Jindal Stainless Limited (JSL)

Large Cap

Metals stocks · Large cap · NSE

Jindal Stainless is India’s leading stainless steel manufacturer with an FY26 turnover of INR 42,955 crore. It operates 16 manufacturing/processing facilities globally and a network in 12 countries. The company is ramping up its annual melt capacity to 4.2 million tonnes in FY27, focusing on integrated operations and sustainable manufacturing via electric arc furnaces.

₹733.75

-1.15 · -0.16%

Market cap ₹60,723 Cr

IndicesNifty 500

ThemesManufacturing Metals & Mining Steel

Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST

Details

Quote21 Oct, 03:31 pm IST

Base fundamentals17 Oct 2026 · screener

Latest result03 Aug, 08:54 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)

Technical timing lens

Trend score and candlestick chart

48Neutral

MACD +

Stock trend: 51

Sector RS: 44

Sector 3M: -5.5% vs Nifty 500 -5.6%

Metals FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

JSLD candles · FIT view-4.8%

Latest close ₹733.75 on 2026-10-21

Bar

-0.2%

RSI

MACD hist

0.34

52W pos

35%

2026-10-21O ₹735.35H ₹737.35L ₹712.40C ₹733.75Vol 4.5L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

JSLNifty MetalNifty 500

JSL: -0.7%
Nifty 500: -6.5%
Nifty Metal: -6.1%
Vs Nifty 500: +5.8 pp

Chart stats

21 Oct 2026

From 52W high: -17.0%
52W range position: 35%
ATR (14): 2.9%
Volume vs 20D: 0.62x
Avg traded value: ₹51.6 Cr
20D price channel: ₹700.6 - ₹766.9

Quarter ended 30 Jun 2026

Bad · 22

margin compression · Rev +11% YoY · PAT +8% YoY

Revenue: ₹11,279 Cr; YoY +10.5%
PAT: ₹769 Cr; YoY +7.5%
Operating margin: 12.0%; QoQ -100 bps
PAT margin: 6.8%; QoQ -54 bps

Filed 03 Aug 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 56; +3 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #11; neutral · 16 stocks
Industry rotation: #12; neutral · 6 stocks

Trend structure

Above 20-DMAAbove 50-DMABelow 200-DMA

RSI (14)

Neutral momentum

MACD

Above signal

Histogram +0.34

Volume participation

0.6x average

Versus 20-session average

20-session position

50% of range

₹700.6 low · ₹766.85 high

Relative performance

vs Nifty 500

1M: +2.1 pp; stock -2.4%
3M: +5.8 pp; stock -0.7%
6M: -1.8 pp; stock -7.0%
1Y: +1.4 pp; stock -6.5%

From 52W high

-17.0%

High ₹884

52W range position

35%

₹652.25 - ₹884

ATR (14)

2.9%

₹21.22

Avg traded value

₹51.6 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · UNDERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 22/100

margin compression · Rev +11% YoY · PAT +8% YoY

Filed 03 Aug 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹11,279 Cr	+10.5%	-0.5%
EBITDA	₹1,329 Cr	+2.5%	-8.7%
Operating margin	12.0%	-100 bps	-100 bps
PAT	₹769 Cr	+7.5%	-7.8%
PAT margin	6.8%	-18 bps	-54 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 18.40
P/B: 3.07
EV/EBITDA: 10.21
Market Cap: 60723.00Cr

Profitability

ROE: 17.70%
ROCE: 19.30%
ROA: 8.01%
Dividend Y: 0.54%

Growth (CAGR)

Revenue 5Y: 29.00%
EPS 5Y: 55.00%
Revenue 3Y: 6.00%
EPS 3Y: 15.00%

Balance Sheet

Debt/Equity: 0.38
Interest Coverage: 9.76×
Altman Z: 4.16
Book Value: 240.00

Cash Flow

FCF Yield: —
FCF Positive Y: 11/5
OCF: 3395.00 Cr
EPS TTM: 39.40

Shareholding

Promoter Hold: 62.54%
Promoter Pledge: 0.00%
Momentum 52W: 37%

Financial History

Updated 21/10/2026

Revenue

₹ Cr

Latest: 11.3k-0.5% vs prev

Net Profit

₹ Cr

Latest: 769-7.8% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term trend down. RSI 51. Wait for confirmation.

Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
SMA20 roughly flat — short-term momentum stalled.
RSI(14) at 51 — rising, no extreme reading.
MACD above signal but histogram contracting — bullish momentum cooling.
17% off 52W high · 12% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-2.4%

3M return

-0.7%

6M return

-5.4%

1Y return

-8.7%

RS 1D

RS 20D

Sector rank

#11

Industry rank

#12

Stage evidence

Price is within 0.6% of the 30-week proxy.
The 30-week proxy changed -0.3% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price above

200-DMA

price below

Sector

neutral

Industry

neutral

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 103.57+0.78%

RS vs Nifty 500104

Valuation & peers

U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies

Financial Turnaround

Fundamental score breakdown

U band · UNDERVALUED

Valuation11/30

Growth22/25

Quality12/20

Balance Sheet10/15

Cash Flow4/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

64/100 · legacy band UNDERVALUED

Positive drivers

Piotroski is strong at 8/9.
Fair-value margin of safety is positive at 46.5%.
Growth contributes 22/25 to the score.

