Jindal Stainless (JSL) Q2 25/26 earnings summary

Executive summary

• Deliveries grew 15% year-on-year and 3% sequentially in Q2 FY26, driven by strong domestic demand and sector diversification.

• Value-added products and special product division saw further growth, with robust demand from pipe, tube, lift, elevator, and passenger coach sectors.

• Consolidated net revenue for Q2 FY26 rose 11% year-over-year to ₹10,893 crore, with H1 FY26 revenue up 10% to ₹21,100 crore.

• Board approved unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2025.

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

Financial highlights

• Q2 deliveries reached 648,050 MT, up 15% year-on-year and 3% quarter-on-quarter.

• Q2 consolidated EBITDA rose 17% year-on-year and 6% sequentially to INR 1,388 crore; H1 FY26 EBITDA up 12% to INR 2,698 crore.

• Q2 consolidated PAT increased 33% year-on-year and 13% sequentially to INR 808 crore; H1 FY26 PAT up 21% to INR 1,523 crore.

• Standalone revenue from operations for Q2 FY26 was ₹10,880.89 crore, up from ₹9,745.65 crore in Q2 FY25.

• Standalone net profit for Q2 FY26 was ₹643.89 crore, compared to ₹589.29 crore in Q2 FY25.

Outlook and guidance

• Volume guidance for FY26 maintained at 9-10% growth despite strong H1 performance and external uncertainties.

• No change in EBITDA per ton guidance due to ongoing global and domestic challenges, including CBAM and QCO uncertainties.

• Board approved a joint venture in Indonesia to set up a stainless steel melt shop, increasing melting capacity from 3 MTPA to 4.2 MTPA.

• Demand outlook for Q3 FY26 remains positive across process industry, infrastructure, and automobiles.

• QCO suspension expected to last until December, with efforts ongoing to reinstate it.