Jindal Stainless Limited (NSE: JSL) Q3 2026 Earnings Call dated Jan. 22, 2026
Corporate Participants:
Abhuday Jindal — Managing Director
Tarun Kumar Khulbe — Chief Executive Officer and Wholetime Director
Shreya Sharma — Head of Investor Relations
Analysts:
Unidentified Participant
Tushar Chaudhari — Analyst
Presentation:
operator
Recorded. Sa. Sam. Ladies and gentlemen, good day and welcome to Jindal Stainless Ltd. Q3FY26 earnings call hosted by Prabhudas Leela Ghar Pvt. Ltd. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tushar Choudhary from Prabhuadas Leelaghar Private Limited. Thank you. And over to you sir.
Tushar Chaudhari — Analyst
Thank you. Good evening and a very warm welcome to everyone. On behalf of PL Capital, I am pleased to welcome you all on the Q3FY26 earning call of Ziddle Stainless Limited. We are happy to have the senior management of JDSL with us for next one hour. So management is represented by Mr. Abhija Jindal, Managing Director, Mr. Tarun Kumar Kulbe, CEO, CFO and Whole Times Director Ms. Shreya Sharma, Head of IR and other senior management team. So we will begin with the opening remarks from the management followed by an interactive Q and a session. With this I hand over the call to Shreya.
Over to you Shreya.
Shreya Sharma — Head of Investor Relations
Thank you Tushar. Good day everyone and thank you for joining us for the company’s Q3 FY26 earnings call. I hope you all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our website earlier. Our discussion on this call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be forward looking in nature and are covered by the disclaimer on Slide 2 of the Earnings presentation. Joining me on the call today is senior leadership team who will take you through the key business developments and the performance for the quarter.
After the remarks we will open the floor for the questions. With that let me hand it over to our managing director Mr. Abhidrajindal to take you through the highlights. Over to you sir.
Abhuday Jindal — Managing Director
Thank you Shreya and a very good evening to everyone. I would like to welcome you all to the Q3 FY26 uninstall. I will begin by outlining the key business highlights for the quarter ended December 2025 and the progress we continue to make across our priority sectors. Following that, Mr. Kurbe will take you through our operational and financial performance. Continuing the positive momentum, our sales volume in Q3 FY26 grew by 11% year on year and remained steady quarter on quarter supported by domestic demand in the export market. In the domestic market, JSL’s performance was consistent underpinned by the demand momentum from key sectors such as automotive, ornamental pipe and tube railways, Metro lift and elevator white grids.
Last quarter we also launched the JSL Satri Pragati Initiative for the stainless steel pipe and tube segment, a key step in our commitment to empower fabricators and retailers to verify products instantly and to reward their efforts in enabling product authenticity. The industry demand in the passenger coaches segment also saw increased traction from design revisions in Mande Bharat and new orders from Bandai Bharat sleeper plants. The new trust on Amrit Bharat coaches is expected to further boost chainless steel demand in the sector. Higher activity in Metro projects across the country also supported the delivery momentum. I’m pleased to report that our stainless steel has been accepted by ICF Chennai for the fabrication of external sidewalls or Metro parts being supplied to the Kolkata Metro.
GSE cut supported festive season demand from white good segment supporting strong deliveries during the quarter sequentially. The auto segment also saw strong volume growth driven by lower GST rates on combustion ICE combustion vehicles. On the export front, global trade sentiment remain subdued due to ongoing uncertainties and the protectionist measures in key Western markets particularly the United States and European Union. In response, the company continues to strategically prioritize the domestic market with a focus on providing value added solutions tailored to the need of our long term partners. On the import side, subsidized interior materials continue to enter our country.
The temporary suspension of TCO is definitely a matter of concern and poses a discouraging setback for quality focused domestic industry players. We remain hopeful that the government will strengthen and enforce frameworks that uphold quality standards to protect consumers, MSMEs and all. In this environment, Jinder Stainless retained his market share through its competitive pricing, robust distribution network, cost competitiveness and customer focused initiatives such as Jinder Sati theme and QR code and loyalty incentive programs. On sustainability front, I’m happy to report that JFL achieved an FP Global Corporate Sustainability assessment score of 78 out of 100 for FY25, ranking us among the top 5% in the steel sector and securing 4th position globally.
