Jindal Stainless Limited (JSL) is targeting sales volumes of 3.5 million tonnes per annum (MTPA) by FY29, up from 2.57 MTPA in FY26, as the stainless steel maker expands capacity and moves ahead with a Rs 2,600 crore capital expenditure programme in the current financial year, according to the company's Integrated Annual Report for FY2025-26. The planned increase in sales volumes is expected to drive strong double-digit compounded growth over the next few years, the company said in the report.

Jindal Stainless Managing Director Abhyuday Jindal said the company enters FY27 with the balance sheet strength to fund its expansion programme. "With net debt at INR 3,040 crore, net debt-to-equity at 0.15x, and net debt-to-EBITDA at 0.55x, we enter FY27 with the balance sheet strength to fund our INR 2,600 crore capex programme while continuing to uphold the shareholder interest," Jindal said in his message in the annual report.

Expansion and Capex Details

The company's expansion programme is aimed at increasing downstream capacity and raising the share of higher-value products in its portfolio. JSL is commissioning a 1.1 MTPA Hot Rolled Annealed and Pickled (HRAP) line at Jajpur, Odisha, by the fourth quarter of FY27 and a 0.17 MTPA Cold Rolled Annealed and Pickled (CRAP) line by the second quarter of FY27. These projects are part of a previously announced investment of Rs 1,900 crore.

The company has also committed another Rs 900 crore towards strengthening cold-rolling operations at Hisar and Kharagpur, with commissioning planned by the second quarter of FY28. Together, the downstream expansions are expected to increase JSL's CRAP capacity to 2.67 MTPA by FY28 from 2.05 MTPA in FY26.

"We are deepening this value creation downstream too. Our INR 900 crore investment across Hisar and Kharagpur, along with new hot rolled annealing, pickling, and cold rolling facilities at Jajpur, will lift cold rolling capacity from 2.05 MTPA to 2.67 MTPA by FY28," Jindal said. He added that the expansion would support a higher-value product mix catering to automotive, appliances, food processing and industrial applications.

FY26 Performance and Global Capacity

The company's global melting capacity has already increased to 4.2 MTPA following the commissioning of its 1.2 MTPA stainless steel melt shop joint venture in Indonesia ahead of schedule in the fourth quarter of FY26.

JSL reported finished goods sales volumes of about 2.57 MTPA in FY26, up 8.1 per cent year-on-year. Consolidated revenue rose 9.3 per cent to Rs 42,955 crore, while EBITDA increased 19.2 per cent to Rs 5,560 crore. Profit after tax rose 27.4 per cent to Rs 3,185 crore during the year.

"FY26 proved our platform can deliver growth even when the external environment does not cooperate," Jindal said, pointing to trade disruptions, geopolitical volatility and pressure from low-cost imports during the year.

The company said its expanded melting and downstream capacities, along with a greater focus on value-added products, will support its 3.5 MTPA sales-volume aspiration by FY29. (ANI)