Jindal Stainless Ltd.volume guide cut, EBITDA/ton guide raised

Jindal Stainless' Q2 FY27 call, held on 23 October 2026, showed a recovery from a disrupted first quarter.

Consolidated revenue, EBITDA and profit after tax rose about 14%, 8% and 17% on the quarter, sales volume rose 14% on the quarter and 3% on the year, and exports reached 11% of volumes. For the half, EBITDA was ₹2,762 crore, up 2%, and profit after tax was ₹1,666 crore, up 9%, while net debt was ₹3,121 crore, or 0.55 times EBITDA. Management cut its full-year volume growth guidance to 4% to 6% from 7% to 9%, raised EBITDA per ton guidance to ₹20,000 to ₹22,000, and kept capex at ₹2,400 crore to ₹2,600 crore and the 3.5 million ton FY29 target.

Chinese 200-series imports since the quality control order was suspended, European quota cuts and slow Maharashtra land acquisition are the pressure points, and an anti-dumping decision is hoped for by 31 December. Four subsidiaries will merge into the parent. Of 17 earlier promises, 11 were on track or ahead, one was missed, one delayed, two not yet visible and two not discussed.