Jindal Stainless Limited (NSE: JSL) Q4 2026 Earnings Call dated May. 05, 2026
Corporate Participants:
Angad Khurana — Head of Investor Relations
Abhyuday Jindal — Managing Director
Tarun Kumar Khulbe — Chief Executive Officer and Wholetime Director
Analysts:
Satyadeep Jain — Analyst
Parthiv Jhonsa — Analyst
Alok Deora — Analyst
Amit Dixit — Analyst
Ritesh Shah — Analyst
Pinakin Parekh — Analyst
Vikas Singh — Analyst
Renjith Sivaram — Analyst
Rajesh Majumdar — Analyst
Mehul Panjwani — Analyst
Rakesh Roy — Analyst
Kirtan Mehta — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Jindal Stainless Limited Q4FY26 earnings conference call hosted by Ambit Capital Private Limited. As a reminder, all power spin 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 the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Saktideep Jain from Ambit Capital Private Limited. Thank you and over to you, Mr. Jain.
Satyadeep Jain — Analyst
Thank you Operator. Good evening and on behalf of Ambed Capital, I thank the management team of Jindal Stainless for the opportunity to host their Q4FY26 earnings conference call. We have the following members of management with us today. Mr. Abude Jindal, Managing Director Mr. Tarun Kolbe, CEO, CFO and Whole Time Director Mr. Kapil Aroda, Head of Finance, Mr. Angad Khrona, Head of Investor Relations and Mr. Abhishek Dhambi who is the part of IR team. I now hand over the call to Mr. Angad Khurana.
Thank you all and over to you.
Angad Khurana — Head of Investor Relations
Thank you Satydeep Good day everyone and thank you for joining us for the company’s Q4 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 call will follow that presentation. Before we begin, I would like to remind you that some of the statements made today may be forwarded looking in nature and are covered by the disclaimer on Slide 2 of the Earnings presentation. Joining me on the call today is the senior leadership team who will take you through the key business developments and the performance for this quarter.
After the remarks, we will open the floor for their questions. With that, let me hand it over to our managing director Mr. Abhide Jindal to take you through the highlights. Over to you sir.
Abhyuday Jindal — Managing Director
Thank you Angad and a very good evening to everyone. I would also like to welcome you all to our earnings call. I will begin by outlining the key business highlights for the quarter and year ending March 2026 and the progress we continue to make across our priority sectors. Following that, Mr. Kulbe will take you through our operational and financial performance, continuing the positive momentum. Our sales volume in FY26 grew by 8% year on year supported by sustained domestic demand amid the volatility in the export market.
In the domestic market, GSS performance was consistent underpinned by demand momentum from key sectors such as automotive, ornamental, pipe and tube, industrial pipe and tube, railway, metro, lift, elevator and white goods. Last quarter we had initiated a calibrated shift in our brand strategy to complement our strong B2B leadership with a sharper consumer facing presence. The onboarding of Ranveer Singh as the company’s first ever brand ambassador and the launch of a nationwide multimedia campaign marks a structural step step up for our natural brand presence.
The Jindal Infinity campaign focuses on authenticity and informed choice, addressing long standing issues of counterfeiting and quality opacity in key segments such as pipe and tube while reinforcing stainless steel relevance. In parallel, we have also associated with Sunriser Hyderabad to leverage the cultural scale and emotional equity of cricket to deepen engagement with younger and mass audiences. Together these initiatives will help strengthen top of mind recall support channel partners through co branded outreach and enhanced long term brand equity as consumption led applications of stainless steel scale up across India.
We believe the timing is appropriate as we enter our next phase of growth with brand building acting as a strategic enabler of demand creation, differentiation and sustained value creation. Stainless steel demand in the passenger coat segment also increased traction from strong growth also saw increased traction from strong growth. The modern AC coaches which use both shell and stainless steel under frames will contribute to the demand of stainless steel for coach manufacturing. Higher activity in Metro projects across the country also supported the strong delivery momentum going forward in FY27.
Several new metro projects are slated to go on stream in Bengaluru, Mumbai, Gurugram and Delhi. With export demand for India made Metro coaches also picking up. The demand for stainless steel is expected to witness a jump off two to three times over the next three to four years. The Indian lift and elevator industry is expected to witness steady growth in FY27 driven by urbanization infra development, rising demand for efficient vertical transportation systems. Developments in Middle east continue to influence energy markets and global supply chains.
The ongoing situation has affected the availability of key industrial gases including propane, lpg, natural gas, ammonia. In parallel disruption shipping lanes have resulted in route diversions, extended transit periods and intermittent cargo delays, adding pressure on logistics and cost structure. We are monitoring the situation closely for improved clarity around fuel allocations and the normalization of supply conditions. On the export front, global trade sentiments continue to remain subdued due to ongoing trade and geopolitical uncertainties.
Despite these headwinds, GSL demonstrated strong execution capability delivering higher export volumes on a quarter on quarter basis, maintaining a focus on expanding into markets such as Japan, Korea, Taiwan and Germany. Inferior imported materials continue to enter India at a large scale. The temporary suspension of QCO is 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 and MSMEs alike in this environment.
