Reported Earnings • May 05
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ₹38.76 (up from ₹30.42 in FY 2025). Revenue: ₹433.1b (up 10% from FY 2025). Net income: ₹31.9b (up 28% from FY 2025). Profit margin: 7.4% (up from 6.4% in FY 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 2.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 29
Jindal Stainless Limited to Report Q4, 2026 Results on May 04, 2026 Jindal Stainless Limited announced that they will report Q4, 2026 results at 9:08 AM, Indian Standard Time on May 04, 2026 Announcement • Jan 23
Jindal Stainless Limited Approves Payment of Interim Dividend for Fiscal Year 2025/2026, Payable on or Before February 19, 2026 Jindal Stainless Limited at its meeting held on 21 January, 2026 approved the payment of an Interim dividend @ 50% i.e. INR. 1 per equity share (face value of Rs. 2 per equity share) for the financial year 2025-26 to those equity shareholders of the Company whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on, January 29, 2026, being the Record Date fixed for the purpose, and the payment of the Interim Dividend will be completed on or before February 19, 2026. Declared Dividend • Jan 23
Dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 29th January 2026 Payment date: 19th February 2026 Dividend yield will be 0.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 26% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 23
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹10.06 (up from ₹7.95 in 3Q 2025). Revenue: ₹105.2b (up 6.2% from 3Q 2025). Net income: ₹8.29b (up 27% from 3Q 2025). Profit margin: 7.9% (up from 6.6% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 15
Jindal Stainless Limited to Report Q3, 2026 Results on Jan 21, 2026 Jindal Stainless Limited announced that they will report Q3, 2026 results on Jan 21, 2026 Price Target Changed • Jan 10
Price target increased by 7.6% to ₹838 Up from ₹779, the current price target is an average from 12 analysts. New target price is 8.5% above last closing price of ₹772. Stock is up 23% over the past year. The company is forecast to post earnings per share of ₹37.50 for next year compared to ₹30.42 last year. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹9.80 (vs ₹7.42 in 2Q 2025) Second quarter 2026 results: EPS: ₹9.80 (up from ₹7.42 in 2Q 2025). Revenue: ₹108.9b (up 11% from 2Q 2025). Net income: ₹8.07b (up 32% from 2Q 2025). Profit margin: 7.4% (up from 6.3% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Jindal Stainless Limited to Report Q2, 2026 Results on Nov 10, 2025 Jindal Stainless Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 10, 2025 Announcement • Oct 10
Jindal Stainless Limited Unveils Lightweight, Corrosion-Resistant, and Energy-Efficient Salt Trailer Jindal Stainless Limited unveiled the pioneering Salt Tipper Trailer at its Technical Conclave in Gujarat, the heart of India's salt industry. The integration of stainless steel in salt trailers addresses long-standing challenges of corrosion, lower durability, shorter lifespan, and high maintenance costs for salt logistics players, offering them lightweight, corrosion-resistant, energy-efficient, and sustainable solutions. The company has deployed the advanced 304 & JT (N7 as per BIS 6911 specifications) grades of stainless steel, known for their superior corrosion resistance, fire resistance, and higher strength and excellent impact, for building the trailers. Traditional materials used for this application are known to corrode within 3-4 years, leading to operational downtime and high repair costs. In contrast, stainless steel trailers are estimated to offer around 25% weight reduction, which- among other factors-can result in cost savings of about INR 2.5 -3.0 million over 10 years and an expected lifespan of about 15-20 years. This launch builds on a successful pilot, following which Jindal Stainless' Tipper Trailer s have already attracted strong market interest, with leading fleet and transport operators in Gujarat and Rajasthan evaluating the trailers for deployment across their combined fleet. Announcement • Aug 11
