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Jindal Stainless Limited
(JSL)
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Rating:63Neutral
Price Target:
₹757.00
▲(4.51% Upside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by solid underlying financial performance and a generally improving balance sheet, but is held back by weaker cash-flow consistency and a recent margin step-down. Technical signals are currently soft (negative MACD and price below key moving averages), while valuation is moderate with a low dividend yield. Earnings call commentary was supportive overall, led by Q2 recovery and higher EBITDA/ton guidance, but tempered by lowered volume growth guidance and import/realization headwinds.
Positive Factors
Revenue and earnings growth
JSL has demonstrated multi-year revenue expansion alongside solid earnings growth, indicating meaningful scale and demand across its stainless steel markets. Although growth has moderated at times, the re-acceleration in 2026 supports continued operating relevance and provides a foundation for further investment.
Negative Factors
Weak free-cash-flow conversion
Recent deterioration in free-cash-flow conversion means reported earnings are translating less consistently into cash available for debt reduction, investment, or shareholder returns. If working-capital or spending pressure persists, JSL may have less flexibility to fund its expansion internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and earnings growth
JSL has demonstrated multi-year revenue expansion alongside solid earnings growth, indicating meaningful scale and demand across its stainless steel markets. Although growth has moderated at times, the re-acceleration in 2026 supports continued operating relevance and provides a foundation for further investment.
Read all positive factors
Jindal Stainless Limited (JSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹562.95B
Dividend Yield0.44%
Average Volume (3M)35.82K
Price to Earnings (P/E)16.8
Beta (1Y)1.26
Revenue Growth11.65%
EPS Growth20.53%
CountryIN
Employees6,838
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)39.44
Shares Outstanding824,419,600
10 Day Avg. Volume38,165
30 Day Avg. Volume35,816
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)2.96
Price to Sales (P/S)1.36
P/FCF Ratio111.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)41.41
Revenue Forecast (FY)₹492.81B
Jindal Stainless Limited Business Overview & Revenue Model
Company Description
Established in 1970 and headquartered in New Delhi, India, Jindal Stainless Limited is a global manufacturer and supplier of stainless steel products. The company's comprehensive portfolio includes ferro alloys, stainless steel slabs, and a range ...
How the Company Makes Money
JSL primarily makes money by selling stainless steel products. Its core revenue stream is the sale of stainless steel flat products (notably coils and sheets/plates) across a mix of end-user industries and geographies (India and exports). Revenue ...
Jindal Stainless Limited Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call was broadly positive, marked by a strong Q2 recovery, double-digit quarter-on-quarter financial growth, robust exports, stable operations, a stronger credit profile, ongoing capacity investments, and reaffirmed long-term growth plans. The main challenges were the reduction in full-year volume guidance, elevated imports following the QCO suspension, reduced European quotas, lower NSR, and delays to the Maharashtra project. Highlights significantly outweighed the lowlights.Positive Updates
Strong Q2 Recovery
The company reported a strong recovery from Q1 disruptions, with double-digit quarter-on-quarter growth in sales volume and net revenue. Finished goods sales volume grew 14% quarter-on-quarter and 3% year-on-year, supported by a high share of value-added products and momentum in automotive and ornamental pipe and tube segments.
Negative Updates
Full-Year Volume Guidance Reduced
Full-year volume growth guidance was revised to 4%-6% from the earlier 7%-9%, primarily reflecting the impact of the Q1 disruption. H1 FY 2027 deliveries were 1.25 million tons, a marginal decline of 2% year-on-year.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Q2 Recovery
The company reported a strong recovery from Q1 disruptions, with double-digit quarter-on-quarter growth in sales volume and net revenue. Finished goods sales volume grew 14% quarter-on-quarter and 3% year-on-year, supported by a high share of value-added products and momentum in automotive and ornamental pipe and tube segments.
