Jindal Stainless Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jindal Stainless Ltd filed with BSE on 09 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jindal Stainless reported Q4FY26 consolidated EBITDA of Rs 1,455 crore, up around 37% year-on-year, and consolidated PAT of Rs 834 crore, up around 41% year-on-year, with full-year FY26 deliveries of 2.57 million tons, up around 8%. Management said the Indonesian 1.2 million tons per annum melt shop was commissioned ahead of schedule, taking total melting capacity to 4.2 million tons per annum, and announced an additional Rs 900 crore commitment for cold rolling capacity at Hisar and Kharagpur. Management also guided to 7-9% volume growth and EBITDA per ton of Rs 18,000 to Rs 20,000 for the first half of FY27, citing cost pressure from gas and industrial fuel disruptions linked to the Middle East situation.
Numbers mentioned
Consolidated EBITDA: INR1,455 crores (Q4FY26)
p. 5
“Our 4Q consolidated EBITDA increased by around 37% year-on-year and around 3% on quarter-on-quarter to INR1,455 crores.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Consolidated PAT: INR834 crores (Q4FY26)
p. 5
“Our consolidated PAT stood at INR834 crores, an increase of around 41% on year-on-year and around 1% on quarter-on-quarter basis.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Deliveries: 2.57 million tons (FY26)
p. 5
“For FY26, our deliveries stood at 2.57 million tons with an increase of around 8% year-on-year.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Consolidated EBITDA: INR5,560 crores (FY26)
p. 5
“Consolidated EBITDA increased by around 19% year-on-year to INR5,560 crores, and consolidated PAT stood at INR3,185 crores with an increase of around 27% year-on-year basis.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Net debt: INR3,040 crores (as of March 31, 2026)
p. 5
“As of March 31, 2026, our consolidated net debt has further reduced to INR3,040 crores with a net debt-to-EBITDA ratio at 0.55x, comfortably below 1, and a net debt-to-equity ratio of 0.15, reflecting our disciplined approach to financial management.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Deliveries: 0.64 million tons (Q4FY26)
p. 5
“Despite geopolitical headwinds, our 4QFY26 deliveries were at 0.64 million tons remaining steady on a year-on-year basis.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
200/300/400 series mix: 38%/43%/19% (Q4FY26)
p. 7
“So for 4QFY26, 200 series was around 38%, 300 series was around 43% and 400 series is around 19%.”
Angad Khurana, page 7 of the filed PDF · View the filing
200/300/400 series mix: 37%/46%/18% (FY26)
p. 16
“So for FY26: 200 series was around 37%, 300 series was 46% and 400 series was 18%.”
Angad Khurana, page 16 of the filed PDF · View the filing
Export share of total sales: 8% (FY26)
p. 7
“So export as we can see that for the year FY26, it is having a share of 8% of our total sales, which in FY25, it was 9%.”
Tarun Khulbe, page 7 of the filed PDF · View the filing
EcoVadis score: 71 out of 100 (Q4FY26)
p. 5
“achieving an EcoVadis score of 71 out of 100 in Q4 '26 with the bronze medal recognition”
Abhyuday Jindal, page 5 of the filed PDF · View the filing
Dividend: INR1 per share interim plus INR3 per share final (FY26)
p. 6
“I'm pleased to announce that, in addition to an interim dividend for FY26 of INR1 per share, the Board has recommended a final dividend of INR3 per share with a face value of INR2 each, subject to approval of shareholders at the ensuing Annual General Meeting, aggregating to a payout of nearly INR330 crores in total for FY26.”
Tarun Khulbe, page 6 of the filed PDF · View the filing
Nickel EBITDA per ton: $3,000 per ton (Q4FY26)
p. 11
“But with the sharp increase in nickel in the last quarter, the actual EBITDA has come around $3,000 per ton.”
