JINDAL STAINLESS Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 10,518 Crs., 6.16% growth YoY, Total Income is Rs. 10,620 Crs., 6.13% growth YoY, EBITDA is Rs. 1,408 Crs., 16.56% growth YoY, EBITDA Margin is 13.39% Improved by 119 Basis points YoY, PBT Rs. 1,082 Crs, 21.6% growth YoY, PAT Rs. 828 Crs, 26.52% growth YoY (Which Includes Provision of ₹30 cr due to newly notified labour codes) On QoQ basis Op. Revenue is flat to Negative by 3.44%, Total Income is flat to Negative by 3.3%, However, EBITDA is up by 1.44%, PBT is flat to positive YoY, PAT is also flat to positive by 2.46% YoY (Which Includes Provision of ₹30 cr due to newly notified labour codes) Sales Volume were 650 Thousand MT improved by 10.54% on YoY. Net debt (Dec 31, 2025): ₹3,451 cr, improved; leverage metrics, FY26 Capex guidance: ₹2,700 cr; ₹2,200 cr. spent in 9M, on track to complete full-year plan. The Management commentary suggests public infra and rolling stock are becoming structurally important stainless demand vectors, with JSL securing qualification/acceptance at key institutions (ICF), which can deepen share and specification pull-through.