Jindal Stainless Limited (JSL) AI Stock Analysis

• Market Cap: ₹668.69B
• Dividend Yield: 0.38%
• Average Volume (3M): 22.60K
• Price to Earnings (P/E): 22.7
• Beta (1Y): 1.41
• Revenue Growth: 9.04%
• EPS Growth: 12.80%
• Country: IN
• Employees: 5,252
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 10.30
• Shares Outstanding: 824,419,600
• 10 Day Avg. Volume: 16,748
• 30 Day Avg. Volume: 22,598
• PEG Ratio: -2.47
• Price to Book (P/B): 2.85
• Price to Sales (P/S): 1.21
• P/FCF Ratio: 16.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹870.00
• Price Target Upside: 1.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹895.00 ▲(4.59% Upside)

The score is primarily driven by strong financial performance (growth, stable profitability, and solid cash generation). This is tempered by mixed technical momentum (negative MACD despite price above moving averages) and a valuation/income profile that is only moderate (P/E ~20.9 and low dividend yield).

Positive Factors

Revenue growth and stable margins

JSL shows multi-year revenue growth with stable gross and net margins, indicating durable demand and effective cost control. Sustained margins support internal reinvestment into capacity and downstream products, underpinning earnings resilience across cycles.

Strong cash generation and free cash flow

Operating cash flow consistently outpaces net income and free cash flow has trended positive, providing financial flexibility. Reliable cash conversion supports capex for value‑added lines, debt reduction or strategic investments without overreliance on external funding.

Integrated manufacturing and downstream capabilities

Integrated upstream and downstream operations plus value‑added processing enable higher realizations and product differentiation. Diversified end‑markets (auto, construction, renewables) and in‑house finishing reduce dependence on commoditized sales and support sustainable margin premium.

Negative Factors

Rising total debt

Although equity is healthy, rising absolute debt elevates leverage sensitivity to cyclical downturns or margin compression. Higher interest obligations can limit capital allocation flexibility for capex, dividends or strategic investments over the medium term.

Exposure to volatile input costs

Profitability is structurally exposed to volatility in ferroalloys, nickel, energy and freight. If input prices spike or cannot be passed through, spreads compress and margins fall. Persistent input volatility raises earnings unpredictability and planning risk.

Export and currency mix risk

Significant export exposure and shifting geographic mix make reported realizations sensitive to currency moves and foreign demand cycles. Exchange swings and trade barriers can materially affect revenue and margins over time, adding structural earnings variability.

Jindal Stainless Limited Business Overview & Revenue Model

Company Description

Jindal Stainless Limited manufactures and sells stainless steel products in India and internationally. The company provides ferro alloys, stainless steel slabs, hot rolled coils, plates and sheets, and cold rolled coils and sheets. Its products are used in automobile, railway and transport, architecture, building and construction, chemical and petrochemical, capital goods, consumer durables, nuclear, precision strip and blade steel, coin blanks, plumbing, and process markets. The company was founded in 1970 and is based in New Delhi, India.

How the Company Makes Money

Jindal Stainless Limited generates revenue primarily through the manufacturing and sale of stainless steel products. The company has multiple revenue streams, including the sale of flat products, long products, and specialty stainless steel products tailored for specific industries. A significant portion of its income comes from large contracts with industrial clients in sectors such as automotive and construction. Additionally, JSL benefits from strategic partnerships with global suppliers and distributors, enhancing its market reach and operational efficiency. Fluctuations in raw material prices, particularly nickel and chromium, can impact profitability, but the company's ability to pass on costs to customers helps maintain its margins. Overall, JSL's diverse product portfolio and established customer base play a critical role in its ongoing revenue generation.

Jindal Stainless Limited Financial Statement Overview

Summary

Strong overall fundamentals: solid revenue growth and stable margins (Income Statement 85), supported by healthy equity and moderate leverage though debt has risen (Balance Sheet 78), plus strong operating cash flow and positive free cash flow trend with some variability (Cash Flow 80).

Income Statement

Jindal Stainless Limited demonstrates strong revenue growth over recent years, with a notable increase in total revenue from 2020 to 2025. The gross profit margin and net profit margin have been stable, indicating effective cost management. The EBIT and EBITDA margins reflect strong operational efficiency and profitability. However, slight fluctuations in net income suggest moderate volatility in profitability.

