Jindal Stainless beats quarterly profit forecast on strong exports

what happened

India's biggest stainless-steel producer, Jindal Stainless, reported a 11.1% rise in net profit for the second quarter, to 8.98 billion rupees ($94.7 million) for the period ended September 30. According to Reuters, citing data compiled by LSEG, analysts had on average expected 8.36 billion rupees.

Sales volume rose 2.5% to 664,378 tons, with exports up 36%. Revenue climbed 18.2% to 128.74 billion rupees, while EBITDA grew 3.2% to 14.33 billion rupees. Exports made up 11% of total sales in the quarter.

The company also flagged heavier imports from China, with the first four months of FY27 accounting for about 63% of last year's total imports from the country. It cut its FY27 sales volume growth guidance to 4%-6% from 7%-9%, citing concerns over fuel availability, while raising its EBITDA-per-ton guidance to 20,000-22,000 rupees.

why it matters

The signal for the market is mixed. Strong exports and a higher EBITDA-per-ton outlook point to better margins, but the lower volume guidance and import pressure from China add risk to domestic steel pricing. Fuel and industrial gas supply conditions remain key to watch.

market impact

Indian stainless steel: Chinese import pressure and fuel risks weigh on domestic producers

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