Financial CAPITAL
Disciplined financial management, strong operational fundamentals, and sustainable investments
Interplay of Capitals
Policies
SDGs
Jindal Stainless’ financial strategy is a result- oriented blend of disciplined financial management, strong operational fundamentals, and unwavering commitment to sustainable investments, which reinforces long-term value creation while considering macroeconomic headwinds and tailwinds. In FY25, the company continued to uphold its financial capital by calibrating capital deployment, maintaining a disciplined balance sheet, and allocating resources toward high-impact investments. The year in focus saw the company continually strengthen its operational performance to safeguard and maximise stakeholder value.
During FY25, JSL achieved a commendably strong performance, characterised by impressive profitability, enhanced efficiency, and judicious capital allocation. The company’s standalone revenue reached a notable INR 40,182 crore, alongside a Profit After Tax (PAT) of INR 2,711 crore, and an EBITDA of INR 3,905 crore. JSL’s balance sheet continues to reflect remarkable stability and inherent strength, underscored by a healthy Standalone Net debt to EBITDA ratio of 0.6x, which demonstrates its capacity for growth whilst maintaining stringent financial discipline.
The company conscientiously directs capital towards initiatives that promise long-term value creation. It has invested in critical areas, including the development of renewable energy infrastructure and advanced scrap recovery systems, as well as the integration of green hydrogen technologies and extensive digital transformation efforts across its operations. Alongside capacity expansion and product diversification, JSL continues to strengthen cost competitiveness through operational efficiency and process optimisation. This ensures the company’s agility in responding to market fluctuations, raw material price volatility, and evolving global trade dynamics.
The company’s financial strategy embraces not merely growth, but responsible growth. It aligns its investments with its ESG priorities and long-term vision, ensuring capital deployment generates the greatest shared value for its shareholders, customers, employees, and society at large. By integrating financial prudence with sustainability ambition, JSL is reinforcing its ability to thrive in a competitive landscape while making a meaningful contribution to a low-carbon, inclusive future.
| Key Operational Metrics (INR Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Sales Volume Standalone (MTPA) | 2.373 | 2.175 | ▲ 9% |
| Standalone Revenue | INR 40,182 | INR 38,356 | ▲ 5% |
| Standalone EBITDA | INR 3,905 | INR 4,036 | ▼ 3% |
| Standalone PAT | INR 2,711 | INR 2,531 | ▲ 7% |
| Consolidated Revenue | INR 39,312 | INR 38,562 | ▲ 2% |
| Consolidated EBITDA | INR 4,667 | INR 4,704 | ▼ 1% |
| Consolidated PAT | INR 2,500 | INR 2,693 | ▼ 7% |
Regulatory Compliance
Environmental Compliance
For Jindal Stainless, environmental compliance is not merely a regulatory obligation, but a foundational pillar of its commitment to responsible stewardship of natural capital. The company’s approach transcends basic adherence to legislation by proactively embedding rigorous environmental standards across all its operations, ensuring that its activities not only meet but often exceed statutory requirements. This dedication underpins JSL’s legitimacy to operate and strengthens its long- term resilience.
Further, the company consistently focuses on continuous improvement, transparency, and innovation to drive sustainable growth while safeguarding the ecosystems upon which its operations, and indeed the wider community, depend. Jindal Stainless’ steadfast pursuit of stringent environmental performance reflects its unwavering commitment to preserving biodiversity and fostering a healthier planet for future generations.
The company recognises that compliance with government regulations is critical to mitigating reputational risks and avoiding operational disruptions. Accordingly, the company aligns its practices with key national and international frameworks, including the Business Responsibility and Sustainability Report (BRSR), Perform, Achieve and Trade (PAT) Cycle, and the Carbon Border Adjustment Mechanism (CBAM). The company also ensures full compliance with the requirements of the Central Pollution Control Board (CPCB) and respective State Pollution Control Boards (SPCBs).