Balance Sheet

The company's balance sheet shows a healthy equity base with a consistent increase in stockholders' equity over the years. The debt-to-equity ratio is moderate, reflecting a balanced approach to leveraging. The equity ratio underscores financial stability, although the total debt has increased, warranting attention to potential leverage risks.

Cash Flow

Jindal Stainless Limited maintains strong operating cash flow, consistently outpacing net income, which indicates robust cash generation capabilities. The free cash flow growth has been positive, enhancing financial flexibility. The cash flow ratios indicate efficient conversion of income into cash, albeit with some variability in annual free cash flow figures.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	400.90B	393.12B	385.62B	356.97B	327.33B	121.88B
Gross Profit	124.87B	122.65B	117.01B	111.18B	112.99B	43.32B
EBITDA	45.46B	44.67B	44.65B	34.75B	53.11B	14.00B
Net Income	25.71B	25.05B	27.13B	21.14B	30.79B	4.19B
Balance Sheet
Total Assets	0.00	361.58B	308.17B	271.40B	148.62B	107.35B
Cash, Cash Equivalents and Short-Term Investments	22.74B	14.72B	18.71B	9.50B	3.17B	695.00M
Total Debt	0.00	64.02B	60.52B	39.58B	40.07B	32.30B
Total Liabilities	-167.08B	194.50B	164.43B	151.73B	96.35B	75.16B
Stockholders Equity	167.08B	166.88B	143.58B	119.31B	98.23B	32.05B
Cash Flow
Free Cash Flow	0.00	28.33B	33.43B	14.40B	3.18B	11.40B
Operating Cash Flow	0.00	47.18B	48.18B	30.96B	10.83B	13.08B
Investing Cash Flow	0.00	-34.39B	-33.40B	-24.82B	-9.85B	-1.52B
Financing Cash Flow	0.00	-18.82B	-8.29B	-3.86B	1.01B	-11.19B

Jindal Stainless Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 855.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JSL, the sentiment is Positive. The current price of 855.75 is above the 20-day moving average (MA) of 797.14, above the 50-day MA of 787.52, and above the 200-day MA of 724.95, indicating a bullish trend. The MACD of -2.71 indicates Negative momentum. The RSI at 55.47 is Neutral, neither overbought nor oversold. The STOCH value of 85.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:JSL.

Jindal Stainless Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NATIONALUM	83 Outperform	₹746.04B	12.20	―	3.62%	30.80%	97.08%
NMDC	75 Outperform	₹716.62B	10.20	―	4.05%	20.05%	15.58%
JINDALSAW	73 Outperform	₹115.88B	10.26	―	1.18%	-13.69%	-30.57%
JSL	71 Outperform	₹668.69B	22.72	―	0.38%	9.04%	12.80%
UPL	68 Neutral	₹603.80B	27.41	―	0.77%	8.14%	―
SHYAMMETL	66 Neutral	₹233.20B	23.97	―	0.77%	18.36%	13.94%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Jindal Stainless Limited Corporate Events

Jindal Stainless Publishes Audio Recording of Q3 & 9M FY26 Earnings Call

Jindal Stainless Limited has notified the stock exchanges that the audio recording of its Q3 and nine-month FY26 earnings call, held with investors and analysts on January 22, 2026, is now available on the company’s website. By making the call recording publicly accessible, the company is reinforcing disclosure standards and transparency for shareholders and market participants, enabling closer scrutiny of its financial performance and outlook in line with Indian securities regulations.

Jindal Stainless Receives ESG Score of 68.3 for FY 2024-25

Jindal Stainless Limited has disclosed that SES ESG Research Private Limited, a SEBI-registered Category II ESG rating provider and subsidiary of Stakeholders Empowerment Services, has assigned the company an ESG score of 68.3 for the financial year 2024-25. The formal communication to the stock exchanges underscores Jindal Stainless’s growing emphasis on environmental, social and governance performance, which may influence investor perception and highlight the company’s alignment with evolving ESG disclosure norms in India’s capital markets.