JSL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹10,518 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹1,488 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Jindal Stainless delivered a steady Q3 FY26 with consolidated EBITDA of ₹1,488 crore (+17% YoY) and PAT of ₹828 crore (+23% YoY), driven by 11% YoY volume growth to 0.65 million tons. Domestic demand remained robust across automotive, railways, and white goods, while exports were subdued due to global trade uncertainties and CBAM. Management reiterated its FY26 EBITDA per ton guidance of ₹19,000-21,000, with 9-month average at ₹21,300. The company is awaiting clarity on anti-dumping duty and QCO suspension, which pose near-term risks. Capex of ₹2,700 crore is on track, and net debt reduced to ₹3,451 crore (0.67x EBITDA). Key risk: continued import pressure without government intervention.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year EBITDA per ton guidance of ₹19,000-21,000, with 9-month average at ₹21,300.
- Capex spend of ₹2,200 crore in 9 months; on track to reach ₹2,700 crore for the full year.
- Net debt expected to end FY26 at or below current level of ₹3,451 crore, better than earlier guidance of ₹3,500-3,700 crore.
- The stainless steel melt shop in Indonesia is on track for commissioning in the first half of FY27.
Risks flagged
- Temporary suspension of Quality Control Orders allows subsidized inferior imports, pressuring domestic pricing and margins.
- Lack of clarity on CBAM verification methodology and verifier appointment has caused European customers to pause orders.
- Rising nickel prices could increase raw material costs; while pass-through exists, lag of 30-45 days may compress margins temporarily.
- ADD investigation is ongoing but government process is slow; no relief expected before H1 FY27, leaving industry exposed.
Key quotes
- We are absolutely geared up. We have been supplying catering to them for decades now and we still continue to do that.
- Whatever guidance we had given in terms of volume growth and EBITDA per ton we're extremely confident of meeting those numbers.
- Without any government intervention I don't see these import numbers going down.
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