Mumbai: Jindal Stainless Ltd reported a 3.8% sequential rise in consolidated net profit to ₹1,443 crore in Q3 FY26, even as revenue from operations remained broadly flat at ₹15,720 crore. This compares with ₹1,390 crore profit in Q2 and ₹1,578 crore in Q3 FY25. The company’s quarterly performance highlights improved profitability despite muted topline growth and a year-on-year dip in net earnings.
Stable topline, margin-led bottom-line lift
Jindal Stainless reported consolidated revenue of ₹15,720 crore in Q3 FY26, marginally lower than ₹15,891 crore in Q2, and slightly higher than ₹15,526 crore in Q3 FY25. Net profit rose to ₹1,443 crore, up from ₹1,390 crore last quarter but down from ₹1,578 crore a year ago. The revenue trajectory remained steady, supported by resilient domestic demand and better product mix realisations .
Sequential growth aided by cost control
Total expenses declined to ₹13,817 crore in Q3 from ₹13,956 crore in Q2, enabling margin expansion. Other income remained stable at ₹389 crore. EBITDA margin improved, supported by efficient input cost management and higher share of value-added product sales. The company's tax expense stood at ₹401 crore, consistent with earlier quarters. Basic and diluted EPS improved to ₹141.09 in Q3 from ₹135.96 in Q2 .
Product mix and domestic demand drive gains
Management attributed the improved margins to better operational efficiencies and increased sales of high-margin stainless steel grades. The quarter also benefited from higher domestic market share as global demand showed signs of softness. Export volumes remained stable, but pricing pressure persisted in European and East Asian markets. Jindal maintained a robust order book across infrastructure and auto segments .
Nine-month performance reflects margin pressure
For the nine months ended December 2025, the company posted ₹47,105 crore in operational revenue and ₹4,028 crore in net profit, compared to ₹48,271 crore and ₹5,132 crore respectively a year earlier. The 21.5% YoY decline in profit was largely due to margin compression in H1 FY26. However, Jindal expects continued strength in domestic consumption to support performance in the coming quarters .
Disclaimer: This article is based on the company’s regulatory filing for Q3 FY26. It is for informational purposes only and does not constitute investment advice or a recommendation.
