Jindal Stainless (JSL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw 8% year-over-year growth in sales volume and revenue, with EBITDA and PAT also increasing year-over-year; strong domestic demand and value-added product mix supported performance.

• Domestic sales accounted for 91% of total sales volume, with exports at 9%; focus remains on domestic markets due to global trade disruptions and tariff uncertainties.

• Sustainability initiatives led to a 14% reduction in Scope 1 and 2 GHG emissions in FY25 and LEED Platinum Certification.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26, reviewed by statutory auditors with an unmodified conclusion.

• The company operates a single segment: manufacturing stainless steel products.

Financial highlights

• Q1 FY26 consolidated revenue was ₹10,207.14 crore, up 8% year-over-year and flat sequentially; standalone revenue was ₹10,340.51 crore, up from ₹9,584.90 crore in Q1 FY25.

• Q1 consolidated EBITDA rose 8% year-over-year and 23% sequentially to ₹1,310 crore; standalone EBITDA was ₹1,048 crore, up 4% year-over-year and 18% sequentially.

• Q1 consolidated PAT was ₹715 crore, up 11% year-over-year and 21% sequentially; standalone PAT was ₹642 crore, up 11% year-over-year.

• CapEx for Q1 was INR 715 crore, with full-year guidance at INR 2,700 crore.

• Net debt reduced to INR 3,869 crore as of June 30, 2025.

Outlook and guidance

• Confident in 9%-10% volume growth for FY26, driven by infrastructure-led domestic demand; EBITDA per ton guidance maintained at INR 19,000–21,000.

• Melting capacity to increase from 3 MTPA to 4.2 MTPA with new joint venture in Indonesia; investment of approx. ₹715 crore planned.

• Renewable energy project investment of ₹79.20 crore for a 33.64% stake in Oyster Green Hybrid One Private Limited to meet plant power needs.

• Expectation for nickel prices to remain stable between INR 14,000–16,000.

• Demand in process industries, infrastructure, and lift/elevator segments remains strong, with positive expectations for Q2 FY26.