Jindal Stainless retains its market share through its agility, cost competitiveness and a customer first approach. On sustainability front, GSL continued its streak of ESG excellence, achieving an Eco verde score of 71 out of 100 in Q4.26 with a bronze Medal recognition. In parallel, our continued commitment towards a cleaner and more resilient energy mix saw the partial commissioning of a 315 megawatt solar wind hybrid power project in collaboration with Oyster Renewable Energy this quarter. At GSL we remain steadfast and continue to march toward our long term decarbonization goals.
With this I would like to hand over to Mr. Kulbe to discuss 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. Despite geopolitical headwinds, our Q4 FY26 deliveries were at 0.64 million tonnes remaining steady on a year on year basis our Q4 consolidated EBITDA increased by around 37% year on year and around 3% on quarter on quarter to rupees14.55 crore. Our consolidated pack stood at 874 crore an increase of around 41% on year on year and around 1% on quarter on quarter basis for FY26 our deliveries stood at 2.57 billion tonnes with an increase of around 8% year on year.
Consolidated EBITDA increased by around 19% year on year to Rs. 5560 crore and consolidated PAT stood at rupees 3185 crore with an increase of around 27% year on year basis. We are pleased to report continued improvement in our balance sheet as of 3-31-2026. Our consolidated net debt has further reduced to Rupees 3040 crore with a net debt to EBITDA ratio at 0.55x comfortably below 1 and a net debt to equity ratio 0.15 reflecting our disciplined approach to financial management. This robust financial management continues to create in the better position to navigate ongoing macroeconomic challenges on our subsidiaries front.
All subsidiaries have shown improvement and contributed to positively to the Group’s overall ebitda. The announced CAPEX plan is progressing well and remains on track the 1.2 million tonnes per annum stainless steel milk shop in Indonesia is successfully commissioned ahead of schedule, taking the company’s total melting capacity to 4.2 million tons per annum including 3 billion tonnes per annum in India. In parallel, downstream expansion projects in India are advancing as planned including the upcoming commissioning of a 1.1 million tonnes per annum HREP line and a 0.17 million tonnes per annum crap line at Jagpur.
To further strengthen downstream integration, the company announced an additional INR900 crore Commitment towards augmenting coal rolling capacities at SR and Kharagpur. With these investments, our value added capabilities will be enhanced, increasing crap capacity to 2.67 million tons per annum by FY28 and aligning the expanded melt capacity with downstream readiness. This integrated expansion will support our sales volume target of 3 and a half million tonnes per annum by FY29, translating into a robust double digit compounded growth over the next three years. General Stainless Steelway Ltd. A subsidiary of JSer Group has commenced operation in its first stainless steel fabrication at Patal Ganga near Mumbai.
Built with an initial investment of approximately 125 crore, the facility marks a strategic milestone in our journey towards offering integrated end to end solutions for India’s infrastructure sector. This reinforces our positioning beyond material supply into value added fabrication while supporting sustainable and long life infrastructure development. I’m pleased to announce that in addition to interim dividend for FY26 of rupees one per share, the Board has recommended a final dividend of Rupees three per share with a face value of rupees to each.
Subject to approval of shareholders at the EMSYNC Annual Journal meeting agreed to a payout of nearly 330 crore in total for FY26. The quarter witnessed energy related constraints emerging amid geopolitical uncertainties affecting West Asia, a key sourcing region for industrial fuels such as propane, LPG and natural gas that are critical to stainless steel manufacturing. Despite this, Jindal Stainless remains committed to maintaining operational resilience and supply chain stability. The company continues to proactively monitor global development and adopt its strategies to ensure sustained growth and business continuity in the times.
II India’s stainless steel demand remains resilient Supported by robust fundamentals, Stainless steel continues to have a bright future as India’s inevitable meteoric rise continues to unravel. With that, I conclude my remarks and invite the moderator to begin the question and answer session. Thank you.
Questions and Answers:
Operator
Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask Questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only 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 Partif Chonsa from Anandraji.
Please go ahead.
Parthiv Jhonsa
Yeah, Hi. Thank you for the opportunity. Congratulations on numbers despite, you know, gas disruption. So my first question is pertaining to the guidance. I believe sir just gave a guidance of 2029. Is it possible to give some volume growth guidance as well as ebitda guidance for 27? Because that’s like very immediate and considering the current global headwinds, if you can give a guidance.
Abhyuday Jindal
So in terms of volume growth for FY27, we are expecting at least 8 to 10% growth. 7 to 9. Sorry, 7 to 9. 10. 7 to 9% growth in volume this year. And for EBITDA per ton, looking at the kind of uncertainty there is till H1 of this year, we are giving a guidance of 18 to 20,000 EBITDA per tonne. And depending on the situation, maybe after six months we might revise this figure also.
Parthiv Jhonsa
Okay, so you are actually sticking to that 18, 20,000 range despite the overhang from the Middle Eastern crisis.
