches
- Expected cargo movement via green mobility: 8,000 to 10,000 tonnes per month
- Modelled monthly carbon emissions cut of 71 tonnes CO₂ (~26% reduction against diesel-based transit over ~240,000 kms)
Jindal Stainless Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The confirmation received from Registrar & Transfer Agent MUFG Intime India Private Limited certifies that share certificates received for dematerialization were processed, mutilated, and cancelled within the prescribed timelines. The depositories were duly substituted as registered owners in the register of members. This is a recurring administrative filing confirming statutory share handling compliance.
- Compliance certificate filed under Regulation 74(5) of SEBI Depositories Regulations
- Pertains to the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited on October 06, 2026
- Dematerialized security certificates verified, mutilated, and cancelled within prescribed timelines
Jindal Stainless announced that its Jajpur manufacturing unit has been awarded the CII National Award for Excellence in Water Management 2026 in the 'Within the Fence' category. The recognition highlights the plant's 100% internal water recycling system and broader environmental initiatives including floating and rooftop solar setups. The Jajpur unit serves as the company's core production hub within its overall 4.2 million tonnes annual melt capacity. While affirming positive ESG compliance, the announcement is an operational accolade and carries no direct financial or revenue impact.
- Jajpur unit won the CII National Award for Excellence in Water Management 2026 ('Within the Fence' category)
- Plant operates a 100% internal water recycling system to cut freshwater reliance
- Company reports an annual melt capacity of 4.2 million tonnes across 16 manufacturing and processing facilities
- FY26 annual turnover stood at INR 42,955 crore (USD 4.86 billion)
Jindal Stainless Limited (JSL) has renewed its Lubricants Vendor Managed Inventory (VMI) and Consumer's Operated Lube Depot (COLD) agreement with Indian Oil Corporation Limited (IOCL) for a period of 5 years. The formal agreement signing took place at JSL's Hisar facility. IOCL supplies lubricants (SERVO®) as well as energy inputs like LDO, HSD, LSHS, and Propane to support JSL's operations. No specific financial deal size or commercial value was disclosed in the filing.
- Renewed Vendor Managed Inventory (VMI) lubricants partnership for a period of 5 years
- Covers lubrication supply and energy requirements including LDO, HSD, LSHS, and Propane
- Formal agreement executed at the Hisar manufacturing unit
- Deal financial terms and procurement values not disclosed
Jindal Stainless Limited (JSL) announced that it has supplied over 160 tonnes of specially fabricated stainless steel components to reinforce the 1965-built Sadhana Bhawan at Shri Kripalu Dham in Uttar Pradesh. The supply consisted of Grade 304L Hot Rolled Annealed and Pickled (HRAP) plates executed via subsidiary Jindal Stainless Steelway Limited (JSSL). Given JSL's FY26 revenue of ₹42,954.5 crore and 4.2 MTPA melt capacity, this supply contract is financially negligible and serves primarily as an architectural application showcase.
- Supplied over 160 tonnes of fabricated building components like columns, beams, and cross girders
- Material used was Grade 304L Hot Rolled Annealed and Pickled (HRAP) stainless steel plates
- Executed through subsidiary Jindal Stainless Steelway Limited (JSSL) for the 1965 structure
- Company highlights annual melt capacity of 4.2 million tonnes and FY26 turnover of INR 42,955 crore
Jindal Stainless Limited (JSL) announced the full redemption of 990 listed, rated, secured, redeemable Non-Convertible Debentures (NCDs) on September 28, 2026. The NCDs had a face value of Rs 10,00,000 each, translating to an aggregate principal redemption of Rs 99 crore. Against JSL's total debt of Rs 4,599 crore and net worth of Rs 18,867 crore, the redemption is small (~2.15% of total debt) and represents routine scheduled debt service.
- Full redemption of 990 NCDs completed on September 28, 2026
- Face value and redemption price of Rs 10,00,000 per NCD
- Total redemption value equals Rs 99 crore
- Securities redeemed under ISIN: INE220G07127
Jindal Stainless announced that it has won Gold at the Brandon Hall HCM Awards 2026 in the Talent Management category for its internal leadership development programmes (iStep Up and Step Up 1). The company highlighted that its iStep Up programme has covered over 200 employees over the last two financial years, with 140 participants planned for FY27. Step Up 1 and Step Up 2 have covered 80 and 23 employees respectively, with further rollouts scheduled for FY27. This is a non-financial, human resources recognition announcement with no direct impact on the company's revenue or balance sheet.
- Won Gold at Brandon Hall HCM Awards 2026 in Best Succession and Career Management category
- iStep Up programme covered over 200 employees across past two financial years; 140 planned for FY 2026-27
- Step Up 1 covered around 80 employees, with 40 participants planned for FY 2026-27
- Step Up 2 covered 23 employees in FY 2025-26, with 25 participants planned for FY 2026-27
Jindal Stainless Limited (JSL) has signed a Memorandum of Understanding with Nasscom to provide its workforce access to the FutureSkills Prime digital skilling platform. The initiative covers certification in emerging areas including AI, Big Data, Cloud, and Cybersecurity, aligned with its Smart Factory 4.0 program. In its filing, the company noted an annual turnover of INR 42,955 crore in FY26 and an annual melt capacity of 4.2 million tonnes across 16 manufacturing facilities globally. The partnership represents an internal operational training collaboration with no disclosed commercial or financial consideration.
