Jindal Stainless reports strong Q2 FY26 growth, boosts profitability

Jindal Stainless Limited (JSL) reported strong Q2 FY26 results with deliveries reaching 648,050 metric tons, a 15% increase year-on-year and 3% sequentially. Consolidated EBITDA rose by 17% year-on-year and 6% quarter-on-quarter to INR 1,388 crores, while consolidated PAT increased by 33% year-on-year and 13% quarter-on-quarter to INR 808 crores. For H1 FY26, deliveries were 12,74,302 metric tons, up 12% year-on-year, with EBITDA at INR 2,698 crores (up 12%) and PAT at INR 1,523 crores (up 21%).

The company’s balance sheet improved, with consolidated net debt reduced to INR 3,646 crores, resulting in a net-to-debt EBITDA ratio of 0.73x and a net debt-to-equity ratio of 0.2x. JSL is progressing with its expansion projects, including NPI operations achieving 90% utilization and Chromeni at 70% utilization during the quarter. The company remains on track for its CAPEX guidance of INR 2,700 crores for the full year, having already invested approximately INR 1,260 crores in H1.

JSL also highlighted the opening of its first stainless steel fabrication unit under Jindal Stainless Steelway Ltd. in Patalganga, Mumbai, and its commitment to decarbonization with a green hydrogen plant planned for its Jajpur facility. Renewable power utilization at Jajpur and Hisar facilities increased to 42% in Q2 FY26.