Abhyuday Jindal
Correct? Correct. We’re still confident of delivering 18 to 20 and give at least a 7 to 9% volume growth in the entire year. Okay,
Parthiv Jhonsa
So just to take this particular question forward, I believe there would be some volume disruption due to this entire crisis in the month of March. Right. What would be the volume disruption and what is the quantum of gas you have started receiving or the impact is there, especially for the first quarter.
Abhyuday Jindal
So in terms of. At least because availability has picked up at a higher cost. So we don’t see availability as a challenge in the month of May, but cost has significantly gone up.
Parthiv Jhonsa
And what would be the impact, sir, from this one particular cost like the cost increase on the EBITDA level?
Abhyuday Jindal
So again, it’s the same thing. We still stick to our blended guidance. Despite this cost going up, we’re still confidence of delivering 18 to 20.
Parthiv Jhonsa
And so quick question, just if you can give a breakup of the 200, 300, 400 series.
Tarun Kumar Khulbe
Yeah, sure, Parthi. So for Q4, FY26, 200 series was around 38%, 300 series was around 43% and 400 series is around 19%.
Parthiv Jhonsa
Perfect, perfect. Thank you so much. If any further question, I’ll join back in the future.
Operator
Thank you. The next Question is from the line of Alok Deora from Motilal Oswal. Please go ahead.
Alok Deora
Hi, good evening. Suggest had a couple of questions. So first is on the export side. So export proportion has so come down and it’s lower than what we used to do, you know, in the normal state basis. So just wanted to understand what’s happening there and where can we see some normalization and if you can guide some export, how much would be exports in FY27?
Tarun Kumar Khulbe
So export as we can see that for the Eiffy 26 it is having a share of 8% of our total sales which was in FY25 it was 9%. So 1% lower but on the expanded base. Now export market has different time having different challenges. We can say uncertainty but as a company we are able to still save through and maintain our share. We still want to, we are still able to manage with our important market of Americas, both North and South America. We are trying to develop new markets or trying to increase our footprint into the new market.
And right now, yes, due to again this was the disruption happened. But still we are continuously working even with the C band coming and creating disruptions with whatever we have done and our relationship with the customers there, we are still able to manage a certain level of volume. And with all these efforts, we believe even with our increased guidance of 7 to 9% of volume, increased guidance, what we have given, still we should be able to manage a share of 8 to 10% of export in that increased volume.
Alok Deora
Got it, sir. And sir, on the EBITDA per ton, I mean 18,000 to 20,000, the range which we are giving for the 1H, I mean we are more than nearly 20 or we are comfortably above 20 in the current, you know, run rate basis. So is it that kind of pressure which we are seeing in the, in the cost, you know, in the first quarter that, you know, we are scaling down on the EBITDA guidance for
Abhyuday Jindal
Basically the uncertainty. See like I said, the cost has gone up and everything we are not able to pass on to our customers because our competitors, importers, I mean the people who import material, those companies in those countries, the cost has not gone up. So definitely because of this we feel that 18 to 20 is possible
Tarun Kumar Khulbe
For H1,
Abhyuday Jindal
For H1
Tarun Kumar Khulbe
And then we definitely review the whole thing because this cost increase has been very sharp and sudden. And it is not only in fuel, even in the utilities like ammonia and acids, all these consumables were also impacted.
Alok Deora
Sure, got it sir. Yeah, that’s all from my side sir, thank you. And all the best, sir.
Tarun Kumar Khulbe
Thank you.
Operator
Thank you. We’ll take the next question from the line of Amit Dixit from Goldman Sachs. Please go ahead.
Amit Dixit
Yeah. Hi, good evening everyone and thanks for the opportunity. Congratulations for a good set of numbers this quarter. A couple of questions from my side. The first one is essentially the standard one on regulatory involvement. While stainless steel demand outlook looks good. But there has been, I mean absolutely no, I would say measure from the government for controlling imports. In fact, QCO suspension, all these are quite detrimental for us. And we are looking to expand further in Maharashtra.
And also just wanted to understand the thought process, your thought process in particular. Given that we are in a dichotomous situation where we are expanding but government is not coming with any support. So what gives us so much confidence to expand? I mean, that is my first question essentially.
Tarun Kumar Khulbe
So absolutely a very valid point and valid concern. This is true that this QCO which was to ensure a certain quality level of product being produced and used within the country, suspension of that open the gate for the import of substandard product as well. So and this definitely impacts the sentiments and creates a confusion amongst this among the stainless steel industry that what exactly they should be doing because there is a big portion of even MSMEs and small players who have spare capacities available with them.
They were believing that with the improved capacity utilization, they were also planning to expand and create more capacity. And this kind of sudden policy change, even though it is for six months only creates definitely creates a bit of confusion. Now coming to we as a company, okay, we have these things definitely the sentiments and all these things definitely impact. But we also have our strength. We are into working. We have diverse portfolio of products. We work into each, we produce, we sell each area of the celestial consumption.
And beyond that also we have been seeing that there is also a mind shift. I will say in the user that earlier like there was, we could see that earlier people used to make their consumption decision based on the L1 basis, lowest cost. Now we see that life cycle cost is normally people are considering life cycle cost for making a decision while choosing a product. And there stainless steel gets an advantage. And we could see many new applications where stainless steel is getting accepted and being used even in the infrastructure.
