Jindal Stainless Q2 FY26 Earnings Call Transcript Highlights Strong Growth

Jindal Stainless reported a strong Q2 FY26 with deliveries up 15% year-on-year and 3% sequentially. EBITDA increased by 17% year-on-year to INR 1,388 crores, while PAT stood at INR 808 crores, up 33% year-on-year. The company saw growth in domestic demand, especially in special products and white goods. It commissioned its first stainless steel fabrication unit and increased renewable power utilization to 42%.

Financial Performance

Jindal Stainless reported strong financial results for Q2 FY26:

  • Deliveries: 648,050 metric tons, up approximately 15% year-on-year and 3% quarter-on-quarter.
  • EBITDA: INR 1,388 crores, an increase of around 17% year-on-year and 6% quarter-on-quarter.
  • PAT: INR 808 crores, an increase of around 33% year-on-year and approximately 13% quarter-on-quarter.
  • For H1 FY26, deliveries reached 1,274,302 metric tons, an increase of about 12% year-on-year.
  • EBITDA for H1 FY26 increased by about 12% year-on-year to INR 2,698 crores, and PAT stood at INR 1,523 crores, with an increase of about 21% year-on-year.

Segmental Performance

The company experienced strong demand across several sectors:

  • Special Product Division: Showed further growth driven by sectors like pipe and tubes, lifts and elevators, and passenger coaches.
  • White Goods Segment: Delivered strong growth due to festive demand and new customer acquisition.
  • Auto Segment: Maintained volume growth, supported by increased demand for special products.

Strategic Initiatives

Jindal Stainless has undertaken several strategic initiatives to drive growth and sustainability:

  • Opened first stainless steel fabrication unit in Patalganga under Jindal Stainless Steelway Ltd.
  • Partnered with Greenzo Energy India Limited to commission a green hydrogen plant at the Jajpur facility with a planned capacity of 600 NMQ per hour, targeted for completion by middle of next year.
  • Increased renewable power utilization at Jajpur and Hisar facilities to 42% in Q2 FY26.

Subsidiary Performance

All subsidiaries showed improvement and contributed positively to the group’s overall EBITDA. Chromeni achieved peak utilization of around 70% and NPI operated at around 90% during the quarter.

Balance Sheet

The company’s balance sheet continues to improve:

  • Consolidated net debt reduced to INR 3,646 crores.
  • Net debt-to-EBITDA ratio at 0.73x.
  • Net debt-to-equity ratio of 0.2x.

Source: BSE

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