DBT Bureau
Pune, 17 Nov 2025
Q2FY26 highlights
Standalone performance:
- Sales volume at 6,48,050 tonnes, up by 14.8% YoY
- Net revenue at INR 10,881 crore, up by 11.6% YoY
- EBITDA at INR 1,060 crore, up by 5.3% YoY
- PAT at INR 644 crore, up by 9.3% YoY
Consolidated performance:
- Net revenue at INR 10,893 crore, up by 11.4% YoY
- EBITDA at INR 1,388 crore, up by 17% YoY
- PAT at INR 808 crore, up by 32.6% YoY
- Net debt at INR 3,646 crore
- Net debt-to-equity ratio at 0.2x
The Board of Directors of Jindal Stainless Limited (JSL) reported the financial results for the quarter ended on September 30, 2025. The company recorded a sales volume of 6,48,050 tonnes, up by 14.8% on a year-on-year (Y-o-Y) basis, while standalone net revenue stood at INR 10,881 crore, up by 11.6% on a Y-o-Y basis. Standalone EBITDA and PAT stood at INR 1,060 crore and INR 644 crore, both up by 5.3% and 9.3% Y-o-Y, respectively. The consolidated net revenue was at INR 10,893 crore, up by 11.4% Y-o-Y. The consolidated EBITDA was recorded at INR 1,388 crore and PAT at INR 808 crore, up by 17% and 32.6% Y-o-Y respectively. The consolidated net debt was at INR 3,646 crore, while the net debt-to-equity ratio of 0.2x.
Commenting on the performance of the company, Managing Director, Jindal Stainless, Abhyuday Jindal, said, “Our efforts are driven by a vision to make India the global benchmark in stainless steel manufacturing. As we navigate a complex global environment, our priority remains serving critical sectors with the strength of stainless steel while ensuring the highest quality benchmarks. The temporary suspension of the QCO is concerning, and discouraging for the entire domestic industry. Amid the prevailing geopolitical complexities, we foresee an increased influx of sub-standard and cheap imports into the country. We hope the government continues with stronger frameworks for upholding quality standards.”
Other key developments:
R&D / newer applications
- Jindal Stainless developed 410L rebars with SS500 strength for L&T for the bullet train project.
- Jindal Stainless supplied 301N stainless steel for phase 2 of Bangalore Metro.
- Jindal Stainless also deployed advanced 304 & JT grades for the salt tipper trailers, introducing sustainable logistics solutions.
Defence and aerospace
- Jindal Stainless’ strategic arm, Jindal Defence and Aerospace (JDA), secured an order from L&T for the supply of High Nitrogen Steel plates for the Anti-Tank Guided Missile (ATGM) launcher system.
- JDA has secured an order from Vikram Sarabhai Space Centre (VSSC) for low alloy steel sheets to be used in the motor casings and other components of GSLV Mk-III for Gaganyaan Mission.
- JDA also successfully supplied high-grade stainless-steel products for border fencing projects.
Sustainability and ESG
- Jindal Stainless partnered with Greenzo Energy India Limited to commission a green hydrogen plant at its Jajpur facility, with a capacity 600 NM3/hr, targeted for completion by mid-2026.
- The company’s renewable power utilization across its Jajpur and Hisar facilities increased to 42% till Q2FY26, from 26% in FY25, marking a significant step toward cleaner and more sustainable operations.
- Jindal Stainless doubled its slag processing capacity with a new wet milling plant in Jajpur, advancing circular production and natural resources conservation.
Category awareness and skill development initiatives via Stainless Academy
- Jindal Stainless launched its Fabrication Training Program in Tamil Nadu, boosting regional workforce skills in stainless steel pipe and tube fabrication. This initiative brought the total number of fabricators trained in Q2 FY26 to over 6,700, with the cumulative figure reaching 60, 400 till date.
- In addition, Jindal Stainless conducted the Qualification Pack Training Program (QPTP) at JSSL Patalganga to enhance workforce capabilities in heavy fabrication, along with its inaugural QPTP for kitchenware operators–the first of its kind in this segment–offering both theoretical and hands-on practical learning.
Awards and recognitions
- Jindal Stainless was recognised with the Golden Peacock Award for Sustainability (GPAS) for the year 2025.
- Both Hisar and Jajpur units were recognised as the Excellent Energy Efficient Unit at CII National Award for Excellence in Energy Management 2025, while both won seven awards at the CII 9th Energy Circle competition.
- Jindal Stainless’ Hisar unit was recognised with ‘The Economic Times Energy Leadership Award 2025’ in the Energy Conservation – Industries category.