And we believe that this trend should continue because people are interested in creating products which are when it comes to mobility, which are lightweight and more energy efficient when it comes to infrastructure, which is long lasting, maintenance free. So this kind of acceptance also gives us a confidence that going forward Celeste will grow even beyond the natural growth, whatever it is having. And we as a company, we believe that we should be ready to serve these requirements in the future.
Abhyuday Jindal
Absolutely. Amit, like Mr. Khurzwe said, you know, and dialogue with the government is consistently on. So already like he said that we are approaching the government as an industry that the MSME sector, the producers who are willing to expand and increase their capacity, they will be negatively impacted. So QCO is protecting our borders from substandard material, was giving confidence to MSME to expand further. We as a company, as we always share, we are always at the higher end of the stainless steel value chain supply chain and we continue to be present there and grow that market share as well.
And the other side, apart from qco, we are also working on anti dumping. So they are appointing verifiers in Q1 this this quarter and that anti dumping investigation process should also continue.
Amit Dixit
Okay, that’s great to know. The second one is essentially on defense. Now you have highlighted in the press release that there have been couple of, you know, they have been supplying defense sector. Now typically defense sector involves a long approval process and it’s very heartening to know that you have crossed the bridge. Just wanted to ask, you know, because the defense prospects are quite bright in the country with a lot of domestic platforms being built. So just wanted to understand that you know what, what are the other new products or you know, new grades of steel.
We are developing if possible to share what kind of platforms we would be engaging in. And also if you have in mind something of like I know it’s currently very small, but let us say 5 hence what could be the portion of revenue from defense segment.
Abhyuday Jindal
So Amit, you know, defense being such a critical area, I would not like to on an open forum share what kind of products or applications we’re working upon. But it’s in a variety of areas from land systems to air systems to drones in every area to our always with our satellite launches. We’re all part of and if I can say more focus is more towards aerospace, that’s where we see good traction coming in and we see good volumes coming in and depends like I said already land systems good work is happening.
So because being very strategic and very critical, I would not like to share. But what I can say is this year also we will be showcasing some very interesting products made out of Jindal stainless material.
Amit Dixit
Okay, sure. Maybe I will discuss with you one on one on this.
Abhyuday Jindal
One on one is better and they also request us not to share.
Amit Dixit
No, no, fair enough. Sure. Great, thanks. For the opportunity and congratulations for good performance and best of luck.
Operator
Thank you. The next question is from the line of Ritesh Shah from investech. Please go ahead.
Ritesh Shah
Hi sir. Thanks for the opportunity. Congratulations on gipsy tech numbers. I have a lot of questions. So first is our balance sheet is in the best of shape. How should we look at incremental growth? Capex specifically Maharashtra. If you can also qualitatively help us understand how you are planning to start from downstream then upstream land equation. I think that’s the first question. Second question. Sir, I’ll just wait over here. I’ll let you answer then I’ll come to the second question.
Abhyuday Jindal
So. Absolutely like you said exactly. The first process is on of land acquisition. And a substantial portion has been acquired already. But we still expect most of this year to go in land acquisition and then we will start like you mentioned. First you would like to put up downstream capacity and subsequently very fast come up with upstreaming as well. You know. But I would still. We are still every day this is being worked upon and probably we need another few months to come out with a clear cut plan.
But absolutely as of now land acquisition is in full force in Maharashtra at the moment.
Ritesh Shah
Great. Sir, what should be the capex number that one should bake in for 27 and 28 overall at the company level
Abhyuday Jindal
Not per se. Maharashtra. You’re saying. You’re saying overall now. For Fy27. 2600 for fy27
Ritesh Shah
Answer for 28.
Abhyuday Jindal
We will come back to you with that one.
Ritesh Shah
Sure. So just moving to the second question. How should we look at the profitability of rkf? I think it would be throwing amazing cash flows right now. Possible to give some color over here its contribution at the EBITDA level. How should we read into it? That’s the second question, first part. And the second question, second part is 1.2 million ton slab from Indonesia. Basically how should we look at the contribution on the numerator and the denominator when we look at incremental EBITDA per turn.
Tarun Kumar Khulbe
So RKF business, that is the nickel business. Even in the past we have discussed that when we had made the investments, I mean strategy. Just to recall that strategically it is more for the raw material security. But yes, from the return point of view it’s a bit volatile business. In the past we had given a guidance that anything from $500 to $1,500 per ton of nickel kind of EBITDA we can expect. But with the sharp increase of nickel in the last quarter the Actual EBITDA has come around $3,000 per tonne.
But Ritesh, these things keep on changing very fast because Indonesian government also. So they keep on adjusting the nickel ore prices also accordingly. There also formula keeps on changing. But this is the current position on it. The current financial numbers are now so far as our, this mesh shop is concerned. So we intend to bring the slabs over here and process in India in a way, I mean it’s like that putting up a mesh up there in grave hub over here, strategically pleasing ourselves in order to be where the, to be at a place where the nickel is.
