Jindal Stainless Ltd (JSL) Q2 FY27 Results Analysis: Revenue Jumps 18%, Margin Compresses 161 bps

Cofacto Research Published October 23, 2026 2 min read

Neutral

Jindal Stainless Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 12,873.86 Cr (+18.19% YoY) and PAT growth of +11.12% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 22, 2026
Quarter	Q2 FY 2026-2027
Revenue (Q2)	Rs. 12,873.86 Cr (+18.19% YoY)
PAT (Q2)	Rs. 897.75 Cr (+11.12% YoY)
EBITDA margin	11.13% (-161 bps YoY)
EPS (Q2)	Rs. 10.85 (+10.61% YoY)
Market cap	Rs. 58,504.94 Cr
CMP	Rs. 709.65

Key Investment Insights

Key Positives

Consolidated revenue grew 18.19% YoY and 14.14% QoQ to Rs.12,873.86 Cr, the highest quarterly figure in the available trend
Consolidated PAT grew 11.12% YoY to Rs.897.75 Cr; normalized PAT of Rs.810.75 Cr is +10.4% YoY after stripping Rs.116.41 Cr exceptional gains
Standalone PAT grew 21.99% YoY to Rs.785.50 Cr with standalone EBITDA up 11.14% YoY
Power & fuel cost normalized to 6.72% of revenue from Q1 FY27's 10.42% after the gas-disruption spike
Debt/Equity improved to 0.33x from 0.37x; net worth grew 17.5% YoY to Rs.21,252.84 Cr
Credit rating upgraded to CARE AA+, Stable; Rs.99 Cr NCDs fully redeemed at maturity on September 28, 2026
Promoter stake increased from 17.20% to 17.63% via open-market purchases in September 2026
Rs.95.63 Cr LADT/Entry Tax excess provision written back under Haryana OTS Scheme

Risk Factors

EBITDA margin compressed 161 bps YoY to 11.13% as material cost share rose 678 bps YoY to 75.44% of revenue
H1 CFO fell 27.5% YoY to Rs.1,582.97 Cr with CFO/PAT at 0.95x and FCF of only Rs.61.63 Cr after Rs.1,521 Cr capex
Subsidiary contribution to PAT fell to Rs.109.08 Cr from Rs.163.05 Cr YoY after PTGMI reclassification and PT Jindal Stainless Indonesia liquidation
H1 capex annualizes to ~Rs.3,043 Cr, above the guided Rs.2,400-2,600 Cr band