Jindal Stainless532508Quarterly results
Q2 results, draft amalgamation scheme with four subsidiaries, and a CARE rating upgrade
Board met on 22 October 2026 and approved the unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, with an unmodified review conclusion from the statutory auditors.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 12,873.86 | 10,892.78 | +18.2% | 11,278.54 | +14.1% |
| Total income | 13,007.59 | 10,982.46 | +18.4% | 11,396.93 | +14.1% |
| Profit before tax | 1,201.19 | 1,078.42 | +11.4% | 1,033.59 | +16.2% |
| Profit after tax | 897.75 | 807.92 | +11.1% | 768.66 | +16.8% |
| Total comprehensive income | 910.29 | 815.91 | +11.6% | 766.03 | +18.8% |
| Basic EPS | 10.85 | 9.80 | +10.7% | 9.34 | +16.2% |
- Total income YoY growth
- +18.4%
- Period
- 30 September 2026
Also decided at the meeting
- Approved draft scheme of amalgamation of wholly owned subsidiaries Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited into the Company, Appointed Date April 1, 2027, subject…
Auditor's review
Conclusion: Unmodified
- Other matter: interim financial information of fifteen subsidiaries and two associates reviewed by other auditors; conclusion not modified.
- Other matter: share of net profit of two associates (₹ 7.55 crore for quarter) based on unreviewed management-certified information; conclusion not modified.
Notes to the results
- Standalone: excess LADT/Entry Tax provision of ₹ 95.63 crore written back as exceptional gain under Haryana OTS Scheme, 2026 (payment of ₹ 101.72 crore in tranches).
- Standalone: loan and interest to a wholly owned subsidiary aggregating ₹20.86 crore written off as exceptional loss.
- Company fully redeemed 990 listed secured NCDs amounting to ₹ 99 crore during the quarter; no NCDs outstanding.
- Impact of Supreme Court ruling allowing States to levy tax on mineral rights is currently unascertainable.
What the board approved
- The unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, reviewed by Walker Chandlok & Co LLP and Lodha & Co LLP with an unmodified conclusion.
- A draft scheme of amalgamation of four wholly owned subsidiaries into the company.
The meeting ran from 11:30 A.M. to 03:15 P.M.
Standalone numbers for the quarter (as printed, ₹ in crores)
- Revenue from operations: 11,413.28, against 10,880.89 in the quarter ended 30 September 2025.
- Total income: 11,565.91; Total expenses: 10,565.43.
- Profit before exceptional items and tax: 980.48; Exceptional items (net): 74.77.
- Profit before tax: 1,055.25; Tax expense: 269.75.
- Profit for the period: 785.50, against 643.89 a year earlier.
- Basic EPS: 9.53; Diluted EPS: 9.51.
For the half year, Revenue from operations was 22,089.83 and Profit for the period 1,391.39. Total assets stood at 38,712.36 as at 30 September 2026, against 34,967.19 as at 31 March 2026.
Scheme of amalgamation
- Jindal Stainless is the Transferee Company; Chromeni Steels Limited, Rabirun Vinimay Private Limited, JSL Super Steel Limited and Jindal United Steel Limited, all wholly owned subsidiaries, are the Transferor Companies.
- Proposed under Sections 230 to 232 of the Companies Act, 2013, with 1 April 2027 as the Appointed Date, or such date as approved by the National Company Law Tribunal, Chandigarh Bench.
- Subject to approvals from shareholders, creditors and statutory and regulatory authorities.
Two one-time items in the quarter
- LADT settlement: the company opted for settlement of long-disputed Local Area Development Tax / Entry Tax demands for FY 2006-07 to FY 2017-18 under the Haryana One Time Settlement Scheme. An excess provision of ₹95.63 crore has been written back as an exceptional gain, against payment of ₹101.72 crore in tranches.
- Loan write-off: the outstanding loan and interest of ₹20.86 crore given to a wholly owned subsidiary was written off as an exceptional loss, citing that subsidiary's adverse financial position and doubtful recoverability.
Ratings and debentures
- CARE Ratings upgraded the long-term borrowing rating to CARE AA+, Stable and reaffirmed the short-term rating at CARE A1+. Other agencies continue at AA, Stable and A1+.
- 990 listed, rated, secured, redeemable NCDs of face value ₹1,000 each, aggregating ₹99 crore, were fully redeemed; none are outstanding.
Employee stock options
- The JSL Employee Stock Option Scheme 2023 allows grant of not exceeding 12,350,000 options (6,175,000 ESOPs and 6,175,000 RSUs).
- 4,910,168 options had been granted up to 30 September 2026; the ESOP Trust transferred 271,190 equity shares to employees during the half year.
Other points to note
- On the Supreme Court ruling on mineral rights taxation, the company states the impact is currently unascertainable.
- The board had earlier accorded approval for voluntary liquidation of PT Jindal Stainless Indonesia, a foreign subsidiary, and management is reasonably confident of recovering the carrying value of its net assets.
What a retail investor may take away
- The headline profit includes a large one-time write-back, so the quarter's profit is not purely from operations.
- The amalgamation, if completed, would fold four wholly owned subsidiaries directly into the listed company; it still needs multiple approvals.
- A rating upgrade and full repayment of listed NCDs are balance-sheet developments.
13,007.59 (₹ in crores)Total income, latest quarter
Total income, year-ago quarter10,982.46 (₹ in crores)
Profit before tax, latest quarter1,201.19 (₹ in crores)
Total comprehensive income, year-ago quarter815.91 (₹ in crores)
Also from Jindal Stainless
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
Jindal Stainless Q2 FY27 revenue up 18% to 12,874 Cr, PAT up 11% to 898 Cr
23 Oct 2026
More numbers
- Standalone Revenue from operations, quarter ended 30 September 202611,413.28 crore
- Standalone Profit for the period, quarter ended 30 September 2026785.50 crore
- Standalone Profit for the period, half year ended 30 September 20261,391.39 crore
- Exceptional items (net), quarter ended 30 September 202674.77 crore
- LADT settlement excess provision written back95.63 crore
- LADT settlement payment in tranches101.72 crore
- Loan and interest to wholly owned subsidiary written off20.86 crore
- NCDs redeemed99 crore
- Total income, latest quarter13,007.59 (₹ in crores)
- Total income, year-ago quarter10,982.46 (₹ in crores)
- Total income, previous quarter11,396.93 (₹ in crores)
- Total comprehensive income, latest quarter910.29 (₹ in crores)
- Total comprehensive income, year-ago quarter815.91 (₹ in crores)
- Total comprehensive income, previous quarter766.03 (₹ in crores)
- Profit after tax, latest quarter897.75 (₹ in crores)
- Profit after tax, year-ago quarter807.92 (₹ in crores)
- Profit after tax, previous quarter768.66 (₹ in crores)
- Revenue from operations, latest quarter12,873.86 (₹ in crores)
- Revenue from operations, year-ago quarter10,892.78 (₹ in crores)
- Revenue from operations, previous quarter11,278.54 (₹ in crores)
- Profit before tax, latest quarter1,201.19 (₹ in crores)
- Profit before tax, year-ago quarter1,078.42 (₹ in crores)
- Profit before tax, previous quarter1,033.59 (₹ in crores)
Source: BSE · 22 Oct 2026
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