Jindal Stainless Limited (JSL) reported net revenue of ₹12,874 crore for the quarter ended September 30, 2026, an increase of 18.2% year-on-year. EBITDA stood at ₹1,433 crore, while profit after tax rose 11.1% to ₹898 crore. The company’s consolidated net debt was ₹3,121 crore, with a net debt-to-equity ratio of 0.15 times.
The results reflect a recovery from operational disruptions in the first quarter caused by geopolitical developments and constraints in industrial gas availability. Compared with the previous quarter, sales volumes increased 14.4% and net revenue grew 14.1%. Performance was supported by demand for value-added products and growth in the automotive and ornamental pipe and tube segments. Internationally, stainless steel plates and ferritic grades gained wider acceptance in applications such as white goods, lifts and elevators.
Exports increased 20% quarter-on-quarter and 36% year-on-year. Jindal Stainless continued to develop markets in South Korea, Colombia, South Africa, Brazil and Japan. The company said it had faced increased import pressure in India since April 2026. Chinese stainless steel flat-product imports reached 53,271 tonnes in July 2026, compared with a monthly average of 18,576 tonnes in FY26.
Managing Director Abhyuday Jindal said the company had maintained sales volumes by serving domestic markets and pursuing export opportunities following the suspension of Quality Control Orders. He said the company would continue expanding its market reach and improving its product mix.
The company’s technical developments included an assistance agreement with Japan’s JFE Steel for ferritic grades and the supply of around 40% of the stainless steel used in India’s first hydrogen-powered train. It also developed a stainless steel grade with higher aluminium content for catalytic converters and advanced grades 430HF for appliances and EN 1.4003 for the South African market.
Jindal Stainless reduced its Scope 1 and 2 greenhouse gas emission intensity by 12%, from 1.76 tonnes of CO₂ per tonne of crude steel in FY26 to 1.55 tonnes in Q2 FY27. Its Jindal Saathi loyalty programme expanded to more than 135,000 members, including retailers and fabricators. Stainless Academy conducted 205 training programmes for 12,165 fabricators across 12 states.
The board also approved the proposed amalgamation of Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited into Jindal Stainless Limited. The consolidation is intended to simplify the group structure, reduce administrative costs and improve operational efficiency.
Jindal Stainless is an Indian stainless steel manufacturer with annual melt capacity of 4.2 million tonnes. The company reported turnover of ₹42,955 crore in FY26 and operates manufacturing and processing facilities in India and overseas, including Spain and Indonesia. Its products include slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel and coin blanks.
