Jindal Stainless Q2 FY27 Results: Consolidated Net Profit ₹898 Crore on Total Income of ₹13,008 Crore
Earnings
stainless steel
Blacklitt Research4 min read
Darklighter1, via Wikimedia Commons (CC0). Illustrative image.
Jindal Stainless reported consolidated total income of ₹13,007.59 crore and consolidated net profit of ₹897.75 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹11,565.91 crore and standalone net profit ₹785.50 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹13,007.59 crore, up 18.4% YoY and 14.1% QoQ
Net profit: ₹897.75 crore, up 11.1% YoY and 16.8% QoQ; ₹894.58 crore attributable to owners of the parent
EPS: ₹10.85 basic, not annualised, against ₹9.80 a year earlier
Exceptional items: ₹116.41 crore net gain, including a ₹95.63 crore LADT provision write-back
Standalone
The company on its own, without its subsidiaries
Total income: ₹11,565.91 crore, up 5.3% YoY and 7.1% QoQ
Net profit: ₹785.50 crore, up 22.0% YoY and 29.6% QoQ
EPS: ₹9.53 basic, not annualised, against ₹7.82 a year earlier
Exceptional gain: ₹74.77 crore in the quarter
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
13,007.59
10,982.46
+18.4%
11,396.93
+14.1%
Revenue from operations
12,873.86
10,892.78
+18.2%
11,278.54
+14.1%
Other income
133.73
89.68
+49.1%
118.39
+13.0%
897.75
807.92
+11.1%
768.66
+16.8%
Finance costs
164.79
140.83
+17.0%
146.19
+12.7%
Depreciation
298.95
261.90
+14.1%
302.36
-1.1%
Tax expense
303.44
270.50
+12.2%
264.93
+14.5%
Net profit margin
6.90%
7.36%
-0.45 pp
6.74%
+0.16 pp
Tax as share of profit before tax
25.3%
25.1%
+0.18 pp
25.6%
-0.37 pp
EPS, basic (₹)
10.85
9.80
+10.7%
9.34
+16.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew more slowly than total income in the year-on-year comparison: profit rose 11.1% while total income rose 18.4%, and tax rose 12.2%. Tax was 25.3% of profit before tax, close to the 25.1% of a year earlier, so the tax rate does not explain the gap between profit and income growth.
Other income of ₹133.73 crore is 1.0% of total income and finance costs of ₹164.79 crore are 1.3% of total income. The quarter's profit before exceptional items and tax is ₹1,084.78 crore, and the exceptional items of ₹116.41 crore add to it; the year-earlier consolidated statement shows an exceptional item of ₹17.41 crore before profit before tax of ₹1,078.42 crore, so the year-on-year profit comparison is not on identical exceptional terms.
The filing gives the ₹95.63 crore LADT provision write-back and the ₹20.78 crore gain on loss of control of PT Glory Metal Indonesia as the two parts of the ₹116.41 crore. The filing does not give the reason for the rise in revenue from operations, which grew 18.2% YoY.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
11,565.91
10,979.63
+5.3%
10,800.43
+7.1%
Revenue from operations
11,413.28
10,880.89
+4.9%
10,676.55
+6.9%
Other income
152.63
98.74
+54.6%
123.88
+23.2%
785.50
643.89
+22.0%
605.89
+29.6%
Finance costs
122.90
95.77
+28.3%
104.44
+17.7%
Depreciation
227.10
195.87
+15.9%
232.58
-2.4%
Tax expense
269.75
223.02
+21.0%
209.38
+28.8%
Net profit margin
6.79%
5.86%
+0.93 pp
5.61%
+1.18 pp
Tax as share of profit before tax
25.6%
25.7%
-0.16 pp
25.7%
-0.12 pp
EPS, basic (₹)
9.53
7.82
+21.9%
7.35
+29.7%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 22.0% YoY, faster than total income of 5.3%. Profit before exceptional items and tax was ₹980.48 crore, and the ₹74.77 crore exceptional gain takes profit before tax to ₹1,055.25 crore. The filing describes the exceptional gain as the ₹95.63 crore LADT provision write-back net of a ₹20.86 crore loan and interest write-off on a wholly owned subsidiary.
Standalone revenue from operations rose 4.9% YoY, while other income rose 54.6% to ₹152.63 crore and is 1.3% of total income. Standalone finance costs of ₹122.90 crore were 28.3% higher than a year earlier, at 1.1% of total income.
The consolidated net profit of ₹897.75 crore is ₹112.25 crore higher than standalone. The filing does not give a breakdown of that difference between subsidiaries and associates.
The company redeemed 990 NCDs of ₹99 crore during the quarter and reports no NCDs outstanding at the reporting date. Care Ratings upgraded long-term borrowings to CARE AA+, Stable and reaffirmed short-term borrowings at CARE A1+ during the half-year; the filing does not state the reason for the upgrade.
The statutory auditors gave an unmodified conclusion on both statements, and the consolidated review relies in part on unreviewed interim information of subsidiaries and associates.
Inference
The scheme of amalgamation merges four wholly owned subsidiaries into the listed company; the filing says no consideration is payable, no shares will be issued, and the transferor share capital will be cancelled, so no change in the shareholding pattern is expected apart from cancellation of any shares held by transferors. The scheme needs shareholder, creditor, statutory and NCLT approval, and the filing does not say when NCLT approval or the effective date is expected.
The per-share figures are reported as printed: consolidated basic EPS of ₹10.85 and standalone basic EPS of ₹9.53, both for the quarter and not annualised. The LADT settlement of ₹101.72 crore is payable in tranches subject to formalities and orders, and the filing does not give the timing or amount of each tranche or say whether the orders have been issued. The effect of the Supreme Court ruling on mineral rights is described as unascertainable, and the filing does not quantify it.
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