Forged in India

Built for the World

Integrated Report 2024 - 25

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The Indian story is one of vibrant diversity, deep-rooted resilience, and boundless ambition. From every corner of this nation emerges a unique spirit of enterprise and innovation. This is a versatile and dynamic business landscape, where bold ideas take shape, evolve, and flourish.

Navigating such a landscape requires more than just experience – it calls for purpose, performance, and perseverance. Jindal Stainless has exemplified all three for over five decades.

What began as a nationalistic endeavour for atmanirbharta in 1970, under the stewardship of Shri O P Jindal, culminated in the production of India’s first indigenously manufactured stainless steel by 1978.

Since then, we have been the diligent catalysts of change, embodying modernity, resilience, and durability in the Indian stainless steel industry.

Today, the name ‘Jindal Stainless’ is inseparable from stainless steel in India. This association has not been built overnight – it is the outcome of decades of consistent quality, innovation, and trust.

A legacy earned through performance, strengthened across generations. While ‘Make in India’ has become a national mission, for us, it is a lived legacy and continues to be our foundation.

In FY25, we once again reaffirmed our leadership – with record sales volumes and strong revenue performance, despite evolving global geopolitical conditions. From the full acquisition of Chromeni Steels in Mundra, Gujarat, to augment the capacity of cold rolled products in the overall product mix, to our strategic joint venture in Indonesia to secure raw material reserves, each step reinforced our supply chain and extended our value footprint across geographies.

Our ambitions go beyond scale – they are anchored in purpose and meaningful action. This balance defines everything we do. From powering India’s growth journey by supplying our wonder metal for Vande Bharat trains, metro coaches, and defence components, to driving responsible manufacturing through investments in renewable energy, bold decarbonisation targets, and community upliftment – we are building a legacy that goes beyond business.

Our first Integrated Report captures the interplay of bold growth and sustainable progress. As we strive for global leadership in stainless solutions, driven by focused business development and R&D, our conviction in sustainable, holistic growth remains unwavering.

In line with this ethos, we have drawn inspiration from Odisha’s traditional Saura art for the design of this report – an homage to the state that houses our largest manufacturing plant and a celebration of the community that anchors our journey.

Forged in the fire of Indian ingenuity, we are built to shape the world.

Jai Hind.

About JSL

A LEGACY SYNONYMOUS WITH STAINLESS STEEL

In 1952, the visionary entrepreneur Shri Om Prakash Jindal founded the O P Jindal Group, envisioning India’s development through world-class business ventures. Today, the group is a global conglomerate, with its divisions scaling diverse industries like steel, power, mining, etc.

Founded in 1970, Jindal Stainless Limited (JSL) embarked on this vision with a sharp focus on innovation and a keen eye on social responsibility. The bifocal approach has strengthened JSL’s stature – a company built on a competent workforce, anchored in value-driven business operations, committed to industry-leading safety and sustainable practices, and guided by a customer- centric approach. JSL is India’s foremost and largest Swadeshi stainless steel manufacturer, seamlessly operating across the value chain – from securing raw materials to delivering high-value finished products.

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FY25 Highlights

A Year Forged
IN PROGRESS

Strong Growth

23,73,070
tonnes
Sales volume
INR 40,182
Cr
Revenue
INR 3,905
Cr
EBITDA
INR 2,711
Cr
PAT
INR 3
Total Dividend (per share)

Workforce Insights

24,000+
employees including on-roll and contractual
2,25,000+
employee hours spent in learning and development programmes

A Greener World

89,095
saplings planted in and around the plant locations
100%
Water Recycling
undertaken at all plants
2,95,210
MWh
Renewable Energy
utilised at the company’s plants
INR 700
Cr
committed to decarbonisation projects across operations
50%
Reduction
in CO2 emissions by 2035
Net Zero
by 2050, aligned with global climate goals

Community Empowerment

14,000
girls and women impacted through skill training, livelihood, and awareness
13,000
people reached through community health initiatives
35,000+
individuals impacted through the Stainless Swachhta Abhiyaan
92,000+
lives touched through CSR initiatives

From Our Leaders

MESSAGE FROM THE
CHAIRPERSON EMERITUS

Dear Shareholders,

At Jindal Stainless, our commitment to the community stems from the vision and values of our revered founder, Shri O P Jindal Ji. A visionary industrialist and compassionate humanitarian, his life was a testament to the belief that true growth is inclusive – where business excellence is rooted in social responsibility. Read More

Smt Savitri Devi Jindal
Chairperson Emeritus

LETTER FROM
THE CHAIRMAN

Dear Shareholders,

Throughout our legacy spanning over 50 years, we have remained rooted in the belief that growth holds meaning only when it contributes to the greater good. Guided by a strong foundation and a quality-first mindset, we are proud to contribute to India’s industrial progress and its aspirations of self-reliance. As I reflect on the year gone by, I am filled with a deep sense of pride in what your company has accomplished in FY25. Read More

Ratan Jindal
Chairman

MESSAGE FROM THE
MANAGING DIRECTOR

Dear Shareholders,

As I reflect on the year gone by, I am filled with immense pride in what we’ve accomplished and a deep appreciation for those who made it possible. This fiscal year has been one of remarkable progress, meaningful impact, and bold steps forward. Every milestone we crossed was driven by the unwavering commitment of our people and the enduring trust of our partners. Read More

Abhyuday Jindal
Managing Director

Key Performance Indicators

GAINING MOMENTUM
THROUGHOUT THE YEARS

REVENUE (INR Cr)

SALES VOLUME (MTPA)

DEBT EQUITY RATIO (%)

DIVIDEND PER SHARE (INR)

EBITDA (INR Cr)

PAT (INR Cr)

RETURN ON EQUITY (%)

Strategy

JSL’S INTEGRATED STRATEGY:
BUILDING A RESILIENT
FUTURE, TOGETHER

In 2025, Jindal Stainless reimagined and strengthened its overall strategy to better align with its long- term vision. The renewed, integrated approach focuses on key areas – strengthening the governance structure; establishing clear roadmaps for decarbonisation, water stewardship, and waste management to advance both business goals and environmental commitments; upholding health, safety, and human rights through a strong human rights framework; and crafting an enhanced communication plan covering the entire value chain, with an emphasis on product stewardship. Fundamentally, sustainability is the essence of how JSL thinks, acts, and grows.

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Our Performance

FINANCIALCAPITAL

Disciplined financial management, strong operational fundamentals, and sustainable investments

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MANUFACTUREDCAPITAL

Operational prowess, sustained capacity, and responsible operations

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IntellectualCAPITAL

Multi-faceted innovations, competitive advantage, targeted research and development, and process efficiency

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HumanCAPITAL

Collective strength, diverse capabilities, holistic well-being, sustained market leadership, and talented workforce

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Social & RelationshipCAPITAL

Trust, empathy, community development, and reliable value chains

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NaturalCAPITAL

Circular economy, environmental responsibilities, embedding sustainability, responsible material sourcing, and minimising emissions

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Corporate Governance

Jindal Stainless’ strong governance structure and mechanisms are the cornerstones of trust and its long-term success. Guided by integrity, transparency, and accountability, the company’s governance practices are designed to uphold stakeholder confidence, manage risk, and align performance with purpose.

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ACCOLADES THAT SHAPE JSL

In FY25, Jindal Stainless’ manufacturing units bagged an array of exemplary honours in varied categories, such as health and safety, sustainability, environment, manufacturing, quality, ESG, and supply chain – a testament to the company’s steadfast dedication to operational excellence and its significant strides in enhancing overall operations.

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