16 June 2025

Update | Sector: Metals

Jindal Stainless
BSE SENSEX S&P CNX
81,796 24,947 CMP: INR702 TP:INR810 (+15%) Buy
Expansion underway to cater to robust demand
We initiated coverage on Jindal Stainless (JSL) on 13th May’25 at a price of INR610
Stock Info for a target price of INR770. The stock has gained 20% after our report in one month
Bloomberg JDSL IN and we believe there is further steam left. The company’s expansion projects and
Equity Shares (m) 824 cost-saving initiatives would ensure stable earnings growth ahead. We retain our
M.Cap.(INRb)/(USDb) 578.2 / 6.7 positive stance on the stock with a TP of INR810.
52-Week Range (INR) 848 / 497
1, 6, 12 Rel. Per (%) 6/-8/-20 Strategic expansions to propel growth:
12M Avg Val (INR M) 667
Free float (%) 39.1
 JSL is investing INR57b to expand its upstream capacity, enhance
downstream operations and diversify its product mix via 1.2mtpa steel metal
Financials Snapshot (INR b)
Y/E MARCH 2025 2026E 2027E shop (SMS) JV in Indonesia, which will increase its total capacity by 40% to
Sales 393.1 444.6 510.1 4.2mtpa by FY27E.
EBITDA 46.7 53.4 63.5  JSL is expanding its downstream operation in Jajpur and has acquired JUSL
Adj. PAT 25.1 29.8 36.6
EBITDA (%) 11.9 12.0 12.5
(hot 3.2mtpa and cold 0.2mtpa rolling capacity) to cater to 1.2mtpa
Adj. EPS (INR) 30.5 36.2 44.5 incremental upstream capacity in Indonesia JV.
BV/Sh. (INR) 203 235 276  For product diversification, JSL has acquired Rathi Super Steel (RSSL) and
Ratios
Rabirun Vinimay (RVPL) to cater to infra demand. It has also acquired
Net D:E 0.2 0.2 0.1
RoE (%) 15.1 15.4 16.1 Chromeni Steels (0.6mtpa with plan to expand till 4mtpa) to increase CR
RoCE (%) 12.3 12.7 13.2 share to 75% (vs. 45% currently).
Payout (%) 9.9 9.7 9.0
Valuations
Focus on cost savings via backward integration:
P/E (x) 18.5 19.3 15.7
P/BV (x) 2.8 3.0 2.5  Nickel accounts for ~50% of its input costs, making it a critical raw material
EV/EBITDA(x) 10.7 11.5 9.6 for stainless steel (SS) production. India lacks domestic reserves and mainly
Div. Yield (%) 0.5 0.5 0.6 relies on imports (ferronickel/SS scrap).
Shareholding pattern (%)  JSL has entered into a JV with New Yaking Pte Ltd for a nickel pig iron (NPI)
As On Mar-25 Dec-24 Mar-24
Promoter 60.9 60.7 60.5
smelter in Indonesia (49% stake) to secure long-term supply. This will ensure
DII 6.9 6.3 6.6 annual supply of 0.2mt NPI with 14% nickel content and reduce its exposure
FII 21.4 22.2 20.8 to nickel price fluctuations.
Others 10.8 10.8 12.1
FII Includes depository receipts
Volume growth with enhanced margins to drive earnings
Stock Performance (1-year)  The merger with promoter holding company, strategic JVs, and acquisition of
Jindal Stain. key assets have resulted in increased capacity, enhanced backward
Nifty - Rebased integration, and downstream product diversification/value addition.
1,050
 We believe these measures will help JSL deliver a 10% CAGR in volumes and
900
4% CAGR in NSR over FY25-27, driving a similar 14% CAGR in revenue. With a
750 better cost structure and higher share of value-added products (VAP), we
600 anticipate EBITDA/t of INR20,500 to INR22,000 over FY26-27E.
450  With stable capex intensity and healthy OCF of INR62b during FY26-27E, we
Jun-24

Jun-25
Sep-24

Dec-24

Mar-25

believe JSL’s net debt will remain at a comfortable level and JSL would
comfortably fund the ongoing capex.

