Jindal Stainless Ltd.
JSLCommodities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
20 transcript(s)/analyst meet(s) served; 2 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 20 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20200211 | 2019-12-31 | yes | |
| TRANSCRIPT | 20220512 | 2022-03-31 | yes | |
| COVER_LETTER | 20220729 | 2022-06-30 | no | |
| TRANSCRIPT | 20220802 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221109 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230130 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230523 | 2023-03-31 | yes | |
| TRANSCRIPT | 20231023 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240125 | 2023-12-31 | yes | |
| COVER_LETTER | 20240516 | 2024-03-31 | no | |
| TRANSCRIPT | 20240522 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240805 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241023 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250204 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250513 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250812 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251117 | 2025-09-30 | yes | |
| ANALYST_MEET | 20260128 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260509 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260810 | 2026-06-30 | yes |
JSL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 738.95 |
| 52-week range | 661.9 – 865.65 |
| Return 1M | 5.35% |
| Return 3M | 6.32% |
| Return 1Y | -7.57% |
| Return 3Y | 66.77% |
| Return 5Y | 361.12% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 11,279.00 |
| Other income | 118.00 |
| Total income | 11,397.00 |
| Cost of materials consumed | 7,861.00 |
| Purchases of stock-in-trade | 20.00 |
| Changes in inventories | -812.00 |
| Employee benefit expense | 293.00 |
| Finance costs | 146.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.62 | 0.00 |
| institutions foreign | 0.20 | -0.00 |
| institutions domestic | 0.07 | 0.00 |
| mutual funds | 0.03 | 0.00 |
| public | 0.38 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2025-12-31 | 1 |
| COVER_LETTER | 2024-03-31 | 2 |
| TRANSCRIPT | 2026-06-30 | 17 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-03-31 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,564.00 | 6,350.00 | 9,765.00 | 10,184.00 | 9,797.00 | 9,127.00 | 9,454.00 | 9,430.00 | 9,777.00 | 9,907.00 | 10,198.00 | 10,207.00 | 10,893.00 | 10,518.00 | 11,337.00 | 11,279.00 |
| Other income | 19.00 | 22.00 | 38.00 | 43.00 | 32.00 | 39.00 | 55.00 | 51.00 | 47.00 | 99.00 | 94.00 | 69.00 | 90.00 | 102.00 | 91.00 | 118.00 |
| Total income | 6,583.00 | 6,372.00 | 9,803.00 | 10,227.00 | 9,829.00 | 9,166.00 | 9,509.00 | 9,480.00 | 9,824.00 | 10,006.00 | 10,292.00 | 10,276.00 | 10,982.00 | 10,620.00 | 11,428.00 | 11,397.00 |
| Cost of materials consumed | 4,422.00 | 5,317.00 | 7,247.00 | 7,008.00 | 6,024.00 | 6,648.00 | 5,914.00 | 6,585.00 | 6,760.00 | 6,744.00 | 7,080.00 | 7,072.00 | 7,383.00 | 6,746.00 | 6,721.00 | 7,861.00 |
| Purchases of stock-in-trade | 70.00 | 58.00 | 160.00 | 122.00 | 76.00 | 78.00 | 180.00 | 148.00 | 124.00 | 127.00 | 84.00 | 95.00 | 95.00 | 84.00 | 54.00 | 20.00 |
| Changes in inventories | 202.00 | -850.00 | -659.00 | 4.00 | 820.00 | -578.00 | 418.00 | -443.00 | -67.00 | -166.00 | -110.00 | -429.00 | -212.00 | 111.00 | 790.00 | -812.00 |
| Employee benefit expense | 49.00 | 57.00 | 135.00 | 154.00 | 142.00 | 160.00 | 187.00 | 204.00 | 206.00 | 220.00 | 226.00 | 244.00 | 245.00 | 256.00 | 244.00 | 293.00 |