Jindal Stainless Limited, Annual General Meeting, Sep 03, 2025 Jindal Stainless Limited, Annual General Meeting, Sep 03, 2025, at 12:00 Indian Standard Time. Declared Dividend • Aug 10
Dividend of ₹2.00 announced Dividend of ₹2.00 is the same as last year. Ex-date: 22nd August 2025 Payment date: 1st October 2025 Dividend yield will be 0.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 41% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: ₹8.67 (vs ₹7.87 in 1Q 2025) First quarter 2026 results: EPS: ₹8.67 (up from ₹7.87 in 1Q 2025). Revenue: ₹102.1b (up 8.2% from 1Q 2025). Net income: ₹7.14b (up 10% from 1Q 2025). Profit margin: 7.0% (up from 6.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 84% per year, which means it is well ahead of earnings. Announcement • Jul 30
Jindal Stainless Limited to Report Q1, 2026 Results on Aug 06, 2025 Jindal Stainless Limited announced that they will report Q1, 2026 results on Aug 06, 2025 New Risk • May 12
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 10
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹30.42 (down from ₹32.95 in FY 2024). Revenue: ₹396.0b (up 2.7% from FY 2024). Net income: ₹25.1b (down 7.7% from FY 2024). Profit margin: 6.3% (down from 7.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Announcement • May 09
Jindal Stainless Limited Recommends Final Dividend for the Financial Year Ended 31st March, 2025 Jindal Stainless Limited at its board meeting held on May 8, 2025, approved the recommendation for payment of final dividend of INR 2 per equity share of the face value of INR 2 each for the financial year ended 31st March, 2025, subject to the approval of the shareholders at the upcoming 45th Annual General Meeting. Announcement • May 01
Jindal Stainless Limited to Report Q4, 2025 Results on May 08, 2025 Jindal Stainless Limited announced that they will report Q4, 2025 results on May 08, 2025 Announcement • Mar 26
Jindal Stainless Limited (NSEI:JSL) agreed to acquire an unknown minority stake in Mynd Solutions Private Limited. Jindal Stainless Limited (NSEI:JSL) agreed to acquire an additional unknown minority stake in Mynd Solutions Private Limited from the existing shareholders on March 25, 2025. In a separate transaction, Jindal Stainless Limited (NSEI:JSL) agreed to acquire unknown minority stake in Mynd Solutions Private Limited. As part of the transaction, Jindal Stainless Limited will acquire a 5.03% stake in Mynd Solutions, through a combination of primary capital and secondary purchase of shares from the existing shareholders. Upon completion, along with the stake held by Jindal Stainless Steelway Limited (JSSL), a wholly-owned subsidiary of the Jindal Stainless Limited, will result in a consolidated stake of 9.62%.
For the period ending March 31, 2024, Mynd Solutions Private Limited reported total revenue of INR 565 million. No approval is required for this acquisition. The board of directors of Jindal Stainless Limited have approved the transaction on March 25, 2025.
The expected completion of the transaction is first quarter of financial year 2026. Announcement • Mar 21
Jindal Stainless Limited Announces Resignation of Anurag Mantri as Group CFO, Effective 4 April, 2025 Jindal Stainless Limited announced that Mr. Anurag Mantri, Group CFO (designated as Key Managerial Personnel and Senior Management Personnel) of the company has tendered his resignation from the services of the company to pursue new professional opportunities. Accordingly, he will cease to be Group CFO of the company with effect from close of business hours of 04 April, 2025. Announcement • Feb 28
Jindal Stainless Limited (NSEI:JSL) acquired AGH Dreams Private Limited/ Utkrisht Dream Ventures Private Limited for INR 0.10 million. Jindal Stainless Limited (NSEI:JSL) acquired AGH Dreams Private Limited/ Utkrisht Dream Ventures Private Limited for INR 0.10 million on February 27, 2025. A cash consideration of INR 0.1 million will be paid by Jindal Stainless Limited. As part of consideration, INR 0.1 million is paid towards assets of AGH Dreams Private Limited/ Utkrisht Dream Ventures Private Limited.
For the period ending March 31, 2024, AGH Dreams Private Limited/ Utkrisht Dream Ventures Private Limited reported total revenue of INR 0.
