Jindal Stainless Ltd(JSL)

NSE: JSLBSE: 532508

₹ 689.95+0.23%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 56,881 crWebsite: www.jindalstainless.comUpdated: 27 Oct 2026

About

Jindal Stainless Ltd (JSL) is India's largest and the world's third-largest stainless steel manufacturer, producing flat and long stainless steel products across more than 120 grades for domestic and export markets. JSL operates 16 manufacturing and processing facilities across India, Spain, and Indonesia with a total melting capacity of 4.2 MTPA. It reported FY26 revenue of Rs 42,954.66 crore.^[1][2]

Manufacturing footprint and capacity

Hisar facility has 0.8 MTPA melt capacity; Jajpur (Odisha) facility has 2.2 MTPA melt capacity; together with Indonesia's 1.2 MTPA SMS, total group melting capacity stands at 4.2 MTPA as of FY26.^[1]
Chromeni Steels (Mundra) provides 0.6 MTPA cold rolling capacity; Jindal United Steel Limited provides 3.2 MTPA Hot Strip Mill capacity as of FY26.^[1]
PT Cosan Metal Industry (Indonesia) operates a 0.2 MTPA nickel pig iron smelter in which JSL holds a 49% stake as of FY26.^[1]
Rabirun Vinimay (pipes & tubes, 50 KTPA), JSL Super Steel (long products, 0.16 MTPA) and Iber Jindal S.L. (service centre, Spain) are among 21 group subsidiaries as of FY26.^[1]
Jajpur's Steel Melting Shop delivered its highest-ever qualified production of approximately 1.31 million tonnes in FY26.^[1]

Key operating numbers

Sales volume was 664 KT in Q2 FY27, up 3% YoY and 14% QoQ from 581 KT in Q1 FY27; H1 FY27 volume was 1,245 KT, down 2% YoY.^[3]
FY26 full-year deliveries were 2.57 MT, up 8% YoY.^[4]
EBITDA per tonne was 21.6k in Q2 FY27, down from 22.9k in Q1 FY27.^[3]
Capacity utilisation in Q1 FY27: JSL standalone 69 - 70%, Chromeni 80 - 85%, Rathi ~70%.^[4]
Scrap feed ratio in Q1 FY27: Hisar 85 - 90%, Jajpur 70 - 75%; scrap was nearly 70% of total input in FY26.^[4]
GHG intensity was 1.55 tCO2/tcs in Q2 FY27, 12% lower than FY26.^[3]
Renewable power utilisation at Jajpur and Hisar reached 42% in Q2 FY26, up from 26% in FY25.^[5]

Products and grades

Portfolio spans slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel and coin blanks across more than 120 grades in 200, 300, 400 series and duplex as of FY26.^[1]
Grade mix in Q1 FY27: 200-series 35%, 300-series 47%, 400-series 18%; 400-series averaged 18% in FY26, up from 17% in FY25.^[4]
Cold-rolled share reached 55% of total sales in Q3 FY26, up from ~50% a year earlier.^[6]
In Q2 FY27 JSL developed India's first high-aluminium stainless steel grade for catalytic converters.^[3]
Signed a technical assistance agreement with JFE Steel, Japan, to strengthen ferritic grades, disclosed in Q2 FY27.^[3]
Launched 'Jindal Infinity' stainless steel rebars starting in Punjab in FY26, with a phased pan-India rollout.^[1]

Customers and distribution

Serves traders, OEMs, pipe & tube makers, hollowware producers, automotive, re-rollers, wagon and coach makers, white goods, and lift, elevator and metro providers across 25 states and 41 countries as of FY26.^[1]
Exports were 11% of volume in Q1 and Q2 FY27, up from 9% in Q2 FY26.^[3]
Jindal Saathi loyalty programme crossed 1.3 lakh members (19,000+ retailers, 1.13 lakh+ fabricators) with 7 lakh+ QR scans a month as of Q2 FY27.^[3]
Distribution covers 10 sales offices and six service centres across India as of FY26.^[1]
In Q2 FY27 metro, automotive and pipes and tubes demand was healthy, while wagon demand was hit by a slowdown in tenders.^[3]
Domestic stainless steel consumption rose to 5.16 MT in FY26 from 4.8 MT in FY25.^[1]

Raw materials and energy

Chrome ore supply is being secured through linkage with Odisha Mining Corporation and captive mining assets at Sukinda, Odisha, as of FY26.^[1]
Jajpur switched to piped natural gas in Q1 FY27 after propane/LPG prices spiked in April 2026; similar conversions planned for Hisar and Ghaziabad.^[4]
Limited availability of LPG, propane and natural gas in late FY26 reduced plant utilisation, especially at scrap-based units.^[1]

Expansion and capex

FY27 capex guidance of ₹2,400 - 2,600 crore, as of Q1 FY27.^[4]
HRAP line commissioning expected in Q3 FY27 (October - December 2026), followed by ramp to rated capacity.^[4]
Cold rolling capacity targeted at 2.67 MTPA by FY28 via expansion at Jajpur, Hisar and Kharagpur; ₹900 crore committed to Hisar and Kharagpur cold rolling.^[4]
Sales volume target of 3.5 MTPA by FY29, from the FY26 base of 2.57 MT.^[4]
Green hydrogen plant at Jajpur (600 NM³/hr) targeted for August 2026; a further 600 NM³/hr at Jajpur in FY28; Hisar to add 200 NM³/hr.^[4]
Maharashtra greenfield: plan and capex finalisation expected within one to two quarters as of Q1 FY27; land acquisition is the bottleneck.^[4]

Recent developments

16 Oct 2026: subsidiary Chromeni Steels agreed to acquire 40% of Oyster Green Hybrid Four for ₹1.25 crore in cash for a 24 MW hybrid renewable project, completion expected by Q1 FY28.^[7]
Scheme to amalgamate wholly owned subsidiaries JUSL, CSL, JSL-SSL and RVPL into JSL, appointed date 1 April 2027.^[3]
PT Glory Metal Indonesia (1.2 MTPA melt shop) reclassified from wholly owned subsidiary to associate effective 1 July 2026; slab supply commitments unchanged.^[4]
Indonesia SMS began ramping up in Q1 FY27; guided to reach 70 - 80% utilisation in FY27.^[4]
QCO exemption for finished stainless flat products extended to March 31, 2027, per the FY26 annual report.^[1]
Consolidated net debt was ₹3,121 crore at Sep 2026 vs ₹3,040 crore at Mar 2026.^[3]
Antidumping investigation: public hearing scheduled for 9 September 2026, as of Q1 FY27.^[4]

Market Cap

₹56,881 Cr

High / Low

₹883 / 652

Stock P/E

16.9

Price / Book

2.6

Book Value

₹240

EPS

₹38.7

No. of Shares

82.44 Cr

ROCE

19.3%

ROE

17.5%

OPM

11.2%

Debt / Equity

0.37

Sales

₹42,955 Cr

Net Profit

₹3,185 Cr

Promoter holding

62.6%

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