| Finance costs | 72.00 | 80.00 | 83.00 | 100.00 | 156.00 | 146.00 | 153.00 | 143.00 | 159.00 | 161.00 | 150.00 | 144.00 | 141.00 | 134.00 | 149.00 | 146.00 |
| Depreciation and amortisation | 92.00 | 94.00 | 181.00 | 188.00 | 222.00 | 236.00 | 233.00 | 232.00 | 241.00 | 242.00 | 241.00 | 252.00 | 262.00 | 269.00 | 278.00 | 302.00 |
| Other expenses | 959.00 | 1,208.00 | 1,698.00 | 1,671.00 | 1,497.00 | 1,559.00 | 1,719.00 | 1,725.00 | 1,567.00 | 1,790.00 | 1,886.00 | 1,929.00 | 2,007.00 | 1,907.00 | 2,035.00 | 2,553.00 |
| Total expenses | 5,864.00 | 5,964.00 | 8,846.00 | 9,247.00 | 8,937.00 | 8,250.00 | 8,805.00 | 8,595.00 | 8,990.00 | 9,116.00 | 9,556.00 | 9,307.00 | 9,921.00 | 9,507.00 | 10,270.00 | 10,363.00 |
| Profit before exceptional items and tax | 719.00 | 408.00 | 957.00 | 981.00 | 892.00 | 917.00 | 704.00 | 886.00 | 834.00 | 890.00 | 736.00 | 969.00 | 1,061.00 | 1,112.00 | 1,158.00 | 1,034.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 101.00 | 0.00 | -2.00 | 0.00 | 0.00 | 0.00 | -7.00 | 0.00 | 17.00 | -30.00 | -46.00 | 0.00 |
| Profit before tax | 719.00 | 408.00 | 957.00 | 981.00 | 993.00 | 917.00 | 702.00 | 886.00 | 834.00 | 890.00 | 729.00 | 969.00 | 1,078.00 | 1,082.00 | 1,112.00 | 1,034.00 |
| Current tax | -50.00 | 121.00 | 238.00 | 222.00 | 208.00 | 209.00 | 163.00 | 242.00 | 229.00 | 236.00 | 179.00 | 263.00 | 258.00 | 267.00 | 232.00 | 253.00 |
| Deferred tax | 18.00 | -12.00 | 3.00 | 21.00 | 21.00 | 17.00 | 39.00 | -2.00 | -4.00 | -0.00 | -40.00 | -9.00 | 12.00 | -12.00 | 46.00 | 12.00 |
| Tax expense | -31.00 | 109.00 | 241.00 | 243.00 | 229.00 | 226.00 | 201.00 | 240.00 | 225.00 | 236.00 | 139.00 | 254.00 | 270.00 | 254.00 | 278.00 | 265.00 |
| Profit for the period | 750.00 | 299.00 | 716.00 | 738.00 | 764.00 | 691.00 | 501.00 | 646.00 | 609.00 | 654.00 | 590.00 | 715.00 | 808.00 | 828.00 | 834.00 | 769.00 |
| Profit attributable to owners | 736.00 | 314.00 | 766.00 | — | 774.00 | 692.00 | 501.00 | 648.00 | 611.00 | 655.00 | 591.00 | 714.00 | 807.00 | 829.00 | 844.00 | 769.00 |
| Profit attributable to non-controlling interests | 14.00 | -16.00 | -50.00 | — | -10.00 | -1.00 | -0.00 | -2.00 | -2.00 | -1.00 | -1.00 | 0.00 | 1.00 | -1.00 | -9.00 | -1.00 |
| Other comprehensive income | -7.00 | 6.00 | -16.00 | -3.00 | 1.00 | 2.00 | -9.00 | 1.00 | -3.00 | 28.00 | 12.00 | -1.00 | 8.00 | 9.00 | 86.00 | -3.00 |
| Total comprehensive income | 743.00 | 305.00 | 700.00 | 735.00 | 765.00 | 694.00 | 492.00 | 647.00 | 607.00 | 682.00 | 602.00 | 714.00 | 816.00 | 837.00 | 920.00 | 766.00 |
| Earnings per share, basic | 14.67 | 5.98 | 9.30 | 9.06 | 9.40 | 8.41 | 6.08 | 7.87 | 7.42 | 7.95 | 7.18 | 8.67 | 9.80 | 10.06 | 10.24 | 9.34 |
| Earnings per share, diluted | 14.16 | 5.98 | 9.30 | 9.06 | 9.40 | 8.41 | 6.07 | 7.86 | 7.41 | 7.95 | 7.17 | 8.66 | 9.78 | 10.05 | 10.22 | 9.32 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 12,951.00 | 12,188.00 | 21,223.00 | 35,697.00 | 38,562.00 | 39,312.00 | 42,955.00 |
| Other income | 40.00 | 41.00 | 56.00 | 126.00 | 169.00 | 291.00 | 351.00 |
| Total income | 12,991.00 | 12,229.00 | 21,279.00 | 35,823.00 | 38,732.00 | 39,603.00 | 43,306.00 |
| Cost of materials consumed | 8,218.00 | 7,458.00 | 15,054.00 | 24,882.00 | 25,594.00 | 27,169.00 | 27,922.00 |
| Purchases of stock-in-trade | 488.00 | 237.00 | 231.00 | 444.00 | 457.00 | 483.00 | 328.00 |
| Changes in inventories | -127.00 | 114.00 | -759.00 | -854.00 | 663.00 | -786.00 | 260.00 |