Read all positive updates
Company Guidance
Jindal Stainless revised its full year volume growth guidance to 4%-6% from earlier 7%-9%, and its EBITDA per ton guidance to INR 20,000-INR 22,000 per ton, up from earlier INR 18,000-INR 20,000 a ton; the CapEx and net debt guidance range remains unchanged at INR 2,400-INR 2,600 crores and INR 2,500-INR 2,800 crores respectively. The company reiterated its commitment to deliver on its sales volume target of three and a half million tons per annum by FY 2029, while for the Indonesia nickel facility management said it had given a guidance of $500-$1,500 a ton kind of a thing.Jindal Stainless Limited Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
76
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 440.26B | 429.55B | 393.12B | 385.62B | 356.97B | 327.33B |
| Gross Profit | 87.26B | 75.06B | 122.65B | 117.01B | 111.18B | 112.99B |
| EBITDA | 58.34B | 58.70B | 45.12B | 45.11B | 35.15B | 53.51B |
| Net Income | 32.49B | 31.93B | 25.05B | 27.13B | 21.14B | 30.79B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 407.04B | 361.58B | 308.17B | 271.40B | 148.62B |
| Cash, Cash Equivalents and Short-Term Investments | 29.35B | 29.35B | 14.72B | 18.71B | 9.50B | 3.17B |
| Total Debt | 0.00 | 74.60B | 64.02B | 60.52B | 39.58B | 40.07B |
| Total Liabilities | -198.82B | 208.21B | 194.50B | 164.43B | 151.73B | 96.35B |
| Stockholders Equity | 198.82B | 197.91B | 166.88B | 143.58B | 119.31B | 98.23B |
Cash Flow | ||||||
| Free Cash Flow | 4.54B | 5.24B | 28.33B | 33.43B | 14.40B | 3.18B |
| Operating Cash Flow | 21.83B | 31.82B | 47.18B | 48.18B | 30.96B | 10.83B |
| Investing Cash Flow | -18.43B | -37.71B | -34.39B | -33.40B | -24.82B | -9.85B |
| Financing Cash Flow | -3.56B | 3.66B | -18.82B | -8.29B | -3.86B | 1.01B |
Jindal Stainless Limited Technical Analysis
Negative
724.35
Price Trends
728.52
Negative
718.69
Negative
738.51
Negative
Market Momentum
-8.04
Positive
45.31
Neutral
31.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JSL, the sentiment is Negative. The current price of 724.35 is above the 20-day moving average (MA) of 723.51, below the 50-day MA of 728.52, and below the 200-day MA of 738.51, indicating a bearish trend. The MACD of -8.04 indicates Positive momentum. The RSI at 45.31 is Neutral, neither overbought nor oversold. The STOCH value of 31.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JSL.
Jindal Stainless Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹72.46B | 9.82 | ― | 1.85% | -12.21% | -16.07% | |
70 Outperform | ₹601.13B | 46.05 | ― | 0.39% | 15.83% | 24.85% | |
65 Neutral | ₹161.65B | 37.40 | ― | 0.43% | -16.30% | -24.14% | |
63 Neutral | ₹562.95B | 16.85 | ― | 0.44% | 11.65% | 20.53% | |
61 Neutral | ₹3.03T | 10.65 | ― | 0.57% | 14.05% | 371.72% | |
61 Neutral | ₹2.11T | 19.10 | ― | 2.36% | 10.51% | 143.13% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:JSL
Jindal Stainless Limited
682.85
-116.41
-14.56%
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540.80
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Jindal Stainless Limited Corporate Events
Jindal Stainless Releases Q2 and H1 FY27 Earnings Presentation
Oct 22, 2026
Jindal Stainless Limited has notified the stock exchanges that it has released its earnings presentation for the second quarter and first half of fiscal year 2027. The presentation has been submitted to BSE and NSE in compliance with SEBI’s ...
Jindal Stainless Files Q2, H1 FY27 Earnings Presentation with Exchanges
Oct 22, 2026
Jindal Stainless Limited has submitted its Q2 and H1 FY27 earnings presentation to both the BSE and NSE, complying with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The document has also been uploaded to the compa...
Jindal Stainless Wins Top Honours for Digital HR Transformation at Infini-T Awards 2026
Aug 19, 2026
Jindal Stainless has secured two honours at the People Matters Infini-T Awards 2026, earning the Gold Award in HR Operations and the Silver Award in Digital Adoption Change Leadership. The recognition highlights the company’s success in bui...
Jindal Stainless Files FY 2025-26 Sustainability Report with Stock Exchanges
Aug 8, 2026
Jindal Stainless Limited has submitted its Business Responsibility and Sustainability Report for the financial year 2025-26 to the Bombay Stock Exchange and the National Stock Exchange. The filing complies with Securities and Exchange Board of Ind...
Jindal Stainless Board Clears Q1 FY27 Unaudited Results
Aug 3, 2026
Jindal Stainless Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at a meeting held on August 3, 2026. The company stated that these quarterly results, reviewed by ...
Jindal Stainless Secures SEBI Compliance for Share Dematerialisation Quarter
Jul 28, 2026
Jindal Stainless Limited has submitted a compliance certificate to the National Stock Exchange of India and BSE, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.