Jindal Stainless financials and balance sheet

NSE: JSLBSE: 532508Ferrous MetalsMid Cap

Formerly JSL Stainless

₹687.40₹22.25 (3.14%)BSE ₹688.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹709.65.

52-week range of traded prices to 23 Oct 2026

₹652.25Low, 11 Jun 2026₹884.00High, 7 Jan 2026

Market cap: ₹56,671 Cr170th largest listed
P/E: 17.0
P/B: 2.7
Dividend yield: 0.58%
ROE: 17.0%
ROCE: 16.0%
Debt to equity: 0.33
Volume, NSE: 9,23,28852.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Jindal Stainless annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹35,697 Cr, differs from its quarters added, ₹27,193 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue42,955
Materials and goods−28,511
Employee costs−989
Other expenses−7,878
Operating profit5,577
Depreciation−1,060
Other income+351
One-off items−58
Finance costs−568
Profit before tax4,242
Tax−1,058
Net profit3,185

What the company owns

Plant, investments and other assets₹25,175 Cr
Inventory₹9,508 Cr
Receivables₹3,086 Cr
Cash and bank₹2,934 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹19,882 Cr
Owed to suppliers₹8,266 Cr
Borrowings₹7,342 Cr
Other liabilities₹5,214 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Jindal Stainless quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 8 Jun	Mar 2021Filed 15 May	Mar 2022Filed 4 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue from operations	9,925	11,817	13,557	12,951	12,188	21,223	35,697	38,562	39,312	42,955
	8,759	10,477	12,393	11,811	10,759	18,134	32,001	33,805	34,689	37,378
Materials and goods bought	5,734	7,502	9,175	8,578	7,809	14,526	24,472	26,715	26,866	28,511
Employee costs	–	–	212	205	178	209	539	643	856	989
Other expenses	–	–	3,006	3,028	2,772	3,398	6,990	6,447	6,968	7,878
Operating profit before depreciation	1,166	1,340	1,165	1,139	1,429	3,090	3,696	4,757	4,623	5,577
Operating margin	11.7%	11.3%	8.6%	8.8%	11.7%	14.6%	10.4%	12.3%	11.8%	13.0%
Materials, % of revenue	–	–	67.7%	66.2%	64.1%	68.4%	68.6%	69.3%	68.3%	66.4%
Employee costs, % of revenue	–	–	1.6%	1.6%	1.5%	1.0%	1.5%	1.7%	2.2%	2.3%
Other expenses, % of revenue	–	–	22.2%	23.4%	22.7%	16.0%	19.6%	16.7%	17.7%	18.3%
Depreciation and amortisation	325	320	352	425	403	371	724	879	956	1,060
Operating profit after depreciation	840	1,020	813	714	1,026	2,719	2,972	3,879	3,667	4,517
Other income	26	45	33	40	41	56	126	169	291	351
Finance costs	788	566	637	586	480	332	325	554	612	568
Profit before one-off items and tax	78	499	209	169	587	2,442	2,774	3,493	3,346	4,300
One-off items	26	4	13	4	102	0	0	99	−7	−58
Profit before tax	104	504	222	173	690	2,442	2,774	3,592	3,339	4,242
	32	174	77	93	270	533	690	899	839	1,058
Current tax	–	2	3	1	1	194	700	802	887	1,020
Deferred tax	–	172	74	91	269	339	−10	97	−47	38
Share of profit of joint ventures and associates	–	16	–	−8	–	–	–	–	–	–
	82	346	145	73	419	1,909	2,084	2,693	2,500	3,185
Belonging to the company's shareholders	–	346	142	71	419	1,881	2,115	2,713	2,505	3,193
Belonging to outside owners of subsidiaries	–	–	3	1	0	28	−31	−20	−5	−9
Other comprehensive income	–	–	−2	7	4	−10	−6	−8	37	102