| Employee benefit expense | 205.00 | 178.00 | 209.00 | 539.00 | 643.00 | 856.00 | 989.00 |
| Finance costs | 586.00 | 480.00 | 332.00 | 325.00 | 554.00 | 612.00 | 568.00 |
| Depreciation and amortisation | 425.00 | 403.00 | 371.00 | 724.00 | 879.00 | 956.00 | 1,060.00 |
| Other expenses | 3,028.00 | 2,772.00 | 3,398.00 | 6,990.00 | 6,447.00 | 6,968.00 | 7,878.00 |
| Total expenses | 12,822.00 | 11,642.00 | 18,837.00 | 33,049.00 | 35,238.00 | 36,257.00 | 39,006.00 |
| Profit before exceptional items and tax | 169.00 | 587.00 | 2,442.00 | 2,774.00 | 3,493.00 | 3,346.00 | 4,300.00 |
| Exceptional items | 4.00 | 102.00 | 0.00 | 0.00 | 99.00 | -7.00 | -58.00 |
| Profit before tax | 173.00 | 690.00 | 2,442.00 | 2,774.00 | 3,592.00 | 3,339.00 | 4,242.00 |
| Current tax | 1.00 | 1.00 | 194.00 | 700.00 | 802.00 | 887.00 | 1,020.00 |
| Deferred tax | 91.00 | 269.00 | 339.00 | -10.00 | 97.00 | -47.00 | 38.00 |
| Tax expense | 93.00 | 270.00 | 533.00 | 690.00 | 899.00 | 839.00 | 1,058.00 |
| Profit for the period | 73.00 | 419.00 | 1,909.00 | 2,084.00 | 2,693.00 | 2,500.00 | 3,185.00 |
| Profit attributable to owners | 71.00 | 419.00 | 1,881.00 | 2,114.00 | 2,713.00 | 2,505.00 | 3,193.00 |
| Profit attributable to non-controlling interests | 1.00 | 0.00 | 28.00 | -31.00 | -20.00 | -5.00 | -9.00 |
| Other comprehensive income | 7.00 | 4.00 | -10.00 | -6.00 | -8.00 | 37.00 | 102.00 |
| Total comprehensive income | 80.00 | 423.00 | 1,899.00 | 2,077.00 | 2,686.00 | 2,537.00 | 3,287.00 |
| Earnings per share, basic | 1.48 | 8.60 | 37.81 | 25.68 | 32.95 | 30.42 | 38.76 |
| Earnings per share, diluted | 1.48 | 8.48 | 36.39 | 25.68 | 32.94 | 30.41 | 38.70 |
Balance sheet, as filed
| Line | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Total assets | 27,140.00 | 29,089.00 | 30,817.00 | 34,113.00 | 36,158.00 | 39,078.00 | 40,704.00 |
| Non-current assets | 12,028.00 | 15,644.00 | 16,035.00 | 18,462.00 | 19,360.00 | 21,665.00 | 23,203.00 |
| Current assets | 15,112.00 | 13,445.00 | 14,783.00 | 15,272.00 | 16,606.00 | 17,222.00 | 17,313.00 |
| Property, plant and equipment | 8,546.00 | 11,285.00 | 11,395.00 | 12,167.00 | 12,433.00 | 12,334.00 | 15,545.00 |
| Capital work-in-progress | 761.00 | 979.00 | 1,085.00 | 1,590.00 | 1,770.00 | 3,923.00 | 1,790.00 |
| Goodwill | 163.00 | 332.00 | 332.00 | 1,553.00 | 899.00 | 1,285.00 | 1,247.00 |
| Other intangible assets | 782.00 | 922.00 | 866.00 | 815.00 | 795.00 | 748.00 | 718.00 |
| Inventories | 8,394.00 | 7,775.00 | 7,932.00 | 8,711.00 | 9,700.00 | 10,079.00 | 9,508.00 |
| Trade receivables | 3,658.00 | 2,873.00 | 2,837.00 | 3,099.00 | 3,107.00 | 3,051.00 | 3,086.00 |
| Cash and cash equivalents | 470.00 | 1,040.00 | 1,230.00 | 924.00 | 633.00 | 624.00 | 415.00 |
| Total equity and liabilities | 27,140.00 | 29,089.00 | 30,817.00 | 34,113.00 | 36,158.00 | 39,078.00 | 40,704.00 |
| Equity | 11,968.00 | 13,262.00 | 14,375.00 | 15,483.00 | 16,708.00 | 18,106.00 | 19,882.00 |
| Equity share capital | 165.00 | 165.00 | 165.00 | 165.00 | 165.00 | 165.00 | 165.00 |
| Other equity | 11,766.00 | 13,079.00 | 14,193.00 | 15,297.00 | 16,523.00 | 17,915.00 | 19,626.00 |
| Total liabilities | 15,173.00 | 15,827.00 | 16,443.00 | 18,630.00 | 19,450.00 | 20,972.00 | 20,821.00 |
| Non-current liabilities | 4,222.00 | 6,382.00 | 6,399.00 | 6,287.00 | 6,207.00 | 5,878.00 | 6,834.00 |
| Current liabilities | 10,951.00 | 9,446.00 | 10,040.00 | 12,338.00 | 13,225.00 | 15,069.00 | 13,924.00 |