Main drags

Valuation is weaker at 11/30; verify the latest quarterly trend.
Cash flow is weaker at 4/10; verify the latest quarterly trend.
Quality is weaker at 12/20; verify the latest quarterly trend.

Sector valuation model

Cyclical valuation: normalized earnings, not just trailing PE

Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.

Cyclical normalized

Primary lens

Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.

Secondary checks

Current margin versus 5-year average, balance sheet strength, commodity cycle.

Main risk check

A low trailing PE may mean peak-cycle earnings, not true cheapness.

18.4

3.1

EV/EBITDA

10.2

ROE

17.7%

ROCE

19.3%

FCF Yield

—

Debt/Equity

0.4

MoS

+46.5%

Cyclical/value-trap warning

This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 64

Legacy U-Score band

UNDERVALUED

Previous: UNDERVALUED

Margin of safety

+46.5%

Previous: +46.4%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹461.26

-59.1% MoS

Growth-justified P/E

34.8

Growth-justified Value

₹1,371.12

+46.5% MoS

PEG

0.47

Comparable companies

Peers

Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

SHRIKANHA

SME

Shri Kanha Stainless Ltd.

Steel Authority of India Limited

Gallantt Ispat Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-03T17:57:56.561Z

Management commentary snapshot

JSL reports strong Q4 & FY26 consolidated financial performance with double-digit YoY growth in revenue, EBITDA, and PAT, alongside significant deleveraging. Sales volume remained flat QoQ and YoY in Q4, but grew 8% for FY26.

The company demonstrated robust financial growth and improved leverage ratios in FY26, driven by domestic demand across key sectors. While Q4 volumes were flat, the overall annual volume growth and positive market outlook for FY27 suggest continued momentum. Raw material price increases could impact spreads, but strong demand may allow for pass-through.

Current business mix

Sales Composition – Q4 FY26

Latest issuer-disclosed distribution across 2 reported categories.

Domestic93.0%

Export7.0%

Growth engines

Automobile Sector

Domestic automobile market demand remained resilient, closing FY26 with strong performance. Outlook for FY27 remains positive.

Infrastructure Development

Stainless steel usage in flyovers, ROBs, FOBs is rising. Lift and elevator demand is strong due to urbanization and infrastructure development.

Railways

Healthy coach demand in Q4 FY26 from Vande Bharat sleeper trainsets and Metro. Amrit Bharat coaches expected to boost demand.

Process Industry

Steady demand from Oil & Gas, Power, Water sectors. Emerging applications in Chemicals & Fertilizers, Hydroelectric, Dairy, Thermal Power Plants.

Capacity and execution

Annual Melt Capacity Expansion

Ramping up facilities to reach 4.2 million tonnes of annual melt capacity in FY27.

Tailwinds

Resilient Domestic Demand

Domestic automobile market demand remained resilient. Positive domestic demand outlook for infrastructure in FY27.

Increased Construction Activity

Sector witnessed positive demand in Q4 FY26 on back of increased construction activities.

Government Initiatives in Railways

Indian Railways' shift from ferritic to austenitic stainless steel and Amrit Bharat coaches expected to boost demand.

Headwinds

Geopolitical Factors & Fuel Disruptions

Minor headwinds from fuel and gas disruptions and geopolitical factors in the Process Industry.

Wagon Wheel Shortage

Wagon led SS demand impacted by ongoing wheel shortage.

Risk radar

Raw Material Price Volatility

Nickel and Ferrochrome prices showed significant QoQ and YoY increases in Q4 FY26, indicating potential input cost pressure.

Geopolitical & Energy Disruptions

Management noted minor headwinds from fuel and gas disruptions and geopolitical factors affecting the Process Industry.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Jan 2026

Analyst reading lens

Compare BOTH

YoY comparison is crucial for assessing overall growth and annual trends in a cyclical business like metals. QoQ comparison is vital for tracking sequential momentum, commodity price impact, and operational efficiency in a dynamic market.

Sector KPIs management disclosed

Consolidated Sales Volume

Q4 FY26: 642 '000 MT (0% YoY, -1% QoQ). FY26: 2,566 '000 MT (8% YoY).

Consolidated Revenue

Q4 FY26: INR 11,337 Cr (11% YoY, 8% QoQ). FY26: INR 42,955 Cr (9% YoY).

Consolidated EBITDA

Q4 FY26: INR 1,455 Cr (37% YoY, 3% QoQ). FY26: INR 5,560 Cr (19% YoY).

Consolidated PAT

Q4 FY26: INR 834 Cr (41% YoY, 1% QoQ). FY26: INR 3,185 Cr (27% YoY).

Management forward view

Focus on Sustainability

Jindal Stainless remains focused on a greener and sustainable future, manufacturing stainless steel using electric arc furnace.