Alok Deora – Research analyst (Alok.Deora@motilaloswal.com)

Sonu Upadhyay – Research analyst (Sonu.Upadhyay@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Jindal Stainless

Valuation and view

 The SS industry is poised for strong growth as India’s SS consumption is
expected to reach 7.3mt by FY31 and 12.5-20mt by 2047, backed by rising
adaptability across sectors like infrastructure projects, manufacturing,
automotive, consumer durables, and growing new-age sector. We believe JSL is
well placed to realize this robust demand outlook, with higher VAP supporting
margins.
 From being solely a flat SS producer to a diversified long SS player, JSL has
expanded into rebar, wire rods, and others, unlocking significant infrastructure
opportunities. Additionally, its focus on value-added CR SS has strengthened its
position in both domestic and export markets.
 At CMP, the stock trades at 9.6x EV/EBITDA and 2.5x P/BV on FY27E. We
maintain our BUY rating with a revised TP of INR810 (premised on 11x FY27E
EV/EBITDA).

Exhibit 1: : P/B ratio trades near +1SD Exhibit 2: Even EV/EBITDA slipped close to +1SD
P/B (x) Avg (x) Max (x) EV/EBITDA (x) Avg (x) Max (x)
Min (x) +1SD -1SD Min (x) +1SD -1SD
4.8 16.0 14.8
3.9
3.6 11.3
2.7 12.0 9.6
2.4
2.4 8.0
6.1
1.4
1.2 4.0 2.6
0.3 0.4
0.0 0.0 1.4
Apr-17

Apr-18

Apr-19

May-20

May-21

May-22

Jun-23

Jun-24

Jun-25
Mar-16

Jun-15

Jun-20

Jun-25
Mar-19
Sep-16

Dec-17

Sep-21

Dec-22

Mar-24
Source: MOFSL Source: MOFSL

16 June 2025 2
 Jindal Stainless

Investment Rationale

Strategic expansion to strengthen global leadership

JSL’s three-pronged investment strategy, totaling INR57b, focuses on capacity
expansion, downstream enhancement, and diversification:

The investment (~INR57b) will increase the consol. installed capacity by 40% to
~4.2mtpa by FY27 from ~3mtpa currently. With the completion of ongoing capex,
JSL is set to become one of the top five SS manufacturers globally.

A) Indonesia JV a low-cost investment vs. greenfield expansion

 JSL has entered into a JV to set up and operate a 1.2mtpa SMS in Indonesia,
which is progressing well and expected to be commissioned by mid-FY26. This
will increase JSL’s total melting capacity by 40% to 4.2mtpa. The total capex
outlay is expected to be ~INR14.5b, with JSL’s share at ~INR7.1b, which
translates into ~USD143/t as compared to global average of ~USD220-230/t for
an equivalent greenfield expansion globally.

Exhibit 3: JSL expansion strategy

Acquisition/Expansion Capex Remark
Chromeni Steel Pvt. Ltd (CSPL) INR16.2b (INR0.45b equity + INR12.95b debt) (Acquired 54% stake) 0.6mtpa CR mill
Indonesia JV (49% stake) INR7.1b 1.2mtpa steel melt shop
Downstream HRAP & CRAP expansion - Jajpur INR19.0b Brownfield Expansion
Infra Upgradation and ESG projects INR12.0b -
Speciality Steel INR2.5b ESR Furnace & Forging at Hisar facility
Total Announced Capex INR56.8b
Recent Strategic Acquisition
Rabirun Vinimay Pvt. Ltd (RVPL) INR1b 50ktpa downstream long products
Jindal United Steel Ltd. (JUSL) INR9.6b (for remaining 74% equity stake) 1.6mtpa HSM and 0.2mtpa cold rolled mill
Rathi Super Steel Ltd. (RSSL) INR2b 0.16mtpa long products
Source: Company, MOFSL

