JSL
Jindal Stainless share price & financials
- Price
- ₹696.7
- Market cap
- ₹59.7k Cr
- Sector
- Metals & Mining
- Calls analysed
- 7
Jindal Stainless Limited Q1 FY27
What went well
- Revenue grew 10.5% YoY despite challenging operating environment.
- PAT grew 7.7% YoY, reflecting resilient financial performance.
- Consolidated net debt reduced to INR 2,950 crores, improving net debt-to-EBITDA ratio to 0.53x and net debt-to-equity to 0.14x.
What to watch
- Sales volume declined 7.3% YoY due to industrial gas supply constraints and logistics uncertainties in Q1.
- Gas price increases were substantial (up to 3x), and 100% could not be passed on, impacting margins.
What Jindal Stainless Limited does
Jindal Stainless is India's leading integrated stainless steel producer, melting steel via electric arc furnaces at its Hisar (Haryana) and Jajpur (Odisha) complexes, with additional manufacturing at Chromeni Steels in Mundra (Gujarat) and processing units in Spain and Indonesia. It converts raw materials into a wide range of flat and long stainless steel products — slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel and coin blanks — supplied to sectors spanning automobiles, railways and transport, process and engineering, consumer durables, and architecture, building and construction. The company also owns Arttd'inox, a premium homeware and tableware brand, and operates through a network of subsidiaries supporting its integrated value chain.
- Market position
- #1 stainless steel producer in India
- Manufacturing & processing facilities
- 16 (India, Spain, Indonesia)
- Countries of operational presence
- 12
- Installed stainless steel melting capacity
- 3 MTPA (Steel Melt Shop)
- Hot Strip Mill rolling capacity
- 3.92 MTPA (including JUSL)
- Export markets
- 50+ countries
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 7 delivered 1 missed 11 open- Volume Growth at risk said Q4 FY26 Promised: 7% to 9% for FY27 Q1 FY27: Management reiterated confidence in the full-year guidance despite a 7.3% YoY decline in Q1 sales volume, stating they will provide an update in Q2.
- HRAP Commissioning on track said Q1 FY26 Promised: H2 FY27 Q1 FY27: Confirmed HRAP plant should be ready towards the end of Q3 FY27, which is in line with the H2 FY27 timeline.
- Consolidated EBITDA per ton delivered said Q4 FY25 Promised: Rs. 19,000 to Rs. 21,000 for FY26 Q4 FY26: Full FY26 average was ~Rs. 21,634/ton (INR 5,560 crores EBITDA / 2.57 MT volume), exceeding the guided range.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 3.2%, net profit down 5.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,746 | 10,066 | 10,786 | 10,341 | 10,881 +12% | 10,632 +6% | 10,826 +0% | 10,677 +3% |
| EBITDA | 1,007 | 1,003 | 890 | 1,048 | 1,060 +5% | 1,103 +10% | 1,111 +25% | 1,028 −2% |
| Net profit | 589 | 619 | 925 | 642 | 644 +9% | 666 +8% | 892 −4% | 606 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −2.9% 1Y
1Y: ₹778.3 on 10 Sept 2025 → ₹756.1. High ₹865.65 (5 Jan 2026), low ₹661.9 (10 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.5%
- 4 Aug
- Q4 FY26
- −3.2%
- 9 May
- Q3 FY26
- +0.9%
- 22 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin held at 10.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹35.4k Cr | ₹38.4k Cr | ₹40.2k Cr | ₹42.7k Cr |
| Operating profit | ₹3.5k Cr | ₹4.0k Cr | ₹3.9k Cr | ₹4.3k Cr |
| Operating margin | 10.0% | 10.5% | 9.7% | 10.1% |
| Interest | ₹317 Cr | ₹393 Cr | ₹442 Cr | ₹382 Cr |
| Depreciation | ₹711 Cr | ₹715 Cr | ₹734 Cr | ₹793 Cr |
| Net profit | ₹2.0k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹2.8k Cr |
| Net margin | 5.7% | 6.6% | 6.7% | 6.7% |
| ROCE | 21.0% | 23.0% | 20.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹97 Cr | ₹105 Cr | ₹165 Cr | ₹165 Cr | ₹165 Cr | ₹165 Cr |
| Reserves | ₹3.1k Cr | ₹9.3k Cr | ₹11.3k Cr | ₹13.5k Cr | ₹17.9k Cr | ₹18.7k Cr |
| Borrowings | ₹2.9k Cr | ₹3.5k Cr | ₹3.6k Cr | ₹3.9k Cr | ₹6.9k Cr | ₹4.6k Cr |
| Other liabilities | ₹4.2k Cr | ₹8.4k Cr | ₹11.1k Cr | ₹9.9k Cr | ₹14.1k Cr | ₹11.5k Cr |
| Total liabilities | ₹10.3k Cr | ₹21.3k Cr | ₹26.1k Cr | ₹27.5k Cr | ₹39.1k Cr | ₹35.0k Cr |
| Fixed assets | ₹5.7k Cr | ₹8.2k Cr | ₹9.5k Cr | ₹9.5k Cr | ₹15.1k Cr | ₹10.9k Cr |
| Capital work in progress | ₹55 Cr | ₹502 Cr | ₹520 Cr | ₹957 Cr | ₹3.9k Cr | ₹1.4k Cr |
| Investments | ₹491 Cr | ₹937 Cr | ₹1.2k Cr | ₹2.8k Cr | ₹1.4k Cr | ₹5.3k Cr |
| Other assets | ₹4.0k Cr | ₹11.7k Cr | ₹15.0k Cr | ₹14.2k Cr | ₹18.7k Cr | ₹17.3k Cr |
| Total assets | ₹10.3k Cr | ₹21.3k Cr | ₹26.1k Cr | ₹27.5k Cr | ₹39.1k Cr | ₹35.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +0.94 pp while FIIs trimmed −0.81 pp. The shareholder count shrank 3% to 2,11,641.