Securing one of the top global positions in the DGSI model ESG ranking is a very proud moment for us. Our significant improvement over the years past year’s call reflects our continued commitment to responsible growth grounded in transparency, innovation, care for our people and the planet. In parallel, our renewable power utilization at Jaspur and his facilities has steadily increased. Now 56% of our total imported power in Q3.26 making a significant step towards cleaner and more sustainable operations. With this, I would like to hand over to Mr. Taran Kulbe to discuss our operational and financial performance. Thank you.
Tarun Kumar Khulbe — Chief Executive Officer and Wholetime Director
Thank you, Abhidhar. Good evening everyone. Welcome to the call. I would like to begin by providing a detailed overview of our operational and financial performance. Our Q3 FY26 deliveries are at 0.65 million tonnes with an increase of around 11% on year. On year. Our Q3 consolidated EBITDA increased by around 17% year on year and around 1% on quarter. On quarter to rupees 1408 crore while our consolidated part stood at 828 crores. An increase of around 23% on year on year and around 2% on quarter. On quarter basis for nine months FY26 our deliveries stood at 1.92 million tonnes with an increase of around eleven percent year on year.
Consolidated EBITDA increased by around 14% year on year to rupees 4106 crore and consolidated pattern stood at rupees 2,350 crore with an increase of around 23% year on year basis. We are pleased to report continued improvement in our balance sheet as of December 31, 2025. Our consolidated net debt has further reduced to Rupees 3451 crore with a net debt to EBITDA ratio at 0.67 comfortably below 1 and a net debt to equity ratio 0.18. Reflecting our disciplined approach to financial management. This robust financial management continues to place in the better position to navigate ongoing macroeconomic challenges.
Turning to subsidiary front, all subsidiaries have shown improvement and contributed positively to the group’s overall ebitda. Operationally, we are encouraged by the ramp up at Kromini and NPI with both experiencing an increase in capacity utilization. Our SMS projects in Indonesia and aligned downstream capacity expansion in India are progressing well and remain on track as per the timeline. I would also like to inform that the Board of Directors have approved an interim dividend payment for FY26 of Rupees 1 per share with a face value of Rupees 2 each aggregating to a payout of nearly Rupees 82.44 crore.
The record date for the purpose of payment has been set as January 29, 2026. To further develop the stainless steel ecosystem and capabilities, we have signed MOUs with four government industrial training institutes in Orissa, Uttar Pradesh and Maharashtra to implement a 155 hours stainless steel fabrication course as a part of their curriculum. India stainless steel demand is rising in line with its economic and infrastructure growth. We are proud to support the shift towards this sustainable vendor battle. With that, I conclude my remarks and invite the moderator to begin the question answer session. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from GS. Please go ahead.
Unidentified Participant
Yeah, hi, good evening everyone and thanks for the opportunity. Congratulations for a very steady set of numbers. I have a couple of questions. The first one is on essentially some kind of a protection mechanism. We have seen that in case of steel, finally carbon steel, the safeguard duty have been imposed. Now we are also seeing an influx of imports though it has not surged and there was always a very steady high level of imports in stainless steel industry. And I understand that we have been working with the government in making sure that we get some kind of protection at least against the unfairly priced imports.
So just wanted to get an update on that. Where are we? Is the government now more conducive considering that a step has been taken for carbon steel players?
Abhuday Jindal
So Amit, thank you for your question and all your good wishes. So yes, as we mentioned last time also Safeguard, because of the reason you mentioned, there was no surge in imports in stainless steel and it’s been steadily at 30% plus. That’s why safeguard was something that they were not in favor of going ahead. Anti dumping duty investigation is on. We are hopeful that the government will give us some relief. So those are the land we are working on and on the other side, absolutely. We are pointing to them that once this PCO relaxation was given, import further happened again in the last few months.
