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Informist, Tuesday, Jan. 20, 2026

By Afra Abubacker

NEW DELHI – Jindal Stainless Ltd. is expected to report a sharp rise in net profit for the December quarter due to higher volumes, even as softer stainless steel prices cap realisations, according to analysts.

The stainless steel maker's standalone net profit for the December quarter is estimated at INR 8.03 billion, up nearly 30% on year and 25% from the September quarter, according to the average of estimates from six brokerages. The highest estimate for the company's bottom line is INR 8.30 billion by Prabhudas Lilladher Pvt. Ltd, while the lowest estimate is INR 7.84 billion by Elara Securities (India) Pvt Ltd.

The company's revenue is estimated at INR 110.12 billion, up over 9% on year and a little over 1% from the previous quarter, according to brokerages' estimates. Motilal Oswal Financial Services has the highest estimate for the company's net sales at INR 112.94 billion, while JM Financial Institutional Securities Pvt. Ltd. has the lowest estimate at INR 107.0 billion.

"Jindal Stainless is expected to report strong volume growth of 11-12% YoY, driven by domestic demand, which should cushion the impact of declining stainless-steel prices," Prabhudas Lilladher said. The brokerage expects strong domestic demand across infrastructure and other basic industries to drive volume growth 12% on year, even as average net sales realisation is seen 2% down sequentially at INR 164,000 per tonne amid weak stainless steel prices. JM Financial also expects lower average net sales realisation at INR 166,000 per tonne, down 1% from the trailing quarter.

The company's earnings before interest, tax, depreciation, and amortisation for the reporting quarter are seen at INR 13.87 billion, up over 38% on year and 31% from the September quarter. Estimates for the company's EBITDA range from a high of INR 14.30 billion by Prabhudas Lilladher to a low of INR 13.0 billion by JM Financial.

Of the six brokerage reports on the company available with Informist, four have a 'buy' or equivalent recommendation on the stock, with an average target price of INR 878. This is nearly 10% higher than the current market price. Two brokerages have a 'hold' recommendation on the stock at an average target price of INR 780.

At 0948 IST, shares of Jindal Stainless were 0.5% lower at INR 800.1 on the National Stock Exchange. Since reporting its September quarter earnings on Nov. 10, shares of the company have risen nearly 11%. The company will detail its December quarter earnings on Wednesday.

Following are the Oct-Dec earnings estimates for Jindal Stainless Ltd. from six brokerages in descending order of net profit, in INR billion:

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Edited by Avishek Dutta

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