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India's largest stainless-steel producer, supplying flat stainless products for consumer, industrial and infrastructure uses.
India's largest stainless-steel producer, supplying flat stainless products for consumer, industrial and infrastructure uses.
Sells stainless steel to fabricators and manufacturers, with prices following nickel and chrome costs, so the nickel cycle sets selling prices and profit rests on volume and cost control. It makes its own ferro-chrome, a key alloy ingredient, in Odisha, which lowers costs. The Jindal family controls it.
In one line: India's Outokumpu/Aperam.
Moat: narrow (scale, installed base). India's largest integrated stainless capacity gives cost and supply-chain scale advantage domestically.
Headquarters: New Delhi, India · Founded: 1970 · Employees: 20,153
Size Jindal Stainless (JSL.NS) is an India Materials company (Steel) with a market value of $6.10B, the 187th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹698.80 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -4.3% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +8.7%); the operating margin is 9.9% (peer median 6.5%).
Valuation It trades at 16.9× forward earnings against a peer median of 10.8× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (14.9% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹460B | ₹429B | ₹392B | ₹385B | ₹356B |
| Revenue growth | — | +9% | +2% | +8% | — |
| Gross profit | ₹74.9B | ₹59.8B | ₹48.3B | ₹46.1B | ₹38.6B |
| EBITDA | ₹57.2B | ₹54.8B | ₹45.5B | ₹44.1B | ₹34.5B |
| Net income | ₹33.4B | ₹31.9B | ₹25.1B | ₹27.1B | ₹21.1B |
| Free cash flow | n/a | ₹5.24B | ₹23.8B | ₹28.9B | ₹11.6B |
| Capital expenditure | n/a | ₹26.6B | ₹18.9B | ₹14.7B | ₹16.6B |
| Total debt | ₹76.5B | ₹74.6B | ₹64.0B | ₹60.5B | ₹39.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jindal Stainless JSL.NS | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JSL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.6% | -5.5% | 9th highest of 21 |
| 6-month return | -8.8% | -4.3% | 10th lowest of 21 |
| Distance from 52-week high | -20.9% | -24.8% | 9th highest of 21 |
| Revenue growth (TTM) | +11.7% | +8.7% | 8th highest of 21 |
| Operating margin | 9.9% | 6.5% | 5th highest of 21 |
| Forward P/E | 16.9× | 10.8× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 21.0% | 4.2% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +28.7% | +7.1% | highest of 14 |
| Hurdle (Req g minus delivered) | -7.7 pp | -5.7 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | -1.5 pp | -2.2 pp | 11th highest of 21 |
| EV / EBITDA | 10.8× | 7.6× | 7th most expensive of 16 |
| Net debt / EBITDA | 0.8× | 1.7× | 8th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |