Jindal Stainless532508Earnings call transcript
Q2 FY27 call: EBITDA INR2,762 crore, net debt INR3,121 crore, exports 11% of volumes
Transcript of the Q2 & H1 FY27 earnings call held on October 23, 2026 is now on record.
By ScoutQuest · · 3 min read
11%Exports share of total volumes in
- EBITDA
- EBITDA INR2,762 crore
- Net debt
- INR3,121 crore
- H1 FY27 deliveries
- 1.25 million tons
What this disclosure is
Jindal Stainless has placed on record the transcript of its Q2 & H1 FY27 earnings conference call, held on October 23, 2026 and hosted by ICICI Securities. The call was addressed by the Managing Director, the CEO, the CFO and other senior management. Statements made on the call may be forward-looking.
Q2 FY27 — the recovery
- Revenue, EBITDA and PAT grew around 14%, 8% and 17% quarter-on-quarter, as operations normalised from the industrial gas and logistics disruptions of the previous quarter.
- Finished goods sales volume rose 14% quarter-on-quarter and 3% year-on-year.
- The domestic market grew 14% quarter-on-quarter.
- Exports grew 20% quarter-on-quarter and 36% year-on-year, and accounted for 11% of total volumes in Q2 FY27.
- Management linked the quarter to a high share of value-added products, with strong momentum in the automotive and ornamental pipe and tube segments.
Financials as stated on the call
- Consolidated EBITDA increased by around 2% year-on-year to INR2,762 crores.
- Consolidated PAT rose by approximately 9% year-on-year to INR 1,666 crores.
- For H1 FY27, deliveries stood at 1.25 million tons, a marginal decline of 2% year-on-year.
Balance sheet
- Consolidated net debt at the end of September 2026: INR3,121 crores.
- Net debt-to-EBITDA: 0.55x; net debt-to-equity: 0.15x.
- Capex spend during the quarter: approximately INR895 crores.
Corporate, credit and product actions
- The board approved the amalgamation of four wholly owned subsidiaries into Jindal Stainless Limited, aimed at simplifying the group structure and improving operational efficiency and governance.
- CARE Ratings upgraded the company's long-term debt credit rating to AA+ Stable.
- A technical assistance agreement was signed with Japan's JFE Steel for selected ferritic grades.
- India's first high-aluminium stainless steel grade for catalytic converters was developed, along with two new 400 series grades, one of which opened a new market in South Africa.
- Jindal Lifestyle commissioned a new powder coating facility at Pathredi for metro and infrastructure applications.
- Scope 1 and Scope 2 greenhouse gas emissions intensity was reduced by 12% compared with FY26 levels.
Watch points management raised
- Since April 2026, following the suspension of the quality control order, imports of substandard products, particularly from China and of Chinese origin, increased significantly. Chinese origin imports in the first 4 months of the fiscal year were equal to nearly two-thirds of total imports in the previous fiscal year.
- Management said consistent quality standards matter for public safety, product reliability and fair competition, and that it remains hopeful the regulatory framework will evolve to balance consumer interests, domestic manufacturer competitiveness and broader economic interest.
- Industrial gas availability stayed stable in Q2 with no repeat of the previous quarter's challenges, but management remains watchful as uncertainties continue to resurface; the shift to natural gas has strengthened operational resilience.
What management said about the road ahead
- Continued focus on expanding market reach, developing new applications, improving product mix and deepening presence in domestic and international markets.
- Export presence is being expanded across South Korea, Colombia, South Africa, Brazil and Japan, with a focus on value-added opportunities.
- Management remains watchful of industrial gas availability and geopolitical developments.
- Management said it remains confident in the long-term growth opportunities for stainless steel.
Also from Jindal Stainless
Jindal Stainless buys additional ~7% of Ampin C&I Three for ~₹5.08 crores, stake now 24.21%
28 Oct 2026
Jindal Stainless files audio recording of Q2 & H1FY27 earnings call held October 23, 2026
23 Oct 2026
Jindal Stainless revised its FY volume growth guidance down to 4-6% while raising its EBITDA per ton guidance to 22,000 rupees, and flagged rising Chinese imports and net debt concerns
23 Oct 2026
More numbers
- Consolidated EBITDA (as stated on the call)INR2,762 crores
- Consolidated PAT (as stated on the call)INR 1,666 crores
- Consolidated net debt at end-September 2026INR3,121 crores
- Net debt-to-EBITDA0.55x
- Net debt-to-equity0.15x
- Capex spend during the quarterINR895 crores
- H1 FY27 deliveries1.25 million tons
- Exports share of total volumes in Q2 FY2711%
Source: BSE · 28 Oct 2026
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