| Borrowings, non-current | 2,792.00 | 4,618.00 | 4,563.00 | 4,429.00 | 4,320.00 | 4,059.00 | 4,936.00 |
| Borrowings, current | 1,080.00 | 1,015.00 | 1,385.00 | 1,937.00 | 1,978.00 | 2,669.00 | 2,406.00 |
| Trade payables | 7,821.00 | 6,656.00 | 6,926.00 | 8,208.00 | 9,140.00 | 10,355.00 | 8,266.00 |
Cash flow, as filed
| Line | 2022-03-31 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 1,083.00 | 3,096.00 | 2,712.00 | 4,818.00 | 2,210.00 | 4,718.00 | 2,183.00 | 3,395.00 |
| Net cash from investing activities | -783.00 | -2,482.00 | -1,553.00 | -3,340.00 | -1,167.00 | -3,439.00 | -1,843.00 | -3,506.00 |
| Net cash from financing activities | -163.00 | -386.00 | -705.00 | -829.00 | -1,348.00 | -1,882.00 | -356.00 | -112.00 |
| Purchase of property, plant and equipment | 765.00 | 1,656.00 | 708.00 | 1,475.00 | 769.00 | 1,885.00 | 1,729.00 | 2,658.00 |
| Net increase in cash | 137.00 | 229.00 | 453.00 | 649.00 | -304.00 | -602.00 | -14.00 | -223.00 |
| con:CFO.BEFORE_TAX | 1,331.00 | 3,849.00 | 3,106.00 | 5,555.00 | 2,577.00 | 5,337.00 | 2,662.00 | 4,371.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -113.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 248.00 | 754.00 | 395.00 | 737.00 | 367.00 | 618.00 | 365.00 | 976.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 6.00 | 8.00 | 8.00 | 24.00 | 7.00 | 57.00 | 18.00 | 18.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 36.00 | 0.00 | 158.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 1,527.00 | 426.00 | 799.00 | 79.00 | 109.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 57.94 | 57.94 | 57.94 | 58.69 | 60.49 | 60.49 | 60.49 | 60.71 | 60.88 | 61.10 | 0.61 | 0.61 | 0.62 | 0.62 |
| Domestic institutions | 6.15 | 6.01 | 5.42 | 5.81 | 6.63 | 6.25 | 5.87 | 6.27 | 6.92 | 7.09 | 0.07 | 0.07 | 0.07 | 0.07 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 3.01 | 0.03 | 0.03 | 0.03 | 0.03 |
| Insurance companies | 0.14 | 0.31 | 0.31 | 0.76 | 0.78 | 0.94 | 0.98 | 1.39 | 2.20 | 2.53 | 0.03 | 0.03 | 0.03 | 0.03 |
| Foreign institutions | 22.82 | 23.10 | 23.97 | 22.56 | 20.83 | 22.49 | 22.78 | 22.16 | 21.38 | 21.25 | 0.21 | 0.22 | 0.21 | 0.20 |
| Public | 42.06 | 42.06 | 42.06 | 41.31 | 39.51 | 39.51 | 39.51 | 39.25 | 39.10 | 38.89 | 0.39 | 0.39 | 0.38 | 0.38 |
| Non-institutional | 13.09 | 12.95 | 12.67 | 12.94 | 12.05 | 10.77 | 10.86 | 10.81 | 10.81 | 10.55 | 0.10 | 0.10 | 0.10 | 0.10 |
| Shares outstanding | 815995005 | 815995005 | 818559568 | 823434588 | 823434588 | 823434588 | 823434588 | 823769588 | 823769588 | 823769588 | 824419588 | 824419588 | 824419588 | 824419588 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Jindal Stainless Steelway Limited | SUBSIDIARY | Any other transaction, Purchase of goods or services | 17,684,500,000.00 | 10 |
| Jindal United Steel Limited | SUBSIDIARY | Any other transaction, Interest paid, Interest recei | 15,339,800,000.00 | 9 |
| JSL Global Commodities Pte. Ltd. | Entities under the control/ signif | Any other transaction, Purchase of goods or services | 7,970,500,000.00 | 4 |
| Prime Stainless DMCC | Entities under the control/ signif | Any other transaction, Purchase of goods or services | 5,332,100,000.00 | 4 |
| Chromeni Steels Private Limited | SUBSIDIARY | Any other transaction, Interest received, Investment | 5,005,500,000.00 | 7 |
| Jindal Coke Limited | Associates Company | Any other transaction, Purchase of goods or services | 1,822,300,000.00 | 6 |