Jindal Stainless Limited (NSEI:JSL) completed the acquisition of AGH Dreams Private Limited/ Utkrisht Dream Ventures Private Limited for INR 0.10 million on February 27, 2025. Upcoming Dividend • Feb 01
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 08 February 2025. Payment date: 27 February 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (3.0%). Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: ₹7.95 (down from ₹8.41 in 3Q 2024). Revenue: ₹100.1b (up 9.6% from 3Q 2024). Net income: ₹6.55b (down 5.4% from 3Q 2024). Profit margin: 6.5% (down from 7.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Announcement • Jan 29
Jindal Stainless Limited Approves Payment of Interim Dividend for Fiscal Year 2025, Payable on or Before February 27, 2025 Jindal Stainless Limited approved payment of interim dividend @50% i.e. INR 1 per equity share (face value of INR 2 each) for Fiscal year 2025. The record date for determining the entitlement of members for the purpose of payment has been set as February 08, 2025. The dividend shall be paid on or before February 27, 2025. Announcement • Jan 24
Jindal Stainless Limited Announces Resignation of Mr. Parveen Kumar Malhotra as Nominee Director- SBI State Bank of India (SBI), through its letter addressed to the Company, has communicated the waiver of the requirement for appointment of Nominee Director on the Board of Jindal Stainless Limited . Consequently, Mr. Parveen Kumar Malhotra, Nominee Director- SBI, has resigned from the position of Nominee Director of the Company with effect from the close of business hours of 24th January 2025. Buy Or Sell Opportunity • Jan 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ₹643. The fair value is estimated to be ₹804, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Buy Or Sell Opportunity • Dec 17
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₹742. The fair value is estimated to be ₹932, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Buy Or Sell Opportunity • Nov 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₹656. The fair value is estimated to be ₹828, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Reported Earnings • Oct 18
Second quarter 2025 earnings released: EPS: ₹7.42 (vs ₹9.40 in 2Q 2024) Second quarter 2025 results: EPS: ₹7.42 (down from ₹9.40 in 2Q 2024). Revenue: ₹97.8b (flat on 2Q 2024). Net income: ₹6.11b (down 21% from 2Q 2024). Profit margin: 6.3% (down from 7.9% in 2Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 10
Jindal Stainless Limited to Report Q2, 2025 Results on Oct 17, 2024 Jindal Stainless Limited announced that they will report Q2, 2025 results on Oct 17, 2024 Buy Or Sell Opportunity • Sep 30
Now 21% overvalued Over the last 90 days, the stock has fallen 3.1% to ₹790. The fair value is estimated to be ₹653, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 46% in 2 years. Earnings are forecast to grow by 78% in the next 2 years. Announcement • Sep 10
Jindal Stainless Limited Approves Final Dividend for the Financial Year Ended 31St March, 2024 Jindal Stainless Limited at its AGM held on September 10, 2024, approved final dividend of INR 2 per equity share of face value of INR 2 each for the financial year ended 31st March, 2024. Announcement • Aug 26
Jindal Stainless Limited announced a financing transaction Jindal Stainless Limited announced a private placement to issue eligible securities and/ or equity shares of INR 2 each on August 26, 2024. The transaction has been approved in 1st Extra-ordinary General Meeting of shareholders of company. Upcoming Dividend • Aug 23
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 09 October 2024. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (1.5%). Announcement • Aug 16
Jindal Stainless Limited, Annual General Meeting, Sep 10, 2024 Jindal Stainless Limited, Annual General Meeting, Sep 10, 2024, at 12:00 Indian Standard Time. Price Target Changed • Aug 05
Price target increased by 8.0% to ₹849 Up from ₹786, the current price target is an average from 7 analysts. New target price is 25% above last closing price of ₹678. Stock is up 73% over the past year. The company is forecast to post earnings per share of ₹43.64 for next year compared to ₹32.95 last year. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: ₹7.87 (vs ₹9.06 in 1Q 2024) First quarter 2025 results: EPS: ₹7.87 (down from ₹9.06 in 1Q 2024). Revenue: ₹94.8b (down 6.9% from 1Q 2024). Net income: ₹6.48b (down 13% from 1Q 2024). Profit margin: 6.8% (down from 7.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 31
Jindal Stainless Limited (NSEI:JSL) acquired an additional 30% stake in Iberjindal S.L. from Fagor Industrial, S.Coop. Jindal Stainless Limited (NSEI:JSL) acquired an additional 30% stake in Iberjindal S.L. from Fagor Industrial, S.Coop. on April 2, 2024. Jindal Stainless Limited will acquire 0.3 million shares in Iberjindal.
