Jindal Stainless (JSL) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3 FY25 sales with 15% YoY volume growth, driven by robust domestic demand now constituting up to 92% of total sales, while exports remained subdued due to weak global demand and geopolitical disruptions.

• Board approved unaudited results for Q3 and nine months ended 31 Dec 2024, declared an interim dividend of ₹1 per share, and completed major international acquisitions including Chromeni Steels and Sulawesi Nickel Processing.

• Ongoing investments in capacity expansion, sustainability, and value-added product development, with new operations at Chromeni and ramp-up of the NPI project in Indonesia.

• Strong ESG progress, with renewable energy share at 17% in Q3 FY25 and recognition from global safety and ESG rating agencies.

• Financials reviewed by statutory auditors with unmodified conclusions for both standalone and consolidated statements.

Financial highlights

• Q3 standalone revenue rose to INR 10,066 crore (up 11% YoY); consolidated revenue at INR 9,907 crore; standalone PAT at INR 618.64 crore; consolidated PAT at INR 654.27 crore.

• Q3 sales volume reached 588,000 MT, up 15% YoY; nine-month sales volume up 8% YoY to 1,730,000 MT.

• Standalone EBITDA for Q3 FY25 was INR 1,003 crore; consolidated EBITDA at INR 1,208 crore; EBITDA per ton at INR 17,075 (standalone) and INR 20,548 (consolidated).

• Standalone operating margin for Q3: 9.97%; net profit margin: 6.15%.

• Interim dividend of INR 1 per share (face value INR 2), totaling INR 82.37 crore, approved.

Outlook and guidance

• FY25 standalone EBITDA per ton guidance maintained at INR 17,000; volume growth guidance at 9%-10%, excluding Chromeni.

• Double-digit volume growth targeted for next fiscal, including Chromeni, with specifics pending budget clarity.

• Market outlook remains positive, especially in infrastructure, process industries, and pipes & tubes, with strong domestic demand expected.

• Company expects increased melting capacity to 4.2 MTPA after Indonesian JV completion.

• Export volumes expected to remain under pressure, but domestic market remains the primary growth driver.