Abhyuday Jindal, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — 7% to 9% · FY27
stated firmly by Abhyuday Jindal
p. 7
“We're still confident of delivering INR18,000 to INR20,000 and give at least 7% to 9% volume growth in the entire year.”
Abhyuday Jindal, page 7 of the filed PDF · View the filing
EBITDA per ton — INR18,000 to INR20,000 · H1 FY27
stated conditionally by Abhyuday Jindal
p. 6
“And for EBITDA per ton, looking at the kind of uncertainty there is, till H1 of this year, we are giving a guidance of INR18,000 to INR20,000 EBITDA per ton.”
Abhyuday Jindal, page 6 of the filed PDF · View the filing
Sales volume — 3.5 million tons per annum · FY29
stated firmly by Tarun Khulbe
p. 6
“This integrated expansion will support our sales volume target of 3.5 million tons per annum by FY29, translating into a robust double-digit compounded growth over the next 3 years.”
Tarun Khulbe, page 6 of the filed PDF · View the filing
CRAP capacity — 2.67 million tons per annum · FY28
stated firmly by Tarun Khulbe
p. 5
“With these investments, our value-added capabilities will be enhanced, increasing CRAP capacity to 2.67 million tons per annum by FY28 and aligning the expanded melt capacity with downstream readiness.”
Tarun Khulbe, page 5 of the filed PDF · View the filing
Export share of volume — 8% to 10% · FY27
stated as an aspiration by Tarun Khulbe
p. 7
“we believe that even with our increased guidance of 7% to 9% of volume, what we have given, still we should be able to manage a share of 8% to 10% of exports in that increased volume”
Tarun Khulbe, page 7 of the filed PDF · View the filing
Capex — INR2,600 crores · FY27
stated firmly by Tarun Khulbe
p. 10
“For FY27, our capex guidance is around INR2,600 crores for FY27.”
Tarun Khulbe, page 10 of the filed PDF · View the filing
Indonesia melt facility utilization — 70% to 80% of capacity · FY27
stated conditionally by Tarun Khulbe
p. 19
“So now the ramp-up has started. We believe that gradually the ramp-up will take place and up to 70%, 80% of the capacity should ramp up in this financial year.”
Tarun Khulbe, page 19 of the filed PDF · View the filing
Hisar gas capacity — increase to 400 (from 90) · next few months
stated firmly by Abhyuday Jindal
p. 12
“So already in Jajpur, the 600 mm cube plant will be up and running in June, July, and Hisar also at 90 will increase to 400 almost in the next few months.”
Abhyuday Jindal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed it is sticking to the range despite cost pressure
Answered by Abhyuday Jindal
Asked by Parthiv Jhonsa: Whether the EBITDA per ton guidance of INR18,000-20,000 holds despite the Middle East crisis overhang
p. 7
“Correct. We're still confident of delivering INR18,000 to INR20,000 and give at least 7% to 9% volume growth in the entire year.”
Abhyuday Jindal, page 7 of the filed PDF · View the filing
Export share fell 1 point but on an expanded base; company expects to maintain 8-10% share within higher volumes
Answered by Tarun Khulbe
Asked by Alok Deora: Why export proportion has come down and outlook for FY27
p. 7
“So export as we can see that for the year FY26, it is having a share of 8% of our total sales, which in FY25, it was 9%.”
Tarun Khulbe, page 7 of the filed PDF · View the filing
Management said the suspension creates confusion in the industry but the company's diverse portfolio and shifting customer preference towards life-cycle cost give it confidence
Answered by Tarun Khulbe
Asked by Amit Dixit: How the QCO suspension and lack of government support on imports affects expansion plans
p. 8
“Now, coming to -- we, as a company, okay, we have -- the sentiments and all these things definitely impact, but we also have our strengths.”
Tarun Khulbe, page 8 of the filed PDF · View the filing
Management declined to disclose specifics citing strategic sensitivity but confirmed activity across land, air and aerospace applications
Answered by Abhyuday Jindal
Asked by Amit Dixit: Details on defense sector products and grades being developed
p. 9
“So Amit, defense being such a critical area, I would not like to share on an open forum what kind of products or applications we are working on.”
