Jindal Stainless Limited (JSL)

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Jindal Stainless Limited (JSL) · mywealthgrid

About

Jindal Stainless Limited operates in stainless steel and iron & steel within ferrous metals. With market cap ₹60,828.35 Cr and consistent quarterly revenues of ₹10.5–₹11.3 Cr, it is a significant player in Indian ferrous metals. The company generated ROE of 17.51% and maintains moderate leverage at D/E 0.37.

Face value: ₹2

Market cap

₹60,404 Cr

P/E

18.6×

P/B

3.1×

Dividend yield

0.8%

ROE

17.5%

ROCE

19.6%

Debt / equity

0.37

OPM

13%

EPS (TTM)

₹39.4

Book value

₹240.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranges from 9.63% to 13.44% across recent quarters, a 3.8 percentage-point spread indicating sensitivity to input costs or operational factors; verify the drivers of this variability
Earnings variability despite stable revenue: EPS fluctuates ₹7.35–₹10.82 while quarterly revenues remain stable ₹10.5–₹11.3 Cr, suggesting profit concentration in margin realization
Valuation sustainability: PE of 18.72 against one-year return of 1.83% warrants assessment of earnings growth visibility and whether current valuation is justified
Commodity cost exposure: Ferrous metals operations face input cost volatility; the OPM range of 9.63–13.44% reflects this sensitivity; verify hedging practices and margin floor under adverse cycles

Generated analysis · source review pending

Growth drivers

Margin expansion to demonstrated levels: Dec 2025 OPM of 13.44% vs recent 9.63% low shows achievable range; if margins sustain toward higher historical performance on the stable ₹10.5–₹11.3 Cr revenue base, net profit could expand without volume growth
Cash generation consistency: Six annual dividend distributions documented within 24 months indicate operating cash flow; verify whether retained earnings could fund growth capex or business expansion
Sector demand tailwinds: Ferrous metals consumption linked to Indian infrastructure, automotive, and construction activity; verify whether macro conditions or company positioning could drive revenue growth above current ₹10.5–₹11.3 Cr quarterly scale

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹732.7-0.8%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.1% (3-yr avg)
+Profit CAGR of 50.1% over the last 5 years
+Revenue CAGR of 28.7% over the last 5 years
+High promoter holding of 62.1% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 52
Growth: 41
Valuation: 72

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY METAL

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jindal Steel LimitedJINDALSTELJINDALSTEL	₹1,12,262 Cr	₹1,34,300 Cr	₹56,413 Cr	₹9,314 Cr	18.2%	₹2,718 Cr	6.3%	9.2%	6.9%	1
Steel Authority Of India LimitedSAILSAIL	₹72,070 Cr	₹1,03,998 Cr	₹1,11,135 Cr	₹13,384 Cr	10.8%	₹4,272 Cr	3%	7.6%	5.7%	105
Jindal Stainless LimitedJSLJSL	₹60,404 Cr	₹67,745 Cr	₹44,026 Cr	₹5,645 Cr	13%	₹3,249 Cr	7.4%	19.6%	17.5%	42
Sarda Energy & Minerals LimitedSARDAENSARDAEN	₹17,435 Cr	₹20,030 Cr	₹5,665 Cr	₹1,824 Cr	31.4%	₹1,130 Cr	19.5%	17.3%	16.2%	96
Vedanta Iron And Steel LimitedVISLVISL	₹12,189 Cr	₹12,189 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—
Nmdc Steel LimitedNSLNISPNSLNISP	₹12,001 Cr	₹16,603 Cr	₹13,938 Cr	₹1,510 Cr	11.1%	₹84 Cr	0.4%	3.3%	0.4%	-83
Sandur Manganese & Iron Ores LimitedSANDUMASANDUMA	₹8,637 Cr	₹9,631 Cr	₹5,328 Cr	₹1,253 Cr	23.8%	₹719 Cr	12.9%	26.6%	22.4%	35
Jai Balaji Industries LimitedJAIBALAJIJAIBALAJI	₹5,631 Cr	₹6,189 Cr	₹5,786 Cr	₹522 Cr	13.7%	₹293 Cr	8.8%	40.2%	30.7%	73
Prakash Industries LimitedPRAKASHPRAKASH	₹2,126 Cr	—	₹0 Cr	—	—	₹386 Cr	—	—	—	—
Manaksia Steels LimitedMANAKSTEELMANAKSTEEL	₹713 Cr	₹862 Cr	₹1,241 Cr	₹99 Cr	6.8%	₹56 Cr	3.5%	22%	13%	62
Scan Steels LimitedSCANSTLSCANSTL	₹293 Cr	₹354 Cr	₹789 Cr	₹45 Cr	5.8%	₹22 Cr	2.7%	7.6%	5.2%	112
KIC Metaliks LtdKAJARIRKAJARIR	₹103 Cr	₹260 Cr	₹514 Cr	₹64 Cr	12.5%	₹39 Cr	7.5%	36%	27.6%	67

