Jindal Stainless Q2 Results 2025: Profit Surges 33% to ₹808 Crore on Strong Domestic Demand and Revenue Growth

New Delhi, November 11, 2025 — Jindal Stainless Limited (JSL), India’s largest stainless-steel producer, reported a strong financial performance for the second quarter of FY26, driven by resilient domestic demand, improved capacity utilization, and a focus on value-added products. The company’s quarterly results highlighted double-digit growth in revenue and profit, reflecting its ability to sustain momentum amid challenging global market conditions.

According to the company’s financial disclosure, consolidated net profit jumped 32.6% year-on-year to ₹808 crore in Q2FY26, compared to ₹610 crore in the same period last year. Revenue from operations grew 11.4% to ₹10,893 crore, showcasing continued strength in both domestic and export markets. The company’s EBITDA rose 17% year-on-year to ₹1,388 crore, demonstrating its operational efficiency and margin stability despite fluctuations in input costs.

The company’s sales volume reached 6,48,050 tonnes, a 14.8% increase over the previous year, driven by higher production and healthy demand across key sectors such as industrial fabrication, railways, elevators, metro projects, and consumer goods. JSL’s net debt stood at a modest ₹3,646 crore, maintaining a comfortable net debt-to-equity ratio of 0.2x, underlining its strong balance-sheet position.

Strong Demand Drives Growth

JSL’s management attributed the strong results to a robust recovery in domestic demand and the company’s growing presence in high-growth sectors. Demand remained particularly strong in areas such as metro rail systems, industrial pipes and tubes, and infrastructure-related projects. Additionally, the company benefited from initiatives aimed at strengthening its brand presence, including customer engagement programs like the “Jindal Saathi Seal” and QR-code based loyalty programs, designed to promote trust, quality assurance, and traceability among customers and distributors.

The company also emphasized its commitment to sustainability and green manufacturing. It continues to invest in energy-efficient technologies and is exploring green hydrogen projects to reduce its carbon footprint — aligning with India’s clean energy goals.

Challenges Ahead

While the Q2 results reflected strong growth, JSL also highlighted several challenges facing the stainless-steel industry. A major concern remains the influx of cheap imports from countries such as China and Vietnam, often routed through Free Trade Agreement (FTA) partners. These low-priced and sometimes substandard imports are putting pressure on domestic producers and distorting market prices.

Moreover, global trade headwinds — including geopolitical uncertainties and protectionist policies in major markets like the EU and the US — continue to affect export opportunities. The company, however, maintained a stable export performance in Q2, supported by diversified product offerings and established relationships with international clients.

Management Outlook

The management expressed confidence in sustaining the company’s growth momentum in the coming quarters. It reiterated its focus on expanding high-value product lines, improving operational efficiencies, and increasing domestic market share. Investments in capacity expansion, research and development, and sustainability initiatives will continue to be a priority in FY26.

“We remain committed to strengthening our domestic leadership and exploring new global opportunities. Despite short-term challenges, India’s stainless-steel demand outlook remains robust, and Jindal Stainless is well-positioned to capitalize on this growth,” the company said in a statement.

Investor Perspective

Analysts view JSL’s Q2 performance as a reflection of its operational discipline and strategic focus. The combination of strong profit growth, healthy margins, and low leverage positions the company favorably in a volatile global metals market. The stock reacted positively to the results, with JSL shares rising around 1.6% following the earnings announcement.

However, analysts also warned that rising imports and raw material price volatility could remain overhangs in the short term. Sustaining current margin levels will depend on the company’s ability to optimize costs, enhance value-added product mix, and leverage policy support against unfair trade practices.