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Informist, Monday, Nov. 10, 2025

By Reshma Ravi

MUMBAI - Jindal Stainless Ltd. is expected to post a substantial on-year rise in net profit for the September quarter, driven by higher stainless steel prices and growth in volume due to strong demand in the domestic market. 

The company is expected to report a net profit of INR 7.29 billion for the September quarter, up 24% on year and nearly 14% on quarter, according to the average of estimates from five brokerages. The highest estimate for net profit is INR 7.64 billion from Nuvama Wealth Management Ltd. while the lowest estimate is INR 7 billion from JM Financial Institutional Securities Pvt. Ltd.

Jindal Stainless is expected to report net sales of INR 105.80 billion for the September quarter, up 9% on year and over 2% higher on quarter, according to the average of the estimates from five brokerages. The highest estimate for net sales is INR 111.20 billion from Prabhudas Lilladher Pvt. Ltd. while the lowest is INR 103.71 billion from ICICI Securities Ltd.

The company is expected to report strong 12% on-year volume growth due to demand in the domestic market, Prabhudas said. The company's net sales realisations are expected to improve 2% quarter-on-quarter to INR 168,000 per tonne, aided by rising stainless steel prices and lower imports of 200-series stainless steel, Prabhudas said. 

Jindal Stainless is expected to post earnings before interest, tax, depreciation, and amortisation of INR 13.2 billion for the September quarter. The highest estimate for the company's EBITDA is INR 13.38 billion from Nuvama Wealth while the lowest estimate is INR 13 billion from JM Financial. 

The company's EBITDA is likely to increase 2% on quarter owing to higher stainless steel volume, Nuvama said. Volume is expected to rise 12% on year to 637,000 kilo tonnes due to strong demand in the domestic market. "We estimate EBITDA/t (per tonne) to remain flattish at ~INR20.7k/t (kilo tonnes) in 2QFY26," JM Financial said.

In the June quarter, Jindal Stainless Ltd.'s net profit had risen almost 11% on year to INR 6.42 billion, mainly on account of improved operational efficiencies and higher income. Its revenue from operations had risen 7.9% to INR 103.41 billion.

Of the nine brokerage reports on the company available with Informist, seven have a 'buy' rating with an average target price of INR 826, while two have a 'hold' rating with an average target price of INR 679.

Jindal Stainless will announce its September quarter earnings Monday. On Friday, its shares ended at INR 731.75 on the National Stock Exchange, up marginally from the previous close. Since reporting its June quarter earnings on Aug. 6, the company's shares are down marginally.

Following are the Jul-Sept earnings estimates for Jindal Stainless Ltd. from five brokerages in descending order of net profit, in INR million:

End

US$1 = INR 88.67

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Avishek Dutta

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