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11,817	13,557	12,951	12,188	21,223	35,697	38,562	39,312	42,955
COGS	7,502	9,175	8,578	7,809	14,526	24,472	26,715	26,866	28,511
Gross profit	4,315	4,382	4,372	4,380	6,697	11,225	11,848	12,446	14,444
	—	—	3,241	2,950	3,608	7,529	7,090	7,824	8,867
	—	—	1,132	1,429	3,090	3,696	4,757	4,623	5,577
OPM %	—	—	8.7%	11.7%	14.6%	10.4%	12.3%	11.8%	13%
Depreciation	320	352	425	403	371	724	879	956	1,060
Interest	566	637	586	480	332	325	554	612	568
	50	33	44	143	56	126	268	284	293
Profit before tax	520	222	165	690	2,442	2,774	3,592	3,339	4,242
Tax	174	77	93	270	533	690	899	839	1,058
Tax %	33.5%	34.6%	56.1%	39.2%	21.8%	24.9%	25%	25.1%	24.9%
	346	145	73	419	1,909	2,084	2,693	2,500	3,185
PAT margin %	2.9%	1.1%	0.6%	3.4%	9%	5.8%	7%	6.4%	7.4%
EPS (₹)	—	—	1.5	8.6	37.8	25.7	33	30.4	38.8
EPS adjusted (₹)	7.2	3	1.5	8.6	35.8	25.7	33	30.4	38.8
	—	—	0%	0%	0%	9.7%	9.1%	9.9%	10.3%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	45	46	96	96	97	97	105	165	165	165	165
Reserves	1,819	1,300	2,369	2,495	—	3,108	5,081	11,766	14,193	16,523	19,626
Minority interest	370	371	—	—	—	13	41	36	17	20	91
	10,774	9,688	4,602	3,896	—	3,154	3,126	3,871	5,948	6,298	7,342
	2,927	3,453	3,766	4,228	—	4,362	6,509	11,301	10,495	13,152	13,480
Total equity & liabilities	15,935	14,858	10,834	10,715	—	10,735	14,862	27,140	30,817	36,158	40,704
	6,863	6,863	6,342	6,345	6,181	5,855	5,601	9,492	12,593	14,127	17,510
CWIP	143	70	132	24	—	53	357	761	1,085	1,770	1,790
Investments	393	393	188	177	—	456	633	1,440	1,908	2,319	1,558
	8,536	7,532	4,171	4,170	—	4,371	8,272	15,448	15,232	17,941	19,845
Total assets	15,935	14,858	10,834	10,715	—	10,735	14,862	27,140	30,817	36,158	40,704

