Jindal Stainless posts 11.1% rise in Q2 net profit to Rs 898 crore
Revenue jumps 18.2% as company recovers from Q1 disruptions; Chinese imports pose challenge
By Niharika Banerjee
New Delhi, Oct. 23: Jindal Stainless Limited (JSL) reported an 11.1 per cent year-on-year increase in consolidated net profit to Rs 898 crore in the quarter ended September 30, 2026, supported by resilient domestic demand, higher exports and an improved product mix, even as rising Chinese imports intensified competitive pressure on domestic manufacturers.
The company’s consolidated net revenue rose 18.2 per cent to Rs 12,874 crore in the second quarter of the 2026-27 financial year (Q2FY27). Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 3.2 per cent to Rs 1,433 crore.
Finished goods sales volume stood at 6,64,378 tonnes, up 2.5 per cent year-on-year, managing director Abhyuday Jindal said. Net debt stood at Rs 3,121 crore, with a net debt-to-equity ratio of 0.15 times.
The quarter marked a recovery from operational disruptions in Q1, when geopolitical developments and constraints in industrial gas availability affected production. Sequentially, sales volumes rose 14.4 per cent and net revenue increased 14.1 per cent.
Demand was supported by value-added products and sustained momentum in the automotive and ornamental pipe and tube segments. Globally, stainless steel plates and ferritic grades gained wider acceptance in applications such as white goods, lifts and elevators.
However, rising imports have emerged as a major concern for domestic producers. Imports of stainless steel flat products from China reached 53,271 tonnes in July 2026, nearly 2.9 times the average monthly imports of 18,576 tonnes recorded in FY26.
Imports from China during the first four months of FY27 reportedly amounted to around 63 per cent of the total imports recorded in the entire preceding financial year. JSL attributed the increased competitive pressure partly to the suspension of Quality Control Orders (QCOs), which it said had contributed to an influx of substandard stainless steel imports.
The company sought to offset domestic pressures by expanding overseas sales. Exports rose 20 per cent quarter-on-quarter and 36 per cent year-on-year, with stronger business in South Korea, Colombia, South Africa, Brazil and Japan.
Commenting on the performance, JSL managing director Abhyuday Jindal said, “We delivered growth in Q2, building on the recovery from the geopolitical crisis that impacted operations in Q1. Performance was underpinned by resilient domestic demand, supported by robust economic growth and improved sensitivity towards lifecycle costing approach.”
The company’s board also approved the amalgamation of four wholly owned subsidiaries—Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel—with Jindal Stainless Limited.
Photograph: Jindal Stainless logo (for representational purposes).