Total comprehensive income	–	–	143	80	423	1,899	2,077	2,686	2,537	3,287
Net margin	0.8%	2.9%	1.1%	0.6%	3.4%	9.0%	5.8%	7.0%	6.4%	7.4%
Net margin without joint ventures and associates	–	2.8%	–	0.6%	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Share of profit of joint ventures and associates is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 8 Jun	Mar 2021Filed 15 May	Mar 2022Filed 4 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 22 Oct
	2,603	2,730	3,218	5,227	11,968	14,375	16,708	19,882	21,280
	2,591	2,717	3,205	5,186	11,931	14,358	16,688	19,791	21,253
Share capital	96	97	97	105	165	165	165	165	165
Reserves	2,495	2,620	3,108	5,081	11,766	14,193	16,523	19,626	21,088
Belonging to outside owners of subsidiaries	12	13	13	41	36	17	20	91	27
	3,896	3,361	3,107	3,126	3,871	5,948	6,298	7,342	6,997
Repayable after a year	3,153	2,716	2,593	1,418	2,792	4,563	4,320	4,936	4,245
Repayable within a year	743	646	514	1,707	1,080	1,385	1,978	2,406	2,752
	4,450	4,598	4,056	7,207	10,951	10,040	13,225	13,924	16,616
Trade payables	2,488	2,660	2,632	4,174	7,821	6,926	9,140	8,266	10,681
Other financial liabilities	953	1,043	718	1,159	1,795	1,505	1,724	2,880	2,537
Other liabilities	263	248	190	151	252	217	326	337	498
Provisions	1	1	2	2	2	6	7	6	7
Tax owed	2	1	1	14	0	1	50	29	140
	3,662	3,349	3,460	2,428	4,222	6,399	6,207	6,834	6,528
Other financial liabilities	26	102	111	78	93	112	116	96	610
Other liabilities	337	324	279	121	434	429	401	332	158
Provisions	15	17	16	12	43	53	71	114	130
Deferred tax	132	190	461	799	861	1,241	1,300	1,356	1,384
Liabilities going with businesses held for sale	–	–	–	–	–	4	18	64	7
	10,715	10,678	10,735	14,862	27,140	30,817	36,158	40,704	44,431
Held for sale or for a demerger	–	–	–	–	–	–	192	188	159
	6,934	6,851	6,616	7,330	12,029	16,035	19,360	23,203	23,593
Plant in use, after depreciation	6,315	6,148	5,828	5,568	8,546	11,395	12,433	15,545	–
Plant being built	24	13	53	357	761	1,085	1,770	1,790	–
Intangible assets	29	32	27	33	782	866	795	718	654
Goodwill	0	0	0	0	163	332	899	1,247	2,052
Intangible assets being developed	6	2	6	7	12	27	13	16	20
Property held to earn rent	0	0	0	0	470	662	673	11	11
Investments	176	136	112	108	112	38	328	366	371
Stakes in joint ventures and associates	277	310	343	454	557	865	1,313	1,180	1,706
Loans given	39	105	106	79	67	245	240	195	526
Other financial assets	0	2	1	30	289	152	209	1,164	446
Deferred tax	31	26	15	81	0	54	245	264	271
Other assets	36	76	125	613	269	314	440	706	633
	3,781	3,826	4,119	7,532	15,112	14,783	16,606	17,313	20,679
Inventories	2,415	2,739	2,789	4,177	8,394	7,932	9,700	9,508	11,205
Trade receivables	919	705	934	2,453	3,658	2,837	3,107	3,086	3,712
Cash and cash equivalents	36	40	77	215	470	1,230	633	415	436
Other bank balances	9	28	39	9	461	758	1,637	2,519	2,906
Current investments	0	3	1	71	301	344	5	1	1
Loans given	8	5	3	0	0	6	457	462	593
Other financial assets	137	78	68	87	488	306	271	452	518
Tax paid in advance	21	0	0	0	225	200	24	–	15
Other assets	235	227	208	520	1,116	1,169	773	871	1,291
Net debt	3,850	3,290	2,990	2,831	2,640	3,616	4,023	4,406	3,654

