JSLNSEQ2FY26November 17, 2025

Jindal Stainless Limited

4,705words
77turns
8analyst exchanges
4executives
Management on call
Abhyuday Jindal
MANAGING DIRECTOR, JINDAL STAINLESS LIMITED
Tarun Kumar Khulbe
CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER & WHOLE TIME DIRECTOR, JINDAL STAINLESS LIMITED
Shreya Sharma
HEAD INVESTOR RELATIONS, JINDAL STAINLESS LIMITED
Vikas Singh
ICICI SECURITIES
Key numbers — 30 extracted
rs,
nal and financial performance. Backed by the continued improvement in domestic demand across sectors, we sustained strong growth in our deliveries, increasing by around 15% year-on-year and 3% sequent
15%
omestic demand across sectors, we sustained strong growth in our deliveries, increasing by around 15% year-on-year and 3% sequentially. Our strategic focus on expanding our presence across diverse se
3%
sectors, we sustained strong growth in our deliveries, increasing by around 15% year-on-year and 3% sequentially. Our strategic focus on expanding our presence across diverse sectors, along with he
42%
ear. In parallel, our renewable power utilization at Jajpur and Hisar facilities has increased to 42% Q2 FY26, up from 26% in FY25, marking a significant step towards cleaner and more sustainable ope
26%
renewable power utilization at Jajpur and Hisar facilities has increased to 42% Q2 FY26, up from 26% in FY25, marking a significant step towards cleaner and more sustainable operations. With this,
17%
-year and around 3% on quarter-on-quarter basis. Our Q2 consolidated EBITDA increased by around 17% year-on-year and around 6% on quarter-on-quarter to INR 1,388 crores, while our consolidated PAT
6%
rter-on-quarter basis. Our Q2 consolidated EBITDA increased by around 17% year-on-year and around 6% on quarter-on-quarter to INR 1,388 crores, while our consolidated PAT stood at INR 808 crores, an
INR 1,388 crore
2 consolidated EBITDA increased by around 17% year-on-year and around 6% on quarter-on-quarter to INR 1,388 crores, while our consolidated PAT stood at INR 808 crores, an increase of around 33% on year-on-year a
INR 808 crore
year and around 6% on quarter-on-quarter to INR 1,388 crores, while our consolidated PAT stood at INR 808 crores, an increase of around 33% on year-on-year and around 13% on quarter-on-quarter basis. For H1 FY
33%
er to INR 1,388 crores, while our consolidated PAT stood at INR 808 crores, an increase of around 33% on year-on-year and around 13% on quarter-on-quarter basis. For H1 FY26, our deliveries stood at
13%
consolidated PAT stood at INR 808 crores, an increase of around 33% on year-on-year and around 13% on quarter-on-quarter basis. For H1 FY26, our deliveries stood at 12,74,302 metric tons, with an
12%
ter basis. For H1 FY26, our deliveries stood at 12,74,302 metric tons, with an increase of around 12% year-on-year. Consolidated EBITDA increased by around 12% year-on-year to INR 2,698 crores, and c
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Guidance — 20 items
Abhyuday Jindal
opening
“Given the prevailing geopolitical complexities, we anticipate a further rise in low- quality, cheap imports entering the country.”
Abhyuday Jindal
opening
“We have partnered with Greenzo Energy India Limited to commission a green hydrogen plant at our Jajpur facility with a planned capacity of 600 NMQ per hour, targeted for completion by middle of next year.”
Abhyuday Jindal
opening
“In parallel, our renewable power utilization at Jajpur and Hisar facilities has increased to 42% Q2 FY26, up from 26% in FY25, marking a significant step towards cleaner and more sustainable operations.”
Tarun Kumar Khulbe
opening
“For H1 FY26, our deliveries stood at 12,74,302 metric tons, with an increase of around 12% year-on-year.”
Tarun Kumar Khulbe
opening
“Our SMS project in Indonesia and aligned downstream capacity expansions in India are progressing well and remain on track as per the timeline.”
Tarun Kumar Khulbe
opening
“With this unit, we aim to bridge the gap by bringing together material excellence, skilled fabrication, and streamlined processes to deliver timely and superior infrastructure solutions.”
Tarun Kumar Khulbe
opening
“These efforts aim to promote awareness and practical applications of stainless steel while reinforcing workforce competency across the value chain.”
Amit Dixit
qa
“Is there something that you are seeing happening which will push exports or do you expect that export would remain in the same trajectory?”
Abhyuday Jindal
qa
“I think currently short-term export would remain in the same trajectory because I think everybody in terms of customers, also producers, everyone is looking what will be the impact of CBAM.”
Abhyuday Jindal
qa
“There could be a little downward pressure on prices, but we are still sticking to our guidance that we have given at the beginning of the year.”