B) Downstream acquisition to support incremental melt capacity

 Jajpur capacity: To accommodate the increase in melting capacity, JSL plans to
invest ~INR19b in downstream (CRAP/HRAP) capacity expansion at its existing
capacity in Jajpur. In addition, INR12b will be spent on upgrading infrastructural
facilities, railway siding, and sustainability-related projects like renewable
energy.
 Integrating JUSL operations: JSL acquired 74% of JUSL for a cash consideration
of INR9.6b, making it a 100% owned subsidiary. JUSL operates a 3.2mtpa hot
strip mill and a 0.2mtpa cold rolling mill, expanding JSL’s downstream capacity
and catering to the incremental melting capacity.
 Product diversification strategy via acquisition of RSSL and RVPL: JSL is
predominantly a flat steel manufactured with limited exposure to the infra
sector (~3-5%). However, with the acquisition of RSS and RVPL, the company
aims to increase its operations in the infra space, which contributes ~20% of
India’s total SS demand. RSSL is currently operating at 75% utilization, focusing
on rebar with rolling capacity of 0.16mtpa. The company plans to reach
0.20mtpa in the next two to three years. RVPL has a downstream capacity of
50ktpa for pipes and tubes with an expansion potential of up to 250ktpa.
Currently, the RVPL facility is being used for polished VAPs.

16 June 2025 3
 Jindal Stainless

Exhibit 4: In FY25, JSL spent INR25b out of the INR57b announced capex

Expected capex outlay (INR b)

25 16 16

FY25 FY26E FY27E

Source: Company, MOFSL

C) Focus on increasing cold-rolled products in product portfolio mix

 In Jun’24, JSL acquired a 100% stake in Chromeni Steels (CSPL) at a consideration
of ~INR16b (comprising ~INR12.95b debt and ~INR0.45b equity + existing stake
INR2.78b). The acquisition increased JSL’s total cold-rolling capacity by 0.6mtpa
to ~2.1mtpa, with the potential to further increase it to ~4mtpa.
 As the plant was restarted after four years of closure, management expects a
steady ramp-up, which may lead to operating losses in the near term. Operating
at 55-60% utilization as of Mar’25, management targets to reach 70-75% by
3Q/4QFY26.
 JSL plans to expand CPSL, along with some debottlenecking and readjustment of
its combo line, increasing the share of CR products to 60% (vs. ~48% currently).
It also plans to further increase the share to 75%.
 The company has recently signed a MoU with Maharashtra govt. for a greenfield
project of 4mtpa (each phases of ~1mtpa) to be built over 15 years. Land
acquisition and project detailing are underway. Management hinted that the
Maharashtra expansion can be preferred over CSPL due to better incentives and
proximity to a key market with favorable government support.

16 June 2025 4
 Jindal Stainless

Raw material security and backward integration - mitigating the

effect of nickel price volatility

 Raw materials (incl. coal for CPP) account for ~75% of the total SS production
cost, in which nickel holds 40-45% of share. This makes the industry highly
vulnerable to fluctuations in nickel prices, which can influence operating
margins. India faces a nickel deficit, and given the limited availability of SS scrap
domestically, it makes India heavily reliant on imports (i.e. ferronickel, SS scrap).
 Historically, JSL used to source its key input material through a combination of
domestic and import purchases, where imports used to account for +60%. To
overcome this over-reliance on imports, JSL initiated several strategic sourcing
measures.
 JSL has entered into a JV with New Yaking Pte Ltd to set up and operate an NPI
smelter facility (holds 49% stake) located in Halmahera, Indonesia. The facility
became operational in Aug’24. This should ensure the supply of ~0.2mt of NPI
annually with an average nickel content of 14%, supporting domestic
operations.
 This strategic move will secure overseas nickel reserves for JSL, ensuring long-
term supply while mitigating market volatility caused by nickel price
movements. Once fully ramped up, the project is expected to generate ~INR2-
3b of operating profit, with a projected payback period of ~5-6 years.

Exhibit 5: SS prices linked to nickel trends as it is a key RM Exhibit 6: NSR influenced by fluctuations in nickel prices
SS 304-CRC, Mumbai, (INR/t) LME Nickel (USD/t)
Net Realization (INR/t) LME Nickel (USD/t)
3,40,000 34,000
2,40,000 34,000
2,80,000 28,000
2,10,000 28,000
2,20,000 22,000
1,80,000 22,000
1,60,000 16,000 1,50,000 16,000
1,00,000 10,000 1,20,000 10,000
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
3QFY25
4QFY25

4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
3QFY25
4QFY25

Source: Bloomberg, MOFSL Source: Bloomberg, Company, MOFSL

Exhibit 7: Input material share by volume – KT (FY25) Exhibit 8: Input material share by value – INR m (FY25)

