Jindal Stainless Q2 profit rises 32% on higher sales, better product mix

Jindal Stainless posted a 32% rise in Q2 profit to Rs 807 crore, driven by higher sales and strong domestic demand, even as the company flagged pressure from low-cost imports

Jindal Stainless on Monday reported a 32 per cent year-on-year (Y-o-Y) increase in consolidated net profit, attributable to owners, in the second quarter of FY26 (Q2FY26) to ₹806.94 crore on the back of higher sales and improved product-mix.

 

The stainless steel manufacturer’s net profit in Q2FY25 was ₹611.31 crore.

Revenue from operations for Q2FY26 on a consolidated basis was up 11.4 per cent at ₹10,892.78 crore compared to ₹9,776.83 crore in Q2FY25.

 

Sequentially, revenue was up 6.7 per cent and net profit 13 per cent.

 

The company said that it witnessed consistent demand across key segments such as industrial pipes and tubes, lifts and elevators, metro, railway coaches, and wagons during the quarter. The white goods segment also gained traction, driven by festival-season demand.

 

Addressing the media, Jindal Stainless Managing Director Abhyuday Jindal said that the company would continue to focus on the domestic market. “The growth is in the domestic market – in India, steel is growing at 8-9 per cent.”

 

In Q2FY26, exports accounted for about 9 per cent of total sales. Jindal explained that over the last few years, exports had hovered around 10 per cent of total output.

 

The key export markets for Jindal Stainless are the US and Europe. “Despite upcoming challenges, we are going to dip our guidance or increase it – exports will remain at around 10 per cent. And the biggest markets would be the US and Europe.”

 

However, the company has expanded into South America, West Asia and Japan. “But these are relatively smaller consumption markets compared to Europe and the US,” Jindal said.

 

He added that to build the supply chain was a very big task. Referring to Europe and the US, Jindal said, “We have been part of our customers’ supply chain in Europe and the US for a very long time. So, we would not like to get out of it even though there is pressure on margins. We would rather be part of their supply chain at a lower volume than completely get out of it.”

 

Even as the company is focusing on the domestic market, there are challenges from low-cost imports. The Indian Stainless Steel Development Association (ISSDA) had moved an application for anti-dumping duty and Jindal said that discussions were being held at various levels around this.

 

He also said that the temporary suspension of the Quality Control Order (QCO) was concerning, and discouraging for the entire domestic industry.

 

Amid the prevailing geopolitical complexities, the company foresees an increased influx of sub-standard and cheap imports into the country. “We hope the government continues with stronger frameworks for upholding quality standards,” he said.