Jindal Stainless Q4 profit rises 43% to ₹844 crore, revenue up 11%

Jindal Stainless Ltd posted a strong March-quarter performance, with revenue and EBITDA growing in double digits as margins expanded on better operating performance, even as the company flagged import pressure and global trade disruptions.

Jindal Stainless reported a 42.74% year-on-year rise in consolidated net profit at ₹844 crore for the quarter ended March 31, 2026, compared with ₹591 crore in the year-ago period.

Revenue from operations rose 11.2% YoY to ₹11,337 crore, against ₹10,198 crore in the corresponding quarter last year. EBITDA increased 37.1% YoY to ₹1,454.84 crore, compared with ₹1,060.88 crore a year earlier.

The company’s EBITDA margin expanded to 12.83% from 10.40% last year, reflecting stronger operating leverage and better profitability during the quarter.

Operating performance improves

Jindal Stainless’ Q4 performance was led by a sharp improvement in operating earnings. EBITDA growth of over 37% outpaced the 11.2% rise in revenue, helping margins expand by more than 240 basis points year-on-year.

The company’s press release said consolidated Q4 EBITDA increased to ₹1,455 crore, reflecting “strong operating performance”, while PAT stood at ₹834 crore, up 41.4% YoY.

The margin expansion is the key highlight of the quarter. Unlike several commodity companies where revenue growth has not fully translated into profitability, Jindal Stainless saw EBITDA grow much faster than sales, indicating better cost absorption, product mix and operating discipline.

Domestic demand supports growth

The company said it delivered resilient operational and financial performance on the domestic front, supported by demand across automotive, pipes and tubes, metros, lifts and elevators, and white goods.

It also said stainless steel adoption continued to gain momentum in sectors such as infrastructure, electric vehicles, trailers, containers, real estate, defence and aerospace, driven by demand for materials with longer life cycles, corrosion resistance and recyclability.

The domestic market remained the mainstay of the business. Domestic sales accounted for 93% of total sales in Q4FY26, while exports stood at 7%. For FY26, the domestic-export mix stood at 92:8, compared with 91:9 in FY25.

Imports, trade disruptions remain a concern

Jindal Stainless, however, flagged continued pressure from imports.

The company said Chinese-origin and Vietnamese imports continued to challenge India’s stainless-steel industry, with substandard material often being rerouted through ASEAN countries. It said this reflected persistent circumvention practices and raised concerns over the influx of substandard inputs.

On the export side, the company said it continued to operate in a challenging global environment shaped by geopolitical conflicts and tariff uncertainties, which led to trade disruptions. Despite this, Jindal Stainless said it sustained export performance while focusing on markets such as Japan, South Korea, Taiwan and Germany.

The quarter also saw energy-related constraints amid geopolitical uncertainties affecting West Asia, a key sourcing region for industrial fuels such as propane/LPG and natural gas, which are critical to stainless steel manufacturing.

FY26 performance

For FY26, Jindal Stainless reported consolidated net revenue of ₹42,955 crore, up 9.3% YoY. EBITDA rose 19.2% YoY to ₹5,560 crore, while PAT increased 27.4% YoY to ₹3,185 crore.

On a standalone basis, finished goods sales volume rose 8.1% YoY to 25,65,902 tonnes in FY26. Standalone net revenue stood at ₹42,680 crore, up 6.2% YoY, while standalone EBITDA rose 10.7% to ₹4,322 crore.

Capacity, dividend and debt

The company commissioned a 1.2 MTPA stainless steel melt shop in Indonesia through its joint venture ahead of schedule, taking its total melting capacity to 4.2 MTPA. It also announced an additional ₹900 crore investment to augment cold-rolled capacities in India.

The board recommended a final dividend of ₹3 per equity share for FY26, subject to shareholder approval. Including the interim dividend of ₹1 per share, the total dividend for FY26 stands at ₹4 per equity share, or 200% on a face value of ₹2.

Jindal Stainless said consolidated net debt stood at ₹3,040 crore, while net debt-to-equity improved to around 0.15x, compared with 0.24x last year.

Management commentary

Jindal Stainless managing director Abhyuday Jindal said, “FY26 has been a strong year for Jindal Stainless, marked by resilient growth, strategic execution and important milestones across operations and brand building.”

He said the company delivered healthy volume growth, supported by robust domestic demand and rising stainless steel adoption across sectors.

Jindal added that the company’s focus will be on leveraging capacity enhancement and downstream expansion, expanding applications, maintaining cost efficiencies and manufacturing excellence to achieve around 3.5 MTPA sales volume by FY29.

He also flagged industry concerns, saying the domestic stainless steel industry continues to face a challenging environment due to the Middle-East crisis and India’s liberal trade policies. He said concerns over cheap, substandard imports remain and that the industry continues to seek a stronger policy framework to curb unfair imports.

Shares of Jindal Stainless ended 2.16% higher at ₹784 apiece on the NSE on Monday. Over the past year, the stock has rallied more than 33%, but has still underperformed the Nifty Metal index, which has gained nearly 53% in the same period.