Jindal Stainless (JSL) Q2 25/26 earnings summary

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.