Jindal Stainless reported a strong performance for the March quarter, with net profit rising 41 per cent year-on-year to ₹834 crore, compared with ₹509 crore in the same period last year, aided partly by a favourable base. However, the company flagged a cautious outlook, noting that uncertainty is likely to persist in the coming months amid the ongoing conflict in West Asia.
Revenue for the quarter grew 11 per cent to ₹11,337 crore ( ₹10,198 crore), reflecting steady demand conditions despite global volatility. The board has recommended a final dividend of ₹3 per share for FY26.
For the full year, the company recorded sales growth of 8 per cent, falling short of its 9.5 per cent target, primarily due to disruptions linked to the West Asia war.
The company has achieved 37 per cent increase in EBITDA at ₹1,455 crore (₹1,061 crore).
Challenging times
Abhyuday Jindal, Managing Director, Jindal Stainless, said despite challenging times, the company has managed to post an encouraging profit, as it focused on value-added products and improved cost efficiencies.
The domestic stainless steel industry continues to operate in a challenging environment caused by the West Asia crisis and India’s liberal trade policies, he said.
Concerns over cheap and substandard imports remain even as the industry continues to advocate implementation of quality control order to curb unfair imports and safeguard the long-term interests of the domestic stainless steel industry, he said.
Jindal Stainless has set a capex of ₹2,600 crore in FY27 with the focus to complete the ongoing projects. It has expressed serious concern over cheap imports even as its domestic capacity utilisation hovers around 60 per cent.
Tarun Khulbe, CEO, Jindal Stainless, said the cost of propane had gone up almost three times to ₹1.90 lakh a tonne; a similar trend was seen in LPG due to short-supply.
Cost rise impact
The real impact of the cost rise will be felt in the coming days also, as the company used the inventory in March quarter, he added.
When prices rise sharply, he said many of the buyers are delaying fresh order on hopes that prices will come down soon with daily signals of war coming to an end soon.
The company expects EBITDA per tonne to fall to ₹18,000-20,000 tonne in the first half of this fiscal against ₹21,700 a tonne achieved in FY26.
The company has given sales guidance of 2.8 mt in FY27 against 2.5 mt achieved in FY26. Given the fluid market condition, it will review the guidance after the first half of this fiscal.
On Carbon Border Adjustment Mechanism roll-out in Europe, Jindal said the delay in appointment of validators for green energy utilisation is the missing link, but the company is making its mark in new markets in Japan and South Korea.
Published on May 4, 2026