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Jindal Stainless Q2 FY27 Share Price & Earnings Call Analysis

₹674.00-1.24% today
Market cap
₹55,532 Cr
P/E
16.87
ROE
17.73%
PEG
1.10
Price to sales
1.26
Debt to equity
0.38
52W high / low
₹866 / ₹662
Sales growth (5Y)
28.65%
EBITDA margin
12.64%
Net profit margin
7.51%
Promoter holding
62.54%
Sales (last year)
₹44,026 Cr

Jindal Stainless Ltd is one of the largest manufacturers of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods etc. [1]

Guidance scorecard · Q2 FY27 call

What Jindal Stainless Ltd's management guided
and where it ranks in Ferrous Metals

#9of 9 in
Ferrous Metals
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Jindal Stainless Limited targets a sales volume of 3.5 million tons by FY29, reaffirming long-term growth plans.
  • Revised full-year volume growth guidance for FY27 is 4% to 6%, down from earlier 7% to 9%, due to Q1 disruptions.
  • Second-half FY27 volume growth is expected to be stronger, with implied growth of 10% to 14% year-on-year.
  • Revenue and EBITDA grew 14% and 8% quarter-on-quarter in Q2 FY27, showing resilient recovery.
  • Focus on value-added products to improve profitability and sustain growth.
  • Export volumes currently at 11% of total sales, aiming to sustain or increase exports with expanding international markets.

2 more points from Jindal Stainless Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Jindal Stainless Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Jindal Stainless Limited has ongoing and announced projects that remain on track and adhere to stipulated timelines.
  • The company plans timely investments in both upstream and downstream facilities to support growth and maintain its leadership in the Indian stainless steel industry.
  • Capital expenditure guidance for the year is INR 2,400 crores to INR 2,600 crores.
  • JSL is investing in downstream capacities including cold rolling mills, with commissioning starting by year-end or early next year.
  • The Maharashtra plant development is delayed due to slower-than-expected land acquisition, with clearer plans expected in the next quarter or two.

2 more points from Jindal Stainless Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Jindal Stainless Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Confidence in meeting sales volume growth guidance of 3.5 million tons by FY29 remains high.
  • Management highlighted that order demand is not a challenge; the key focus is on supply and operational ramp-up.
  • Growth in the second half of the year is expected to be supported by both domestic and export markets.

2 more points from Jindal Stainless Ltd's call on the order book

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Full Q2 FY27 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jindal Steel LtdGood growth
    2
  2. Strong growth
    1
  3. Jai Balaji Industries LtdGood growth
    3
See all potential multibaggersWhere does Jindal Stainless Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹59 Cr9.4
2Jindal Steel Ltd20–40%Flat₹1.08L Cr35.0
3Jai Balaji Industries Ltd20–40%Flat₹6,599 Cr45.1
420–40%Flat₹6,366 Cr12.1
510–20%Up 0–2%₹7,471 Cr19.1
610–20%Flat₹2.97L Cr24.7

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Jindal Stainless Ltd announcements

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Financials of Jindal Stainless Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Jindal Stainless Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +58.68%60.49%60.48%60.48%60.70%60.87%61.10%61.23%61.22%62.04%62.04%62.54%
FIIs +22.56%20.83%22.49%22.78%22.16%21.37%21.26%21.42%21.53%20.87%20.45%20.07%
DIIs +5.81%6.62%6.25%5.86%6.26%6.91%7.09%7.08%7.23%7.15%7.35%7.73%
Public +12.94%12.06%10.78%10.86%10.81%10.80%10.55%10.18%9.93%9.88%10.12%9.61%
Others +0.00%0.00%0.00%0.00%0.04%0.01%0.01%0.09%0.08%0.06%0.04%0.02%
No. of Shareholders1,66,1831,87,7262,02,1032,09,9102,11,9242,22,5692,19,2782,12,1252,09,0862,07,6132,11,6412,03,646