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.3%	33.8%	35.9%	31.6%	31.4%	30.7%	31.7%	33.6%
EBITDA margin %	—	8.8%	11.7%	14.6%	10.4%	12.3%	11.8%	13%
EBIT margin %	—	5.5%	8.4%	12.8%	8.3%	10.1%	9.3%	10.5%
PAT margin %	1.1%	0.6%	3.4%	9%	5.8%	7%	6.4%	7.4%
Working capital
Receivable days	25	—	28	42	37	27	29	26
Inventory days	96	—	130	105	125	108	132	122
Payable days	—	—	123	105	117	95	124	106
NWC days	—	—	35	42	46	41	36	42
Leverage
Current ratio	—	—	1.02	1.05	1.38	1.47	1.26	1.24
Debt to EBITDA	—	—	2.21	1.01	1.05	1.25	1.36	1.32
Debt to equity	1.5	—	0.98	0.6	0.32	0.41	0.38	0.37
Interest coverage	-0.5	1.3	2.2	8.3	9.5	7.3	6.5	8.6
Asset turnover	1.27	—	1.14	1.43	1.32	1.25	1.09	1.06
Return ratios
Return on assets %	1.4%	—	3.9%	12.8%	7.7%	8.7%	6.9%	7.8%
Return on capital employed %	-3.7%	—	16%	38.7%	26%	21.9%	18.1%	19.6%
Return on equity %	5.6%	—	13.1%	36.8%	17.5%	18.8%	15%	16.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.94%	58.69%	60.49%	60.49%	60.49%	60.71%	60.88%	61.1%	61.23%	61.23%	62.05%	62.05%
	23.97%	22.56%	20.83%	22.49%	22.78%	22.16%	21.38%	21.25%	21.42%	21.53%	20.87%	20.45%
	5.42%	5.81%	6.63%	6.25%	5.87%	6.27%	6.92%	7.09%	7.08%	7.22%	7.15%	7.35%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.67%	12.94%	12.05%	10.77%	10.86%	10.82%	10.8%	10.55%	10.18%	9.94%	9.88%	10.12%
No. of shareholders	—	—	—	—	—	—	—	—	2,12,125	2,09,086	2,07,613	2,11,641

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

1.61%

of the company's equity

All mutual funds

3.45%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

64 schemes · 13 fund houses

		Shares
Mid Cap FundNEW	ICICI Prudential Mutual Fund	31.07 L	218.14	2.6%	0.377%	—
Commodities Fund	ICICI Prudential Mutual Fund	25.95 L	182.22	4.26%	0.315%	-0
Manufacturing Fund	ICICI Prudential Mutual Fund	21.22 L	149.02	2.08%	0.257%	-0
Nifty Metal ETF	ICICI Prudential Mutual Fund	3.84 L	26.98	2.58%	0.047%	+13,619
Comma Fund	SBI Mutual Fund	3.17 L	22.24	1.8%	0.038%	-0
MF LARGE CAP FUND	LIC Mutual Fund	3.13 L	21.97	1.59%	0.038%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.04 L	21.36	0.51%	0.037%	+10,753
ETF Nifty Midcap 150	Nippon India Mutual Fund	2.99 L	20.97	0.52%	0.036%	+17,712

1–8 of 64

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

43 announcementsExport CSV

30 Sept 2026, 4:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.3%	33.8%	35.9%	31.6%	31.4%	30.7%	31.7%	33.6%
EBITDA margin %	—	8.8%	11.7%	14.6%	10.4%	12.3%	11.8%	13%
EBIT margin %	—	5.5%	8.4%	12.8%	8.3%	10.1%	9.3%	10.5%
PAT margin %	1.1%	0.6%	3.4%	9%	5.8%	7%	6.4%	7.4%
Working capital
Receivable days	25	—	28	42	37	27	29	26
Inventory days	96	—	130	105	125	108	132	122
Payable days	—	—	123	105	117	95	124	106
NWC days	—	—	35	42	46	41	36	42
Leverage
Current ratio	—	—	1.02	1.05	1.38	1.47	1.26	1.24
Debt to EBITDA	—	—	2.21	1.01	1.05	1.25	1.36	1.32
Debt to equity	1.5	—	0.98	0.6	0.32	0.41	0.38	0.37
Interest coverage	-0.5	1.3	2.2	8.3	9.5	7.3	6.5	8.6
Asset turnover	1.27	—	1.14	1.43	1.32	1.25	1.09	1.06
Return ratios
Return on assets %	1.4%	—	3.9%	12.8%	7.7%	8.7%	6.9%	7.8%
Return on capital employed %	-3.7%	—	16%	38.7%	26%	21.9%	18.1%	19.6%
Return on equity %	5.6%	—	13.1%	36.8%	17.5%	18.8%	15%	16.1%