So that is another area that we are constantly picking up with the ministries that a lot of happening import surge has happened. So QCO is definitely required for the entire industry. It will uplift the sentiment, it will increase more investments in this industry for us. So both sides are working. One is on anti dumping duty which we feel next few quarters we should get some positive response and on the PCO evaporation should not be extended further.
Unidentified Participant
Great, that’s helpful. The second question is essentially on the profitability and volume side. Now if you look at the last, particularly towards the end, you know, nickel prices have been rising, ferrochrome prices have risen. Do you see some kind of impact of this, you know, on the. On the finished steel prices as well through increased surcharges and therefore what kind of profitability can we expect in Q4? And also if you could, you know, briefly let us know. I know in prepared remarks you mentioned about the demand environment but on the overall volume growth, how do we see it, you know, in Q4 and going ahead as well.
Abhuday Jindal
Okay, so yeah, rightly you indicated or you have said that the raw material prices on nickel in particular, which was otherwise has in fact on an average basis have gone down in Q3 but towards December and it started going up and yeah, in the month of January also it is on the. And all along we have stated that normally in the stainless steel the prices are governed by the movement in the raw material prices. So definitely aligned to that we could see the movement in the prices of the stainless steel not only in India, globally as well.
So there is a price movement into that. So far as our profitability part is concerned, whatever guidance we have provided for the year 19 to 21,000 rupees per maximum is what we had given. We have delivered in nine months an average of around 21,300. And we believe that this year on an average basis around this number, we should be closing.
Tarun Kumar Khulbe
Yes. So whatever guidance we are given in terms of volume growth and EBITDA per tonne, we’re extremely confident of meeting those numbers. It is still because of certain of these geopolitical situation. QCO relaxation. We would like to stick to this guidance only.
Unidentified Participant
Understood. Thank you. Thanks a lot and all the best.
Abhuday Jindal
Thank you.
operator
Thank you. Our next question comes from the line of Alok Deora from Motilal Oswal. Please go ahead.
Unidentified Participant
Good evening sir and congratulations on decent numbers. Sir, Just had a couple of questions. One is on exports so highlight why the sharp drop in export contribution to the volume and how do we see that going ahead. And second is on the any change in the mix in terms of HR and CR in the overall because there also we are looking at some improvement in the mix. So if you just hit on that.
Abhuday Jindal
So definitely as we are all aware export is a very uncertain situation because of the geopolitical factors. Nothing to do with the company. We are still sticking to our supply chain. We are still supplying our customers. It is more from our customer side because of this lack of clarity that is there. Whether Mr. Trump every day wakes up, announces something new. Plus C ban is on our head where even in December they change certain rules or nomenclatures. So it’s the uncertainty that is not letting our customers book further order. We are absolutely geared up. We have been supplying catering to them for decades now and we still continue to do that.
And on the other side, as a company, which I’ve always stated, our goal is for EBITDA maximization creating more shareholder value. So if we are seeing that in a domestic market where there is good demand, then we would be more than happy to cater to domestic market. So export is more on account of global geopolitical situations. And to your second question, CR output has definitely increased. So maybe Mr. Kulbe can add to that.
Tarun Kumar Khulbe
Yeah, and just to add to whatever you have given because even on cbam so just to add that towards the year end only or towards the December end only, eventually they came out with the threshold levels and calculation methodologies. But still the very who will be verifying it. And the verifier verification methodology of this tax calculation is still not has come out which is again holding customers some of those, you know, confusion or uncertainty into their mind. Now coming to the mix of HR and cr, two ways we can look at it. If we look at our only crap percentage of the overall sales, so now it is at around 55% which was at around 50% a year before.
But then if you look only HRAP and crap ratio then I can give you a three year strength. So in Q3 FY24 it was around 40% HRAP, 60% CRAP which changed to 35% and 65% CRAP. And this financial FY26 Q3 it is 30 and 70. So somewhere our investments into the downstream, our acquisition of Chromini, all that has helped us in improving this percentage of prat.
Unidentified Participant
Sure, thanks for that. Just one follow up on the export side. So whatever volume guidance we are, whatever volume we are expecting for FY27. So even if the exports were to be lower at say 5 to 6% in terms of contribution to total volume, we don’t expect to have any major slippage in terms of overall volumes.