Jindal Stainless Limited (NSEI:JSL) completed the acquisition of an additional 30% stake in Iberjindal S.L. from Fagor Industrial, S.Coop. on April 2, 2024. Announcement • Jul 23
Jindal Stainless Limited to Report Q1, 2025 Results on Jul 30, 2024 Jindal Stainless Limited announced that they will report Q1, 2025 results on Jul 30, 2024 Announcement • Jun 15
Jindal Stainless Limited (NSEI:JSL) acquired remaining 46% stake in Chromeni Steels Private Limited for INR 2.78 billion. Jindal Stainless Limited (NSEI:JSL) acquired remaining 46% stake in Chromeni Steels Private Limited for INR 2.78 billion on June 14, 2024. A cash consideration of INR 1.88 billion will be paid by Jindal Stainless Limited. The deal has been approved by the Board of Directors of Jindal Stainless Limited. Jindal Stainless Limited (NSEI:JSL) completed the acquisition of remaining 46% stake in Chromeni Steels Private Limited on June 14, 2024. Announcement • Jun 06
Jindal Stainless Limited (NSEI:JSL) completed the acquisition of 54% stake in Chromeni Steels Private Limited. Jindal Stainless Limited (NSEI:JSL) agreed to acquire a 54% stake in Chromeni Steels Private Limited for INR 13.4 billion on May 1, 2024. The transaction is expected to close on or before end of first quarter of FY’25.Jindal Stainless Limited (NSEI:JSL) completed the acquisition of 54% stake in Chromeni Steels Private Limited on June 4, 2024. Reported Earnings • May 16
Full year 2024 earnings released: EPS: ₹32.95 (vs ₹25.68 in FY 2023) Full year 2024 results: EPS: ₹32.95 (up from ₹25.68 in FY 2023). Revenue: ₹387.3b (up 8.5% from FY 2023). Net income: ₹27.1b (up 28% from FY 2023). Profit margin: 7.0% (up from 5.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
Jindal Stainless Limited Recommends Final Dividend for the Financial Year Ended 31 March, 2024 Jindal Stainless Limited at its board meeting held on May 15, 2024 recommended payment of final dividend of INR 2 (Rupee Two only) per equity share of the face value of INR 2 each for the financial year ended 31st March, 2024, subject to the approval of the shareholders at the upcoming 44th Annual General Meeting. Price Target Changed • May 03
Price target increased by 7.5% to ₹712 Up from ₹662, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹732. Stock is up 152% over the past year. The company is forecast to post earnings per share of ₹35.31 for next year compared to ₹25.68 last year. Announcement • May 03
Jindal Stainless Limited announced that it expects to receive INR 540 million in funding Jindal Stainless Limited announced a private placement of INR 540,000,000 on May 1, 2024. Announcement • May 02
Jindal Stainless Limited (NSEI:JSL) agreed to acquire a 54% stake in Chromeni Steels Private Limited for INR 13.4 billion Jindal Stainless Limited (NSEI:JSL) agreed to acquire a 54% stake in Chromeni Steels Private Limited for INR 13.4 billion on May 1, 2024. Buy Or Sell Opportunity • Mar 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₹658. The fair value is estimated to be ₹543, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Buy Or Sell Opportunity • Feb 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ₹663. The fair value is estimated to be ₹544, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Buy Or Sell Opportunity • Feb 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ₹607. The fair value is estimated to be ₹505, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 50% in the next 2 years. Announcement • Jan 22
Jindal Stainless Elevates Tarun Khulbe as Chief Executive Officer The Board of Directors of Jindal Stainless Limited (JSL) approved the elevation of Mr. Tarun Khulbe as the Chief Executive Officer. In a meeting held last week, the Board gave its nod to this decision aimed at putting in place a professionally managed and unified organisation structure. The Board also recognised Mr. Khulbe's exceptional leadership skills, strategic vision, and dedication to core values to lead the company. JSL is on the cusp of entering into next phase of growth and expansion that necessitates the Managing Director, Mr. Abhyuday Jindal's, enhanced engagement in strategic vision of the company. Serving as the Whole Time Director since May 2018, a designation he will continue to hold besides that of the CEO, he has been responsible for corporate affairs, sales and marketing, strategic initiatives, and subsidiaries. An industry veteran with an experience of around 35 years, Mr. Khulbe has played