Jindal Stainless Q2 Results: Profit Rises 11.1% to Rs 898 Crore

Jindal Stainless Limited (JSL) reported strong Q2 results for the quarter ended September 30, 2026, with net revenue rising 18.2 percent year-on-year to Rs 12,874 crore.

Profit after tax increased 11.1 percent to Rs 898 crore, while earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 1,433 crore. The company’s consolidated net debt was Rs 3,121 crore, with a net debt-to-equity ratio of 0.15 times.

The performance marked a recovery from first-quarter operational disruptions caused by geopolitical developments and limited industrial gas availability. Compared with the previous quarter, sales volumes increased 14.4 percent, while net revenue grew 14.1 percent.

Q2 Results Reflect Stronger Sales and Export Growth

Jindal Stainless benefited from demand for value-added products and growth in the automotive and ornamental pipe and tube segments. Its stainless steel plates and ferritic grades also gained acceptance in international markets, particularly for white goods, lifts, and elevators.

Exports remained a key growth driver during the quarter. The company reported a 20 percent quarter-on-quarter increase and a 36 percent year-on-year rise in exports. It continued developing markets in South Korea, Colombia, South Africa, Brazil, and Japan.

However, the company faced greater import pressure in India from 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 maintained sales volumes by serving domestic customers and pursuing export opportunities following the suspension of Quality Control Orders. He added that the company would continue expanding its market reach and improving its product mix.

Key developments during the quarter included:

• Technical collaboration: Jindal Stainless signed an assistance agreement with Japan’s JFE Steel for ferritic grades.
• Railway milestone: The company supplied around 40 percent of the stainless steel used in India’s first hydrogen-powered train.
• Product development: It developed a stainless steel grade with higher aluminium content for catalytic converters, along with grades 430HF for appliances and EN 1.4003 for the South African market.

Also Read: Why Contextual Industrial Data Is Critical for AI-Ready Manufacturing in India

Sustainability, Training and Corporate Consolidation

Jindal Stainless reduced its Scope 1 and 2 greenhouse gas emission intensity by 12 percent, from 1.76 tonnes of COâ‚‚ per tonne of crude steel in FY26 to 1.55 tonnes in Q2 FY27.

The company also expanded its industry outreach. Its Jindal Saathi loyalty programme crossed 135,000 members, including retailers and fabricators. Meanwhile, Stainless Academy conducted 205 training programmes for 12,165 fabricators across 12 states.

The board 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 aims to simplify the group structure, reduce administrative costs, and improve operational efficiency.

Overall, the Q2 results show a recovery in sales, stronger exports, and progress in product development and sustainability. The company will continue focusing on market expansion and operational efficiency while navigating import competition in India.