- Promoters
- 62.0%
- FIIs
- 20.4%
- DIIs
- 7.3%
- Public
- 10.1%
- Others
- 0.0%
Since Jun 2025
- Promoters +0.94 pp
- FIIs −0.81 pp
- Public −0.43 pp
How it drifted, 12 quarters
Over this window promoters went from 57.9% to 62.0% — +4.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 57.9%, FIIs 23.4%, DIIs 5.4%, Public 13.3%.Dec '23: Promoters 58.7%, FIIs 22.6%, DIIs 5.8%, Public 12.9%.Mar '24: Promoters 60.5%, FIIs 20.8%, DIIs 6.6%, Public 12.1%.Jun '24: Promoters 60.5%, FIIs 22.5%, DIIs 6.3%, Public 10.8%.Sep '24: Promoters 60.5%, FIIs 22.8%, DIIs 5.9%, Public 10.9%.Dec '24: Promoters 60.7%, FIIs 22.2%, DIIs 6.3%, Public 10.8%, Others 0.0%.Mar '25: Promoters 60.9%, FIIs 21.4%, DIIs 6.9%, Public 10.8%, Others 0.0%.Jun '25: Promoters 61.1%, FIIs 21.3%, DIIs 7.1%, Public 10.6%, Others 0.0%.Sep '25: Promoters 61.2%, FIIs 21.4%, DIIs 7.1%, Public 10.2%, Others 0.1%.Dec '25: Promoters 61.2%, FIIs 21.5%, DIIs 7.2%, Public 9.9%, Others 0.1%.Mar '26: Promoters 62.0%, FIIs 20.9%, DIIs 7.2%, Public 9.9%, Others 0.1%.Jun '26: Promoters 62.0%, FIIs 20.4%, DIIs 7.3%, Public 10.1%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Midcap Fund Mutual fund +0.06 pp 1.20% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Jindal Stainless Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jsl Overseas Holding Ltd | 17.12% | unchanged |
| Jsl Overseas Limited | 12.28% | unchanged |
| Virtuous Tradecorp Private Limited | 7.45% | unchanged |
| Elm Papark Fund Limited FPI fund | 3.86% | unchanged |
| Sun Investments Pvt Ltd | 3.33% | unchanged |
| Albula Investment Fund Ltd FPI fund | 2.59% | unchanged |
| Jindal Equipment Leasing And Consultancy Services Limited | 2.05% | unchanged |
| Jindal Strips Limited | 1.90% | unchanged |
| Naveen Jindal | 1.78% | unchanged |
| Life Insurance Corporation Of India Insurer | 1.77% | unchanged |
| Vrindavan Services Private Limited | 1.77% | unchanged |
| Hexa Securities And Finance Co Ltd | 1.76% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JSL
Filings to Aug 2026
0 new, 6 added, 1 trimmed, 0 sold out — net +0.33 L shares (+2.8%).
- Held by funds
- ₹85 Cr
- 11 schemes
- Biggest holder
- SBI Comma Fund
- ₹22 Cr · 1.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Comma Fund SBI Mutual Fund | ₹22 Cr | held | Jun '23 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹21 Cr | +0.18 L | Sep '23 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹15 Cr | +0.04 L | Sep '23 |
| SBI Long Term Advantage Fund - Series V SBI Mutual Fund | ₹8 Cr | held | Jun '26 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹7 Cr | +0.04 L | Sep '23 |
| SBI Long Term Advantage Fund - Series VI SBI Mutual Fund | ₹5 Cr | held | Jun '26 |
| SBI Long Term Advantage Fund - Series IV SBI Mutual Fund | ₹5 Cr | held | Jun '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +33,223 shares (+2.8%)
- Funds are sitting on
- +17%
- vs est. average cost
- Held by funds
- ₹85 Cr
- 11 schemes · ≈ 0.14% of the company
- Biggest holder
- SBI Comma Fund
- ₹22 Cr · 1.8% of that fund
Shares held by these funds −41%
Aug '23 11.78 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Jindal Stainless Limited
Guides on how to read this kind of business and the numbers that matter.