Jindal Stainless (JDSL IN) – Q1FY27 Result Update – Production normalizes; Growth pipeline intact – BUY
Published on 05 Aug 2026
Jindal Stainless (JDSL) reported a resilient Q1FY27 despite production disruptions caused by industrial gas shortages post the Middle East crisis. Propane and LPG shortages impacted production and volumes during Q1. However, higher stainless-steel prices drove better NSR, while healthy demand across autos, railways, metro, infra, manufacturing and consumer sectors along with a richer product mix, supported EBITDA & margins. Export volumes rebounded strongly, aided by Europe ahead of quota, improving traction from the US, South Korea, Brazil and Japanese market. Despite elevated power & fuel costs, JDSL delivered healthy consolidated EBITDA/t of INR22,884, supported by higher pricing, strong subsidiary performance and disciplined cost control. Maintain ‘Buy’ rating with unchanged TP of Rs821, valuing at same 9x EV of Mar’28E EBITDA.
