Jindal Stainless (JSL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 sales volume grew 11% year-on-year to 650,000 MT, driven by strong domestic demand across automotive, railways, metro, and white goods sectors, while export volumes declined due to global uncertainties and protectionist measures.

• Consolidated net revenue for Q3 FY26 was ₹10,518 crore, up 6% year-over-year, with consolidated EBITDA rising 17% to ₹1,408 crore and PAT increasing 27% to ₹828 crore.

• Initiatives like Jindal Saathi and QR code programs enhanced product authenticity and customer engagement.

• Sustainability achievements include an S&P Global Corporate Sustainability Assessment score of 78/100, ranking in the top 5% globally in the steel sector.

• Board approved unaudited standalone and consolidated financial results, declared an interim dividend of ₹1 per share, and re-appointed three Independent Directors.

Financial highlights

• Q3 FY26 deliveries reached 0.65 million tons, up 11% year-on-year, with consolidated revenue at ₹10,517.55 crore and PAT at ₹827.78 crore.

• Nine-month FY26 consolidated revenue was ₹31,617.47 crore, EBITDA at ₹4,106 crore (+14% YoY), and PAT at ₹2,350.36 crore (+23% YoY).

• Standalone revenue for Q3 FY26 was ₹10,632.35 crore, with net profit of ₹665.85 crore; nine-month standalone revenue was ₹31,853.75 crore, with net profit of ₹1,951.38 crore.

• Interim dividend of ₹1 per share, totaling approximately ₹82.44 crore, was declared.

• Exceptional loss of ₹30 crore recorded in Q3 FY26 consolidated results.

Outlook and guidance

• Guidance for FY26 EBITDA per ton remains at INR 19,000–21,000, with nine-month average at INR 21,300.

• Management is confident of meeting volume growth and EBITDA per ton guidance despite geopolitical and regulatory uncertainties.

• Melting capacity to increase from 3 MTPA to 4.2 MTPA with new Indonesian joint venture.

• Credit rating outlook revised to 'IND AA, Positive' for long-term borrowings post quarter-end.

• Further clarity on FY27 volume growth and downstream expansion plans expected next quarter.