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Jindal Stainless (JSL) investor relations material

Jindal Stainless Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary11 Nov, 2025

Executive summary

  • Q2 FY26 deliveries grew 15% year-on-year and 3% sequentially, with consolidated net revenue up 11% to ₹10,893 crore and strong growth in value-added products and special product division.

  • The company opened its first stainless steel fabrication unit in Maharashtra and expanded internationally with a joint venture in Indonesia to increase melting capacity from 3 MTPA to 4.2 MTPA.

  • Export volumes were maintained despite global trade disruptions and subdued demand in the US and EU, while domestic demand remained robust across infrastructure, auto, and process industries.

  • Sustainability initiatives advanced, including a green hydrogen plant and increased renewable power utilization to 42% at key facilities.

  • Board approved unaudited financial results, incorporation of a centralized shared services subsidiary, and statutory auditors expressed an unmodified conclusion.

Financial highlights

  • Q2 FY26 consolidated deliveries reached 648,050 MT, up 15% year-on-year; consolidated EBITDA rose 17% to ₹1,388 crore, and PAT increased 33% to ₹808 crore.

  • H1 FY26 deliveries were 1,274,302 MT, up 12% year-on-year; H1 EBITDA up 12% to ₹2,698 crore; H1 PAT up 21% to ₹1,523 crore.

  • Standalone Q2 FY26 revenue was ₹10,880.89 crore, with net profit at ₹643.89 crore; consolidated revenue was ₹10,892.78 crore, with net profit at ₹807.92 crore.

  • Standalone EPS (diluted) for Q2 FY26 was ₹7.81; consolidated EPS (diluted) was ₹9.78.

  • Export sales accounted for 9% and domestic sales 91% in both Q2 and H1 FY26.

Outlook and guidance

  • Volume guidance for FY26 maintained at 9-10% growth despite H1 outperformance, due to uncertainties from CBAM and QCO.

  • EBITDA per ton and other financial guidance remain unchanged pending further market clarity.

  • QCO suspension may cause short-term price pressure, but volume targets for Q3 and H2 are expected to be met.

  • Demand outlook for Q3 FY26 remains positive across process industry, infrastructure, and automobiles, with festive season and GST cuts expected to support auto growth.

  • Board approved a joint venture in Indonesia to set up a stainless steel melt shop, increasing melting capacity.

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Frequently asked questions

Jindal Stainless Limited (JSL) is an Indian stainless steel manufacturer, recognized as a key player in the industry with a significant presence both domestically and internationally. Founded in 1970 and headquartered in New Delhi, JSL is part of the OP Jindal Group. The company's robust manufacturing capabilities are showcased through its comprehensive product range, including stainless steel slabs, coin blanks, precision strips, blade steel for razor and surgical blades, as well as hot rolled and cold rolled coils. The company's shares are listed on the NSE.

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