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 15 May	Mar 2022Filed 4 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 22 Oct
	1,308	1,083	3,096	4,818	4,718	3,395	1,583
	1,296	1,331	3,849	5,555	5,337	4,371	2,128
	−181	−1,679	203	750	663	−1,399	−692
Receivables	−264	−1,519	201	794	−253	−6	−715
Inventories	−50	−1,388	−1,609	462	−1,684	201	−2,419
Payables	10	1,536	2,154	−565	2,297	−1,832	2,831
Other working capital	124	−308	−544	60	304	238	−389
Tax paid	11	−248	−754	−737	−618	−976	0
Interest paid	0	0	0	0	0	0	−545
Capital spending	168	765	1,656	1,475	1,885	2,658	1,521
Free cash flow	1,140	318	1,440	3,343	2,833	737	62
	−152	−783	−2,482	−3,340	−3,439	−3,506	−1,666
Plant and property sold	5	6	8	24	57	18	74
Companies bought	0	0	0	−1,527	−799	−109	−23
Interest received	17	16	20	84	142	275	169
Dividends received	0	0	0	–	0	22	0
	−1,119	−163	−386	−829	−1,882	−112	301
Borrowings raised	310	698	1,221	876	653	1,661	2,259
Borrowings repaid	−1,139	−733	−1,299	−862	−1,671	−1,023	−1,445
Interest paid	−340	−231	−296	−533	−595	−510	−245
Lease payments	0	0	−12	0	−28	−31	−27
Dividends paid	0	0	0	286	245	245	245
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	109	0	0	3	4	5
Net change in cash	37	137	228	649	−603	−223	219

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Dividends received is left blank for the year to Mar 2024: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Jindal Stainless dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 8 Jun	Mar 2021Filed 15 May	Mar 2022Filed 4 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Earnings per share	₹2.29	₹7.60	₹2.97	₹1.48	₹8.60	₹37.81	₹25.68	₹32.95	₹30.42	₹38.76
Diluted earnings per share	₹2.29	₹6.20	₹2.97	₹1.48	₹8.48	₹36.39	₹25.68	₹32.94	₹30.41	₹38.70
Dividend per share	–	–	–	–	–	–	₹2.50	₹3.00	₹3.00	₹4.00
Book value per share	–	–	₹54.07	₹55.77	₹65.78	₹98.68	₹144.89	₹174.36	₹202.61	₹240.20
Dividend payout	–	–	–	–	–	–	9.7%	9.1%	9.9%	10.3%
Shareholder yield	–	–	–	–	0.0%	−1.0%	0.0%	0.5%	0.5%	0.4%
Market cap at the year end (₹ crore)	2,844	3,614	1,946	1,174	3,294	10,644	23,863	57,183	47,910	58,612

