Jindal Stainless Ltd (JSL) reported an 11.1% year-on-year rise in consolidated net profit to ₹898 crore for the September quarter of FY27, compared with ₹808 crore in the year-ago period, as revenue growth outpaced an increase in operating earnings.
Consolidated revenue from operations rose 18.2% to ₹12,874 crore in Q2 FY27 from ₹10,893 crore a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 3.2% to ₹1,433 crore, against ₹1,388 crore in the corresponding quarter last year.
The company’s finished goods sales volume grew 2.5% year-on-year to 6,64,378 tonnes. Net debt stood at ₹3,121 crore at the end of the quarter, while the net debt-to-equity ratio was 0.15 times.
Recovery after Q1 disruptions
The September quarter marked a recovery from operational disruptions in the June quarter, which the company attributed to geopolitical developments and constraints in industrial gas availability.
On a sequential basis, revenue rose 14.1%, EBITDA grew 7.8% to ₹1,329 crore, and net profit increased 16.8% to ₹769 crore.
Jindal Stainless said demand was supported by higher contributions from value-added products and momentum in the automotive and ornamental pipe and tube segments. Globally, stainless steel plates and ferritic grades saw wider acceptance, particularly in white goods, lifts and elevators.
Exports also strengthened, growing 20% sequentially and 36% year-on-year. The company said it was expanding its presence in markets such as South Korea, Colombia, South Africa, Brazil and Japan.
Import pressure weighs on domestic market
The company flagged rising import pressure in the domestic market since April 2026, particularly from China. Imports of stainless steel flat products from China reached 53,271 tonnes in July, around 2.9 times the FY26 monthly average of 18,576 tonnes.
Imports during the first four months of FY27 accounted for about 63% of the total imports from China in the previous financial year, according to the company.
Jindal Stainless managing director Abhyuday Jindal said the company had focused on sustaining sales volumes by catering to domestic demand and pursuing new export markets following the suspension of Quality Control Orders (QCOs) and the resulting influx of substandard stainless-steel imports.
“Going ahead, we will continue expanding our market outreach initiatives and focussing on an improved product mix to cater to domestic and global markets,” he said.
Separately, the board approved the amalgamation of four wholly owned subsidiaries — Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel — into Jindal Stainless to simplify the group structure, improve operational efficiency and reduce administrative and compliance costs.
Shares of Jindal Stainless ended 3.43% lower at ₹708.60 apiece on the NSE on Thursday. The stock has fallen over 11% over the past year, underperforming the Nifty Metal index, which has gained nearly 15% during the same period.