Jindal Stainless Limited CC-May26.pdf · 2026-05-05
Thank you, Angad, and a very good evening to everyone. I would also like to welcome you all to our earnings call. I will begin by outlining the key business highlights for the quarter and year ending March 2026 and the progress we continue to make across our priority sectors. Following that, Mr. Khulbe will take you through our operational and financial performance. Continuing the positive momentum, our sales volume in FY26 grew by 8% year -on-year, supported by sustained domestic demand amid the volatility in the export market. In the domestic market, JSL's performance was consistent , underpinned by demand momentum from key sectors such as automotive, ornamental pipe and tube, industrial pipe and tube, railway, metro, lift elevator, and white goods. Last quarter , we had initiated a calibrated shift in our brand strategy to complement our strong B2B leadership with a sharper consumer -facing presence. The onboarding of Ranveer Singh as the company's first-ever brand ambassador and the launch of a nationwide multimedia campaign mark a structural step-up for our natural brand presence. The Jindal Infinity campaign focuses on authenticity and informed choice , addressing long - standing issues of counterfeiting and quality opacity in key segments such as pipe and tube, while reinforcing stainless steel relevance. In parallel, we have also associated with Sunriser s Hyderabad to leverage the cultural scale and emotional equity of cricket to deepen engagement with younger and mass audiences. Together, these initiatives will help strengthen top -of-mind recall, support channel partners through co -branded outreach , and enhance long -term brand equity as consumption -led applications of stainless steel scale up across India. We believe the timing is appropriate as we enter our next phase of growth , with brand building acting as a strategic enabler of demand creation, differentiation, and sustained value creation. Stainless steel demand in the passenger coach segment also increased traction from strong growth. The modern AC coaches, which use both shell and stainless steel underframes, will contribute to the demand for stainless steel for coach manufacturing. Higher activity in metro projects across the country also supported the strong delivery momentum. Going forward in FY27, several new metro projects are slated to go on stream in Bengaluru, Mumbai, Gurugram , and Delhi. With export demand for India -made metro coaches also picking up, the demand for stainless steel is expected to witness a jump of 2x to 3x over the next 3 to 4 years. The Indian lift and elevator industry is expected to witness steady growth in FY27, driven by urbanization, infra development, and rising demand for efficient vertical transportation systems. Developments in the Middle East continue to influence energy markets and global supply chains. The ongoing situation has affected the availability of key industrial gases, including propane, LPG, natural gas, and ammonia. In parallel, disruptions in shipping lanes have resulted in route diversions, extended transit periods, and intermittent cargo delays, adding pressure on logistics and cost structure. We are monitoring the situation closely for improved clarity around fuel allocations and the normalization of supply conditions. On the export front, global trade sentiment remains subdued due to ongoing trade and geopolitical uncertainties. Despite these headwinds, JSL demonstrated strong execution capability, delivering higher export volumes on a quarter -on- quarter basis, maintaining a focus on expanding into markets such as Japan, Korea, Taiwan , and Germany. Inferior imported materials continue to enter India at a large scale. The temporary suspension of QCO is a matter of concern and poses a discouraging setback for quality-focused domestic industry players. We remain hopeful that the government will strengthen and enforce frameworks that uphold quality standards to protect consumers and MSMEs alike. In this environment, Jindal Stainless retains its market share through its agility, cost competitiveness, and a customer-first approach. On the sustainability front, JSL continues its streak of ESG excellence, achieving an EcoVadis score of 71 out of 100 in Q4 '26 with the bronze medal recognition. In parallel, our continued commitment towards a cleaner and more resilient energy mix saw the partial commissioning of a 315 -megawatt solar/wind hybrid power project in collaboration with Oyster Renewable Energy this quarter. At JSL, we remain steadfast and continue to march towards our long-term decarbonization goals. With this, I would like to hand over to Mr. Khulbe to discuss operational and financial performance. Thank you.
So in terms of volume growth for FY27, we are expecting at least 8% to 10% growth -- 7% to 9% growth in volume this year. And for EBITDA per ton, looking at the kind of uncertainty there is, till H1 of this year, we are giving a guidance of INR18,000 to INR20,000 EBITDA per ton. And depending on the situation, maybe after 6 months we might revise this figure also.