New Delhi, October 23, 2026: India’s largest stainless steel manufacturer, Jindal Stainless Limited (JSL), reported better-than-expected second-quarter earnings for the financial year 2026-27, supported by strong export growth, resilient domestic demand and improved sales volumes.
The company’s consolidated net profit increased 11.1% year-on-year to ₹898 crore for the quarter ended September 30, 2026, compared with ₹808 crore in the corresponding period last year. The profit exceeded analysts’ average estimate of ₹836 crore, according to data compiled by LSEG.
Revenue Rises 18.2% to ₹12,874 Crore
Jindal Stainless reported consolidated revenue of ₹12,874 crore during the September quarter, an increase of 18.2% compared with ₹10,893 crore a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 3.2% year-on-year to ₹1,433 crore.
Finished steel sales volumes increased 2.5% to 664,378 tonnes, reflecting sustained demand across several customer segments. The company also recorded a recovery from operational disruptions experienced during the previous quarter, when geopolitical developments and industrial gas availability constraints affected operations.
Exports Jump 36% as Overseas Markets Expand
Exports emerged as a major growth driver, increasing 36% year-on-year and 20% quarter-on-quarter. Overseas sales accounted for approximately 11% of total sales during the quarter, compared with 9% in the same period last year.
The company is expanding its international presence, with a focus on markets including South Korea, Colombia, South Africa, Brazil and Japan.
Demand for value-added stainless steel products also supported performance, particularly in automotive applications, ornamental pipes and tubes, household appliances, lifts and elevators.
Chinese Imports Pose a Challenge
Despite the strong quarterly performance, Jindal Stainless warned of increasing competitive pressure from imported stainless steel, particularly products originating in China.
According to the company, imports of stainless steel flat products from China in July 2026 were approximately 2.9 times the average monthly level recorded during the 2025-26 financial year. Imports during the first four months of FY2026-27 amounted to around 63% of the total imports recorded from China during the entire previous financial year.
The company has highlighted concerns about the impact of increased imports following the suspension of certain Quality Control Orders (QCOs). Greater availability of imported products could put pressure on domestic prices and manufacturers’ profit margins.
Company Focuses on Market Expansion and Efficiency
Managing Director Abhyuday Jindal said the company had delivered growth in the second quarter while recovering from the operational challenges faced earlier in the year.
The company plans to continue expanding its market reach, developing new export opportunities and improving its product mix to meet changing domestic and international demand.
Jindal Stainless’ board has also approved the amalgamation of four wholly owned subsidiaries into the parent company. The proposed consolidation is intended to simplify the corporate structure, improve operational efficiency and reduce administrative and compliance costs.
Outlook for India’s Stainless Steel Industry
Jindal Stainless’ results demonstrate how export growth and resilient domestic consumption can support earnings amid a competitive global market.
However, the company will need to manage import pressure, protect margins and maintain cost efficiency as international trade conditions evolve. Its ability to diversify export markets and increase sales of higher-value products could remain important to sustaining growth in the coming quarters.