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About the stock: Jindal Stainless (JSL), founded in 1970, is India's leading stainless-steel company and top five stainless steel makers globally (Ex China). Operates integrated stainless-steel plant capacity of ~4.2 million tons per annum (India- 3 MTPA & Indonesia- 1.2 MTPA). Q4FY26 Results: JSL reported a steady performance in Q4FY26. Consolidated topline stood at 11,337 crore (up 11% YoY) with stainless steel sales volume stood at 6.42 lakh tons, flat YoY. Reported EBITDA was at 1,455 crore with EBITDA margins at 12.8% (down 55 bps QoQ). EBITDA/tonne stood at 22,670 vs 21,665...
Jindal Stainless (JDSL) reported strong operating performance in Q4FY26 despite flattish volumes of 642kt, impacted by propane/LPG shortage since mid-March. Domestic volumes saw marginal growth supported by steady demand across autos, pipes & tubes, railways and infrastructure. Export volumes declined 12.6% YoY to ~45kt, impacted by global trade disruptions and tariff uncertainties, though improving gradually due to focus on other growing regions. Average NSR increased 3.1% QoQ, led by higher SS prices during the quarter. On the cost front, lower raw material costs supported margins, partially offset by higher other expenses. Cons. EBITDA/t stood at...
FY26 revenue Mix: ~69% from exports, ~31% from domestic markets Consolidated revenue of the company has grown by ~25% CAGR in the last 5 years during the period FY21-26 while EBITDA and PAT have grown by ~35% CAGR and ~56% CAGR respectively over the same period. Q4FY26 performance: Aeroflex Industries Limited delivered record Q4FY26 and FY26 performance, with Q4FY26 revenue rising 37% YoY to 125.8 crore, EBITDA increasing 59% YoY to 30.0 crore (margin 23.86%, +326 bps YoY) and PAT growing 57% YoY to 17.6 crore. For FY26, revenue stood at 442 crore (+17.5% YoY), EBITDA...
JSL's Q4FY26 performance was broadly in line with our expectations. Revenue increased by 24% QoQ to Rs162bn, driven by 15% increase in sales volume due to new capacity ramp-up. This was further aided by an 8% increase in NSR on account of higher steel prices. EBITDA margins expanded by 558bps QoQ to 18.1%. Consequently, EBITDA rose by 80% QoQ to Rs29bn, aided by absence of plant startup costs and improved operational efficiencies. EBITDA/tonne increased by 57% QoQ to Rs11,218, driven by higher NSR despite a $20/t increase in coking coal costs and lower contribution from VASP. Net debt increased by Rs6bn to Rs160bn. Management aims to achieve sales volume of 10.5-11.0 mnT in FY27. We value the...
APL's Q4FY26 performance was in-line with our expectations. Revenue grew 14% YoY to Rs63bn, driven by 9% YoY volume growth led by general structure and galvanized segment, despite a challenging macro environment. NSR grew 5% YoY due to rise in steel prices. APL posted highest ever EBITDA, rising 24% YoY to Rs5.1bn, while EBITDA/t increased by 14% YoY to Rs5,525, supported by EBITDA/t improvements across segments general structure (+18% YoY), rust proof (+27% YoY), and coated (+28% YoY). APL was able to reduce inventory by Rs2,500 mn by improved production planning and better credit terms, leading to cash...
Apr'26 volumes were soft, inventory drawdown underway Strong e-auction premiums and declining power plant stocks signal firm demand and tightening supply Apr'-26 volumes were soft (production -10% YoY, offtake -2% YoY), due to inventory reduction (~130mt as on Mar-26 vs. ~107mt YoY), supporting working capital and cash flows. E-auction premiums remained strong at ~51% over notified prices (vs. ~45% in Mar'26 and ~35% in Feb'26), reflecting firm spot demand and supported by higher import parity (Apr'26 Indonesian coal 6332kcal at ~US$103/t, +2% MoM). Downstream...
Expansion led volume growth to propel earnings About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Operations also include iron ore making capacity of ~15 MTPA and ~13.75 MTPA of finished steel capacity. Q4FY26 Results: JSL reported a healthy performance in Q4'26. Consolidated topline stood at 16,218 crore (up 23% YoY) with steel sales volume of 2.6 MT (up 23% YoY). Reported EBITDA at 2,939 crore with margins at ~18% (up 558 bps QoQ). Adjusted EBITDA/tonne stood at 11,695 vs 8,701 in Q3'26. PAT for the...
Jindal Steel’s(JINDALST) revenue stood at INR162b (+23% YoY and +25% QoQ), against our estimate of INR145b during 4QFY26. The growth was primarily attributed to strong volume and realization during the quarter.
JINDALST reported strong Q4 performance. Adjusted EBITDA at Rs26.5bn beat estimates, driven by higher FX gains and NSR improvement, partly offset by start-up costs and higher coking coal costs.
National Aluminium Company’s (NALCO) Q4FY26 EBITDA of INR 23.4bn was 4% below our estimate, as lower alumina volumes and realisations offset higher LME aluminium gains.
NALCO’s (NACL) revenue stood in line at INR50.1b (-5% YoY and +6% QoQ), mainly driven by favorable aluminum prices. Consol EBITDA stood at INR23.5b (-15% YoY and +8% QoQ), against our est. of INR26.4b, during the quarter.
NACL reported a weak Q4 with EBITDA at Rs23.5bn (+7.8% QoQ), 14.7% below consensus; aluminium performance improved on higher prices, while alumina EBITDA declined due to lower alumina sales during the quarter.
Shyam Metalics & Energy Ltd (SMEL), is primarily focused on long steel products and ferro alloys, operating across the full steel value chain with a diversified portfolio from iron pellets to TMT bars, wire rods, structural products, and stainless steel. Its recent foray into aluminium...
Financials restated, EBITDA slightly better than estimates: Revenue grew +6% YoY to INR464bn in Q4FY26, driven by 29% YoY increase in coal-related levies following Operationally, offtake volumes stood at 199mt (-1% YoY) and blended ASP softened ~1% YoY to INR1,598/t, impacted by weaker realizations in both FSA and e-auction segments. Notably, e-auction volumes increased to 14% of total offtake (vs. 11% YoY), although realizations declined 7% YoY to INR2,203/t. Despite modest volume and pricing pressure, EBITDA (ex-OBR) grew 8% YoY to INR123bn, outperforming estimates by 4 improving 60bps YoY to 26.5%. PAT increased 12% YoY to INR109bn, aided by stronger...
Operation spanning 85 mining areas across eight states, currently owing 310 mines including 129 underground, 168 opencast and 13 mixed mines. Q4FY26 Results: CIL reported steady performance in Q4FY26. Revenues for the quarter stood at 46,490 crore (up 6% YoY) with coal sales volume of 199 million tonne (MT) (down 1% YoY). Reported EBITDA in Q4'26 stood at 12,673 crore with margins at 27.3%, up ~12 bps YoY. EBITDA/tonne for Q4FY26 came in at 636 vs. 593 in Q4FY25. PAT for Q4'26 stood at 10,908 crore. It declared a final dividend...
