Jindal Stainless (JSL) Q4 24/25 earnings summary

Executive summary

• Achieved record sales volume of 2,373,000 MT in FY25, up 9% year-on-year, with Q4 FY25 sales volume at 642,641 MT, up 13% year-on-year, driven by robust domestic demand from railways, automotive, and infrastructure sectors.

• Annual revenue for FY25 was INR 40,182 crore, up 5% year-on-year, with a strong domestic sales mix of 91%.

• PAT for FY25 rose 7% year-on-year to INR 2,711 crore; Q4 FY25 PAT surged 94% year-on-year to INR 925 crore, aided by exceptional gains.

• Strategic expansion included acquisition of a 9.62% stake in M1 Exchange and major international acquisitions, including Chromeni Steels Limited and Sulawesi Nickel Processing Industries Holdings Pte. Ltd.

• Major ESG initiatives included commissioning the largest captive solar plant in Odisha and increasing renewable energy share to 11%, targeting 30-35% with upcoming projects.

Financial highlights

• FY25 EBITDA reached INR 4,667 crore; Q4 FY25 EBITDA at INR 1,061 crore, impacted by global pricing pressure and negative inventory valuation.

• Q4 FY25 revenue from operations was INR 10,786 crore, up 13% year-on-year and 7% sequentially.

• Net debt maintained at INR 4,005 crore despite INR 4,570 crore spent on acquisitions and CapEx.

• Net debt to EBITDA ratio at 0.86; Net Debt/Equity at 0.6 as of March 2025.

• Final dividend of INR 2 per share, total FY25 dividend at INR 3 per share (150% of face value).

Outlook and guidance

• FY26 consolidated EBITDA guidance set at INR 19,000-21,000 crore, with export volumes expected to grow 25-30% year-on-year.

• Volume growth guidance for FY26 is 9-10%.

• CapEx guidance for FY26 is INR 2,700 crore, including spillover from FY25.

• Expansion in Indonesia through a joint venture to increase melting capacity from 3 MTPA to 4.2 MTPA.

• Demand outlook remains positive across infrastructure, railways, and process industries.