To strengthen its compliance infrastructure, the company has implemented a centralised E-compliance tool. This system tracks updates to statutory and legal provisions and automatically notifies relevant stakeholders – including process owners, approvers, functional heads, and senior management – ensuring timely action and enterprise- wide accountability.
Policy Advocacy on Climate Action
JSL ensures that all climate-related lobbying activities across its global operations are aligned with the goal of limiting global temperature rise to 1.5°C above pre-industrial levels, in accordance with the Paris Agreement. This reflects the company’s commitment to responsible advocacy and climate leadership.
Zero fines or non-monetary sanctions related to non-compliance with environmental or labour laws and regulations. This reflects JSL’s strong commitment to regulatory adherence and responsible business conduct.
Tax Strategy and Compliance
The company upholds accurate, timely, and transparent tax management by aligning its tax policies with applicable regulatory frameworks and the ethical standards that guide its business conduct. JSL has a policy on Tax Strategy. This alignment ensures consistency between the company’s tax strategy and corporate values, reinforcing its commitment to responsible governance. Through these practices, JSL strengthens financial integrity and fosters trust among stakeholders.
Economic Performance
In FY25, JSL continued to deliver strong financial performance, driven by strategic investments in operational efficiency, digitalisation, and market responsiveness. The company’s ability to scale production and optimise processes enables it to navigate market volatility while maintaining profitability and stakeholder value. JSL reported a revenue standalone of INR 40,182 crore, reflecting consistent year-on-year growth. While EBITDA stood at INR 3,905 crore, and Profit Before Tax (PBT) reached INR 3,519 crore. After accounting for taxes, the company achieved a Profit After Tax (PAT) of INR 2,711 crore. These results underscore the effectiveness of JSL’s financial strategy and disciplined execution.
Further, the company’s Debt-to-EBITDA ratio improved to 1.11, indicating a healthy balance sheet and strong cash flow management. The company also maintained full compliance with all applicable laws and regulations, with zero instances of corruption, bribery, discrimination, conflicts of interest, money laundering, or insider trading reported during the year.
In line with JSL’s commitment to transparency and responsible governance, the company accrued INR 789 crore in income tax and paid INR 767 crore during the year. The company’s tax practices continue to align with regulatory requirements and ethical standards, reinforcing financial integrity and stakeholder trust.
| Primary Activities | Year | Number of Employees | Profit Before Tax (Earnings Before Tax) INR Cr | Profit After Tax (PAT) INR Cr | Income Tax Paid (INR Cr) | Earnings Before Tax (PBT) INR Cr | Reported Tax (INR Cr) |
|---|---|---|---|---|---|---|---|
| Manufacturing of Stainless Steel (metal and metal products) | FY25 | Total Employees: 5,898 Total Workers: 13,529 |
3,519.18 | 2,711.19 | 525.6 | 3,519.18 | 807.89 |
| FY24 | Total Employees: 5,737 Total Workers: 10,721 |
3,327.75 | 2,530.69 | 712.6 | 3,327.75 | 797.06 |
Stable
Stakeholder
Return
and Credit Strength
In FY25, the Board recommended a final dividend of INR 2 per equity share. Adding the interim dividend of INR 1 per share in January 2025, the total dividend payout will stand at INR 3 per equity share. Whereas the credit rating for long-term borrowing is AA/stable, and for short-term borrowing is A1+.
Geared for More: Backed by Financial Discipline
Despite global headwinds, Jindal Stainless delivered a robust financial performance and continues to serve customers across the globe through value-added offerings. The company remains well-positioned to capitalise on emerging opportunities across domestic and international markets. For FY26, the company has earmarked around INR 2,700 crore for capital expenditure, expects a 25% jump in exports, and targets 9-10% sales volumes.
All in all, Jindal Stainless’ financial capital will continue to serve as a foundation and catalyst for sustainable growth as the company advances toward its goal of becoming a global stainless steel leader.
