JSL · Metals & Mining
Jindal Stainless Ltd. reported revenue of ₹9,777 cr for July to September 2024, −0.2% on the year and +3.7% on the quarter.
Operating profit (EBITDA) was ₹1,186 cr, a margin of 12.1%, −43 bps on the year and −70 bps on the quarter. Over the last 6 quarters the margin has ranged from 10.9% to 13.7%, averaging 12.3%. Operating costs grew +0.3%, faster than revenue at −0.2%, so operating profit grew less than sales.
Net profit was ₹609 cr, −20.3% on the year and −5.7% on the quarter, with earnings per share of ₹7.42. Profit before other income, one-offs and tax grew faster, at −7.7%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹29.78 over the last four quarters, the stock at ₹736.10 trades at 24.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,797 cr | ₹9,127 cr | ₹9,454 cr | ₹9,430 cr | ₹9,777 cr | ₹9,907 cr | ₹10,198 cr | ₹10,207 cr | ₹10,893 cr | ₹10,518 cr | ₹11,337 cr | ₹11,279 cr |
| YoY | — | — | — | −7% | −0% | +9% | +8% | +8% | +11% | +6% | +11% | +11% |
| EBITDA margin | 12.6% | 13.7% | 10.9% | 12.8% | 12.1% | 12.0% | 10.1% | 12.7% | 12.6% | 13.4% | 12.8% | 11.8% |
| Other income, % of PBT | 14% | 6% | 8% | 6% | 6% | 11% | 12% | 7% | 10% | 7% | 8% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 25% | 29% | 27% | 27% | 26% | 19% | 26% | 25% | 24% | 25% | 26% |
| Net profit | ₹764 cr | ₹691 cr | ₹501 cr | ₹646 cr | ₹609 cr | ₹654 cr | ₹590 cr | ₹715 cr | ₹808 cr | ₹828 cr | ₹834 cr | ₹769 cr |
| YoY | — | — | — | −12% | −20% | −5% | +18% | +11% | +33% | +27% | +41% | +8% |
| Core profit YoY | — | — | — | −8% | −8% | −9% | −1% | +8% | +23% | +27% | +60% | −2% |
| EPS | ₹9.40 | ₹8.41 | ₹6.08 | ₹7.87 | ₹7.42 | ₹7.95 | ₹7.17 | ₹8.67 | ₹9.79 | ₹10.05 | ₹10.23 | ₹9.33 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jindal Stainless Ltd. reported revenue of ₹9,777 cr (−0.2% on the year) and net profit of ₹609 cr (−20.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −7.7% on the year, against −20.3% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.