Risks & concerns — 6 flagged
I think currently short-term export would remain in the same trajectory because I think everybody in terms of customers, also producers, everyone is looking what will be the impact of CBAM.
— Abhyuday Jindal
We still feel some pressure in the short-term.
— Abhyuday Jindal
On the QCO order, that would be a near-term headwind.
— Satyadeep Jain
There could be a little downward pressure on prices, but we are still sticking to our guidance that we have given at the beginning of the year.
— Abhyuday Jindal
So, we don't see any kind of challenge with our Maharashtra expansion from a balance sheet perspective.
— Abhyuday Jindal
Our unwavering commitment to quality and operational discipline continues to set us apart, even as global markets remain soft and import pressure persists.
— Abhyuday Jindal
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Q&A — 8 exchanges
Q
The first one is essentially on a recently announced PLI scheme by Delhi Government in which the stainless steel both flats and longs have been brough in the ambit. Wanted to understand what kind of benefit will it have for us and whether we have done some kind of analysis on this that on what products it would be applicable and how much we can quantify?
Tarun Kumar Khulbe
This PLI team just which has come out, and we are also studying it, definitely we see the possibilities because the certain provisions which are given there, we as a company will also be benefited and I'm sure for the industry also benefit would be there, the way the scheme has been designed. But to get you more specific on that, to be honest, it has just come, and we are also now working on it and evaluating it. We're trying to evaluate how much we can actually extract or benefit. Amit, in a couple of weeks if you can check back with us, we'll have it ready. There is positivity because these
Q
Just wanted to take on the QCO order first and then on the capacity expansions. On the QCO order, that would be a near-term headwind. Just clarity on what exactly is the timeline. Initial notifications seem to suggest any goods exported till October 30th would be exempted which will give some lag time on arrival. So, what is the current situation? Is this going to end near- term or is there a possibility this could be extended beyond the next few months and what is the impact in the near-term that you are seeing in the last few days of this? You've already had 3-4 weeks of this quarter. What k
Abhyuday Jindal
If I can answer, this has been suspended till December. The QCO order has been suspended till December, and we are working with the government to ensure that the suspension removes and QCO comes back. QCO as a concept is very important for the country. It is not only for the steel industry or stainless steel, but it covers a wide range of industries and is protecting our citizens from sub-standard products. As a concept, we are totally pro-QCO. It is as of now suspended till December and whenever there is certain uncertainty whether it will stay or not stay, there are certain downward pressure
Q
Any issues on Chromeni are we facing? Our Q1 utilization was 65, but we were targeting around 80-85 by first half end. And now you are saying it is at around 70% odd. And would like to know approximate EBITDA contribution from Chromeni if it is possible.
Tarun Kumar Khulbe
What we have stated, this is true that we have hit the numbers of 70% capacity utilization. And in the second half, we believe that we will be hitting that 80% what we have told you before of capacity utilization. So, it is on track. EBITDA? It is already in EBITDA positive, right? EBITDA is all included, we gave a consolidated number, the guidance remains the same. In terms of CAPEX, we have given 2700 crores of CAPEX for full year. How much we did in Q2? Basically, first half 665 was shown. In the H1, we have already done around 1260 crores as a CAPEX. So, again, whatever 2700 guidance we ha
Q
A couple of questions. First is anything incremental on structure simplification? We have Chromeni, we have RVPL, we have RT. I presume there will be accumulated losses over there. Then why is it that we are not merging it also making good of the losses?
Abhyuday Jindal
All in terms of consolidation is in the pipeline and it is in our plans. It is just for certain factors why we are not taking that step right now. But next couple of years, you will see most of the assets being consolidated. Any timelines to that? Say a year or two? Different, different timelines for different organizations. If you would like some clarity, then I will ask Shreya to share more details with you on that. But most of our assets are going to be consolidated. The second question on Maharashtra expansion, we have indicated four phases of a million tonne each looking to procure land.
Q
To start off with, can you just give me the breakup of 200, 300 and 400 series for the quarter?
Shreya Sharma
I read it in a flow of 200, 300 and 400 series. For this quarter, it was 34%, 49% and 17%. My second question is pertaining to your EBITDA where you have answered somewhere in the comments but just wanted to get a better clarity on it. Now, this particular quarter, we did reasonably a good number. And though you have kept your volume guidance intact, would you like to rework or go back to the drawing board and say that, okay, whatever original guidance of EBITDA per tonne, you have done considering nickel being relatively stable, we'll visit and do better for the year. And considering your dow
Q
In an earlier question, one of the participants mentioned about Rathi acquisition. Can you please elaborate? I am not aware about it as I am tracking this company recently.
