Jindal Stainless’ (JSL) Q1FY24 EBITDA at INR 11.2bn (up 35% YoY) beat our estimate by 9%. Key points: 1) shipments rose 54% YoY to a record level of 548.6kte; 2) EBITDA/te at INR 20,375 was slightly ahead of our estimate; 3) domestic subsidiaries performed well while overseas subsidiaries continued to languish.