Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Jindal Stainless Ltd.
NSE: JSLBasic MaterialsSteel
- Last close
- ₹687.40
- Day change
- −₹22.25 (−3.14%)vs
- Market cap
- ₹58,472 crIndian rupees
- Research updated
- 4 reports
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About Jindal Stainless
Jindal Stainless Ltd. is a prominent Indian company engaged in the manufacturing and marketing of stainless steel products. As one of the largest producers in India, the company plays a crucial role in supplying stainless steel to a variety of industries, including automotive, construction, consumer goods, and infrastructure. The core products include hot and cold rolled coils, sheets, strips, and specialty products like austenitic, ferritic, martensitic, and duplex grades. These offerings are integral to sectors requiring high durability and corrosion resistance, reflecting the company's dedication to quality and innovation. Jindal Stainless Ltd.'s operations are supported by advanced production facilities, enabling them to cater to diverse market demands both domestically and internationally. With an emphasis on vertical integration, the company ensures a steady supply chain and cost efficiency, bolstering its competitive edge. In India's industrial landscape, Jindal Stainless Ltd. holds significant importance due to its contribution to the nation's infrastructure growth and export potential. The company's commitment to sustainable practices and continuous improvements aligns with evolving market needs, reinforcing its standing as a leader in the stainless steel industry.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: JSL
- Chief executive
- Mr. Tarun Kumar Khulbe
- Employees
- 6,838
- Headquarters
- New Delhi, India
- ISIN
- INE220G01021
- Website
- jindalstainless.com
Public research · Report of
Business model & financial foundation
Jindal Stainless (NSE: JSL), Stainless steel manufacturing and downstream processing: revenue of ₹42,955 crore in FY26 (+9.3% on FY25), an EBITDA margin of 12.9%, net profit of ₹3,193 crore and net debt of ₹4,406 crore.
- Revenue, FY26 (₹ crore)
- 42,955
- consolidated
- Revenue growth, FY26
- +9.3%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA (company reported) / revenue
- Net profit, FY26 (₹ crore)
- 3,193
- to owners
- Return on equity, FY26
- 17.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,406
- Net debt: full borrowings less current liquidity (provisional)
- Market capitalisation (₹ crore)
- 58,472
- at the close of 22 Oct 2026
Company profile
Jindal Stainless manufactures stainless steel through integrated melting, rolling, annealing, pickling and downstream processing operations. Its products serve mobility, infrastructure, process industries and consumer applications, with principal Indian operations at Jajpur and Hisar and overseas investments. The group uses consolidated Ind AS financial statements; the July 2026 loss of control over PT Glory Metal Indonesia creates a prospective comparability change.
| Item | Value |
|---|---|
| Legal name | Jindal Stainless Limited |
| Exchange and ticker | NSE: JSL; BSE: 532508 |
| ISIN | INE220G01021 |
| CIN | L26922HR1980PLC010901 |
| Sector | Metals & Mining |
| Industry | Stainless steel manufacturing and downstream processing |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co. LLP and Lodha & Co. LLP (joint statutory auditors) (since 2022-09-30) |
| Market capitalisation | ₹58,472 crore (22 Oct 2026) |
