Jindal Stainless (JSL) Q1 24/25 earnings summary

Executive summary

• Achieved record Q1 FY25 sales volume of 578,143 MT, up 5% YoY and 1% QoQ, with 90% domestic sales and strong demand across segments.

• Standalone Q1 revenue was ₹9,585 crore, up 1% QoQ but down 4% YoY; PAT stood at ₹578 crore, up 21% QoQ but down 13% YoY.

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

• Board approved raising up to ₹5,000 crore via equity and other securities, subject to approvals.

• Management maintains confidence in 20% volume growth and EBITDA/ton guidance of ₹18,000–20,000 for FY25.

Financial highlights

• Standalone EBITDA for Q1 FY25 was ₹827 crore, down 10% YoY but up 21% QoQ; consolidated EBITDA was ₹1,212 crore, up 2% YoY and 17% QoQ.

• Standalone PAT was ₹578 crore, consolidated PAT was ₹646 crore, both up sequentially but down YoY.

• Subsidiaries contributed ₹208 crore to total EBITDA, with improved performance from key units.

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

• Net debt expected to reach up to ₹5,500 crore by FY25 end, with net debt/EBITDA guidance capped at 1.5x.

Outlook and guidance

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

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

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

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

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