Financials of Jindal Stainless Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +9,7979,1279,4549,4309,7779,90710,19810,20710,89310,51811,33711,27912,874
Expenses +8,5667,8818,4198,2198,5908,7149,1658,9119,5199,1109,8829,94911,459
Operating Profit1,2311,2461,0351,2101,1861,1931,0331,2961,3741,4081,4551,3291,415
OPM %13%14%11%13%12%12%10%13%13%13%13%12%11%
Other Income +140525351479987691077784153250
Interest156146153143159161150144141134149146165
Depreciation222236233232241242241252262269278302299
Profit before tax9939177028868348907299691,0781,0821,1121,0341,201
Tax %23%25%29%27%27%26%19%26%25%24%25%26%25%
Net Profit +764691501646609654590715808828834769898
EPS in Rs9.408.416.087.877.427.957.178.679.7910.0510.239.3310.85

Financials of Jindal Stainless Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +6,9337,1449,27911,63813,55712,95112,18832,73335,69738,56239,31242,95546,007
Expenses +6,5646,5718,11310,29412,39211,81910,76427,64232,11134,05234,84437,47340,400
Operating Profit3685731,1661,3431,1651,1321,4245,0903,5864,5114,4695,4825,607
OPM %5%8%13%12%9%9%12%16%10%12%11%13%12%
Other Income +1,238-1463624544148171236515438388564
Interest9421,030788566637586480344325554612568594
Depreciation4113163253203524254037597248799561,0601,148
Profit before tax253-7881165202221656904,1592,7743,5923,3394,2424,429
Tax %0%-29%28%34%35%56%39%25%25%25%25%25%
Net Profit +253-55683346145734193,1092,0842,6932,5003,1853,328
EPS in Rs11.17-24.052.047.162.971.468.6058.5925.6832.9530.4138.7440.46
Dividend Payout %0%0%0%0%0%0%0%0%10%9%10%10%

Financials of Jindal Stainless Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital45468096969797105165165165165165
Reserves-2141,6661,7342,3692,4952,6203,1089,71811,76614,19316,52319,62621,088
Borrowings +11,28910,3475,8885,0154,3883,9033,2304,0073,9586,0526,4027,4607,645
Other Liabilities +2,8982,7983,2083,3543,7364,0574,3008,74611,22610,35512,82713,18915,533
Total Liabilities14,01814,85810,90910,83410,71510,67810,73522,57627,11530,76535,91740,44144,431
Fixed Assets +7,5526,8636,6096,3426,3456,1815,8558,6469,96113,25414,80018,21716,753
CWIP14470291442915585257731,1121,7831,8062,887
Investments143934044394544494566269701,2461,6461,5472,078
Other Assets +6,3087,5323,8683,9093,8874,0334,36512,77915,41115,15217,68818,87122,713
Total Assets14,01814,85810,90910,83410,71510,67810,73522,57627,11530,76535,91740,44144,431

Financials of Jindal Stainless Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5549665,1151,4521,4191,1801,3081,0383,0964,8184,7183,395
Cash from Investing Activity +-11,053-30-194-192-186-152-985-2,480-3,229-3,433-3,500
Cash from Financing Activity +-580-1,972-5,106-1,257-1,237-991-1,119101-386-829-1,882-112
Net Cash Flow-2847-211-11437154229760-597-217
Free Cash Flow5567985,0571,2581,2131,0061,145701,4483,3672,890755
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit139%166%441%107%122%104%91%37%107%123%119%80%

Financials of Jindal Stainless Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days574835282520284337272926
Inventory Days14715413311696117130116125108132122
Days Payable104143119104991131239811795124106
Cash Conversion Cycle1015950412223356146413642
Working Capital Days2975-77-20-19-24-2333023125
ROCE %-0%2%9%14%12%11%16%44%21%22%18%19%

Guidance history

How Jindal Stainless Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

21out of 100

Momentum score · price trend

21 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−13.9%46%
Last 6 months−12.2%35%
Last 3 months−8.3%49%

The price is 22.1% below its all-time high of ₹865.65 (5 Jan 2026). Stocks more than 20% below their peak have their score halved, so 42 became 21.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Jindal Stainless Ltd: 0.4 × 46 + 0.4 × 35 + 0.2 × 49 = 42, halved to 21 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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