| Iberjindal S.L. | SUBSIDIARY | Any other transaction, Purchase of goods or services | 1,502,600,000.00 | 4 |
| Rabirun Vinimay Private Limited | SUBSIDIARY | Any other transaction, Investment, Purchase of goods | 1,297,400,000.00 | 4 |
| Jindal Ferrous Limited | Entities under the control/ signif | Any other transaction, Purchase of goods or services | 997,000,000.00 | 4 |
| Sungai Lestari Investment Pte. Ltd. | SUBSIDIARY | Any other transaction, Interest received | 807,800,000.00 | 3 |
| JSL Super Steel Limited | SUBSIDIARY | Any other transaction, Interest received, Purchase o | 788,700,000.00 | 6 |
| Virtuous Tradecorp Pvt. Ltd. | Entities under the control/ signif | Any other transaction, Sale of goods or services | 447,500,000.00 | 2 |
| Jindal Advance Materials Pvt. Ltd. | Entities under the control/ signif | Any other transaction, Purchase of goods or services | 258,100,000.00 | 3 |
| Jindal Lifestyle Limited | SUBSIDIARY | Any other transaction, Purchase of goods or services | 151,600,000.00 | 6 |
| Jindal Industries Pvt. Ltd. | Entities under the control/ signif | Purchase of goods or services | 109,600,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-10 | Q1FY27 | JINDAL STAINLESS LIMITED | Read the call |
| 2026-05-09 | Q4FY26 | JINDAL STAINLESS LIMITED | Read the call |
| 2026-01-28 | Q3FY26 | Read the call | |
| 2025-11-17 | Q2FY26 | JINDAL STAINLESS LIMITED | Read the call |
| 2025-08-12 | Q1FY26 | JINDAL STAINLESS LIMITED | Read the call |
| 2025-05-13 | Q4FY25 | JINDAL STAINLESS LIMITED | Read the call |
| 2025-02-04 | Q3FY25 | JINDAL STAINLESS LIMITED, LIMITED, STAINLESS LIMITED | Read the call |
| 2024-10-23 | Q2FY25 | DIRECTOR, JINDAL STAINLESS LIMITED | Read the call |
| 2024-08-05 | Q1FY25 | JINDAL STAINLESS LIMITED | Read the call |
| 2024-05-22 | Q4FY24 | JINDAL STAINLESS LIMITED | Read the call |
| 2024-01-25 | Q3FY24 | JINDAL STAINLESS LIMITED | Read the call |
| 2023-10-23 | Q2FY24 | JINDAL STAINLESS LIMITED | Read the call |
| 2023-05-23 | Q4FY23 | Read the call | |
| 2023-01-30 | Q3FY23 | JSL & JSHL, SECURITIES INDIA PRIVATE LIMITED. | Read the call |
| 2022-11-09 | Q2FY23 | MANAGEMENT | Read the call |
| 2022-08-02 | Q1FY23 | Read the call | |
| 2022-05-12 | Q4FY22 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | On the capex side, in our last call, we guided for FY'24 capex of INR3,300 crores. | I don't see much dip happening, and the other positive side with US is that they will also come with a lot of capex expenditure, from infra spending t… | And so just lastly, on our debt side, basically, given there is still some time on the large CapEx to take place, what is our assessment in terms of t… | But yes, the proportion of exports would be increasing when the capacity addition comes up. | The second question is essentially if I see the Board has also gone for Rs.500 Crores to Rs.5000 Crores of fundraise, now I am not sure why this fundr… | We have announced a total expansion capex of around INR5,400 crores. | 4,570 crores spent on the acquisition and CAPEX; we successfully maintained our net debt at Rs. | The announced capex plan is progressing well and remains on track. |
