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07-Jan-2026     13:54
India Ratings and Research revises ratings outlook of Jindal Stainless to 'positive'

The agency has also affirmed the company's short-term rating at 'IND A1+'.

India Ratings and Research stated that the outlook revision reflects the agency's expectation of a likely increase in the scale of operations over FY26-FY28 on the back of a sustained improvement in the sales volume, maintaining of the EBITDA per tonne around Rs 20,000, and continued high-capacity utilisation.

The ratings also factor in the JSL group's strong business profile, backed by an increase in the proportion of value-added products, improved group's financial flexibility, sustained comfortable credit metrics and diversified product mix.

It also considers the diversified sourcing strategies that reduce exposure to volatility in nickel prices, and adequate liquidity.

The EBITDA per tonne is likely to sustain in the medium term on the back of improved product mix, cost-saving measures, operating leverage and business synergies.

India Ratings expects JSL's financial profile to remain comfortable over FY26-FY28, supported by healthy cash flows and low incremental debt requirement.

However, the ratings are constrained by the group's exposure to volatility in raw material prices as well as realisations, and the threat of low-cost imports.

India Ratings further said that a sustained increase in the scale of operations while maintaining EBIDTA per tonne and net adjusted leverage remaining below 2.0x could lead to a positive rating action.

However, a lower-than-expected scale of operations or a material reduction in the group's profitability, leading to a significant decline in the EBITDA per tonne and/or higher-than-expected debt, leading to the net adjusted leverage exceeding 2.0x, on a sustained basis, could lead to a negative rating action.

Jindal Stainless has been a leader in the stainless-steel industry in India for the last 50 years. It manufactures stainless steel in flat products in austenitic, ferritic, martensitic and duplex grades.

The company had reported 32% rise in consolidated net profit to Rs 806.94 crore on a 11.41% increase in revenue to Rs 10,892.78 crore in Q2 FY26 as compared with Q2 FY25.

The scrip shed 0.83% to currently trade at Rs 854.45 on the BSE.

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