Cost Competitiveness

The company relies on its integrated operations to enhance its cost competitiveness and operational efficiency.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Consolidated Sales Volume	Q4 FY26: 642 '000 MT (0% YoY)	Sustained growth in volumes, especially domestic, to confirm demand outlook.
Consolidated EBITDA	Q4 FY26: INR 1,455 Cr (37% YoY)	Maintenance of strong EBITDA margins amidst rising raw material costs and potential pricing power.
Net Debt/EBITDA	0.55x (as of Mar'26)	Further deleveraging or efficient utilization of debt for planned capacity expansion.
Raw Material Prices (Nickel, Ferrochrome)	Rising QoQ and YoY in Q4 FY26	Trends in key input costs and the company's ability to pass on increases to maintain spreads.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims

margin outlookpartially deliveredquantified

The company expects to close the year with an average EBITDA of around Rs. 19,000 to Rs. 21,000 per metric ton.

Timeframe: this yearDirection: achieve targetConfidence: we believe... should be closing

"this year on an average basis around this number we should be closing."

Outcome check: OPM moved from 13.0% to average 13.0% (+0.0 pp).

project executionnot yet verifiable

The SMS project in Indonesia and aligned downstream capacity expansion in India are progressing well and remain on track as per the timeline.

Timeframe: as per the timelineDirection: on trackConfidence: remain on track

"SMS project in Indonesia and downstream capacity expansion in India remain on track"

regulatory expectationnot yet verifiable

The company expects to receive a positive response on anti-dumping duty in the next few quarters.

Timeframe: next few quartersDirection: positive responseConfidence: we feel... should get

"we feel next few quarters we should get some positive response."

revenue outlookdelivered

The company is extremely confident of meeting its volume growth guidance for the year.

Timeframe: for the yearDirection: meet guidanceConfidence: extremely confident

"we are extremely confident of meeting those numbers."

Outcome check: Revenue YoY averaged 11.2% across 1 later quarter(s).

Trust Score

79Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 88th percentile of the scored universe and 89th percentile within Metals. No major sub-score weakness stands out.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 21 Oct 2026

management-trust-v1

162 docs text-extracted · 38 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

88th percentile

overall median 67 · Metals: 89th pctile, median 70 · Large: 74th pctile, median 73

Evidence depth

Financial-only

162 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

100% delivered or partly delivered

2/4 claims checked · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Can support position sizing if valuation and trend also agree.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

strong · holding, pledge, alignment

Cash flow

acceptable · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

strong · quarterly consistency

Trust positives

▸Promoter holding is 62.5%.
▸Promoter pledge is zero.
▸Promoter holding increased 1.3%.
▸11 years of positive FCF.

Trust risks

▸No major Trust Lite risk flags.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Metals stocks Browse Indian stocks starting with J Explore fundamental stock screeners Browse Indian investment themes

Related companies

Shri Kanha Stainless Ltd. (SHRIKANHA)Mangalam Alloys Ltd. (MAL)Steel Authority of India Limited (SAIL)JINDAL STEEL LIMITED (JINDALSTEL)Gallantt Ispat Limited (GALLANTT)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Jindal Stainless Limited (JSL)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Cyclical valuation: normalized earnings, not just trailing PE

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Sales Composition – Q4 FY26

Automobile Sector

Infrastructure Development

Railways

Process Industry

Annual Melt Capacity Expansion

Resilient Domestic Demand

Increased Construction Activity

Government Initiatives in Railways

Geopolitical Factors & Fuel Disruptions

Wagon Wheel Shortage

Raw Material Price Volatility

Geopolitical & Energy Disruptions

What management said, and what results must prove

Consolidated Sales Volume

Consolidated Revenue

Consolidated EBITDA

Consolidated PAT

Focus on Sustainability

Cost Competitiveness

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Jindal Stainless Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Acquisition 16 Oct - Subsidiary acquired 40% in 24 MW hybrid project SPV; up to ₹12.5 crore investment, first tranche ₹1.25 crore.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Oct - Hisar unit wins three sustainability awards; FY26 emissions down 42%, renewable power at 58%.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Jindal Stainless renews lubricants VMI partnership with Indian Oil for five years.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Jindal Stainless supplied over 160 tonnes of steel for Sadhana Bhawan reinforcement at Shri Kripalu Dham.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Jindal Stainless wins Gold at Brandon Hall HCM Awards 2026 for iStep Up and Step Up 1.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Sep - Jindal Stainless partners with Nasscom FutureSkills Prime for employee digital upskilling and certifications.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Sep - Jindal Stainless gets NCVET Awarding Body recognition; first qualification approved for stainless steel trainees.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Sep - Jindal Stainless deploys SAP Ariba Supplier Risk with ESG capabilities to improve supplier monitoring and responsible sourcing.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Aug - Jindal Stainless won Gold and Silver at People Matters Infini-T Awards 2026 for HR digital transformation.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug

Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - FY26 report: 1.2 MTPA Indonesia melt shop commissioned; revenue ₹42,955 crore, PAT ₹3,185 crore.

Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Jul - Supplied 40% stainless steel for India’s first hydrogen-powered train.