| Capital allocation | I would also like to discuss the successful acquisition of Rabirun Vinimay Private Limited on an ongoing basis at the cost of INR96 crores. | January 30, 2025 I would also like to inform that the Board of Director has approved an interim dividend payment of INR1 for FY '25, with a face value… | So, somewhere our investments into the downstream, our acquisition of Chromeni, all that has helped us in improving this percentage of CRAP. − Mr. Alo… | In our continuous efforts to create shareholder value, the Board has approved modification in the existing dividend policy of the company that inter-a… | I would also let you know that after the successful acquisition of Rathi Super Steel Limited Jindal Stainless has bigger production in the facility ah… | With regard to the divestment of the stake in JCL, the company has divested 4.87% stake and exploring the option to divest the balance 21.12% stake, w… | I would like to inform you that as part of JCL’s recent buyback offer of 21.13% for Rs. | I'm pleased to announce that, in addition to an interim dividend for FY26 of INR1 per share, the Board has recommended a final dividend of INR3 per sh… |
| Costs | Sir, first of all, on the Rabirun acquisition, is it fair to understand that this 4,000, 5,000 tons of pipe and tube, the raw material will be supplie… | At the same time, we being a stainless steel producer, for us, having a raw material security, that is nickel security is very, very essential. | As all along we have stated that normally in the stainless steel, the prices are governed by the movement in the raw material prices. | The underlying raw material prices remained extremely volatile during the quarter. | This path breaking collaboration will enhance value for stakeholders, the JSL acquiring a stake in nickel supply to create raw material security for i… | The joint venture in Indonesia promises optimal speed and ensure the security of raw materials. | And if I can further add that always that is the reason that we went to Indonesia for nickel pig iron was the main reason for raw material security. | Even in the past, we have discussed that when we made the investments, I mean just to recall that strategically it is more for the raw material securi… |
| Debt and cash | Accordingly, we were earlier anticipating closing net debt of INR4,700 crores. | Further, with continuous focus on maintaining a strong balance sheet, as on 31st December 2024, our external net debt on a stand-alone basis stood at … | As of December 31, 2025, our consolidated net debt has further reduced to Rs. | Jindal Stainless Limited May 6, 2022 At the end of FY22, our pro forma combined entity net debt stood at RS. | This year not really, I would say but the way to look at ratio is not likely to deteriorate; however, because we have FX outflow bunching up of around… | That is the reason you will see our net debt declining. | This investment is expected to create strong synergies by digitizing the supply chain ecosystem and reducing the working capital cycle, paving the way… | I think it would be throwing amazing cash flows right now. |
| Demand | During the quarter, the global market saw muted demand, pricing pressures and destocking, coupled with geopolitical issues, such as one -- as the one … | This positive trend is further reflected in India's rising per capita consumption, which reached to 3.1 kg in FY '24 from 2.25 kg in the last 5 years … | Following that, Mr. Khulbe will take you through our operational and financial performance. o Continuing the positive momentum, our sales volume in Q3… | Stainless steel prices globally and in India remained firm in Q4 FY22, with improvement seen throughout the financial year 2022, backed by strong dema… | It is the strong economic activities in the infrastructure sector that are pulling up the core sector demand in the domestic market. | In the domestic market, we experienced strong demand across all major segments. | And building on this momentum, our sales volume in FY ‘25 grew by 9% on a year-on-year basis, supported mainly by strong domestic demand driven by the… | Continuing the positive momentum, our sales volume in FY26 grew by 8% year-on-year, supported by sustained domestic demand amid the volatility in the … |