3%
Nickel Nickel
23%
23%
Ferro Chrome Ferro Chrome
42%
Ferro Manganese 4% Ferro Manganese
6% 4%
67% 1% Copper Copper
Steel Scrap 27% Steel Scrap

Source: Industry, MOFSL Source: Industry, MOFSL

16 June 2025 5
 Jindal Stainless

Operational synergies via integration, expansion and VAP

 JSL has streamlined its corporate structure in the past few years through the
merger of its promoter holding company (i.e. Jindal Stainless - Hisar) and the
acquisition of strategic assets. This strategic move has led to a significant
increase in installed capacity, enhanced backward integration, and greater
product diversification across a wide range of downstream VAPs. The merged
entity has emerged as a one-stop SS shop and the largest SS player in India,
which has further strengthened the company’s global positioning, making it one
of the largest SS manufacturers.

Exhibit 9: Significant increase in SMS capacity from 0.8mtpa to 4.2mtpa by FY27

Hisar - JHSL Jajpur - JSL Indonesia (JV) Utilization (%)

106.6 104.7
97.4
87.9 86.5 68.6
80.2 79.1
66.7 72.5 1.2
53.2 58.8
Hisar (JHSL) mergered
with Jindal Stainless
2.2 2.2 2.2 2.2 2.2
1.1 1.1
0.8 0.8 0.8 0.8 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8

FY24
FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY25

FY26E

FY27E
Source: Company, MOFSL

Exhibit 10: JSL holds ~40% share of India’s total SS capacity Exhibit 11: With the ramp-up of newly added capacity, JSL is
(~7mtpa) expected to report strong volume growth

Jindal stainless

19% Rimjhim Stainless

Ltd
40% Shah Alloys
7%
7% Viraj Group
1.7
0.5

0.6

0.8

0.9

0.9

1.0

1.8

2.2

2.4

2.6

2.9
11% Mukand Ltd
16%
FY22
FY16

FY17

FY18

FY19

FY20

FY21

FY23

FY24

FY25

FY26E

FY27E

Others

Source: Industry, MOFSL Source: Company, MOFSL

 After the merger of JHSL with JSL in FY22, the company saw a 6% CAGR in
revenue (INR393b in FY25), primarily driven by a 12% volume CAGR (2.4mt in
FY25), which was partially offset by 5% negative CAGR in NSR over FY22-25. We
expect JSL to post double-digit volume growth in the coming year, driven by its
strategic expansion of upstream and downstream capacities to strengthen its
supply chain and market presence. We expect ~10% volume CAGR, led by the
ramp-up of new facilities, which would translate into 14% revenue CAGR over
FY25-27.
 JSL has formed two JVs in Indonesia to establish an NPI facility and a 1.2mtpa
SMS plant. This move ensures a steady supply of nickel, reducing dependency on

16 June 2025 6
 Jindal Stainless

external sources and mitigating price volatility. Additionally, increased upstream

volumes from Indonesia will support domestic demand in India.
 To complement this expansion, JSL also acquired multiple downstream
companies (CSPL, JSUL, RSSL, and RVPL) in India to efficiently manage
incremental melt capacity. These acquisitions were in line with JSL’s target to
increase its cold-rolled share to 75% vs. 45% previously. JSL is strategically
expanding into VAP downstream products, which will enhance its
product/series-mix (leading to better NSR) and support EBITDA margins.
 We anticipate EBITDA/t to remain strong at around INR20,500-22,000/t during
FY26-27, driven by improved NSR, cost efficiencies, raw material security and
capacity ramp-up.