Ratios

Consolidated, years to March.Jindal Stainless PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 8 Jun	Mar 2021Filed 15 May	Mar 2022Filed 4 May	Mar 2023Filed 18 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 4 May
Revenue growth	–	19.1%	14.7%	−4.5%	−5.9%	74.1%	–	8.0%	1.9%	9.3%
Operating profit growth	–	15.0%	−13.1%	−2.2%	25.4%	116.2%	–	28.7%	−2.8%	20.6%
Net profit growth	–	323.6%	−58.0%	−50.0%	477.6%	355.1%	–	29.3%	−7.2%	27.4%
Earnings per share growth	–	231.9%	−60.9%	−50.2%	481.1%	339.7%	–	28.3%	−7.7%	27.4%
	–	–	5.5%	2.7%	14.2%	44.8%	24.7%	20.6%	16.1%	17.5%
	–	–	–	−2.8 pts	11.5 pts	30.7 pts	−20.1 pts	−4.1 pts	−4.5 pts	1.4 pts
From the net margin	–	–	–	−2.6 pts	14.1 pts	22.3 pts	−14.9 pts	4.6 pts	−1.9 pts	2.7 pts
From asset turnover	–	–	–	−0.1 pts	−1.0 pts	16.7 pts	0.7 pts	−6.4 pts	−2.2 pts	−0.9 pts
From borrowing	–	–	–	−0.1 pts	−1.6 pts	−8.3 pts	−6.0 pts	−2.3 pts	−0.4 pts	−0.4 pts
Return on capital employed	–	–	12.5%	11.7%	16.2%	32.5%	18.8%	19.1%	15.9%	16.6%
Cash conversion	–	–	–	–	311.8%	56.7%	148.6%	178.9%	188.8%	106.6%
Interest cover	1.1	1.8	1.3	1.2	2.1	8.2	9.2	7.0	6.0	8.0
Debt to equity	–	–	1.50	1.23	0.97	0.60	0.32	0.41	0.38	0.37
Receivable days	–	–	25	20	28	42	37	27	29	26
Inventory days	–	–	96	117	130	105	125	108	132	122
Payable days	–	–	99	113	123	105	117	95	124	106
Cash conversion cycle, days	–	–	22	23	35	42	46	41	36	42
Working capital days	–	–	1	−6	14	30	41	36	29	24
Asset turnover	–	–	1.27	1.21	1.14	1.66	1.70	1.33	1.17	1.12
Assets per rupee of net worth	–	–	4.14	4.03	3.62	3.05	2.45	2.20	2.16	2.11
Sales per rupee of plant	–	–	2.15	2.11	2.09	3.81	4.18	3.38	3.16	2.76
Capital spending to depreciation	–	–	–	–	0.42	2.06	2.29	1.68	1.97	2.51
Plant being built, % of plant in use	–	–	0.4%	0.2%	0.9%	6.4%	8.9%	9.5%	14.2%	11.5%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2023: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.3%
Cash from operations against operating profit: 60.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	28.7%	6.4%
Profit growth, yearly rate	–	50.1%	14.7%
Return on equity, average	–	24.8%	18.1%
Return on capital employed, average	–	20.6%	17.2%
Operating margin, average	11.4%	12.4%	12.4%
Net margin, average	4.4%	7.1%	6.9%
Asset turnover, average	–	1.40	1.21
Cash conversion cycle, days, average	–	41	40
Interest cover, average	4.6	7.7	7.0
Debt to equity, average	–	0.42	0.39

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	17,110	12,931	3,395
Cash from investing	−13,549	−10,284	−3,506
Cash from financing	−3,373	−2,824	−112
Capital spending	8,439	6,019	2,658
Dividends paid	775	775	245
Shares bought back	0	0	0
Shares issued for cash	116	7	4
Borrowings raised	5,109	3,190	1,661
Borrowings repaid	5,589	3,557	1,023

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	5	5	5	5
Altman Z-scorePublished threshold 1.81	–	–	1.92	1.79	2.17	3.21	3.43	4.61	3.68	3.91
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−0.67	−2.10	−2.85	−2.62	−2.53
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.88	12.57	7.00	4.19	3.64	8.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.24	1.35	1.74	1.54
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.82	38.32	88.59	−19.11	−30.47	7.58	−9.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	19.94	10.78	−36.23	32.48	−14.67	21.74	−8.11
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.67	−0.24	1.56	3.42	−0.40	−1.55	0.59
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.64	3.21	0.21	0.29	0.89	0.43
Effective tax ratePublished threshold 17.16 per cent	31.21	34.55	34.55	53.51	39.18	21.83	24.88	25.02	25.13	24.93
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	11.67	−2.29	4.50	6.61	1.91

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+New, New		200
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		10,000
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital Limits	CARE AA+Review, Re-affirm	Stable	1,550
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA+Review, Re-affirm	Stable	1,000
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Re-affirm	Stable	5,350
5 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	WithdrawnReview, Other
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	780
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	WithdrawnReview, Other		499
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		11,000
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAReview, Re-affirm	Stable	99
6 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		375
6 Jan 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Other	Positive	15,379

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.