| Shares outstanding | 82.40 crore shares (FY26) |
| Price | ₹709.7 (close, 22 Oct 2026) |
| 52-week range | ₹652.3 - ₹884.0 (to 22 Oct 2026) |
| Website | https://www.jindalstainless.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jindal United Steel Limited | 100% | Stainless steel manufacturing and rolling; economically important operating subsidiary, not designated material under issuer policy at FY26 end. |
| Chromeni Steels Limited | 100% | Stainless steel manufacturing and downstream processing in India. |
| Jindal Stainless Steelway Limited | 100% | Stainless steel manufacturing and service-centre processing in India. |
| JSL Super Steel Limited | 100% | Formerly Rathi Super Steel Limited; steel long-products manufacturing in India. |
| Rabirun Vinimay Private Limited | 100% | Stainless steel manufacturing and downstream processing in India. |
| Iberjindal S.L. | 95% | Stainless steel manufacturing and processing in Spain. |
| Sulawesi Nickel Processing Industries Holdings Pte. Ltd. | 100% | Singapore investment holding company and wholesale of metals; holds Indonesian melt-shop investment. |
| Jindal Lifestyle Limited | 73.37% | Stainless steel consumer products in India. |
Selected economically significant subsidiaries; issuer states no Material Subsidiary as at 31 March 2026. FY26 had 21 subsidiaries. PT Glory Metal Indonesia (49%, indirect) was controlled from 1 July 2025 through 30 June 2026, then became associate on 1 July 2026; excluded from current subsidiary list as of 13 October 2026. Parent null: no corporate holding parent identified, not an assertion of dispersed ownership.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.23% | 62.05% | 62.05% | 62.55% |
| Promoter holding pledged | 0.00% | 0.51% | 0.61% | 0.60% |
| Foreign institutions | 21.53% | 20.87% | 20.45% | 20.07% |
| Domestic institutions | 7.22% | 7.15% | 7.35% | 7.74% |
| of which mutual funds | 3.12% | 3.16% | 3.45% | 4.01% |
| Retail | 10.02% | 9.93% | 10.11% | 6.64% |
| Other | 0.04% | 2.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jindal Stainless is an integrated stainless-steel producer: melt, hot rolling and downstream finishing at Jajpur and Hisar, with overseas operations and a 49% Indonesian melt-shop investment. It sells to mobility, infrastructure, process industries and consumer applications. Consolidated reporting is the primary basis, but PTGMI moved from line-by-line consolidation to equity accounting on 1 July 2026, creating a prospective comparability break.
| Peer | Why the dossier compares them |
|---|---|
| Jindal Steel Limited (JINDALSTEL) | Analyst-selected integrated steel cycle and capital-intensity benchmark; carbon steel rather than a pure stainless competitor. |
| JSW Steel Limited (JSWSTEEL) | Large integrated steel producer; benchmark for domestic demand, input costs, leverage and capacity expansion, with different product mix. |
| Tata Steel Limited (TATASTEEL) | Integrated steel and global-cycle benchmark; geographic mix and carbon-steel exposure reduce direct comparability. |
| Steel Authority of India Limited (SAIL) | Integrated domestic steel benchmark with stainless exposure through Salem; state ownership and broader steel mix differ. |
| Shyam Metalics and Energy Limited (SHYAMMETL) | Diversified metals producer expanding stainless operations; emerging competitor and capex/cost-structure benchmark. |