| Guidance | Despite this capex addition of INR325 crores, we expect March '25 closing debt level of INR4,800 crores only. | Stand-alone, when we talk stand-alone, Ritesh, and we're continuing with our guidance for this year. | And therefore, what kind of profitability can we expect in Q4? | With a strong growth business outlook, we expect further improvement in our long-term credit facilities rating. | With this strategy we delivered above our guidance and registered a good 6% volume growth in FY2023 despite the headwinds. | The new capex is primarily to be financed through internal accruals, and we expect the closing debt of FY '25 to be at around INR5,100 crores to INR5,… | Additionally, we are seeing signs of recovery across Europe, while Germany is currently experiencing some challenges, we expect a positive turnaround … | And for EBITDA per ton, looking at the kind of uncertainty there is, till H1 of this year, we are giving a guidance of INR18,000 to INR20,000 EBITDA p… |
| Margin | EBITDA and PAT increased by 8% and 41%, respectively, to INR1,021 crores and INR779 crores on a Y-o-Y basis. | On the subsidiary front, in quarter 3 FY '25, all our subsidiaries performed steadily, reaching an overall EBITDA of INR205 crores and PAT of INR35 cr… | Welcome to the call. − I would like to begin by providing a detailed overview of our operational and financial performance. o Our Q3 FY26 deliveries a… | On a year-on-year basis, the pro forma combined revenue and EBITDA of Q4 FY22 rose by 56% and 47%, respectively, to Rs. | EBITDA and PAT increased by 16% and 19% to Rs.1097 Crores and Rs.659 Crores respectively on Q-o-Q basis. | Quarter 4 EBITDA and PAT stood at INR827 crores and INR476 crores, respectively. | On the leverage side, we are comfortably placed with net debt to EBITDA below 1 at 0.86. | But with the sharp increase in nickel in the last quarter, the actual EBITDA has come around $3,000 per ton. |
| People | And by the time we start and everything so, first, you want to reach 100% capacity utilization, which we should be doing in about 2 years' time. | NPI project is in its ramp-up phase and is currently operating at approximately 65% capacity utilization. | And sir, last question very quickly, if you can highlight utilization levels for Chromeni, Rathi and RVPL, and what are the plans going forward? − Mr.… | We’ll have to find another utilization of that. | — | A little bit will start absolutely -- Amit, a little bit will start but obviously to reach 100% capacity utilization it will take two, three, four qua… | May 09, 2025 Rathi, again, we are running and now around 75% of capacity utilization we are able to run that plant also at that level. | They believed that with the improved capacity utilization, they were also planning to expand and create more capacity, even with this kind of sudden p… |