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
JSL OVERSEAS HOLDING LTFPromoter Group	BuyMarket Purchase	11,65,493	₹88.01 cr	16.16% → 16.30%	6 Sept 20257(2)
VIRTUOUS TRADECORP PVT LTDPromoter Group	BuyMarket Purchase	3,10,277	₹24.99 cr	7.41% → 7.45%	2 Sept 20257(2)
RAJEEV RANJANEmployees/Designated Employees	SellMarket Sale	1,750	₹12.75 L	0.00% → 0.00%	20 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

49 deals · 6 Dec 2022 – 7 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Oct 2025	GOLDMAN SACHS BANK EUROPESE	Block	NSE	Buy	4,54,005	₹761.00	₹34.55 Cr
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE	Block	NSE	Sell	4,54,005	₹761.00	₹34.55 Cr
6 Feb 2025	THELEME INDIA MASTER FUND LIMITED	Block	NSE	Sell	16,17,479	₹634.85	₹102.69 Cr
6 Feb 2025	THELEME INDIA MASTER FUND LIMITED	Block	NSE	Buy	16,17,479	₹634.85	₹102.69 Cr
3 Sept 2024	LOTUS GLOBAL INVESTMENTS LIMITED	Bulk	NSE	Sell	51,33,942	₹730.05	₹374.80 Cr
24 Jun 2024	GRIFFIN GROWTH FUND VCC	Block	NSE	Buy	9,61,000	₹807.90	₹77.64 Cr
24 Jun 2024	ALBULA INVESTMENT FUND LTD	Block	NSE	Sell	9,61,000	₹807.90	₹77.64 Cr
18 Jun 2024	ALBULA INVESTMENT FUND LTD	Block	NSE	Sell	4,00,000	₹814.35	₹32.57 Cr
18 Jun 2024	GRIFFIN GROWTH FUND VCC	Block	NSE	Buy	2,50,000	₹814.35	₹20.36 Cr
18 Jun 2024	ERISKA INVESTMENT FUND LTD	Block	NSE	Buy	1,50,000	₹814.35	₹12.22 Cr

1–10 of 49

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
30 Sept 2026, 4:29 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
30 Sept 2026, 11:29 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
28 Sept 2026, 2:58 pm	Company Update General	Disclosure Pursuant To Regulation 30 Of SEBI Listing Regulations -Full Redemption Of Ncds.	PDF
28 Sept 2026, 2:52 pm	Others Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD	Compliances-Reg. 57 (1) - Certificate of interest payment/Principal in case of NCD	PDF
28 Sept 2026, 2:48 pm	Company Update General	Disclosure Pursuant To Chapter XIV-Centralized Database For Corporate Bonds/ Debentures Of SEBI Circular No: SEBI/HO/DDHS/DDHS-Pod/P/CIR/2025/0000000137 Dated October 15, 2025	PDF
22 Sept 2026, 4:30 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
22 Sept 2026, 1:00 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
19 Sept 2026, 2:43 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	966	1,230	1,452	1,419	1,180	1,308	1,083	3,096	4,818	4,718	3,395
	1,053	3,854	-193	-192	-188	-152	-783	-2,482	-3,340	-3,439	-3,506
	-1,972	-5,106	-1,257	-1,237	-991	-1,119	-163	-386	-829	-1,882	-112
Net cash flow	47	-21	2	-11	2	37	137	228	649	-603	-223
Free cash flow	—	—	—	—	—	1,140	318	1,440	3,343	2,833	737
CFO / Operating profit %	—	—	—	—	103.6%	91.5%	35.1%	83.8%	101.3%	102.1%	60.9%

Jindal Stainless Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

10

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Jindal Stainless Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Dividends10

Board meetings1

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

10

1