So that whatever EBITDA guidance we are providing that will, all that will have the value chain including from the. Yeah. So taking, taking
Abhyuday Jindal
That into account also we’ve given the 18 to 20 for H1 guidance.
Ritesh Shah
Sure. And sir, just to, just to get a clarification on the $3,000 per ton number. I, I understand. Please correct me if I’m wrong. 200kt 14 nickel content. So are we looking at 28kt, $3,000 into our stake of say 50%. Is that the right way to.
Tarun Kumar Khulbe
I mean like it depends upon the. See the ore quality also keeps on changing and accordingly the nickel output also keeps on changing. But whatever the nickel production comes out, it is for the last quarter it was around $3,000 per ton.
Ritesh Shah
Sir, what I’m trying to appreciate is the underlying EBITDA per tonne if we had to strip out this nickel lead volatility. So that’s, that’s what I was trying to. If you could help understand that
Tarun Kumar Khulbe
This. I think we’ll get back to you with this calculation.
Ritesh Shah
Sure, sure. Just coming to the next question, sir, you did indicate on incremental HRP and CRAP capacities. Are we looking at some imbalance over the next six months till the HRAP facility comes up in Jaspur or if you could help us with the timeline on both by month for HRP as well as crap, just to appreciate the mass balance.
Tarun Kumar Khulbe
So one thing, I appreciate your concern but some of our equipment, what we have invested in the past, they have the capability of doing both HREP as well as crsp. So that gives us the flexibility and also depending upon requirement, our investments in Indonesia gives us a flexibility even to get the coils in place of slab. So that also the possibility remains with us. So we are confident of balancing our needs as the market demands.
Ritesh Shah
Sure. And just last question. I’ll squeeze in. Sir, you indicated a lot of gases in your starting remarks which potentially had some impact on the operations how are we looking to mitigate this? Assuming the Middle east situation doesn’t improve any, any mitigation measures that you would like to highlight that would be.
Tarun Kumar Khulbe
Yeah, so it is like this. I mean when this disruption happened, as soon as the war started. At that moment our primary gaseous fuel in both our indicated steel plants at Jasper was propane and lpg. Whereas in our Khomeini Mundra plant, natural pipe gas we use as a fuel. Then what? We realized that on the LPG the government straight away put a ban because they wanted to, to keep it or they allocated those quantities for the public use, not for the industrial use. But on the natural gas there was a disruption.
They reduced the quantity but never stopped. And they very quickly we found them, you know, increasing the availability of the natural gas. Looking at this, we realized that we need to diversify ourselves. In our jackpot plant already we have worked on using natural gas also and a portion of it which in fact we have started using it, which we will gradually increase. We are working on it rar plant also. We are looking in the longer term what can be done. And even in Jaspur and other places, coal gasification plants and syngas East
Abhyuday Jindal
India we will look towards coal gasification and syngas, pipe natural gas wherever we can include. And also to replace ammonia, we’re going for green hydrogen. So already in Jajpur, 600nm cube plant will be up and running in June, July and hisar also at 90 will increase to 400 almost in the next few months. So that way in all fronts to not ensure that this impact doesn’t come. We’re already working on it. Even in our Ghaziabad plant we are now Working on The.
Tarun Kumar Khulbe
So. So in a way we have, we are, we have started taking actions on multiple fronts so that in future we, you know, we are not impacted by any disruption or at least our risk is
Ritesh Shah
Perfect. Sir, thank you so much for elaborate answers. Thank you so much. Thank
Operator
You. Thank you. The next question is from the line of Pinakin from HSBC. Please go ahead.
Pinakin Parekh
Thank you very much. Given the 1.2 million ton in donation JV has now been commissioned. Can you again walk us through how the, how that facility will be utilized? Whether you’ll bring it to India or sell it from there and how the accounting will work. I mean should we assume that entire flow through into EBITDA and then a minority interest going out or a 50% attributable just trying to understand that.
Tarun Kumar Khulbe
So at this stage our intent is to bring the slabs to India and then process them over here. And from the accounting perspective, since it is a subsidy, so it will get line by line consolidated in our numbers. And as per the accounting standards, the minority share will be calculated and shown separately.
Pinakin Parekh
Understood. So does the FY27 guidance of 8 to 10% and 18 to 20,000 rupee EBITDA per turn built into some volumes from this. From this capacity facility? Yeah.
Tarun Kumar Khulbe
So our business plan is accordingly built. So the guidance of 7 to 9% on the volume and 18 to 20 on the EBITDA PER, 10 factors that.
Pinakin Parekh
Thank you. My second question is on Indonesia. Right. There has been a lot of noise and news about policy intervention from the government. Whether it is on nickel, whether it is on coal. How sure. What is the company’s view of the regulatory outlook or the framework over there? And what are the potential risks to the Indonesian operations from any change in policy?
Abhyuday Jindal
No, so that is exactly why, if you see, our timing was absolutely on point because we already started hearing Indonesian government talking of restrictions, talking of duty, which is why at stage one we went and invested in our rkef so that Indonesian government was talking about banning nickel ore export. So that way we invested in npi. Now already government is talking about further valuation should happen in Indonesia. Further restrictions like you yourself are saying could come. Which is why we took that step and went and invested in a steel melt shop there also.
