Jindal Stainless Reports FY26 Results, Recommends Final Dividend of ₹3 Per Share

Jindal Stainless Limited announced its audited financial results for the financial year ended 31 March 2026 following a Board meeting held on 4 May 2026. The company reported standalone revenue from operations of ₹42,680.22 crore for the year, compared to ₹40,181.68 crore in the previous year. On a consolidated basis, revenue from operations stood at ₹42,954.66 crore, up from ₹39,312.21 crore in FY25.

The Board recommended a final dividend of ₹3 per equity share for the financial year ended 31 March 2026, subject to shareholder approval at the upcoming 46th Annual General Meeting. This is in addition to the interim dividend of ₹1 per equity share paid during the year, bringing the total dividend for FY26 to ₹4 per equity share. The final dividend payout is expected to aggregate approximately ₹247.33 crore.

Financial Performance

For the quarter ended 31 March 2026, the standalone profit after tax stood at ₹891.57 crore, while the full-year standalone profit after tax reached ₹2,842.95 crore. On a consolidated basis, profit after tax for the quarter was ₹834.21 crore, with the full-year consolidated profit after tax at ₹3,184.57 crore. The basic earnings per share (EPS) for the year stood at ₹34.51 on a standalone basis and ₹38.76 on a consolidated basis.

Financial Metric Standalone FY26 (₹ crore) Standalone FY25 (₹ crore) Consolidated FY26 (₹ crore) Consolidated FY25 (₹ crore) Revenue from operations 42,680.22 40,181.68 42,954.66 39,312.21 Total income 43,112.15 40,820.86 43,306.14 39,603.06 Total expenses 39,532.47 37,453.23 39,022.46 36,213.34 Profit for the period 2,842.95 2,711.19 3,184.57 2,499.72 Basic EPS (₹) 34.51 32.92 38.76 30.42

Balance Sheet and Cash Flows

The standalone total assets as at 31 March 2026 stood at ₹34,967.19 crore, compared to ₹33,009.67 crore in the previous year. Consolidated total assets increased to ₹40,703.62 crore from ₹36,158.05 crore. Net worth on a standalone basis was ₹18,867.21 crore, while consolidated net worth reached ₹19,791.28 crore.

Cash and cash equivalents at the end of the year stood at ₹219 crore on a standalone basis and ₹415.12 crore on a consolidated basis. The company reported a net decrease in cash and cash equivalents of ₹295.42 crore in standalone operations and ₹222.86 crore in consolidated operations for the year.

Auditor Opinion and Key Developments

Walker Chandiock & Co LLP and Lodha & Co LLP, the joint statutory auditors, issued an unmodified opinion on both the standalone and consolidated audited financial results for the year ended 31 March 2026. The auditors confirmed compliance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards.

During the year, the company completed its committed investment of ₹132 crore in Oyster Green Hybrid One Private Limited for developing a 282 MW hybrid renewable energy project. The company also obtained control over PT Glory Metal Indonesia, which became a subsidiary effective from 1 July 2025. Additionally, the company redeemed 1,875 non-convertible debentures amounting to ₹187.50 crore during the year.

Jindal Stainless Limited's Nomination and Remuneration Committee approved the grant of 3,80,430 stock options to eligible employees under the JSL – Employee Stock Option Scheme 2023 on May 1, 2026. The approval was granted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Grant Details

The total grant of 3,80,430 options comprises two components: 1,90,215 Employee Stock Options (ESOPs) and 1,90,215 Restricted Stock Units (RSUs). Each option is convertible into one equity share of the company with a face value of Rs. 2. The scheme is compliant with SEBI (SBEB) Regulations, 2021.

Pricing Structure

The exercise price for the options follows a two-tier structure. For the ESOPs, the price is set at Rs. 383.70, representing a 50% discount from the closing market price on the National Stock Exchange on April 30, 2026, which was the exchange with higher trading volume. The RSUs are priced at the face value of Rs. 2 per share.

Historical Exercise Data

As of March 31, 2026, the company reported significant activity under the scheme. A total of 8,31,560 options had vested as per the vesting schedule. Of these, 5,15,236 options had been exercised, resulting in 5,15,236 equity shares being issued. The JSL Employee Welfare Trust realized ₹ 7,12,20,579.5 from the vested and exercised options. Additionally, 4,87,180 options had lapsed as of the same date.

Vesting and Exercise Terms

All options upon vesting shall be exercisable during an exercise period of four years. The scheme provides for the manner in which options shall be dealt with, and there is no variation in the terms of the options. The disclosure was made by Navneet Raghuvanshi, Head-Legal, Company Secretary & Compliance Officer of Jindal Stainless Limited.

S. No. Particulars Details 1 Total Options Granted 3,80,430 (1,90,215 ESOPs + 1,90,215 RSUs) 2 ESOP Exercise Price Rs. 383.70 (50% discount from April 30, 2026 closing price) 3 RSU Exercise Price Rs. 2 (face value) 4 Options Vested (as of March 31, 2026) 8,31,560 5 Options Exercised (as of March 31, 2026) 5,15,236 6 Options Lapsed (as of March 31, 2026) 4,87,180 7 Amount Realized by Trust ₹ 7,12,20,579.5

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