| Pricing | — | Definitely, if export is not available to us, there would be a little pressure under-pricing, but we will again target other areas where our margins a… | We remain hopeful that the government will strengthen and enforce frameworks that uphold quality standards to protect consumers, MSMEs and all. o In t… | — | — | — | So that was the basic idea to get closer to the larger customers, the larger supplier base also go directly, let's say, to the source of supply and pr… | — |
| Revenue growth | So I would say in all sectors in stainless steel that we are operating in, I see a good growth of close to 10% in each segment. | In closing, I would like to reaffirm our confidence in the growth of the domestic market. | — | — | Amit this year not likely because the larger capacity as we said will be only operational by end of this year having said a good news that some part, … | May 16, 2024 Accordingly, we had a strong sales volume growth of 23% in FY '24, leveraging the strong domestic demand through our flexible business mo… | As we know, IMF has recently projected India's GDP growth at 6.2% for 2025. | — |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2024-01-25 | Q3FY24 | JINDAL STAINLESS LIMITED | On the capex side, in our last call, we guided for FY'24 capex of INR3,300 crores. |
| 2024-01-25 | Q3FY24 | JINDAL STAINLESS LIMITED | Despite this capex addition of INR325 crores, we expect March '25 closing debt level of INR4,800 crores only. |
| 2024-01-25 | Q3FY24 | JINDAL STAINLESS LIMITED | And by the time we start and everything so, first, you want to reach 100% capacity utilization, which we should be doing in about 2 years' time. |
| 2024-01-25 | Q3FY24 | JINDAL STAINLESS LIMITED | Volume increase, we are seeing in FY'24 of 20%, 25% -- 20%, we can say, and a similar expectation is for next year that we should see another 25% volume growth. |
| 2024-05-22 | Q4FY24 | JINDAL STAINLESS LIMITED | The new capex is primarily to be financed through internal accruals, and we expect the closing debt of FY '25 to be at around INR5,100 crores to INR5,200 crores, which is an increase of only INR300 crores to INR400 crores, excluding the spillover capex of FY '24. |
| 2024-05-22 | Q4FY24 | JINDAL STAINLESS LIMITED | One other point I would like to reiterate before my closing remarks, is that despite this dip in EBITDA in Q4. If you see for the full year, we guided as we achieved between INR18,000 to INR20,000 and we delivered on that. |
| 2025-02-04 | Q3FY25 | JINDAL STAINLESS LIMITED | In terms of EBITDA per ton, we should do around INR17,000 crores for this fiscal year, and our volume guidance is around 10%. |
| 2025-08-12 | Q1FY26 | JINDAL STAINLESS LIMITED | So, in terms of Chromeni definitely I think now we are at 65% capacity utilization and every month we should see that increase. |
| 2025-08-12 | Q1FY26 | JINDAL STAINLESS LIMITED | We will come, we will come when we are closer to the time period, but we expect 9% - 10% growth should happen also. |
| 2026-05-09 | Q4FY26 | JINDAL STAINLESS LIMITED | And for EBITDA per ton, looking at the kind of uncertainty there is, till H1 of this year, we are giving a guidance of INR18,000 to INR20,000 EBITDA per ton. |
| 2026-05-09 | Q4FY26 | JINDAL STAINLESS LIMITED | May 05, 2026 guidance of 7% to 9% of volume, what we have given, still we should be able to manage a share of 8% to 10% of exports in that increased volume. |
| 2026-05-09 | Q4FY26 | JINDAL STAINLESS LIMITED | INR18,000 to INR20,000 EBITDA per ton for the entire stainless steel business, INR18,000 to INR20,000 EBITDA per ton is the guidance for the entire stainless steel business. |