JSL
Large CapJindal Stainless Limited
Metals
Jindal Stainless is India’s leading stainless steel manufacturer with an FY26 turnover of INR 42,955 crore. It operates 16 manufacturing/processing facilities globally and a network in 12 countries. The company is ramping up its annual melt capacity to 4.2 million tonnes in FY27, focusing on integrated operations and sustainable manufacturing via electric arc furnaces.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +11% YoY · PAT +41% YoY · margin expansion · +8% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,337 Cr | +11.2% | +7.8% |
| EBITDA | ₹1,455 Cr | +40.9% | +3.3% |
| Operating margin | 13.0% | +300 bps | +0 bps |
| PAT | ₹834 Cr | +41.4% | +0.7% |
| PAT margin | 7.4% | +157 bps | -51 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
JSL reports strong Q4 & FY26 consolidated financial performance with double-digit YoY growth in revenue, EBITDA, and PAT, alongside significant deleveraging. Sales volume remained flat QoQ and YoY in Q4, but grew 8% for FY26.
The company demonstrated robust financial growth and improved leverage ratios in FY26, driven by domestic demand across key sectors. While Q4 volumes were flat, the overall annual volume growth and positive market outlook for FY27 suggest continued momentum. Raw material price increases could impact spreads, but strong demand may allow for pass-through.
Sales Composition – Q4 FY26
Latest issuer-disclosed distribution across 2 reported categories.
Automobile Sector
Domestic automobile market demand remained resilient, closing FY26 with strong performance. Outlook for FY27 remains positive.
Infrastructure Development
Stainless steel usage in flyovers, ROBs, FOBs is rising. Lift and elevator demand is strong due to urbanization and infrastructure development.
Railways
Healthy coach demand in Q4 FY26 from Vande Bharat sleeper trainsets and Metro. Amrit Bharat coaches expected to boost demand.
Process Industry
Steady demand from Oil & Gas, Power, Water sectors. Emerging applications in Chemicals & Fertilizers, Hydroelectric, Dairy, Thermal Power Plants.
Annual Melt Capacity Expansion
Ramping up facilities to reach 4.2 million tonnes of annual melt capacity in FY27.
Resilient Domestic Demand
Domestic automobile market demand remained resilient. Positive domestic demand outlook for infrastructure in FY27.
Increased Construction Activity
Sector witnessed positive demand in Q4 FY26 on back of increased construction activities.
Government Initiatives in Railways
Indian Railways' shift from ferritic to austenitic stainless steel and Amrit Bharat coaches expected to boost demand.
Geopolitical Factors & Fuel Disruptions
Minor headwinds from fuel and gas disruptions and geopolitical factors in the Process Industry.
Wagon Wheel Shortage
Wagon led SS demand impacted by ongoing wheel shortage.
Raw Material Price Volatility
Nickel and Ferrochrome prices showed significant QoQ and YoY increases in Q4 FY26, indicating potential input cost pressure.
Geopolitical & Energy Disruptions
Management noted minor headwinds from fuel and gas disruptions and geopolitical factors affecting the Process Industry.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall growth and annual trends in a cyclical business like metals. QoQ comparison is vital for tracking sequential momentum, commodity price impact, and operational efficiency in a dynamic market.
Consolidated Sales Volume
Q4 FY26: 642 '000 MT (0% YoY, -1% QoQ). FY26: 2,566 '000 MT (8% YoY).
Consolidated Revenue
Q4 FY26: INR 11,337 Cr (11% YoY, 8% QoQ). FY26: INR 42,955 Cr (9% YoY).
Consolidated EBITDA
Q4 FY26: INR 1,455 Cr (37% YoY, 3% QoQ). FY26: INR 5,560 Cr (19% YoY).
Consolidated PAT
Q4 FY26: INR 834 Cr (41% YoY, 1% QoQ). FY26: INR 3,185 Cr (27% YoY).
Focus on Sustainability
Jindal Stainless remains focused on a greener and sustainable future, manufacturing stainless steel using electric arc furnace.
Cost Competitiveness
The company relies on its integrated operations to enhance its cost competitiveness and operational efficiency.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Sales Volume | Q4 FY26: 642 '000 MT (0% YoY) | Sustained growth in volumes, especially domestic, to confirm demand outlook. |
| Consolidated EBITDA | Q4 FY26: INR 1,455 Cr (37% YoY) | Maintenance of strong EBITDA margins amidst rising raw material costs and potential pricing power. |
| Net Debt/EBITDA | 0.55x (as of Mar'26) | Further deleveraging or efficient utilization of debt for planned capacity expansion. |
| Raw Material Prices (Nickel, Ferrochrome) | Rising QoQ and YoY in Q4 FY26 | Trends in key input costs and the company's ability to pass on increases to maintain spreads. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company expects to close the year with an average EBITDA of around Rs. 19,000 to Rs. 21,000 per metric ton.
"this year on an average basis around this number we should be closing."
Outcome check: OPM moved from 13.0% to average 13.0% (+0.0 pp).
The SMS project in Indonesia and aligned downstream capacity expansion in India are progressing well and remain on track as per the timeline.
"SMS project in Indonesia and downstream capacity expansion in India remain on track"
The company expects to receive a positive response on anti-dumping duty in the next few quarters.
"we feel next few quarters we should get some positive response."
The company is extremely confident of meeting its volume growth guidance for the year.
"we are extremely confident of meeting those numbers."
Outcome check: Revenue YoY averaged 11.2% across 1 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -5.6% / mo · near 52W low
Technical chart
JSLweekly · 6M-15.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 36.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.7%.
- Growth contributes 22/25 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 87th percentile of the scored universe and 91st percentile within Metals. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 62%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 91st pctile, median 68 · Large: 68th pctile, median 74
169 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62%.
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.90
- P/B
- 2.78
- EV/EBITDA
- 9.41
- Market Cap
- 54826.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 19.30%
- ROA
- 7.82%
- Dividend Y
- 0.45%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 9.79×
- Altman Z
- 3.93
- Book Value
- 240.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 3395.00 Cr
- EPS TTM
- 38.74
Shareholding
- Promoter Hold
- 62.04%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.