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QCO suspension and cheap imports
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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.
bullish
high
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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.
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Sales Volume (Q4 FY26)
0.64M tons
Flat YoY
Q4 deliveries steady at 0.64 million tons year-on-year.
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.
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Guidance and risk preview
Management expects sales volume to grow 7-9% in FY27, driven by domestic demand and new capacities.
Temporary suspension of Quality Control Order allows substandard imports, pressuring domestic pricing and MSMEs.
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