Stainless steel melt shop there also. And now even government of India is encouraging these kind of investments because they have realized that nickel is not available in the country. 70 to 75% of the world’s nickel supply comes from Indonesia. So it was absolutely logical step for a company of our size to go to Indonesia. And because we’ve taken these measures, we feel no restriction from Indian government or Indonesian government should come on General stingers.
Pinakin Parekh
Got it. This is very, very helpful. Thank you very much.
Operator
Thank you. The next question is from the line of Vikas Singh from ICICI Securities. Please go ahead.
Vikas Singh
Hi sir, Good evening and thank you for the opportunity. My first question is after all this renewable power thing which we are doing, how should we look at our products acceptability in the European market which currently going through the CBM process? Have we got any, you know, data or the Life Steel got 75 kind of the CWAM cost. Have we got anything like that?
Abhyuday Jindal
That is a similar, I think the default value they’re putting on all metal companies. So on steel, stainless steel at the moment is similar kind of value like you’re saying. Apart from that, I think we all are waiting for verifiers to get appointed by European Union. That is something that the step has to be taken at their end. We as a company are completely geared up already 85% plus on scrap moving more and more to renewable energy, green hydrogen, working with our suppliers already to work on their supply chain to add more green products.
So we are absolutely ready as a company we have already gone and got scores of various agencies domestic and international. So we’re actually waiting for European Union to give us some more information, show us more I would say in show us more light of the way forward because we as a company have done pretty much everything or most things are in the pipeline at the moment.
Vikas Singh
Notice sir, my second question pertains to our basically mixed if I’m not incorrect. Previously we were supposed to get the Indonesian slab, get it rolled it here and then sold in the market. However, considering your guidance it doesn’t seems like that either we are utilizing that facility fully or the domestic facility to the full extent. So just wanted to understand.
Abhyuday Jindal
Has just come online right now. So any melt shop does take time to stabilize and to give output. So that’s why we’re quite confident in our balancing I would say Mr. Pulpit can add and we have that combo line. So we are if the way the market demands we are quite flexible to change our product range also
Vikas Singh
Notice. So let me put it in other way. So if I should look at including the Indonesia capacity and the timelines between your Maharashtra facility may come up. Shall we assume that for the next three to three to four years we would probably more likely and 9 to 10% volume growth story before the Maharashtra comes in even though the international situation normalizes.
Tarun Kumar Khulbe
So we have already given already given the statement that by FY29 we are targeting to be a player of around three and a half million which takes which answers practically all your questions. Three And a half million sales. Yeah, three and a half billion sales. Because all our capex whatever we have announced they are aligned to that. And this, this is after taking care of all our investments declared in the past and recently what we have announced and all all that is going to take care of it.
Vikas Singh
Noted. That’s all for my side and all the best for future.
Tarun Kumar Khulbe
Thank you.
Operator
Thank you. The next question is from the line of Ranjit Sivaram from Mahindra Manulife Mutual Fund. Please go ahead.
Renjith Sivaram
Yeah hi sir, just wanted to understand like what are the cost pressures if you can just give us some color on that whatsoever dependent on dependence how much of LPG or natural gas. Are we depending on how much have the cost of these increased and is there any configuration to that?
Abhyuday Jindal
So in terms of cost like we mentioned has gone up close to 2.5 to 3x of what we were paying. I’m not understanding the first part. In terms of how much do we consume? You are asking.
Renjith Sivaram
Yeah, yeah, yeah. So that we are able to quantify that.
Abhyuday Jindal
Honestly I don’t have those figures with me right now and that is something that possibly we would not like to share. That’s why we. Even with this cost increase, I’m giving you the EBITDA per ton guidance of 18 to 20 factoring in this cost increase
Renjith Sivaram
We are able to pass on these prices. That’s what you mean to say?
Abhyuday Jindal
No, I’m not saying that also. I’m not saying that also. Some cases we are, some cases we are not. And we have to look at our competitors in mind also. So leading to all these factors, like I said, sometimes we are, sometimes we are not. And that’s why the blended rate is something that we’re quite confident of achieving and there’s so much uncertainty that you don’t know what will happen.
Renjith Sivaram
Okay sir, thanks.
Abhyuday Jindal
Thank you.
Operator
Thank you. The next question is from the line of Satya Deep Jain from Amber Capital. Please go ahead.
Satyadeep Jain
Hi. Thank you sir. Some follow up questions to some of the earlier questions have been asked. So the Indonesia SMS is now up and running. The the Chargepur HRP will come certain later in the year. So you do have the capability to maybe get some coil. Just trying to understand the scenarios you’re looking at for FY27. You’re also looking at a possibility that you get some slab and give it on job work basis till the HRAP come. And is that part of the guidance you’re looking at for FY27?
Tarun Kumar Khulbe
The FY27 guidance volume guidance already we have provided which is 7 to 9% and that takes care of all the uncertainties. But already we made a statement that we have equipments which can do both HREP as well as crap on one hand. And also we are having the possibility of getting the coins from outside directly from Indonesia.
