Jindal Stainless (JSL) Q1 24/25 earnings summary

Executive summary

• Achieved highest ever quarterly sales volume of 578,143 metric tons in Q1 FY25, up 5% YoY and 1% QoQ, with strong domestic demand across all major segments.

• Standalone Q1 revenue rose 1% QoQ to INR 9,585 crore; EBITDA and PAT increased ~21% QoQ to INR 1,004 crore and INR 578 crore, respectively, though both declined YoY.

• Unaudited standalone and consolidated financial results for Q1 FY25 were approved, with statutory auditors expressing an unmodified conclusion.

• Board approved raising up to ₹5,000 crores via equity shares and/or other eligible securities, subject to approvals.

• Management remains confident in achieving 20% volume growth and EBITDA per ton guidance of INR 18,000–20,000 for FY25.

Financial highlights

• Q1 EBITDA and PAT grew ~21% sequentially, driven by higher nickel prices and focus on high-margin segments.

• Standalone revenue from operations in Q1 FY25 was ₹9,585 crore, with total expenditure at ₹8,581 crore.

• Consolidated revenue from operations for Q1 FY25 was ₹9,429.76 crore, with net profit at ₹646.07 crore.

• Subsidiaries contributed INR 208 crore to total EBITDA, with improved performance from Jindal Stainless Steelway and Iberjindal.

• CapEx outflow for Q1 was INR 2,200 crore, including INR 1,600 crore for Chromeni acquisition.

Outlook and guidance

• Confident in 20% volume growth for FY25, supported by infrastructure, railways, and government capex.

• Board in-principally approved a significant capital raise to support growth and expansion, including international ventures.

• Expansion in Indonesia and acquisition of Chromeni Steels expected to increase melting capacity and strengthen global presence.

• Exports expected to pick up in H2 as Red Sea issues ease and new export models are implemented.

• EBITDA per ton guidance maintained at INR 18,000–20,000, with potential upside if export share rises.