Exhibit 12: Higher VAP and operational efficiencies to expand JSL margins
EBITDA (INR b) EBITDA (INR/t)

22,063
21,633

20,585
20,325

19,666
18,174

17,207

30,471
10,730

14,083
13,661

12,441

5.7 11.7 13.4 14.2 50.9 35.9 47.0 46.7 53.4 63.5
11.6 11.4

FY23
FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY24

FY25

FY26E

FY27E
Source: Company, MOFSL

Exhibit 13: Capex intensity to remain steady in FY26-27 as Exhibit 14: With rising EBITDA and no major capex, net
large capex already incurred in FY25 debt/EBITDA to remain muted

CFO (INR b) CAPEX (INR b) FCF (INR b) Net Debt/ EBITDA Average
7.0
5.0
5.0
3.7 3.7 3.4 3.4
47 22 28 8 34 14 3.0
2.1
-25 -20 -20 0.7 0.8 0.8 0.9 0.8 0.6
1.0

-1.0
FY27E
FY25

FY26E

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

FY26E

FY27E

Source: Company, MOFSL Source: Company, MOFSL

 The company has deleveraged its balance sheet significantly to INR40b as of

FY25 (net debt/EBITDA 0.9x). Out of the total announced capex (INR57.7b), JSL
has already spent ~40% (i.e. INR25b) for the acquisition and JVs as of FY25. The
company now plans to ramp up its existing facilities before committing to new
capex. As a result, we expect capex intensity to remain steady for the next two
to three years.
 Going forward, we expect the net debt to remain at comfortable levels because
of healthy OCF generation. We expect OCF of INR62b during next two years,
which would comfortably fund the ongoing capex.

16 June 2025 7
 Jindal Stainless

Exhibit 15: Valuation

Year UoM FY27E
Target EV/EBITDA x 11.0
Target EV (INR b) 699
Net debt (INR b) 33
Equity value (INR b) 666
No. of Shares (Nos. b) 0.82
TP 810
Upside % 16%
Source: Company, MOFSL

Exhibit 16: : P/B ratio trades near +1SD Exhibit 17: Even EV/EBITDA slipped close to +1SD
P/B (x) Avg (x) Max (x) EV/EBITDA (x) Avg (x) Max (x)
Min (x) +1SD -1SD Min (x) +1SD -1SD
4.8
16.0 14.8
3.9
3.6 11.3
2.7 12.0 9.6
2.4
2.4 8.0
1.4 6.1
1.2 4.0 2.6
0.3 0.4
0.0 0.0 1.4
Jun-23

Jun-24

Jun-25
Apr-17

Apr-18

Apr-19

May-20

May-21

May-22
Mar-16

Jun-15

Jun-20

Jun-25
Mar-19
Sep-16

Dec-17

Sep-21

Dec-22

Mar-24
Source: MOFSL Source: MOFSL

16 June 2025 8
 Jindal Stainless

Financials and valuations

Income statement (Consol) (INR b)
Y/E March FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E
Net sales 129.5 121.9 327.3 357.0 385.6 393.1 444.6 510.1
Change (%) (4.5) (5.9) 168.6 9.1 8.0 1.9 13.1 14.8
Total Expenses 118.1 107.6 276.4 321.1 338.6 346.5 391.1 446.6
EBITDA 11.4 14.2 50.9 35.9 47.0 46.7 53.4 63.5
% of Net Sales 8.8 11.7 15.6 10.0 12.2 11.9 12.0 12.5
Depn. & Amortization 4.3 4.0 7.6 7.2 8.8 9.6 9.8 10.7
EBIT 7.1 10.2 43.3 28.6 38.3 37.1 43.7 52.8
Net Interest 5.9 4.8 3.4 3.2 5.5 6.1 7.0 7.6
Other income 0.4 0.4 0.7 1.3 1.7 2.9 3.1 3.6
PBT before EO 1.7 5.8 40.6 26.6 34.4 33.9 39.8 48.8
EO income (0.0) (1.0) - - (1.0) 0.1 - -
PBT after EO 1.7 6.8 40.6 26.6 35.4 33.8 39.8 48.8
Tax 0.9 2.7 10.5 6.9 9.0 8.4 9.9 12.2
Rate (%) 53.5 39.5 25.9 25.9 25.4 24.8 25.0 25.0
PAT before MI and Asso. 0.8 4.1 30.1 19.7 26.4 25.4 29.8 36.6
Minority interests 0.0 0.0 0.3 (0.3) (0.2) (0.1) - -
Share of Associates (0.1) 0.1 1.0 1.1 0.5 (0.4) - -
Reported PAT after MI and Asso. 0.7 4.2 30.8 21.1 27.1 25.1 29.8 36.6
Adj. PAT (after MI & Asso) 0.7 3.2 30.8 21.1 26.1 25.1 29.8 36.6
Change (%) (52.8) 373.6 871.8 (31.3) 23.6 (3.9) 18.7 22.7

