Jindal Stainless sees 7–9% growth, flags West Asia crisis impact on demand

Mumbai: Jindal Stainless has given guidance that its volume will grow by 7-9% this fiscal, as it braces for the impact the West Asia crisis will have on demand, the company’s senior management said on Monday.

The country’s largest producer of stainless steel also said it will revise this growth target at the end of the first half, if needed.
It is likely to produce 2.75–2.80 million tonnes of stainless steel this fiscal, up from 2.56 million tonnes in the previous fiscal, when it saw a year-on-year volume growth of 8.1%.


“We would have had a volume growth of 9.3–9.5% if it was not for the war,” chief executive officer Tarun Khulbe said after the company’s quarterly earnings were announced on Monday. Jindal Stainless had guided for a volume growth of 10% for fiscal 2026. The company said it will spend ₹2,600 crore on capital expenditure in the current fiscal.

Although global demand remains soft, Jindal Stainless said about 10% of its sales are likely to come from exports this fiscal.
The company is getting “substantial” traction from the markets of Brazil, South Korea, Japan and Middle East, the management said.
In the March quarter, 7% of Jindal Stainless’ sales came from exports, while for fiscal 2026, they stood at 8%.

“Jindal Stainless’ value-added offerings in these markets, supported by strong product positioning and margin management, continued to hold the company in good stead,” it said in a statement.

The company’s consolidated profit for the quarter jumped by more than 41% year-on-year to Rs 834 crore, while net revenue was 11% higher at 11,337 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter rose by 37% y-o-y to Rs 1,061 crore.

“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,” it said.

Khulbe said this would drag the EBITDA per tonne to Rs 18,000–20,000 from Rs 21,700 per tonne in the March quarter.