| APL Apollo Tubes Limited (APLAPOLLO) | Downstream value-added steel tubes and construction-demand benchmark; principally carbon steel, not integrated stainless. |
| Ratnamani Metals & Tubes Limited (RATNAMANI) | Stainless and carbon-steel tubes/pipes for process industries; downstream product-mix and capital-return benchmark. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 32,379 | 35,574 | 38,562 | 39,312 | 42,955 |
| Cost of revenue (vendor classification) * | 24,001 | 27,914 | 29,390 | 29,364 | 31,197 |
| Other operating costs (vendor classification) * | 3,331 | 3,707 | 3,991 | 4,559 | 5,237 |
| EBITDA (vendor classification) * | 5,193 | 3,757 | 4,826 | 4,822 | 5,873 |
| EBIT * | 4,451 | 3,043 | 4,069 | 3,876 | 4,756 |
| Finance costs | 554.4 | 611.6 | 567.9 | ||
| Profit before tax including associates and exceptionals | 4,159 | 2,774 | 3,592 | 3,339 | 4,242 |
| Total tax expense | 1,050 | 690.1 | 899.0 | 839.2 | 1,058 |
| Profit after tax including non-controlling interests | 3,109 | 2,084 | 2,693 | 2,500 | 3,185 |
| Diluted EPS (₹) | 37.78 | 25.68 | 32.94 | 30.41 | 38.70 |
| Materials consumed plus purchases plus inventory changes | 26,715 | 26,866 | 28,511 | ||
| Employee benefits expense | 643.0 | 855.6 | 988.8 | ||
| Other expenses (excludes stores/spares and power/fuel) | 2,499 | 2,573 | 3,006 | ||
| Stores and spares consumed | 1,781 | 1,935 | 2,189 | ||
| Power and fuel expense | 2,221 | 2,416 | 2,700 | ||
| EBITDA (company reported) | 4,704 | 4,667 | 5,560 | ||
| Other income | 169.1 | 290.9 | 351.5 | ||
| Depreciation and amortisation | 878.8 | 956.1 | 1,060 | ||
| Exceptional gain/(loss), signed | 99.2 | -7.06 | -58.3 | ||
| Share of net profit/(loss) of equity-method investments | 53.1 | -43.7 | 16.7 | ||
| Profit attributable to owners of parent | 2,713 | 2,505 | 3,193 | ||
| Profit attributable to non-controlling interests, signed | -19.7 | -5.48 | -8.88 | ||
| Basic EPS (₹) | 30.42 | 38.76 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 9,890 | 11,968 | 14,375 | 16,688 | 19,791 |
| Borrowings (non-current and current) | 4,007 | 3,958 | 6,052 | 6,298 | 7,342 |
| Cash and cash equivalents | 241.0 | 469.9 | 1,230 | 632.5 | 415.1 |
| Trade receivables (current) | 3,860 | 3,658 | 2,837 | 3,107 | 3,086 |
| Inventories | 6,785 | 8,394 | 7,932 | 9,700 | 9,508 |
| Trade payables (current) | 5,743 | 7,821 | 6,926 | 9,140 | 8,266 |
| Net property, plant and equipment (excludes ROU and CWIP) | 11,395 | 12,433 | 15,545 | ||
| Capital work in progress | 1,770 | 1,790 | |||
| Total assets | 22,584 | 27,115 | 30,817 | 36,158 | 40,704 |
| Net debt: full borrowings less current liquidity (provisional) | 3,616 | 4,023 | 4,406 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities (after cash tax) | 4,818 | 4,718 | 3,395 | ||
| Free cash flow (vendor definition) * | 67.0 | 1,440 | 3,343 | 2,833 | 736.8 |
| Dividends paid (an outflow is negative) | -285.7 | -244.9 | -244.9 | ||
| Cash PPE and intangible purchases including CWIP (outflow negative) | -968.1 | -1,648 | -1,475 | -1,885 | -2,658 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 79.55 | 52.55 | 82.34 | 82.37 | 82.40 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,907 | 10,198 | 10,207 | 10,893 | 10,518 | 11,337 | 11,279 | 12,874 |
| Cost of revenue (vendor classification) * | 7,238 | 8,075 | 7,269 | 7,813 | 7,506 | 8,111 | 7,711 | |
| Other operating costs (vendor classification) * | 1,242 | -43.7 | 1,384 | 1,446 | 1,348 | 1,528 | 1,946 | |
| EBITDA (vendor classification) * | 1,292 | 1,035 | 1,365 | 1,464 | 1,515 | 1,547 | 1,482 | |
