JSL · Metals & Mining
Jindal Stainless Ltd. reported revenue of ₹10,198 cr for January to March 2025, +7.9% on the year and +2.9% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹39,312 cr, +1.9% on the four before.
Operating profit (EBITDA) was ₹1,033 cr, a margin of 10.1%, −82 bps on the year and −191 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 10.1% to 13.7%). Operating costs grew +8.9%, faster than revenue at +7.9%, so operating profit grew less than sales.
Net profit was ₹590 cr, +17.8% on the year and −9.8% on the quarter, with earnings per share of ₹7.17. Profit before other income, one-offs and tax fell 1.1%, so 19 points of the headline growth came from outside the core business. The tax rate was 19% against an average of 26% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹2,499 cr, −7.2% on the four before.
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 ₹30.41 over the last four quarters, the stock at ₹691.05 trades at 22.7 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.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹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 | ₹12,874 cr |
| YoY | — | — | −7% | −0% | +9% | +8% | +8% | +11% | +6% | +11% | +11% | +18% |
| EBITDA margin | 13.7% | 10.9% | 12.8% | 12.1% | 12.0% | 10.1% | 12.7% | 12.6% | 13.4% | 12.8% | 11.8% | 11.0% |
| Other income, % of PBT | 6% | 8% | 6% | 6% | 11% | 12% | 7% | 10% | 7% | 8% | 15% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 29% | 27% | 27% | 26% | 19% | 26% | 25% | 24% | 25% | 26% | 25% |
| Net profit | ₹691 cr | ₹501 cr | ₹646 cr | ₹609 cr | ₹654 cr | ₹590 cr | ₹715 cr | ₹808 cr | ₹828 cr | ₹834 cr | ₹769 cr | ₹898 cr |
| YoY | — | — | −12% | −20% | −5% | +18% | +11% | +33% | +27% | +41% | +8% | +11% |
| Core profit YoY | — | — | −8% | −8% | −9% | −1% | +8% | +23% | +27% | +60% | −2% | −2% |
| EPS | ₹8.41 | ₹6.08 | ₹7.87 | ₹7.42 | ₹7.95 | ₹7.17 | ₹8.67 | ₹9.79 | ₹10.05 | ₹10.23 | ₹9.33 | ₹10.85 |
| 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 ₹10,198 cr (+7.9% on the year) and net profit of ₹590 cr (+17.8% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −1.1% on the year, against +17.8% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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