- MoU signed on September 23, 2026, with Nasscom and MeitY-backed FutureSkills Prime platform
- Covers emerging technologies including AI, Big Data, Cloud Computing, Cybersecurity, and IoT
- Supports ongoing Smart Factory 4.0 initiatives across Jajpur and Hisar plants
- Company reported FY26 turnover of INR 42,955 crore with an annual melt capacity of 4.2 million tonnes
- Operates 16 manufacturing and processing facilities globally as of March 2026
Jindal Stainless Limited announced that its Jajpur and Hisar units received honors at the CII National Award for Excellence in Energy Management 2026 held from September 16–18, 2026. The Jajpur unit won the 'Excellent Energy Efficient Organization' Award, while the Hisar unit received the 'Excellent Energy-Efficient Unit' Award. The company reported FY26 annual turnover of INR 42,955 crore and an annual melt capacity of 4.2 million tonnes across 16 facilities globally. This filing is a corporate PR regarding industry recognition and does not carry direct financial or operational guidance.
- Jajpur unit conferred the 'Excellent Energy Efficient Organization' Award by CII
- Hisar unit awarded the 'Excellent Energy-Efficient Unit' Award
- Awards conferred at a ceremony held in Hyderabad from September 16–18, 2026
- Company reiterated FY26 turnover of INR 42,955 crore and melt capacity of 4.2 million tonnes
Jindal Stainless Limited (JSL) has signed an agreement with the National Council for Vocational Education and Training (NCVET) under the Ministry of Skill Development and Entrepreneurship to become a recognized Awarding Body. This status permits JSL to develop, assess, and certify industry-led qualifications through its Stainless Academy across owned or fully managed centers. The first approved qualification is 'Stainless Steel Decorative Pipe & Tube Manufacturing Operator' at NSQF Level 4. While enhancing ecosystem skilling across its MSME and fabricator network, this initiative has no direct immediate financial or operational impact on the company's INR 44,026 crore TTM revenue base.
- Formally signed agreement with NCVET on September 18, 2026, granting Awarding Body recognition
- NCVET approved first qualification: 'Stainless Steel Decorative Pipe & Tube Manufacturing Operator' under Capital Goods sector at NSQF Level 4
- Training and certification to be delivered via campuses owned or fully managed under Stainless Academy
- Company operations reference FY26 turnover of INR 42,955 crore and an annual melt capacity of 4.2 million tonnes across 16 facilities
Jindal Stainless Limited has reported receipt of ESG ratings from Crisil ESG Ratings & Analytics Limited pursuant to SEBI Listing Regulations. The agency assigned an ESG rating of 'Crisil ESG 63' and a Core ESG rating of 'Crisil Core ESG 65'. The company noted that it did not engage Crisil for this assessment; it was prepared independently based on publicly available data. The announcement carries no direct impact on financial performance or operations.
- Crisil ESG Ratings assigned an overall rating of 'Crisil ESG 63'
- Core ESG rating assigned at 'Crisil Core ESG 65'
- Rating conducted independently by Crisil based on public domain data without company engagement
- Intimation submitted pursuant to SEBI Master Circular dated 30th January 2026
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew 8.03% YoY to INR 38,562 crore in FY24 from INR 35,697 crore in FY23. Sales volumes increased 23.3% from 1.76 MTPA in FY23 to 2.17 MTPA in FY24, with a projected rise to 2.37 MTPA in FY25 (9.2% YoY growth).
Geographic Revenue Split
JSL exports to over 50 countries; however, the domestic market remains the primary driver. Specific percentage split between domestic and export revenue is not disclosed, but the company maintains flexibility to shift volumes between markets based on demand.
Profitability Margins
Adjusted PAT margin improved from 5.8% in FY23 to 7.0% in FY24. Profitability is driven by a sustained PBILDT/tonne of approximately INR 20,000 over the last four fiscals (FY22-FY25). Q1FY26 reported a healthy profitability of INR 22,015 per tonne.
EBITDA Margin
Consolidated EBITDA is approximately INR 5,000 crore (INR 50bn). The company targets sustaining EBITDA per tonne above INR 20,000, which represents a core profitability metric for the stainless steel industry regardless of price fluctuations.
Capital Expenditure
The company has a planned capex of INR 5,700 crore over the next three years. This includes INR 2,700 crore earmarked for FY26. Key projects include the Indonesia melt shop (INR 715 crore) and downstream expansion in Odisha (INR 1,900 crore).
Credit Rating & Borrowing
Long-term bank facilities of INR 5,900 crore are rated CARE AA; Stable (reaffirmed Oct 2025). Short-term facilities are rated CARE A1+. CRISIL also maintains a AA/Stable rating. Specific interest rate percentages are not disclosed, but liquidity is supported by cash equivalents of INR 1,672 crore.
