1. Opening Hook
Steel stocks usually behave like boring uncles at weddings—reliable, loud, and impossible to ignore.
But this quarter, Jindal Stainless decided to dance a little.
While everyone was busy doom-scrolling about global slowdown, nickel prices played musical chairs, and GST cuts quietly did the heavy lifting. Volumes went up, PAT smiled, and leverage behaved like a well-trained puppy.
Management sounded confident, analysts sounded hopeful, and the market… well, the market pretended it read the footnotes.
But beneath the shiny EBITDA numbers lie small cracks—exports stayed shy, margins didn’t fully cooperate, and raw materials refused to stay calm.
Stick around. The real fun starts once we translate management optimism into plain English.
2. At a Glance
- Sales Volume up 11% YoY – Demand showed up on time, unlike global macros.
- Net Revenue up 6% YoY – Growth yes, but not the kind that breaks spreadsheets.
- EBITDA up 17% YoY – Operating leverage finally clocked in.
- PAT up 27% YoY – Accountants clearly had a good quarter.
- Net Debt down to ₹3,451 Cr – Balance sheet went on a mild diet.
- Exports at 5% – Global demand RSVP still pending.
3. Management’s Key Commentary
“Demand remained strong in Q3, supported by festive season
uplift and GST rate cut.”
(Translation: Thanks, festivals and policymakers. We’ll take it 😏)
“Outlook for Q4 FY26 remains positive.”
(Translation: Please don’t ask about FY27 yet.)
“Special grades and infrastructure demand are driving volumes.”
(Translation: Plain vanilla steel is passé; premiums are paying the bills.)
“Net debt levels have reduced significantly.”
(Translation: Credit rating agencies can relax for another quarter.)
“Railways, metros, and Vande Bharat coaches are key demand drivers.”
(Translation: Indian Railways is our unofficial sales team 🚆)
“Emerging applications will support long-term growth.”
(Translation: Trust us, the steel will find somewhere to go.)
4. Numbers Decoded
Metric Q3 FY26 YoY Change
-------------------------------------------------
Sales Volume 650 KT +11%
Net Revenue ₹10,518 Cr +6%
EBITDA ₹1,408 Cr +17%
EBITDA Margin ~13.4% Meh ↑
PAT ₹828 Cr +27%
Net Debt ₹3,451 Cr ↓
Net Debt /