Jindal Stainless Q2 Results, October 22, 2026: Profit Up 11% to ₹898 Crore

Jindal Stainless Q2 results, approved by the board on October 22, 2026, tell us the company has pulled back from a rough first quarter, though Chinese imports are still squeezing margins. Consolidated net revenue for the July-September quarter rose 18.2% year on year to ₹12,874 crore, and net profit climbed 11.1% to ₹898 crore from ₹808 crore, according to the press release Jindal Stainless filed with NSE.

Jindal Stainless Q2 results in numbers

EBITDA grew just 3.2% to ₹1,433 crore from ₹1,388 crore. Finished goods sales volume was 6,64,378 tonnes, up 2.5% from 6,48,050 tonnes a year earlier. Consolidated net debt stood at ₹3,121 crore and the net debt-to-equity ratio was 0.15x.

Put those together and the mix is clear. Volumes barely moved, revenue jumped, and operating profit lagged revenue by a wide margin. By our arithmetic from the company’s figures, the EBITDA margin was about 11.1% of net revenue, against roughly 12.7% in the same quarter last year and about 11.8% in the June quarter. Revenue per tonne sold worked out to around ₹1.94 lakh, about 15% higher than a year ago. EBITDA per tonne, though, was almost flat at roughly ₹21,600 against ₹21,400. So the company sold its steel at higher prices but kept very little extra profit on each tonne.

A recovery from a disrupted June quarter

The sequential picture looks better. Jindal Stainless says Q1 operations were hit by the geopolitical situation and constraints on industrial gas supply. Against that weak base, Q2 sales volume rose 14.4%, net revenue 14.1%, EBITDA 7.8% and PAT 16.8%. Q1 FY27 numbers were 5,80,805 tonnes, ₹11,279 crore of revenue, ₹1,329 crore of EBITDA and ₹769 crore of profit.

For the half year, revenue was up 14.5% at ₹24,152 crore and PAT up 9.4% at ₹1,666 crore, while volume slipped 2.3% to 12,45,183 tonnes.

The company credits value-added products and demand from the automotive and ornamental pipe and tube segments.

China imports are the worry

This is the part we’d watch most closely. The company says imports of stainless steel flat products from China in July 2026 were 53,271 tonnes, about 2.9 times the FY26 monthly average of 18,576 tonnes. The first four months of FY27 alone account for about 63% of everything India imported from China in the whole of FY26.

Managing Director Abhyuday Jindal linked the influx to the suspension of Quality Control Orders and said the company focused on holding volumes by serving domestic markets and chasing new export markets. Exports grew 20% quarter on quarter and 36% year on year. Their share of total sales rose to 11% from 9% a year ago, with South Korea, Colombia, South Africa, Brazil and Japan named as target markets.

Merger of four subsidiaries and other updates

The board approved amalgamating four wholly owned subsidiaries into the parent: Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel. The stated aim is a simpler group structure, lower administrative and compliance costs and fewer inter-company transactions.

Other points from the release:

• CARE Ratings upgraded the long-term borrowing rating to AA+ (Stable) from AA and reaffirmed A1+ on short-term borrowings.
• The company signed a technical assistance agreement with JFE Steel of Japan for ferritic grades.
• It supplied about 40% of the stainless steel used in India’s first hydrogen-powered train.

What it means for investors

The headline growth is real, but it comes mostly from price and mix, not tonnage. Margins are below last year’s level, and the import problem has not gone away. A rating upgrade and a net debt-to-equity ratio of 0.15x give the balance sheet room, though. For the next few quarters, the questions are whether exports keep growing and whether any trade protection returns. If you want to check these numbers yourself, our guide on how to analyse a company’s quarterly results walks through the method. For another results report from the same day, see our Havells Q2 results report.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before investing.