Abhuday Jindal
Not at all. Absolutely not.
Unidentified Participant
Got it. That’s all for my future. Thank you and all the best.
operator
Thank you. Our next question comes from the line of Parthiv from Anand Rati. Please go ahead.
Unidentified Participant
Hi, thank you for the opportunity. I hope I am audible. So I think my first question is a very generic one. Just wanted to get a breakup of between the series of.
Tarun Kumar Khulbe
Yeah So I just read it in order of 200, 300 and 400. So in quarter C it was 38%, 45% and 17%. And 49 months it was around 36%, 47% and 17%.
Unidentified Participant
Perfect. That’s quite helpful, thanks. Yeah. So my first question is just, you know, taking a couple of points or the comments forward from the previous analyst. If you see right now our blended ASP for quarter three was about 1 lakh 61, which was a fall of almost about 4, 4 and a half percent. Whereas your blended steel, stainless steel market was down by about say 2%. I believe there is some aspect of export, you know, which plays out. But just wanted to get your understanding for the, for say FY26 for the last quarter and for 27, how do you expect the stainless steel prices and your realizations to improve going forward?
Abhuday Jindal
So I think we have to look at it from the two angles. So first question you had asked to Shreya that what is your series mix? So the series mix, if you look sequentially quarter on quarter basis, then there was a almost 4% drop in 300 series and almost equal, equal increase in the 200 series. This is one of the factor that there was a shift in the series mix. Another point is as we are always stating that stainless steel prices, that is the realization also eventually governed by the raw material movement. And already as we all can see that the nickel in quarter three was a bit softer and that is where that also impacted the realization.
Unidentified Participant
So you expect this to cross or stay over. Right now it’s around blended is about 1 lakh 91,91,000. You expect that to stay or hover around similar level for the remaining part of the quarter.
Abhuday Jindal
It all depends. If the nickel remains on the higher level at that, the level at which it is, it will definitely lift the average realization than what we attained in quarter.
Unidentified Participant
All right, that’s actually helpful. So my second question is on we understand, you know, there were new threshold, you know, calculation which came out. There are certain ways we should look into it. However, you know, just going back a couple of articles, whether it would be in India, globally. We have some calculation as far as the carbon steel manufacturers are concerned across the globe. Right. Whether it be China, India, so and so forth. Have you done any calculation for our company? What is our CBAM impact? What is on a per time basis?
Abhuday Jindal
Yes, absolutely. We are tracking that very closely. And like I had announced, which I can repeat, we are actually scoring very high in both of the criteria like in the SNP global corporate sustainability assessment we scored 78 out of 100. That puts us in the top 5% globally in the steel sector with the fourth position. And in BGSI ESG model ESG ratings we have secured the top position in the global. So you know, whatever is available, whatever is an SNP or a well approved body, we’re already moving ahead. Whatever is required for Indian ratings like.
BS. Or by sebi, we are doing all of that. So as a company we are absolutely geared up where all everything is in place. It is more clarity that is required from European Union that who is the verifier? When will the verifier come? You know all that clarity from their side is required. But as a company we are absolutely geared up in increasing our renewal capacity month on month. We’ve invested in green hydrogen, we are already a crab based company. So everything is there in place to ensure that PBAM does not impact us in a very negative manner.
Unidentified Participant
All right, so do you expect this to get some clarity within say next year, quarter or two or it will take beyond that?
Abhuday Jindal
My guess is as good as yours. You know we are also waiting and like I said it is from the European Union to decide when they can send the verif. But the expectation is this quarter they should be because they were supposed to start from January and we’re already in the middle of the month. So I’m expecting this quarter more clarity should come.
Tarun Kumar Khulbe
All right, and so Islam, I just need a very quick one. I think after a couple of articles, you know the Indian stainless steel imports are soaring about 20, 25, 22% to be precise of the production in last year. So just wanted to get some clarity on it. Do you expect this to go down or remain around the same level? Because I think as a series 300 is our largest. We import the maximum under 300 series. I just wanted to get your overall picture.