an instrumental role in expanding businesses and leading the profitable growth of JSL. In his nearly 20-year stint at JSL, he gained a holistic, 360-degree exposure to all areas of operations, business development, supply chain management, people practices, and IT enablement. It was under his leadership that JSL undertook its latest and previous expansion drives. He played a pivotal role in the operational turnaround of JSL's Jajpur facility, which was important in inducing company's financial turnaround later. Mr. Khulbe joined JSL as a General Manager for the Cold Rolling Mills at Hisar, Haryana, in October 2004. There, he gained comprehensive exposure to the entire spectrum of operations and led high-performing teams to deliver value and volume expansions. This led to his appointment as the head of the entire stainless steel operations at JSL in August 2012. Later, he assumed the role of Director and Chief Operating Officer for JSL. Mr. Khulbe started his career with Raymond Steel, which later merged into ThyssenKrupp, and garnered rich and varied industrial experience spanning across India and Germany. He is an engineering graduate from MITS, Gwalior, and acquired his MBA from Jamnalal Bajaj Institute of Management Studies, Mumbai. Reported Earnings • Jan 19
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹8.41 (up from ₹5.98 in 3Q 2023). Revenue: ₹91.7b (up 44% from 3Q 2023). Net income: ₹6.92b (up 120% from 3Q 2023). Profit margin: 7.6% (up from 4.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 12
Jindal Stainless Limited to Report Q3, 2024 Results on Jan 18, 2024 Jindal Stainless Limited announced that they will report Q3, 2024 results on Jan 18, 2024 Price Target Changed • Dec 28
Price target increased by 7.0% to ₹573 Up from ₹535, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹572. Stock is up 154% over the past year. The company is forecast to post earnings per share of ₹37.97 for next year compared to ₹25.68 last year. Announcement • Dec 21
Jindal Stainless Limited (NSEI:JSL) agreed to acquire Rabirun Vinimay Pvt. Ltd for INR 960 million. Jindal Stainless Limited (NSEI:JSL) agreed to acquire Rabirun Vinimay Pvt. Ltd for INR 960 million on December 19, 2023. Jindal Stainless Limited board approved the deal. The transaction is expected to complete in FY 2023-24. Price Target Changed • Oct 21
Price target increased by 8.9% to ₹505 Up from ₹464, the current price target is an average from 8 analysts. New target price is 7.7% above last closing price of ₹469. Stock is up 254% over the past year. The company is forecast to post earnings per share of ₹38.00 for next year compared to ₹25.68 last year. Announcement • Oct 20
Jindal Stainless Limited Approves Interim Dividend for the Financial Year 2023-2024, Payable on or before November 17, 2023 The Board of Directors of Jindal Stainless Limited at its meeting held on 19th October, 2023, approved payment of interim dividend @ 50% i.e. INR 1.00 per equity share (face value of INR 2 per equity share) for the financial year 2023-24 to those equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on October 28, 2023, which is the Record Date fixed for the purpose. The payment of Interim Dividend /dispatch of dividend warrants will be completed on or before November 17, 2023. Reported Earnings • Oct 20
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ₹9.40 (up from ₹3.03 in 2Q 2023). Revenue: ₹98.3b (up 75% from 2Q 2023). Net income: ₹7.74b (up 387% from 2Q 2023). Profit margin: 7.9% (up from 2.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 23
Jindal Stainless Limited Approves Final Dividend for the Financial Year Ended 31 March, 2023 Jindal Stainless Limited at its AGM held on September 22, 2023, approved final dividend of INR 1.50 per equity share of face value of INR 2 each for the financial year ended 31 March, 2023. Upcoming Dividend • Sep 08
Upcoming dividend of ₹2.50 per share at 0.3% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 20 October 2023. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (7.0%). Price Target Changed • Jul 29
Price target increased by 10% to ₹430 Up from ₹391, the current price target is an average from 7 analysts. New target price is 9.1% above last closing price of ₹394. Stock is up 232% over the past year. The company is forecast to post earnings per share of ₹37.00 for next year compared to ₹25.68 last year. Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: ₹9.06 (vs ₹6.11 in 1Q 2023) First quarter 2024 results: EPS: ₹9.06 (up from ₹6.11 in 1Q 2023). Revenue: ₹102.3b (up 87% from 1Q 2023). Net income: ₹7.46b (up 132% from 1Q 2023). Profit margin: 7.3% (up from 5.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 15