Abhyuday Jindal
Mehul, for that I would request you to connect with our team because this we did almost two years. Just quickly, this was our acquisition to enter into stainless steel long products catering to two sectors, wire rod and stainless-steel rebar. And with the big push coming in infrastructure where corrosion is a big problem, bridges collapse and other infrastructure collapse so stainless steel rebar demand is something that we saw picking up. There was a lot of requirement coming from public procurement side, private procurement side, which was the reason why we entered and acquired this asset wh
Q
Though it is still early, but I just wanted to understand, have we got any understanding regarding CBAM? Since we are using some portion of the renewable energy, would we get a weighted average of plant-wise energy calculation or renewable energy using in one, we would make it a green stainless steel? Any understanding or color on that?
Abhyuday Jindal
Vikas, I think this is the most confusing topic there is in the world of trade this time. I was in Europe last week and the main reason was to again identify and discover what is happening with CBAM. I met European manufacturer also to further discuss what are their plans and what are they doing. So, what they have said is that they are expecting by middle December before Europe goes on some kind of holiday, some more clarification should come. But till then, even they are absolutely unaware and so are we. And we are in touch with all the highest authorities that are there, but still no clarit
Q
Thank you, everybody. I would like to conclude by saying we delivered a steady and resilient performance despite the dynamic external environment, strong demand across key sectors, rising traction in our value-added portfolio and our continued customer focus, along with diverse sector presence supported our growth during the quarter. Our unwavering commitment to quality and operational discipline continues to set us apart, even as global markets remain soft and import pressure persists. I hope that we've been able to answer all your questions. Should you need any further clarification or would
Management
Speaking time
Abhyuday Jindal
23
Tarun Kumar Khulbe
12
Moderator
10
Ritesh Shah
8
Parthiv Jhonsa
6
Tushar Chaudhari
5
Vikas Singh
4
Satyadeep Jain
3
Shreya Sharma
2
Amit Dixit
2
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Opening remarks
Vikas Singh
Thank you so much. Good afternoon, everyone. First of all, on behalf of ICICI Securities, I would like to thank the Management for giving us the opportunity to host them. From the Management side, we have with us Mr. Abhyuday Jindal – Managing Director, Mr. Tarun Kumar Khulbe – CEO, CFO, and Whole Time Director, and Ms. Shreya Sharma – Head Investor Relationships. Without taking any more time, I will hand it over to the Management for their opening remarks.
Shreya Sharma
Thank you, Vikas. Good day, everyone and thank you for joining us for the company's Q2 FY26 earnings call. I hope you have all had a chance to review the results and the company's earnings presentation uploaded on the exchanges and on our website earlier. Our discussion on this call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be forward-looking in nature and are covered by the disclaimer on Slide 2 of the earnings presentation. Joining me on the call today is our senior leadership team who will take you through the key business developments and the performance for the quarter. After their remarks, we will open the floor for the questions. With that, let me hand it over to our Managing Director – Mr. Abhyuday Jindal, to take you through the highlights. Over to you, sir.
Abhyuday Jindal
Thank you, Shreya, and good evening to everyone. I would like to welcome you all to the Q2 FY26 Earnings Call. I will begin by outlining the key business highlights for the quarter ended September 2025 and the progress we continue to make across our priority sectors. Following that, Mr. Khulbe will take you through our operational and financial performance. Backed by the continued improvement in domestic demand across sectors, we sustained strong growth in our deliveries, increasing by around 15% year-on-year and 3% sequentially. Our strategic focus on expanding our presence across diverse sectors, along with healthy growth opportunities in the market, supported this momentum. As we continue to focus on increasing the share of our value-added products, the special product division delivered further growth during the quarter. Strong demand from sectors such as pipe and tubes, lift and elevator, along with improved traction in passenger coach driven by roll-out of Vande Bharat sleeper cl
Tarun Kumar Khulbe
Thank you, Abhyuday. Good evening, everyone. Welcome to the call. I would like to begin by providing a detailed overview of our operational and financial performance. Our Q2 deliveries are at 648,050 metric tons, with an increase of around 15% on year-on-year and around 3% on quarter-on-quarter basis. Our Q2 consolidated EBITDA increased by around 17% year-on-year and around 6% on quarter-on-quarter to INR 1,388 crores, while our consolidated PAT stood at INR 808 crores, an increase of around 33% on year-on-year and around 13% on quarter-on-quarter basis. For H1 FY26, our deliveries stood at 12,74,302 metric tons, with an increase of around 12% year-on-year. Consolidated EBITDA increased by around 12% year-on-year to INR 2,698 crores, and consolidated PAT stood at INR 1,523 crores, with an increase of around 21% year-on-year basis. We are pleased to report continued improvement in our balance sheet. As of September 30th, 2025, our consolidated net debt has further reduced to INR 3,646
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