Jindal Stainless LimitedQ2 FY27 Results & Financial Update
Jindal Stainless Limited: Q2 FY27 consolidated results and company financials – revenue ₹12,873.86 Cr, PAT ₹897.75 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Jindal Stainless price & chart
Market price₹687.40
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Jindal Stainless Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Jindal Stainless Limited reported consolidated revenue from operations of INR 12,873.86 crore for the quarter ended September 30, 2026, marking a sequential increase of 14.14% compared to INR 11,278.54 crore in Q1 FY27.
Net profit after tax for Q2 FY27 stood at INR 897.75 crore, registering a 16.79% sequential rise over the INR 768.66 crore recorded in the preceding quarter.
Profit before tax advanced to INR 1,201.19 crore from INR 1,033.59 crore in Q1 FY27, supported by higher revenue volumes and a sequential expansion in overall business activity following operational recovery from earlier disruptions.
Total income for the quarter reached INR 13,007.59 crore compared to INR 11,396.93 crore in the June 2026 quarter, while total expenses grew alongside volume expansion and processing activity.
Sales volume for the quarter touched 664 thousand metric tonnes, representing a sequential recovery and a 3% year-on-year growth s, driven by resilient domestic consumption.
Finance costs for the quarter were recorded at INR 164.79 crore, while depreciation and amortization expenses stood at INR 298.95 crore and tax expenses totaled INR 303.44 crore.
The company's earnings per share (EPS) for Q2 FY27 improved to INR 10.85 compared to INR 9.32 in the previous quarter.
01 · Business model
What does Jindal Stainless do?
Jindal Stainless Limited is India's leading stainless steel manufacturer, operating an integrated business model spanning from melt generation to downstream processing and finishing.
The company produces an extensive product portfolio including stainless steel slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel, and coin blanks, catering to diverse end-use sectors.
JSL maintains a combined annual melt capacity of 4.2 million tonnes backed by 16 manufacturing and processing facilities spread across India, Spain, and Indonesia, alongside an extensive domestic and international marketing network.
Manufacturing relies on electric arc furnace technology, which allows scrap recycling and greenhouse gas reduction while maintaining strict metallurgical quality across different steel series.
02 · Historical context
What shaped the business before this quarter
Founded in 1970, Jindal Stainless has grown into India's largest stainless steel producer with an annual melt capacity of 4.2 million tonnes.
By March 2026, the company established 16 manufacturing and processing facilities in India and abroad, including operations in Spain and Indonesia.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹12,873.86 Cr | ₹11,278.54 Cr |
| Total income | ₹13,007.59 Cr | ₹11,396.93 Cr |
| Profit before tax | ₹1,201.19 Cr | ₹1,033.59 Cr |
| Profit after tax | ₹897.75 Cr | ₹768.66 Cr |
| EPS | ₹10.85 | ₹9.32 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Sales volume reached 664 thousand metric tonnes during Q2 FY27, up 3% year-on-year and bouncing back from Q1 geopolitical impacts.
Domestic markets absorbed 89% of total sales volume during the quarter, supported by resilient economic growth and infrastructure activity.
Average realizations remained steady at INR 193.8 thousand per tonne during Q2 FY27 compared to INR 194.2 thousand per tonne in Q1 FY27.
What drove margins
Average LME nickel prices declined by 8.6% year-on-year to USD 16,573 per tonne in Q2 FY27, whereas ferrochrome prices remained relatively stable around INR 1,20,215 per tonne.
Integrated operations across melting, hot rolling, and cold rolling supported cost competitiveness and margin stability across product series.
05 · Demand, customers & order book
Where demand is coming from
The Jindal Saathi loyalty network surpassed 1.3 lakh members, comprising over 19,000 retailers and 1.13 lakh fabricators, generating over 7 lakh QR scans monthly.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
During Q2 FY27, the 300 series accounted for 47% of sales volume, the 200 series represented 37%, and the 400 series contributed 17%.
Geography and market mix
Domestic sales accounted for 89% of Q2 FY27 volume, while exports constituted the remaining 11%.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company maintains an annual melt capacity of 4.2 million tonnes across its manufacturing footprint.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Progress continued on the Scheme of Amalgamation involving wholly owned subsidiaries including Jindal United Steel Limited, Chromeni Steels Limited, JSL Super Steel Limited, and Rabirun Vinimay Private Limited to simplify group structure and eliminate inter-company transactions.
JSL signed a Technical Assistance Agreement with JFE Steel, Japan, aimed at strengthening ferritic stainless steel grades.
The company developed India's first high-aluminium stainless steel grade specifically designed for catalytic converters.
09 · Reported developments
What changed operationally
Greenhouse gas emission intensity (Scope 1+2) decreased by 12% to 1.55 tCO2/tcs in Q2 FY27 from 1.76 tCO2/tcs in FY26, backed by investments in renewable energy and green hydrogen.
Stainless Academy was recognized as an Awarding Body by NCVET (MSDE) and conducted 205 fabricator training programs reaching 12,165 independent fabricators during Q2 FY27.
10 · Pressure points & risks
What is not going smoothly
Management noted some headwinds in the Oil & Gas and Power segments due to fuel and gas disruptions, alongside a slowdown in wagon-led stainless steel tender processes.
11 · Items worth noticing
The line items that can distort a quick read
The financial results include exceptional items of INR 116 crore for Q2 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
CARE Ratings upgraded JSL's long-term borrowings rating to AA+ (Stable) from AA, while reaffirming short-term borrowings at A1+.
Total debt stood at INR 6,975 crore as of September 30, 2026, with net debt at INR 3,121 crore against cash and bank balances of INR 3,854 crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Application Expansion
Stainless steel usage expanded into emerging applications across chemicals, fertilizers, hydroelectric projects, dairy segments, and thermal power plants.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations expanded by 14.14% and net profit grew by 16.79% sequentially over Q1 FY27, reflecting recovery from earlier geopolitical supply chain disruptions.
15 · Key Q&A
The quarter, answered directly
What does Jindal Stainless do?
Jindal Stainless Limited is India's leading stainless steel manufacturer, operating an integrated business model spanning from melt generation to downstream processing and finishing.
What is the clearest takeaway from Q2 FY27?
Jindal Stainless Limited reported consolidated revenue from operations of INR 12,873.86 crore for the quarter ended September 30, 2026, marking a sequential increase of 14.14% compared to INR 11,278.54 crore in Q1 FY27.
What drove revenue or demand?
Sales volume reached 664 thousand metric tonnes during Q2 FY27, up 3% year-on-year and bouncing back from Q1 geopolitical impacts.
What mattered most for margins or profitability?
Average LME nickel prices declined by 8.6% year-on-year to USD 16,573 per tonne in Q2 FY27, whereas ferrochrome prices remained relatively stable around INR 1,20,215 per tonne.
What changed operationally beyond the headline numbers?
The company maintains an annual melt capacity of 4.2 million tonnes across its manufacturing footprint.
What are the main pressure points disclosed for the quarter?
Management noted some headwinds in the Oil & Gas and Power segments due to fuel and gas disruptions, alongside a slowdown in wagon-led stainless steel tender processes.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Amalgamation Progress: Monitor further milestones regarding the implementation of the scheme of amalgamation for subsidiaries.
- 02
Debt and Leverage Metrics: Track net debt to equity and net debt to EBITDA ratios alongside utilization of cash and bank balances.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.