Jindal Stainless (JSL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 rebounded from Q1 disruptions: revenue rose 18% YoY to ₹12,873.86 crore, volume increased 3% to 664 KT, EBITDA grew 3% to ₹1,433 crore and PAT rose 11% to ₹897.75 crore.

• H1 FY27 revenue rose 14% YoY to ₹24,152.40 crore; deliveries fell 2% to 1,245 KT, while EBITDA increased 2% to ₹2,762 crore and PAT rose 9% to ₹1,666.41 crore.

• Domestic demand remained resilient, supported by economic growth and greater focus on lifecycle costing.

Financial highlights

• Q2 consolidated revenue was ₹12,873.86 crore, up 18% YoY and 14% QoQ; EBITDA was ₹1,433 crore, up 3% YoY and 8% QoQ.

• Q2 PAT was ₹897.75 crore, up 11% YoY and 17% QoQ; diluted EPS was ₹10.84 versus ₹9.78 a year earlier.

• Q2 finished-goods sales volume rose 14% QoQ and 3% YoY; average realization declined 6.5% QoQ, reflecting product mix, raw-material movements and market sentiment.

• Q2 raw-material costs reflected a lagged impact from higher Q1 nickel prices.

• Standalone Q2 revenue was ₹11,413.28 crore and net profit ₹785.50 crore; H1 revenue was ₹22,089.83 crore and net profit ₹1,391.39 crore.

Outlook and guidance

• FY27 volume growth guidance reduced to 4%-6% from 7%-9%; EBITDA-per-ton guidance increased to ₹20,000-₹22,000 from ₹18,000-₹20,000.

• FY27 CapEx guidance remains ₹2,400-₹2,600 crore and net debt guidance ₹2,500-₹2,800 crore; the FY29 target of 3.5 million tons annual sales volume remains intact.

• Downstream capacity ramp-up is expected to support H2 volume growth, barring unforeseen disruptions; some cold-rolling mills are commissioning and HRAP commissioning is expected by year-end or early next year.

• FY27 demand outlook is positive across lifts and elevators, white goods, automotive, chemicals and fertilizers, hydroelectric projects, dairy and thermal power.