Investment Case

Built for Scale. Positioned for Value.

As India’s largest and most diversified stainless steel producer, Jindal Stainless is uniquely positioned to capitalise on the nation’s robust, infrastructure-led growth trajectory. The Company’s foundational strength lies in its ability to adapt, innovate continuously, execute with discipline, and grow sustainably. By integrating unmatched operational scale with stringent capital discipline and forward-looking environmental stewardship, the Company consistently delivers superior, long-term value to its stakeholders.

Integrated Scale
Across the Value Chain

Jindal Stainless operates a deeply integrated manufacturing platform spanning melting, hot rolling, annealing and pickling, cold rolling, long products, and specialised downstream solutions. The commissioning of the 1.2 MTPA stainless steel melt shop in Indonesia ahead of schedule increased the Company’s combined global melt capacity to 4.2 MTPA. Simultaneously, ongoing investments in HRAP and cold rolling capacities in India are aligning downstream capabilities with the expanded melting base.

The Company is targeting an increase in CRAP capacity from 2.05 MTPA to 2.67 MTPA by FY28, supporting a richer value-added product mix and its aspiration to achieve sales volumes of 3.5 MTPA by FY29. This combination of scale, processing depth, and multi-location flexibility strengthens Jindal Stainless’ ability to serve diverse domestic and international requirements while capturing greater value across the manufacturing chain.

0 MTPA

Combined global melt capacity

0 MTPA

Targeted CRAP capacity by FY28

0 MTPA

Sales volume aspiration by FY29

Specialised Products for
Critical Applications

Jindal Stainless combines product breadth with specialised manufacturing and R&D capabilities to address applications where material performance, precision, and reliability are critical. Its portfolio spans more than 120 grades across established and advanced stainless steel categories, supported by a dedicated Special Products Division and continuous product customisation.

The Company has successfully developed high-value speciality products for niche markets and continues to introduce grades and variants for nuclear energy, green hydrogen, defence, aerospace, mobility, and infrastructure applications. This ability to move higher up the value chain strengthens customer relationships, supports import substitution, and opens opportunities in technologically demanding sectors.

0+ grades

Across the 200, 300, 400, and duplex series

0 TPA

Special Products Division capacity

Critical-Application Expertise

Defence, aerospace, and nuclear applications

Global Nuclear Credentials

One of only two global suppliers to the ITER Cryostat Project, with proven credentials across major Indian nuclear projects.

Raw Material Security

Jindal Stainless has built a multi-layered sourcing model to strengthen access to critical inputs and improve resilience against raw-material volatility. Its investment in an Indonesian Nickel Pig Iron (NPI) facility provides strategic access to nickel, while the stainless steel melt shop located close to the raw-material source extends this advantage further into the production chain. This overseas platform is complemented by integrated operations in India, inhouse ferro-alloy capacity, and a sourcing strategy increasingly oriented towards domestic and nearby suppliers.

0% Stake

Indonesian NPI smelter securing long-term nickel access

Source-Proximate Capacity

Melt shop located close to the world’s largest nickel-producing region

Integrated Operating Chain

Raw materials, melting, and downstream processing

Capital Strength. Balance Sheet Resilience.

Jindal Stainless combines growing earnings with a progressively stronger balance sheet, providing the financial headroom to pursue its capacity and value-chain expansion plans. In FY26, consolidated EBITDA and PAT increased by 19.2% and 27.4%, respectively, while consolidated net debt declined to INR 3,040 crore.

The Company’s capital allocation framework balances organic and inorganic growth, operationalefficiency investments, controlled leverage, and progressive shareholder returns. With leverage ratios comfortably below its stated threshold and a strong credit profile, Jindal Stainless is well positioned to fund growth while preserving financial resilience.

19.2% EBITDA; 27.4% PAT

Consolidated FY26 growth

0.55x / 0.15x

Net debt-to-EBITDA / net debt-to-equity

INR 0 Per Share

Total dividend declared in FY26

Strong credit profile

AA/Positive long-term and A1+ short-term credit ratings

Diversified Exposure to Growth Sectors

Jindal Stainless serves a broad range of end-use sectors, reducing dependence on any single demand category while positioning the Company to participate in India’s infrastructure, mobility, and industrial growth. Its sales mix spans architecture, building and construction; automobile, railway and transport; process industries; and consumer durables.

Alongside these established demand pools, the Company is expanding its relevance across emerging applications in green hydrogen, hydroelectric power, chemicals and fertilisers, water treatment, nuclear energy, and advanced infrastructure. Its entry into stainless steel fabrication further extends the Company’s role from material supply to integrated, value-added solutions for infrastructure projects.

Broad Sectoral Exposure

Process, infrastructure, mobility, and consumer applications

Sunrise Sector Exposure

Green hydrogen, ethanol, water treatment, and nuclear energy

End-to-End Solutions

Value-added fabrication for bridges and infrastructure projects through the Company’s first stainless steel fabrication facility

Smarter, Cleaner Manufacturing

Jindal Stainless is strengthening its manufacturing platform through digitalisation, data-led planning, circular production, and cleaner energy. Smart manufacturing systems are improving visibility, productivity and operating responsiveness, while the Company’s electric arc furnace route, high scrap usage, renewable-energy investments, and green hydrogen initiatives support its transition towards lowercarbon production.

Smart Factory 0

Digital and data-driven manufacturing at Jajpur

~0% Scrap Utilisation

Circular EAF-based production

0 MW

Solar-wind hybrid project, sup