Jindal Stainless Posts 11.1% Rise In Q2 Net Profit At Rs 898 crore
Revenue jumps 18.2% as company recovers from Q1 disruptions; rising Chinese imports pose challenge to domestic industry
Bhubaneswar/New Delhi: Jindal Stainless Limited (JSL) reported an 11.1 per cent year-on-year increase in consolidated net profit to Rs 898 crore for the quarter ended September 30, 2026, supported by resilient domestic demand, higher exports and an improved product mix, even as mounting import pressure from China continues to pose challenges for the domestic stainless steel industry.
The company’s consolidated net revenue rose 18.2 per cent year-on-year 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, indicating that profit growth remained considerably slower than revenue expansion.
Sharing details about the company’s performance, JSL managing director (MD), Abhyuday Jindal said finished goods sales volume stood at 6,64,378 tonnes, registering a 2.5 per cent year-on-year increase. The company’s net debt was Rs 3,121 crore, with a net debt-to-equity ratio of 0.15 times.
The quarter marked a recovery from operational disruptions in the preceding quarter, when geopolitical developments and constraints in industrial gas availability affected operations. On a sequential basis, overall sales volumes increased 14.4 per cent, while net revenue grew 14.1 per cent, reflecting an improvement in operating conditions and market demand.
Demand was supported by higher sales of 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, particularly in white goods, lifts and elevators.
However, the sharp rise in imports has emerged as a major concern for domestic manufacturers. 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.
The surge has intensified competitive pressure on Indian producers, particularly following the suspension of Quality Control Orders (QCOs), which the company said had contributed to an influx of substandard stainless steel imports from China and Chinese-origin sources.
Jindal Stainless sought to offset these pressures by expanding its overseas business. Exports grew 20 per cent quarter-on-quarter and 36 per cent year-on-year, with the company strengthening its presence in South Korea, Colombia, South Africa, Brazil and Japan.
Commenting on the performance of the company, JSL MD 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 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.