Jindal Stainless Limited Announces Resignation of Bhaswati Mukherjee as Independent Director Jindal Stainless Limited informed that the second consecutive term of Ms. Bhaswati Mukherjee, as an Independent Director of Jindal Stainless Limited is upto 14th July, 2023. Accordingly, she would cease to be an Independent Director of the Company after closure of the business hours of 14th July, 2023. Price Target Changed • May 19
Price target increased by 12% to ₹332 Up from ₹296, the current price target is an average from 7 analysts. New target price is 16% above last closing price of ₹285. Stock is up 86% over the past year. The company is forecast to post earnings per share of ₹35.01 for next year compared to ₹25.68 last year. Announcement • May 19
Jindal Stainless Limited (NSEI:JSL) acquired Rathi Super Steel Limited for INR 2.1 billion. Jindal Stainless Limited (NSEI:JSL) acquired Rathi Super Steel Limited for INR 2.1 billion on November 16, 2022. The Jindal Stainless had participated in the e-auction process for purchase of Rathi Super Steel on a going concern basis, in terms of the applicable provisions of Insolvency and Bankruptcy Board of India. Considering on the purchase date, RSSL had not been engaged in any operating activities, the management has assessed the aforementioned transaction as an asset acquisition and hence the purchase consideration aggregating INR 2.05 billion has been allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. The Jindal Stainless has filed an application with the Hon’ble NCLT for its confirmation on the terms of implementation of acquisition and for grant of certain reliefs and concessions as sought by the Jindal Stainless in connection with the acquisition, for which the order of Hon’ble NCLT is still awaited.
Jindal Stainless Limited (NSEI:JSL) completed the acquisition of Rathi Super Steel Limited on November 16, 2022. Reported Earnings • May 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹25.68. Revenue: ₹358.2b (up 69% from FY 2022). Net income: ₹21.1b (up 12% from FY 2022). Profit margin: 5.9% (down from 8.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Metals and Mining industry in India. Upcoming Dividend • Apr 21
Inaugural dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 17 May 2023. This is the first dividend for Jindal Stainless since going public. The average dividend yield among industry peers is 8.1%. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹299, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Metals and Mining industry in India. Total returns to shareholders of 681% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹295 per share. Price Target Changed • Jan 25
Price target increased by 7.2% to ₹278 Up from ₹259, the current price target is an average from 7 analysts. New target price is 7.8% above last closing price of ₹258. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹23.70 for next year compared to ₹37.81 last year. Reported Earnings • Jan 24
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ₹5.98 (down from ₹8.66 in 3Q 2022). Revenue: ₹63.7b (up 12% from 3Q 2022). Net income: ₹3.14b (down 28% from 3Q 2022). Profit margin: 4.9% (down from 7.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 83% per year whereas the company’s share price has increased by 82% per year. Announcement • Jan 17
Jindal Stainless Limited to Report Q3, 2023 Results on Jan 23, 2023 Jindal Stainless Limited announced that they will report Q3, 2023 results on Jan 23, 2023 Price Target Changed • Jan 17
Price target increased to ₹269 Up from ₹242, the current price target is an average from 7 analysts. New target price is 11% above last closing price of ₹243. Stock is up 20% over the past year. The company is forecast to post earnings per share of ₹19.62 for next year compared to ₹37.81 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 15% share price gain to ₹239, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in India. Total returns to shareholders of 508% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹397 per share. Price Target Changed • Dec 22
