KIRA
KIRA Research · Metals / Materials · Stainless Steel

Jindal Stainless Limited

NSE: JSL · BSE: 532508 · ISIN INE220G01021 · Data as of 2026-09-26
Research: READYConfidence: MEDIUMKIRA Score: Not yet scoredMidFigures: INR crore; basis shown per row

KIRA view

Commodity-linked cyclical with decent FY26 delivery; figures need primary re-pull before publication. Major strength: domestic stainless leadership. Major risk: spreads + imports. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • Stainless volumes ANALYSIS
  • Nickel/raw-material spreads ANALYSIS
  • Export realizations ANALYSIS

Competitive position — peers

  • SAIL / Tata Steel (partial) ANALYSIS
  • Aperam / Outokumpu (global) ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
RevenueFY26₹42,954.66 crConsol.SOURCEDS10, S11
Net profit (PAT)FY26₹3,193.45 crConsol.SOURCEDS10
Profit for the year (incl. NCI)FY26₹3,184.57 crConsol.SOURCEDS10, S11
EBITDAFY26₹5,560 crConsol.SOURCEDS11
RevenueFY25₹39,312.21 crConsol.SOURCEDS10
Net profit (PAT)FY25₹2,505.2 crConsol.SOURCEDS10
RevenueQ4FY26₹11,337.19 crConsol.SOURCEDS10, S11
Profit for the year (incl. NCI)Q4FY26₹834.21 crConsol.SOURCEDS10, S11
RevenueFY26₹42,680.22 crStandaloneSOURCEDS10, S11
Net profit (PAT)FY26₹2,842.95 crStandaloneSOURCEDS10, S11

Notes

  • FY26 figures re-pulled from the audited results (S10): Kimi's revenue/PAT/CFO were standalone figures (standalone total income 43,112; standalone PAT 2,843; standalone CFO 3,442) mislabelled as consolidated. Consolidated: revenue from operations 42,955, PAT attributable 3,193, CFO 3,395 (₹ crore). SOURCED S10

Growth drivers

  • Domestic stainless demand growth ANALYSIS
  • Capacity expansion ANALYSIS
  • Import substitution/policy support ANALYSIS

Recent developments

  • 4 May 2026 — audited Q4/FY26 results: consolidated FY26 revenue ₹42,955 crore (+9.3%), EBITDA ₹5,560 crore, PAT ₹3,185 crore (+27.4%); final dividend ₹3/share recommended (total FY26 dividend ₹4/share, 200%). [Company disclosure] SOURCED S10, S11

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
net debt to equityFY260.15×Consol.SOURCEDS11

Notes

  • note: Detail pending ANALYSIS

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

MetricPeriodValueBasisProvenanceSource
Cash from operationsFY26₹3,394.99 crConsol.SOURCEDS10
Cash from operationsFY26₹3,394.99 crConsol.SOURCEDS10
Cash from operationsFY26₹3,442.05 crStandaloneSOURCEDS10

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

MetricPeriodValueBasisProvenanceSource
promoter %2026-06-3062.05%—SOURCEDS12
institutions domestic2026-06-307.35%—SOURCEDS12
institutions foreign2026-06-3020.45%—SOURCEDS12
non institutions2026-06-3010.11%—SOURCEDS12
non promoter non public2026-06-300.04%—SOURCEDS12

Shareholding notes

  • Promoter group holds 62.05% (30-Jun-2026). Promoter shares are encumbered by pledge per the filing declaration; the pledged quantity is not quantified in the retrieved extract. [Company filing] SOURCED S12

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Nickel price volatility ANALYSIS
  • Import pressure/dumping ANALYSIS
  • Cyclical spreads ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S90Jindal Stainless Ltd — INE220G01021 / 532508 / JSLInvestOnlinemarket-data page (identity cross-check)2026-09-28SECONDARY
S10Audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026Jindal Stainless Limitedaudited financial results (exchange filing)2026-05-04PRIMARY
S11Jindal Stainless announces financial results for the quarter and financial year ended March 31, 2026Jindal Stainless Limitedresults press release2026-05-04PRIMARY
S12Shareholding pattern — quarter ended 30-06-2026 (JSL / 532508 / INE220G01021)Jindal Stainless Limitedshareholding pattern (Reg. 31 filing)2026-06-30PRIMARY

Research status

Status
READY
Confidence
MEDIUM
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
5 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · financials basis (revenue, PAT, CFO FY26)
    Kimi reported FY26 revenue 43,112, PAT 2,843 and CFO 3,442 as consolidated, from aggregator data.
    S10 shows these are standalone figures (standalone total income 43,112.15; standalone PAT 2,842.95; standalone CFO 3,442.05). Consolidated figures replace them: revenue from operations 42,954.66, profit attributable to owners 3,193.45 (profit for the year 3,184.57), CFO 3,394.99. Standalone figures are stored separately with explicit basis. Kimi values kept in qa.lineage. S10