Abhyuday Jindal, page 9 of the filed PDF · View the filing
Management said the past guidance range was $500-1,500 per ton of nickel EBITDA but last quarter actual came in around $3,000 per ton due to price volatility
Answered by Abhyuday Jindal
Asked by Ritesh Shah: How RKEF/nickel business profitability should be read given volatility
p. 11
“In the past, we had given guidance that anything from $500 to $1,500 per ton of nickel, which is the kind of EBITDA we can expect.”
Abhyuday Jindal, page 11 of the filed PDF · View the filing
Management described diversifying fuel sources including natural gas, coal gasification, syngas and green hydrogen across plants
Answered by Abhyuday Jindal
Asked by Ritesh Shah: How gas disruption risk is being mitigated
p. 12
“East India, we will look towards coal gasification and syngas, pipe natural gas wherever we can include, and also to replace ammonia, we are going for green hydrogen.”
Abhyuday Jindal, page 12 of the filed PDF · View the filing
Management confirmed the guidance already builds in Indonesian volumes
Answered by Kapil Arora
Asked by Pinakin: Whether the FY27 guidance factors in Indonesian facility volumes
p. 13
“Yes. So our business plan is accordingly built. So the guidance of 7% to 9% on the volume and INR18,000 to INR20,000 on the EBITDA per ton factors that.”
Kapil Arora, page 13 of the filed PDF · View the filing
Management said product mix evolves with market demand and domestic focus, and 400 series share is actually rising modestly on a larger base
Answered by Tarun Khulbe
Asked by Rajesh Majumdar: Why the 400 series share has fallen from 27% to 18% over the years
p. 16
“And just to add, while in terms of percentage for FY25, the 400 series was 17% and for FY26, it is 18%.”
Tarun Khulbe, page 16 of the filed PDF · View the filing
Management said it will balance scrap and NPI-route slab depending on customer requirement
Answered by Tarun Khulbe
Asked by Kirtan Mehta: What scrap versus NPI/slab utilization mix is intended after Indonesia ramps up
p. 18
“We as a company now have both possibilities because in India we have the capacity to use the scrap as much as possible, and now we have the possibility of bringing in slabs from Indonesia through the NPI route.”
Tarun Khulbe, page 18 of the filed PDF · View the filing
Risks flagged
Disruption to industrial gas and fuel availability (propane, LPG, natural gas, ammonia) due to Middle East geopolitical situation
p. 4
“The ongoing situation has affected the availability of key industrial gases, including propane, LPG, natural gas, and ammonia.”
Abhyuday Jindal, page 4 of the filed PDF · View the filing
Shipping and logistics disruption from route diversions and cargo delays
p. 4
“In parallel, disruptions in shipping lanes have resulted in route diversions, extended transit periods, and intermittent cargo delays, adding pressure on logistics and cost structure.”
Abhyuday Jindal, page 4 of the filed PDF · View the filing
Suspension of the Quality Control Order allowing substandard imports into India
p. 4
“The temporary suspension of QCO is a matter of concern and poses a discouraging setback for quality-focused domestic industry players.”
Abhyuday Jindal, page 4 of the filed PDF · View the filing
Subdued global trade sentiment due to geopolitical uncertainty affecting exports
p. 4
“On the export front, global trade sentiment remains subdued due to ongoing trade and geopolitical uncertainties.”
Abhyuday Jindal, page 4 of the filed PDF · View the filing
Sharp increase in cost of industrial gases and consumables like ammonia and acid not fully passed on to customers
p. 8
“It's basically the uncertainty. See, as I said, the cost has gone up, and everything we are not able to pass on to our customers because our competitors, importers -- I mean the people who import material, those companies in those countries, the cost has not gone up.”
Abhyuday Jindal, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.