Price target increased to ₹252 Up from ₹232, the current price target is an average from 6 analysts. New target price is 20% above last closing price of ₹210. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₹20.25 for next year compared to ₹37.81 last year. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₹197, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Metals and Mining industry in India. Total returns to shareholders of 427% over the past three years. Price Target Changed • Nov 16
Price target increased to ₹232 Up from ₹203, the current price target is an average from 6 analysts. New target price is 37% above last closing price of ₹170. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of ₹19.77 for next year compared to ₹37.81 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Independent Director Arti Luniya was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ₹3.03 (down from ₹8.27 in 2Q 2022). Revenue: ₹56.2b (up 12% from 2Q 2022). Net income: ₹1.59b (down 61% from 2Q 2022). Profit margin: 2.8% (down from 8.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Board Change • Sep 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Arti Luniya was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 10
Jindal Stainless Limited to Report Fiscal Year 2023 Results on May 30, 2023 Jindal Stainless Limited announced that they will report fiscal year 2023 results on May 30, 2023 Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from ₹221.5b to ₹214.2b. EPS estimate also fell from ₹24.27 per share to ₹18.90 per share. Net income forecast to shrink 32% next year vs 21% decline forecast for Metals and Mining industry in India. Consensus price target broadly unchanged at ₹202. Share price was steady at ₹121 over the past week. Reported Earnings • Jul 26
First quarter 2023 earnings released: EPS: ₹6.11 (vs ₹6.21 in 1Q 2022) First quarter 2023 results: EPS: ₹6.11. Revenue: ₹54.9b (up 36% from 1Q 2022). Net income: ₹3.21b (up 6.1% from 1Q 2022). Profit margin: 5.9% (down from 7.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.3% compared to a 2.1% decline forecast for the industry in India. Price Target Changed • May 27
Price target decreased to ₹219 Down from ₹266, the current price target is an average from 6 analysts. New target price is 86% above last closing price of ₹118. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹25.45 for next year compared to ₹37.81 last year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹117, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in India. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹161 per share. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹145, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in India. Total returns to shareholders of 326% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹138 per share. Reported Earnings • May 04
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹37.81 (up from ₹8.60 in FY 2021). Revenue: ₹212.2b (up 74% from FY 2021). Net income: ₹18.8b (up 349% from FY 2021). Profit margin: 8.9% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Over the next year, revenue is forecast to grow 8.3%, compared to a 10% growth forecast for the mining industry in India. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 03
Price target increased to ₹271 Up from ₹252, the current price target is an average from 6 analysts. New target price is 50% above last closing price of ₹180. Stock is up 103% over the past year. The company is forecast to post earnings per share of ₹30.37 for next year compared to ₹8.60 last year. Major Estimate Revision • Feb 14
Consensus revenue estimates increase by 18% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₹220.2b to ₹258.9b. EPS estimate increased from ₹26.04 to ₹31.28 per share. Net income forecast to grow 15% next year vs 4.3% growth forecast for Metals and Mining industry in India. Consensus price target up from ₹244 to ₹254. Share price fell 12% to ₹192 over the past week. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹8.66 (up from ₹3.49 in 3Q 2021). Revenue: ₹56.7b (up 58% from 3Q 2021). Net income: ₹4.35b (up 156% from 3Q 2021). Profit margin: 7.7% (up from 4.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 183%. Over the next year, revenue is forecast to grow 25%, compared to a 7.2% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 92% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₹184, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Metals and Mining industry in India. Total returns to shareholders of 460% over the past three years.