Operational Drivers
Raw Materials
Key raw materials include Nickel (14% content in NPI), Chrome (Ferrochrome), and Stainless Steel Scrap. Scrap and recycled materials account for 60% of the total raw material mix.
Import Sources
Nickel Pig Iron (NPI) is sourced from Indonesia. Ferrochrome is sourced both from the open market and internally. Scrap is sourced globally and domestically. The company is shifting to 'near-by shores' to shorten the supply chain.
Key Suppliers
Sulawesi Nickel Processing Industries (Indonesia JV) supplies NPI. JSL also procures ferrochrome from the open market and utilizes internal synergies following the JUSL acquisition.
Capacity Expansion
Current melting capacity is 3.0 MTPA (2.2 MTPA at Jajpur, Odisha and 0.8 MTPA at Hisar, Haryana). Expansion plans will increase total capacity to 4.2 MTPA by FY27, including a 1.2 MTPA facility in Indonesia.
Raw Material Costs
Raw material costs are highly volatile due to Nickel and Chrome price fluctuations. JSL mitigates this through a 60% recycled content strategy and a 49% JV in an Indonesian NPI facility to secure low-cost raw material supply.
Manufacturing Efficiency
JSL is the largest domestic producer and top 10 globally. Efficiency is driven by the 'Theory of Constraints' (ToC) adoption, which has overhauled planning and sourcing to release working capital.
Logistics & Distribution
Distribution costs are optimized through strategic facility locations in Odisha (East), Haryana (North), and the acquisition of Chromeni Steels in Maharashtra (West) to serve regional markets efficiently.
Strategic Growth
Expected Growth Rate
16%
Growth Strategy
Growth will be achieved by expanding melting capacity from 3.0 to 4.2 MTPA, acquiring Chromeni Steels for cold-rolling expansion (INR 1,618 crore), and the Rathi Super Steel acquisition (0.16 MTPA) to enter the long products market (wire rods/re-bars).
Products & Services
Stainless steel coils, sheets, plates, razor blade steel (world's largest producer), specialty stainless steel, wire rods, and re-bars.
Brand Portfolio
Jindal Stainless, Rathi Super Steel (acquired), Chromeni Steels (acquired).
New Products/Services
Expansion into 'Long Products' (Wire rods and Re-bars) via the Rathi Super Steel acquisition and increased focus on value-added cold-rolled products.
Market Expansion
Targeting Western India through the Chromeni Steels acquisition and Southeast Asia through the Indonesia JV. Focus on high-growth sectors like Automotive, Railways (Vande Bharat), and Ethanol blending.
Market Share & Ranking
Ranked #1 stainless steel producer in India and #5 globally (excluding China).
Strategic Alliances
49% collaborative JV with Sulawesi Nickel Processing Industries Holdings Pte. Limited for the Indonesian melt shop facility.
External Factors
Industry Trends
The industry is shifting toward decarbonization and circular economy models. JSL is positioning itself by using 60% recycled scrap and targeting net-zero emissions by 2050.
Competitive Landscape
Primary competition includes large-scale Chinese producers and smaller domestic players in the 200-grade series.
Competitive Moat
Moat is built on massive scale (3 MTPA), cost leadership through Indonesian NPI integration, and a dominant domestic market share. These are sustainable due to high capital entry barriers and integrated supply chains.
Macro Economic Sensitivity
Highly sensitive to domestic infrastructure spending (PM Gati Shakti) and global stainless steel demand. Indian per capita consumption is 2.8kg vs world average of 6kg, indicating high growth potential.
Consumer Behavior
Increasing demand for sustainable and 'green' steel is driving JSL's ESG initiatives and recycled content targets.
Geopolitical Risks
Trade barriers and anti-dumping duties are critical. The industry faces pressure from Chinese imports routed through ASEAN countries to bypass duties.
Regulatory & Governance
Industry Regulations
Subject to BIS (Bureau of Indian Standards) grades for stainless steel and environmental norms regarding GHG emissions and water consumption in manufacturing.
Environmental Compliance
Committed to 50% reduction in carbon emissions by 2035 from a 2022 baseline (1.98 tons CO2/ton of steel). ESG projects are part of a INR 1,200 crore infrastructure/ESG budget.
Taxation Policy Impact
Not specifically disclosed, but the company is subject to standard Indian corporate tax rates and import/export duties on steel and raw materials.
Risk Analysis
Key Uncertainties
Volatility in Nickel prices and the potential for increased dumping from China/ASEAN are the primary risks, with potential impact on EBITDA/tonne if margins fall below INR 15,000.
Geographic Concentration Risk
Significant concentration in India (Odisha and Haryana plants), though the Indonesia JV provides geographic diversification of the melting base.
Third Party Dependencies
Dependency on Indonesian partners for the NPI facility and global scrap suppliers for 60% of raw material needs.
Technology Obsolescence Risk
Low risk in core steel melting, but the company is investing INR 250 crore in specialty steel (ESR Furnace) to stay ahead of technology shifts in high-end applications.
Credit & Counterparty Risk
Receivables quality is strong, evidenced by the reduction in debtor days following the adoption of the Theory of Constraints (ToC) model.
