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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹11,337 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹1,455 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jindal Stainless delivered a resilient Q4 FY26 with consolidated EBITDA of ₹1,455 crore (+37% YoY) and PAT of ₹824 crore (+41% YoY), despite geopolitical headwinds impacting fuel costs. Full-year sales volume grew 8% YoY to 2.57 million tons, driven by strong domestic demand from automotive, metro, and white goods. Management guided FY27 volume growth of 7-9% and H1 EBITDA per ton of ₹18,000-20,000, factoring in elevated energy costs from the Middle East crisis. The Indonesian melt shop (1.2 MTPA) was commissioned ahead of schedule, and downstream expansions in India remain on track to support a 3.5 MTPA sales target by FY29. Key risk: QCO suspension and cheap imports could pressure pricing and market share.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sales volume to grow 7-9% in FY27, driven by domestic demand and new capacities.
- Blended EBITDA per ton guided at ₹18,000-20,000 for H1 FY27, factoring in higher energy costs.
- Company targets 3.5 million tons sales volume by FY29, implying double-digit CAGR over three years.
- Capital expenditure for FY27 expected to be ₹2,600-2,800 crore, primarily for downstream expansions.
Risks flagged
- Temporary suspension of Quality Control Order allows substandard imports, pressuring domestic pricing and MSMEs.
- Fuel costs (LPG, natural gas) have risen 2.5-3x, impacting margins; pass-through is limited due to import competition.
- Potential changes in Indonesian nickel export duties or restrictions could affect cost advantage of the new melt shop.
- Global trade tensions and geopolitical issues continue to subdue export demand, limiting volume growth outside India.
Key quotes
- We still stick to a blended guidance despite this cost going up, we are still confident of delivering 18 to 20.
- We are approaching the government as an industry that the MSME sector... they will be negatively impacted, so QCO was protecting our borders from substandard material.
- We have already given the statement that by FY29 we are targeting to be a player of around 3 and a half million, which takes which answers practically all your questions.
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