Sales Volume (Q4 FY26)
0.64M tons
Flat YoY
Q4 deliveries steady at 0.64 million tons year-on-year.
JINDALSTAINLESS
Other
15 May 2026
Jindal Stainless Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Full Year Sales Volume (FY26)
2.57M tons
+8% YoY
FY26 sales volume grew 8% YoY to 2.57 million tons.
Net Debt to EBITDA
0.55x
-0.15x YoY
Net debt/EBITDA improved to 0.55x from ~0.7x a year ago.
Export Share (FY26)
8%
-1pp YoY
Export share declined to 8% of sales in FY26 from 9% in FY25.
Management Guidance
FY27 volume growth of 7-9%
Management expects sales volume to grow 7-9% in FY27, driven by domestic demand and new capacities.
Management guidance growthH1 FY27 EBITDA per ton of ₹18,000-20,000
Blended EBITDA per ton guided at ₹18,000-20,000 for H1 FY27, factoring in higher energy costs.
Management guidance marginsFY29 sales volume target of 3.5 MTPA
Company targets 3.5 million tons sales volume by FY29, implying double-digit CAGR over three years.
Management guidance growthFY27 capex of ₹2,600-2,800 crore
Capital expenditure for FY27 expected to be ₹2,600-2,800 crore, primarily for downstream expansions.
Management guidance capexKey Risks
QCO suspension and cheap imports
Temporary suspension of Quality Control Order allows substandard imports, pressuring domestic pricing and MSMEs.
high · management_commentaryEnergy cost spike from Middle East crisis
Fuel costs (LPG, natural gas) have risen 2.5-3x, impacting margins; pass-through is limited due to import competition.
high · analyst_questionIndonesian policy risk
Potential changes in Indonesian nickel export duties or restrictions could affect cost advantage of the new melt shop.
medium · analyst_questionExport market uncertainty
Global trade tensions and geopolitical issues continue to subdue export demand, limiting volume growth outside India.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Jindal Stainless's revenue in Q4 FY26?
Jindal Stainless reported revenue of ₹11,337 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Jindal Stainless management give for FY27?
FY27 volume growth of 7-9%: Management expects sales volume to grow 7-9% in FY27, driven by domestic demand and new capacities. H1 FY27 EBITDA per ton of ₹18,000-20,000: Blended EBITDA per ton guided at ₹18,000-20,000 for H1 FY27, factoring in higher energy costs. FY29 sales volume target of 3.5 MTPA: Company targets 3.5 million tons sales volume by FY29, implying double-digit CAGR over three years. FY27 capex of ₹2,600-2,800 crore: Capital expenditure for FY27 expected to be ₹2,600-2,800 crore, primarily for downstream expansions.
What are the key risks for Jindal Stainless in FY27?
Key risks include QCO suspension and cheap imports — Temporary suspension of Quality Control Order allows substandard imports, pressuring domestic pricing and MSMEs.; Energy cost spike from Middle East crisis — Fuel costs (LPG, natural gas) have risen 2.5-3x, impacting margins; pass-through is limited due to import competition.; Indonesian policy risk — Potential changes in Indonesian nickel export duties or restrictions could affect cost advantage of the new melt shop.; Export market uncertainty — Global trade tensions and geopolitical issues continue to subdue export demand, limiting volume growth outside India..
Did Jindal Stainless meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Jindal Stainless Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.