Jindal Stainless (JSL) Q4 25/26 earnings summary

Executive summary

• Sales volume for FY26 grew by 8% year-over-year, with consolidated revenue reaching ₹42,955 crore, up 9% year-over-year, driven by robust domestic demand and expansion into new export markets despite global volatility.

• Brand initiatives included onboarding a celebrity ambassador and launching a nationwide campaign to combat counterfeiting and boost consumer engagement.

• Strategic focus on value-added products, infrastructure, and sustainability, with partial commissioning of a 315 MW solar-wind hybrid power project.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified opinions from joint statutory auditors, and financial statements prepared in compliance with Ind AS and SEBI Listing Regulations.

• Final dividend of ₹3 per share recommended, bringing total FY26 dividend to ₹4 per share, subject to shareholder approval.

Financial highlights

• FY26 consolidated EBITDA increased 19% year-over-year to ₹5,560 crore; Q4 FY26 EBITDA was ₹1,455 crore, up 37% year-over-year.

• FY26 consolidated PAT was ₹3,184.57 crore, up from ₹2,499.72 crore in FY25; Q4 FY26 PAT was ₹804 crore, up 41% year-over-year.

• Standalone revenue for FY26 was ₹42,680.22 crore, up from ₹40,181.68 crore in FY25; standalone PAT was ₹2,842.95 crore.

• Net debt reduced to ₹3,040 crore as of March 31, 2026; net debt/EBITDA at 0.55x and net debt/equity at 0.15x.

• Dividend payout for FY26: interim ₹1/share and final ₹3/share, totaling nearly ₹330 crore.

Outlook and guidance

• FY27 volume growth guidance of 7–9%; EBITDA per ton guidance for H1 FY27 at ₹18,000–20,000, with potential revision after six months.

• Export share expected to remain at 8–10% of total sales in FY27.

• CapEx guidance for FY27 is ₹2,600–2,800 crore.

• Credit ratings affirmed at "AA/Stable" for long-term borrowings and "A1+" for short-term borrowings; India Ratings revised long-term outlook to "IND AA, Positive".

• Targeting 3.5 million tons sales volume by FY29, implying double-digit CAGR.