Jindal Stainless quarterly profit tops estimates on export-driven sales growth
India's largest stainless-steel producer reports stronger second-quarter earnings as export shipments help offset a lower domestic sales mix. Net profit rises 11.1% from a year earlier to 8.98 billion rupees, exceeding analysts' average estimate of 8.36 billion rupees.
Highlights
- Jindal Stainless reports consolidated net profit for Q2 rising to 8.98 billion rupees from 8.08 billion rupees a year earlier, driven by export growth.
- Quarterly revenue increases 18.2% year-on-year to 128.74 billion rupees, with a 36% surge in exports lifting sales volume 2.5% to 664,378 tons.
- Jindal Stainless warns of rising import pressure from China, noting imports in the first four months of FY27 already total 63% of last year's levels.
Second-quarter earnings and volume recovery
As reported by Reuters, Jindal Stainless says consolidated net profit for the quarter ended September 30 rises to 8.98 billion rupees, from 8.08 billion rupees a year earlier, as sales volumes improve and overseas demand strengthens.Revenue increases 18.2% to 128.74 billion rupees, while EBITDA grows 3.2% year-on-year to 14.33 billion rupees. Sales volume rises 2.5% from a year earlier to 664,378 tons, led by a 36% jump in exports.
The company says the quarter marks a resilient recovery after operational disruptions in the previous three months, which are impacted by the geopolitical situation and industrial gas availability constraints. Domestic sales account for 89% of total sales, down from 91% a year earlier, while exports make up 11% of the quarterly total.
Import pressure adds to sector risks
Analysts tracked by LSEG expect higher volumes and resilient stainless steel demand to support second-quarter earnings, while ICICI Securities also points to stronger operating conditions during the period.At the same time, Jindal Stainless flags rising import pressure, especially from China. The company says the first four months of FY27 alone account for about 63% of the entire previous year's imports from China, highlighting a growing competitive challenge for the domestic stainless-steel sector.
Jindal Stainless operates 16 stainless-steel facilities across India, Spain and Indonesia, with a network spanning 12 countries.
In our earlier article on India’s September merchandise trade deficit, we noted the gap widened to $30.21 billion as imports grew faster than exports. We also highlighted how elevated energy prices and geopolitical tensions were lifting the import bill and adding pressure to the external balance even as India pursues export market diversification.
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