Jindal Stainless532508Quarterly results

Board approves Q2 results and draft merger of four wholly owned subsidiaries

Jindal Stainless board on 22 October 2026 approved two things 📋.

By ScoutQuest · Thu 22 Oct 2026, 3:36 PM IST · 2 min read

Q2 FY27 Standalone Revenue: ₹11,413.28 crore
Q2 FY27 Standalone Profit: ₹785.50 crore (vs ₹643.89 crore a year earlier)
Basic EPS: ₹9.53

The board of Jindal Stainless met on 22 October 2026 and approved two separate items: the September-quarter financial results and a draft scheme to amalgamate four wholly owned subsidiaries into the company.

Q2 FY27 standalone results

Revenue from operations: ₹11,413.28 crore, against ₹10,880.89 crore in the same quarter a year earlier.
Profit before exceptional items and tax: ₹980.48 crore.
Exceptional items: a net gain of ₹74.77 crore (explained below).
Profit before tax: ₹1,055.25 crore; tax expense: ₹241.86 crore.
Profit for the period: ₹785.50 crore, against ₹643.89 crore a year earlier.
Basic EPS: ₹9.53 per share (face value ₹2 each); diluted EPS: ₹9.51.

For the half year ended 30 September 2026, revenue from operations was ₹22,089.83 crore, profit for the period ₹1,391.39 crore and basic EPS ₹16.88. The statutory auditors issued an unmodified conclusion on the standalone results.

The two one-time items in the quarter

The company opted to settle long-disputed Local Area Development Tax / Entry Tax demands for the period FY 2006-07 to FY 2017-18 under the Haryana One Time Settlement Scheme for the Recovery of Outstanding Dues, 2026. The settlement involves payment of ₹101.72 crore in tranches, completion of prescribed formalities and orders from the authorities. Consequently, an excess provision of ₹95.63 crore no longer required was written back and shown as an exceptional gain.
A loan and interest accrued up to 30 September 2026, aggregating ₹20.86 crore, given to a wholly owned subsidiary was written off and shown as an exceptional loss, citing the subsidiary's adverse financial position and doubtful recoverability.

The amalgamation scheme

The company is the transferee; the four transferor companies are its wholly owned subsidiaries: Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited.
The scheme is framed under Sections 230 to 232 of the Companies Act, 2013, with an appointed date of 1 April 2027 (or such date as approved by the National Company Law Tribunal).
This is a draft scheme. It is subject to approvals from shareholders and creditors, statutory and regulatory authorities, and the jurisdictional NCLT.
In simple terms, the businesses currently held through these wholly owned subsidiaries would come directly into the listed company once the scheme is effective.

Other points disclosed with the results

During the quarter the company fully redeemed 990 listed, rated, secured, redeemable non-convertible debentures amounting to ₹99 crore, with a face value of ₹1,000,000 each at par; no NCDs are outstanding as at the reporting date.
Care Ratings upgraded the rating on long-term borrowings to CARE AA+, Stable and reaffirmed the short-term rating at CARE A1+.
The debt-equity ratio stood at 0.26 times as at 30 September 2026, and networth at ₹20,055.58 crore.

What a retail investor may track

The scheme's progress: shareholder and creditor meetings, updates with the stock exchanges, and the NCLT order.
Completion of the ₹101.72 crore settlement payment in tranches and receipt of the authorities' orders.
Whether such exceptional gains or losses recur in later quarters.

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