Balance sheet (Consol)

Y/E March FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E
Share Capital 1.0 1.0 1.1 1.6 1.6 1.6 1.6 1.6
Reserves 26.2 31.1 97.2 117.7 141.9 165.2 192.2 225.5
Net Worth 27.2 32.1 98.2 119.3 143.6 166.9 193.8 227.1
Minority Interest 0.1 0.1 0.7 0.4 0.2 0.2 0.2 0.2
Total Loans 33.6 31.5 39.2 38.7 59.5 63.0 69.9 80.0
Deferred Tax Liability 1.9 4.6 8.9 8.6 12.4 13.0 13.0 13.0
Capital Employed 66.1 71.1 150.8 171.3 219.9 247.1 281.0 324.4
Gross Block 80.9 81.2 112.5 131.9 164.6 183.8 201.8 225.8
Less: Accum. Deprn. 19.1 22.6 32.4 38.6 42.0 51.5 61.3 72.0
Net Fixed Assets 61.8 58.6 80.1 93.3 122.6 132.3 140.5 153.8
Capital WIP 0.2 0.6 11.7 14.1 21.1 33.6 35.6 31.6
Investments 6.6 7.0 14.2 12.7 16.7 27.8 27.8 27.8
Curr. Assets 38.3 41.2 119.9 151.1 147.8 168.0 183.4 223.3
Inventory 27.4 27.9 67.9 83.9 79.3 97.0 101.0 114.8
Account Receivables 7.1 9.3 38.6 36.6 28.4 31.1 34.3 43.8
Cash and Bank Balance 0.7 1.2 2.6 9.3 19.9 22.7 30.8 47.5
Others 3.1 2.8 10.9 21.3 20.3 17.2 17.2 17.2
Curr. Liability & Prov. 40.7 36.2 75.0 99.8 88.2 114.5 106.3 112.1
Account Payables 26.6 26.3 57.4 78.2 69.3 91.4 83.2 88.9
Provisions & Others 14.1 9.9 17.6 21.6 19.0 23.1 23.1 23.1
Net Current Assets (2.5) 5.0 44.9 51.3 59.6 53.5 77.1 111.2
Appl. of Funds 66.1 71.1 150.8 171.3 219.9 247.1 281.0 324.4

16 June 2025 9
 Jindal Stainless

Financials and valuations

Ratios
Y/E March FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E
Basic (INR)
EPS 1.4 6.5 58.6 25.7 31.7 30.5 36.2 44.5
Cash EPS 10.2 16.9 73.6 34.1 43.4 42.0 48.1 57.4
BV/Share 55.8 65.8 186.9 144.9 174.4 202.6 235.3 275.8
DPS - - - 2.5 3.0 3.0 3.5 4.0
Pay-out (%) - - - 9.7 9.1 9.9 9.7 9.0
Valuation (x)
P/E 23.5 6.2 2.7 7.0 21.7 18.5 19.3 15.7
Cash P/E 3.4 3.2 2.2 5.2 16.4 13.3 14.6 12.2
P/BV 0.6 0.8 0.9 1.2 4.1 2.8 3.0 2.5
EV/Sales 0.4 0.5 0.4 0.5 1.6 1.3 1.4 1.2
EV/EBITDA 4.9 4.0 2.4 4.9 13.3 10.7 11.5 9.6
Dividend Yield (%) - - - 1.4 0.4 0.5 0.5 0.6
Return Ratios (%)
EBITDA Margins (%) 8.8 11.7 15.6 10.0 12.2 11.9 12.0 12.5
Net Profit Margins (%) 0.5 2.6 9.4 5.9 6.8 6.4 6.7 7.2
RoE 2.5 9.9 31.3 17.7 18.2 15.1 15.4 16.1
RoCE (pre-tax) 4.9 9.5 22.4 13.4 13.9 12.3 12.7 13.2
RoIC (pre-tax) 8.2 11.9 21.3 13.6 13.7 12.4 12.3 12.3
Working Capital Ratios
Fixed Asset Turnover (x) 2.1 2.1 3.6 3.3 2.7 2.4 2.5 2.8
Asset Turnover (x) 1.2 1.1 1.4 1.3 1.3 1.1 1.1 1.2
Debtor (Days) 22 24 39 40 32 28 32 35
Inventory (Days) 78 89 91 93 90 94 100 100
Creditors(Days) 80 90 55 77 79 85 80 75
Working Capital (Days) 21 23 75 56 43 37 52 60
Leverage Ratio (x)
Current Ratio 0.9 1.1 1.6 1.5 1.7 1.5 1.7 2.0
Interest Cover Ratio 1.2 2.1 12.6 8.8 6.9 6.1 6.2 7.0
Debt/Equity 1.4 0.9 0.4 0.2 0.3 0.2 0.2 0.1