| EBIT * | 1,051 | 803.7 | 1,113 | 1,219 | 1,216 | 1,261 | 1,180 | |
| Finance costs | 160.5 | 149.8 | 144.1 | 140.8 | 134.2 | 148.8 | 146.2 | 164.8 |
| Profit before tax including associates and exceptional items | 890.0 | 728.8 | 969.1 | 1,078 | 1,082 | 1,112 | 1,034 | 1,201 |
| Tax expense | 235.7 | 138.8 | 254.4 | 270.5 | 254.5 | 278.1 | 264.9 | 303.4 |
| Profit after tax including non-controlling interests | 654.3 | 590.0 | 714.7 | 807.9 | 827.8 | 834.2 | 768.7 | 897.8 |
| Diluted EPS (₹) | 7.95 | 7.17 | 8.66 | 9.78 | 10.05 | 10.22 | 9.32 | 10.84 |
| Operating EBITDA | 1,208 | 1,061 | 1,310 | 1,388 | 1,408 | 1,455 | 1,329 | 1,433 |
| Other income | 99.1 | 94.0 | 68.9 | 89.7 | 102.2 | 90.7 | 118.4 | 133.7 |
| Depreciation and amortisation | 241.6 | 241.2 | 251.8 | 261.9 | 268.9 | 277.7 | 302.4 | 299.0 |
| Exceptional gain/(loss), signed | 0.00 | -7.06 | 0.00 | 17.4 | -30.1 | -45.7 | 0.00 | 116.4 |
| Equity method earnings | -14.5 | -28.0 | -13.7 | -13.8 | 5.26 | 38.9 | 34.6 | -18.1 |
| Materials purchases and inventory | 6,705 | 7,054 | 6,738 | 7,267 | 6,941 | 7,565 | 7,069 | 9,026 |
| Employee expense | 219.5 | 226.3 | 243.9 | 245.2 | 256.2 | 243.6 | 292.6 | 275.6 |
| Other operating expense | 626.1 | 748.0 | 711.7 | 760.2 | 687.8 | 845.8 | 770.1 | 705.4 |
| Power and fuel | 624.6 | 671.0 | 672.5 | 686.0 | 659.9 | 681.8 | 1,176 | 865.1 |
| Stores and spares | 524.9 | 438.6 | 531.2 | 546.8 | 564.8 | 545.8 | 641.9 | 568.5 |
| Profit attributable to owners of parent | 654.8 | 591.0 | 714.2 | 806.9 | 828.8 | 843.6 | 769.4 | 894.6 |
| Profit attributable to non-controlling interests, signed | -0.57 | -1.03 | 0.50 | 0.98 | -1.01 | -9.35 | -0.70 | 3.17 |
| Cost of materials consumed | 7,861 | |||||||
| Purchases of stock-in-trade | 19.8 | |||||||
| Changes in finished goods, WIP and stock-in-trade inventories | -811.7 | |||||||
| Current tax expense | 252.6 | |||||||
| Deferred tax expense | 8.69 | |||||||
| Taxes pertaining to earlier years | 3.66 | |||||||
| Basic EPS (₹) | 7.18 | 8.67 | 9.80 | 10.06 | 10.24 | 9.34 | 10.85 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 166.9% | 9.9% | 8.4% | 1.9% | 9.3% |
| EBITDA margin | 12.2% | 11.9% | 12.9% | ||
| Net margin | 7.0% | 6.4% | 7.4% | ||
| Return on equity | 20.6% | 16.1% | 17.5% | ||
| Return on capital employed | 43.8% | 20.4% | 22.4% | 17.9% | 19.0% |
| Return on assets | 9.4% | 7.5% | 8.3% | ||
| Net debt (₹ crore) | 3,616 | 4,023 | 4,406 | ||
| Net debt / EBITDA | 0.77x | 0.86x | 0.79x | ||
| Interest cover | 7.34x | 6.34x | 8.37x | ||
| Asset turnover | 1.94x | 1.43x | 1.33x | 1.17x | 1.12x |
| Receivable days | 44 | 38 | 27 | 29 | 26 |
| Inventory days (on revenue) | 76 | 86 | 75 | 90 | 81 |
| Payable days (on revenue) | 65 | 80 | 66 | 85 | 70 |
| Cash conversion | 1.78x | 1.88x | 1.06x | ||
| Capex intensity | 3.0% | 4.6% | 3.8% | 4.8% | 6.2% |
| Free cash flow (₹ crore) | 3,343 | 2,833 | 736.8 | ||
| Dividend payout | 10.5% | 9.8% | 7.7% | ||
| EPS, diluted (₹) | 37.78 | 25.68 | 32.94 | 30.41 | 38.70 |
| Book value per share (₹) | 124.3 | 227.7 | 174.6 | 202.6 | 240.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company reported) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt: full borrowings less current liquidity (provisional); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company reported).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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