Q2 FY27 results analysis · October 23, 2026
Jindal Stainless Ltd (JSL) Q2 FY27 Results Analysis: Revenue Jumps 18%, Margin Compresses 161 bps
+11.1%PAT year on year, Rs. 897.75 Cr
Quick summary
Jindal Stainless Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 12,873.86 Cr (+18.19% YoY) and PAT growth of +11.12% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 12,873.86 Cr (+18.19% YoY) |
| PAT (Q2) | Rs. 897.75 Cr (+11.12% YoY) |
| EBITDA margin | 11.13% (-161 bps YoY) |
| EPS (Q2) | Rs. 10.85 (+10.61% YoY) |
| Market cap | Rs. 58,504.94 Cr |
| CMP | Rs. 709.65 |
Key Investment Insights
Key Positives
- Consolidated revenue grew 18.19% YoY and 14.14% QoQ to Rs.12,873.86 Cr, the highest quarterly figure in the available trend
- Consolidated PAT grew 11.12% YoY to Rs.897.75 Cr; normalized PAT of Rs.810.75 Cr is +10.4% YoY after stripping Rs.116.41 Cr exceptional gains
- Standalone PAT grew 21.99% YoY to Rs.785.50 Cr with standalone EBITDA up 11.14% YoY
- Power & fuel cost normalized to 6.72% of revenue from Q1 FY27's 10.42% after the gas-disruption spike
- Debt/Equity improved to 0.33x from 0.37x; net worth grew 17.5% YoY to Rs.21,252.84 Cr
- Credit rating upgraded to CARE AA+, Stable; Rs.99 Cr NCDs fully redeemed at maturity on September 28, 2026
- Promoter stake increased from 17.20% to 17.63% via open-market purchases in September 2026
- Rs.95.63 Cr LADT/Entry Tax excess provision written back under Haryana OTS Scheme
Risk Factors
- EBITDA margin compressed 161 bps YoY to 11.13% as material cost share rose 678 bps YoY to 75.44% of revenue
- H1 CFO fell 27.5% YoY to Rs.1,582.97 Cr with CFO/PAT at 0.95x and FCF of only Rs.61.63 Cr after Rs.1,521 Cr capex
- Subsidiary contribution to PAT fell to Rs.109.08 Cr from Rs.163.05 Cr YoY after PTGMI reclassification and PT Jindal Stainless Indonesia liquidation
- H1 capex annualizes to ~Rs.3,043 Cr, above the guided Rs.2,400-2,600 Cr band
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.