Satyadeep Jain
So basically you’ve given a bit of guidance for 1H but if we look at the entire year this getting slab because you have the capability will not impact EBITDA pattern on those volume sides. Just trying to understand volumes are there but there will be no EBITDA.
Tarun Kumar Khulbe
So volume we have given EBITDA H1 purposely. When Mr. Jindal was giving he also stated that so much of uncertainty of the cost movement, this gas availability and movement. And that is why we said that while we are providing this volume guidance for the whole year and ebitda guidance for H1. But then we will be reviewing it at the H1 then basis, the situation we can revise. Yeah.
Satyadeep Jain
Okay. And the 3.5 million ton you guided to for FY29. If we look beyond FY29 also, do you need Maharashtra for further volume growth beyond 29 or with the existing capacity, how do we look at volume growth beyond 29?
Abhyuday Jindal
Definitely after FY29, Maharashtra is going to be our major focus. But that doesn’t mean that if there is any delay at Maharashtra level then we will not be able to add further equipment in Hisar and Jajpur or even Mundra now. So we feel quite comfortable that we’ll be able to maintain our market share in the future as well.
Tarun Kumar Khulbe
Yeah, we’ll keep on evaluating the situation. And this is the. There is potential to grow
Abhyuday Jindal
In other plants. But we would prefer that most of the growth after FY29 comes towards Maharashtra. But we are open to all kind of options.
Satyadeep Jain
And lastly, what’s the status of the blast furnace?
Abhyuday Jindal
So that is not part of gsl. So we don’t really discuss that on this call.
Satyadeep Jain
Okay. Thank you so much.
Abhyuday Jindal
Thank you.
Operator
Thank you. The next question is from the line of Rajesh Majumdar from 361. Please go ahead.
Rajesh Majumdar
Yeah. Good evening, sir. Thanks for the opportunity. So My question is two parts. Firstly, for FY26, what is the backup between 200, 300 and 400 series.
Angad Khurana
So for FY26, 200 series is around 37%, 300 series is 46% and 400 series is 18%.
Rajesh Majumdar
Yeah. So my second part is that if you look at the 400 series, which I think of a couple of years ago, you’re talking about as a very fast growing space and the infrastructure series. And we were quite optimistic on that. If you look at it over the years, it has come down from 27% to 18%. Now while you highlight the infrastructure, products etc. In your presentations, is that a matter of concern that this 400 series is falling over the years?
Tarun Kumar Khulbe
Well, 400 series definitely we wanted to grow. But at the same time, as the business evolves, as the market requirements and demand evolves, that also, you know, accordingly we also have to change our product mix. So under the current products, what we are dealing with, under the current market demand, what we have. And as you can see that 92% of our market share is from the, is from the domestic. Yeah. That is not allowing us to go very aggressively on the, on the 403s. But eventually. But our first priority is to meet the requirements.
But we’ll keep on working. And
Abhyuday Jindal
If you see already like small example, but already year average was 18, but already Q4 400 series has picked up to 19 to 20, you know. So as a company our focus is EBITDA maximization and we have to fulfill the requirements of the domestic market and customers. And then always development efforts are towards 400 series. Auto is picking up infra will pick up also in the next few years. And
Tarun Kumar Khulbe
Just to add while in terms of percentage, for FY25 the 400 series was 17% and for FY26 it is 18. So while you see only 1% but this increases also at a higher volume. Yeah. On the larger base. So that is also the situation.
Rajesh Majumdar
So would it be safe to assume that we can assume a creeping increase in this percentage over a period of time. And that would be positive for our EBITDA per ton, right?
Abhyuday Jindal
Absolutely. Like I said, if it is not going to add value to our EBITDA per ton and we would not do it only.
Rajesh Majumdar
Okay, sir, thanks for that. My second question was you’ve talked about general defense and aerospace separately this time in a commercial order. Now I was going through the website of this company and it has a lot of potential. What is the size of this company and are we looking at and do we have any plans?
Abhyuday Jindal
It’s not a different entity. It’s part of GSL only. So it’s not a company that we’ve created. It was just given to create a more of a presence and a branding kind of place. So it’s part of the whole entire JSL setup.
Rajesh Majumdar
It’s not a separate company. Okay, thanks. Thank you.
Operator
Thank you. The next question is from the line of mehul Panjwani from 40 cents. Please go ahead.
Mehul Panjwani
Hello sir. Thank you so much for the opportunity. What is the expected timeline and ramp up curve and the cost advantages which we have from the Indonesian plant?
Abhyuday Jindal
See, Indonesian plant is purely to go for nickel resources and nickel bearing grades. That was the reason we went to Indonesia with all the restrictions we foresee coming. And now they are like the world leaders in nickel production.
Mehul Panjwani
Hello,
Abhyuday Jindal
Can you ask a question again?
