[SMM Stainless Steel Market Flash] Jindal Stainless Q1 FY27: Sales Volume Falls 7.3% on India Industrial Gas Shortage

Published: Aug 14, 2026 14:52

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On its Q1 FY27 (Apr-Jun 2026) earnings call held August 4, India's Jindal Stainless (JSL) said consolidated revenue, EBITDA and PAT rose 10.5%, 1.4% and 7.7% YoY, but finished goods sales volume fell 7.3% YoY. Management attributed this to a severe industrial gas shortage in the first weeks of April 2026 — propane and LPG restrictions forced open-market buying at up to 3x pre-conflict prices — plus Middle East logistics disruption. Capacity utilisation ended Q1 at 69-70%, with grade mix at 35% 200-series, 47% 300-series and 18% 400-series. Management said production is now back to pre-conflict levels, aided by switching the Jajpur plant to piped natural gas, and kept H1 guidance of INR18,000-20,000/t EBITDA unchanged. SMM notes demand was described as never a constraint.

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