Jindal Stainless Limited — Investor Meet, 13-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Jindal Stainless posted record FY25 sales volume up 9% YoY (642,641 MT in Q4, +13% YoY) led by strong demand in railways, automotive, infra, oil & gas, and power sectors. Q4 EBITDA stood at Rs. 1,061 Cr, weighed down by steel pricing pressure and negative inventory valuation, with EBITDA/ton at ~Rs. 13,800. Management expects a rebound to Rs. 19,000–21,000/ton in FY26, aided by stable raw material costs and better export parity. Net debt remained stable at Rs. 4,005 Cr (leverage 0.86x). FY26 CAPEX is guided at Rs. 2,700 Cr, focusing on Maharashtra greenfield expansion and ramping up downstream capacity. The Indonesian nickel pig iron JV is on track for mid-FY26 commissioning, enhancing raw material security. ESG efforts include Odisha’s largest captive solar plant and boosting renewable power usage. Management remains confident on domestic demand with cautious optimism on exports.