Mehul Panjwani
Sorry, I was actually trying to understand how will it impact our EBITDA and margins over the next 12 months? You
Abhyuday Jindal
Already guided see with everything encompassing our Indonesia investment, our domestic investments, expansion, all of that we’re giving a guidance of 18 to 20 till H1 of this year, you know, and then closer to H1 of this year again. We will come back with a fresh guidance if we see a big so Indonesia backdrop is factored in in this EBITDA per ton.
Mehul Panjwani
So basically sir, because I’m new to tracking this company, so what kind of per ton benefit you’ll see the next six months?
Abhyuday Jindal
18 to 20,000 EBITDA per ton for the entire Stainless Steel business. 18, 18 to 20 is the guidance for the entire tendency business.
Mehul Panjwani
Okay. And.
Abhyuday Jindal
I would maybe suggest you spend some time with the IR team to get up to speed with all other things, you know. Otherwise understanding will take some a little longer time.
Mehul Panjwani
Appreciate that sir. Thank you so much.
Abhyuday Jindal
Thank you.
Operator
Thank you. The next question is from the line of Rakesh Roy from Boring amc. Please go ahead.
Rakesh Roy
Yeah, hi sir. But first question is can you light on the your RATI performance for full year and Q4 in terms of revenue and EBITDA?
Tarun Kumar Khulbe
Rati for the whole year was operating operated at around 80, 85% capacity utilization. And in this plant we, as we had spoken in the past that we intend to produce more of rebars, generously rebars which for the last quarter was around 25% of the total volume. And this we are increasing gradually even at the, we are finding, even within the various agencies the policy level decisions as well as coming for making in the coastal area, usage of rebars mandatory. And yeah, otherwise so far as the overall performance is concerned, RATI is also a part of the total business EBITDA per ton.
Whatever we have given all that is included into that subsidies we have not been discussing separately.
Rakesh Roy
For Q4 of the whole year.
Tarun Kumar Khulbe
Companies are beta positive. Yeah.
Rakesh Roy
Okay. Right. So next question of sulfur or rising sulfur prices, any impact on our Indonesia business or in term of production or anything?
Tarun Kumar Khulbe
No. So in our business of nickel production, sulfur is not directly used.
Rakesh Roy
Okay. Not directly user. Right. Okay. Thank you sir.
Operator
Thank you. The next question is from the line of Kirtan Mehta from Baroda BNP Pariba Mutual Fund. Please go ahead.
Kirtan Mehta
Thank you sir, for the opportunity. I want to understand the model that we want to pursue after the Indonesian slab becomes operational. We have been sort of utilizing around 85% scrap and that gives us sort of the green advantage. At the same point of time we are also now thinking about sort of bringing this slab into India and use them in our process. So what, what is the intended scrap utilization post Indonesia becomes fully operational?
Tarun Kumar Khulbe
So the idea of Going to Indonesia was because globally around 70 75% of stainless steel even today is produced using NPI as an input nickel in the form of NPI and of course 30% approximately is produced scrap as an input. We as a company now have both the possibilities because in India we have capacity to use the scrap as much as possible. And now we have our this possibility of bringing in slabs from the Indonesia through NPI rule. So we will, we’ll be balancing the two and as depending upon our customer requirements accordingly we can use the product and produce the product.
Kirtan Mehta
So we may not necessarily bring the entire 1.2 million ton slab into India. And in that case, if we don’t bring it to India, then what would be the alternate route of monetization and what kind of EBITDA will make on that? 18 to 20k. Correct.
Tarun Kumar Khulbe
At this stage our plan is to bring in. It has started. So right now we, whatever our plan is to bring the quantities to India.
Kirtan Mehta
Right. What kind of sort of the utilization level next?
Operator
I’m sorry to interrupt you sir. So that will be the last question.
Kirtan Mehta
It’s a follow up on the screen.
Abhyuday Jindal
Okay. Please ask, please ask. It’s okay.
Kirtan Mehta
No, no, I was just checking in terms of the what kind of. Then out of the 1.2 million 10 utilization what kind of the throughput level that we are assuming for FY27 for the Indonesia melt facility.
Tarun Kumar Khulbe
So now the ramp up has started, we believe that gradually the ramp up will take place and up to 70, 80% of the capacity should ramped up to, in the, in this year.
Kirtan Mehta
Thank you.
Tarun Kumar Khulbe
Thank you
Operator
Ladies and gentlemen. We’ll take that as a last question for today. I now hand the conference over to Mr. Abhiuda agenda for closing comments. Thank you. And over to you. So
Abhyuday Jindal
Thank you everybody. In closing, I’m proud to share that we achieved a stable and resilient performance despite the challenges of a dynamic external environment. Resilient demand across key sectors, coupled with our sharp focus on value added products and unwavering customer focus drove our achievements this quarter. Despite uncertainties in global trade, we remain committed to a long standing customer customer relationship across the globe. Our agile business model continues to differentiate us and help us deliver sustained growth in a volatile geopolitical environment.
I hope that we’ve been able to answer all your questions satisfactorily. Should you need any further clarification or would like to know more about the company, please feel free to contact our investor relations team. Thank you once again for joining. Thank you. Thank you. Thank you everyone.
Operator
Thank you members of the management, on behalf of Ambit Capital, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.