Cash flow (Consol)

Y/E March FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E
EBITDA 11.4 14.2 50.9 35.9 47.0 46.7 53.4 63.5
(Inc)/Dec in Wkg. Cap. (1.7) (2.0) (45.7) (17.5) 13.9 (19.1) (15.5) (17.4)
Tax Paid 0.0 0.1 (8.6) (7.5) (7.4) (6.2) (9.9) (12.2)
Others 2.1 0.8 13.8 20.2 (5.4) 25.8 - -
CF from Op. Activity 11.8 13.1 10.4 31.0 48.2 47.2 27.9 33.9
(Inc)/Dec in FA + CWIP (1.7) (1.6) (9.7) (16.5) (29.4) (24.7) (20.0) (20.0)
(Pur)/sale of Invest. (0.2) (0.1) (0.3) (8.7) (2.4) (6.7) - -
Acquisition in subs. - - - - - - - -
Int. & Dividend Income 0.1 0.2 0.2 0.3 (1.6) (3.0) 3.1 3.6
Others - (0.0) - - - - - -
CF from Inv. Activity (1.9) (1.5) (9.9) (24.8) (33.4) (34.4) (16.9) (16.4)
Equity raised/(repaid) 0.3 0.5 1.1 - - 0.0 - -
Debt raised/(repaid) (5.1) (8.3) 3.3 (0.8) 0.1 (10.2) 7.0 10.1
Dividend (incl. tax) - - - - (2.9) (2.4) (7.0) (7.6)
Interest paid (5.0) (3.4) (3.3) (3.0) (5.3) (5.9) (2.9) (3.3)
Other financing (0.0) (0.0) (0.1) (0.1) (0.2) (0.3) - -
CF from Fin. Activity (9.9) (11.2) 1.0 (3.9) (8.3) (18.8) (2.9) (0.8)
(Inc)/Dec in Cash 0.0 0.4 1.5 2.3 6.5 (6.0) 8.1 16.7
Add: opening Balance 0.4 0.4 0.9 2.4 4.7 12.3 6.3 14.4
Regrouping / transaction Adj. 0.0 0.0 - 0.0 1.1 0.1 - -
Closing cash balance 0.4 0.8 2.4 4.7 12.3 6.3 14.4 31.1
Bank Balance 0.3 0.4 0.2 4.6 7.6 16.4 16.4 16.4
Closing Balance (incl. bank balance) 0.7 1.2 2.6 9.3 19.9 22.7 30.8 47.5

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

16 June 2025 10
 Jindal Stainless

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL < - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock
broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual
Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal
Oswal Financial Services Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have
an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional
Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional
investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who
compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United
States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services
described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and
interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment
or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct
business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL").
Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
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investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).
MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: Yes.
Nature of Financial interest is holding equity shares or derivatives of the subject company
2. Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company(ies) at the end of the month immediately
preceding the date of publication of Research Report.
MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research
Report:No
3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.
MOFSL may have received compensation from the subject company(ies) in the past 12 months.
4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.
MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.
5. Research Analyst has not served as an officer, director or employee of subject company(ies).
6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.
7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.
8. MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)
in the past 12 months.
9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
10. MOFSL has not engaged in market making activity for the subject company.
*

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 Jindal Stainless

*******************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
- received compensation/other benefits from the subject company in the past 12 months
- any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an
inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or
act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
- Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such
information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe
for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients
as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any
other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that
any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable
for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their
directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform
or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct
and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly
accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This
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eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the
Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise
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harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.

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