Jindal Stainless (JSL) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue rose to ₹10,207 crore, up 8% YoY, with EBITDA up 8% YoY and 23% QoQ to ₹1,310 crore.

• Consolidated PAT increased 21% sequentially and 11% YoY to ₹715 crore.

• Sales volume grew 8% YoY in Q1 FY26, supported by strong domestic demand and steady quarter-on-quarter performance.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26, reviewed by statutory auditors.

• Strategic focus remains on domestic markets due to global trade disruptions and tariff uncertainties.

Financial highlights

• Standalone revenue for Q1 FY26 was ₹10,340.51 crore, up from ₹9,584.90 crore in Q1 FY25.

• Standalone net profit for Q1 FY26 was ₹641.64 crore, compared to ₹578.32 crore in Q1 FY25.

• Q1 deliveries reached 626,000 MT, up 8% YoY; export sales accounted for 9% and domestic sales for 91%.

• CapEx for Q1 was INR 715 crores, up 11% YoY and 21% QoQ; full-year guidance at INR 2,700 crores.

• Net debt reduced to INR 3,869 crores as of June 30, 2025.

Outlook and guidance

• Confident in 9%-10% volume growth for FY26, driven by infrastructure-led domestic demand.

• Melting capacity to increase from 3 MTPA to 4.2 MTPA with new joint venture in Indonesia; investment of approx. ₹715 crore planned.

• Renewable energy project investment of ₹79.20 crore for a 33.64% stake in Oyster Green Hybrid One Private Limited.

• EBITDA per ton guidance maintained at INR 19,000–21,000.

• Expectation for nickel prices to remain stable between INR 14,000–16,000.