JSL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| HDFCBANKHDFC Bank Ltd. | UNSTATED | 38,660 | 28,995–38,660 | 90.0% | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| SBINState Bank of India | UNSTATED | 14,582 | 10,937–14,582 | 34.0% | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| ICICIBANKICICI Bank Ltd. | UNSTATED | 13,413 | 10,060–13,413 | 31.2% | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | 11,843 | 8,883–11,843 | 27.6% | — | 2026-10 | EST | 65% |
| “(ii) purchase of pipes from JSL;” AR DOC | ||||||||
| UNIONBANKUnion Bank of India | UNSTATED | 9,190 | 6,893–9,190 | 21.4% | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | 8,704 | 6,528–8,704 | 20.3% | — | FY25 | EST | 75% |
| “It also secured a repeat order from Hindustan Aeronautics Limited – Aerospace Division for PSLV motor casings, following its earlier supply for small satellite…” AR DOC | ||||||||
| AXISBANKAxis Bank Ltd. | UNSTATED | 4,822 | 3,617–4,822 | 11.2% | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| BELBharat Electronics Ltd. | UNSTATED | 1,508 | 1,131–1,508 | 3.5% | — | FY25 | EST | 75% |
| “JDA also secured its first commercial contract from KS Engineering, where its material will be used by Bharat Electronics Limited in sensor plate applications.” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Supported Mumbai Metro Phase 2 with Sustainable Stainless Steel Solutions Supplied 301LN stainless steel for 576 metro coaches across Mumbai Metro Lines 2A and…” AR DOC | ||||||||
| Central Board of Direct Taxes | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr Mankotia joined the Indian Revenue Service in 1982 and served in a wide range of roles in the Income Tax Department, spanning assessments, appeals, administ…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He also served as Assistant General Manager in the Department of Banking Supervision at the Reserve Bank of India;” AR DOC | ||||||||
| IFCIIFCI Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served on the boards of MPCON Limited, IFCI Infrastructure Development Limited, and NICDC Haryana Global City Project Limited.” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES All related party transactions that were entered and executed during the year under review were at arms’ length …” AR · +1 DOC | ||||||||
| LTLarsen & Toubro Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “JDA supplied High Nitrogen Steel (HNS) plates for the launcher system of the indigenous Anti-Tank Guided Missile (ATGM) and secured additional orders from Lars…” AR DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Recent tariff and quota measures in key export markets, including the United States and the European Union, have led to a realignment of trade flows.” AR DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “In addition, JSL supplied austenitic stainless steel and low-alloy steel to the Indian Space Research Organisation (ISRO) for satellite launch vehicle appliati…” AR DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “This vision has translated into tangible outcomes – from supplying cutting-edge stainless steel for the Vande Bharat sleeper train, hailed as a new era of inno…” AR DOC | ||||||||
| Africa’s | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Swadeshi in Spirit, Global in Outlook: From Gujarat to Mozambique Under the Ministry of Ports, Shipping and Waterways’ support, Jindal Stainless exported 100 ‘…” AR DOC | ||||||||
| BrahMos Aerospace | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Stainless Accreditation: JSL Is Now a Qualified Vendor for BrahMos Aerospace Jindal Stainless has announced its place in the Indian defence supply chain, surpa…” AR DOC | ||||||||
| BrahMos Aerospace | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “The company is now qualified to manufacture and supply customised stainless steel and speciality low- alloy steel sheets and plates for BrahMos Aerospace Pvt L…” AR DOC | ||||||||
| JBMAJBM Auto Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “It supplied stainless steel for India’s first underwater metro line in Kolkata and partnered with JBM Auto to support the production of over 500 lightweight el…” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “The material was supplied to the Defence Research and Development Organisation (DRDO), which recently conducted a successful test of the system off the coast o…” AR DOC | ||||||||
| ENGINERSINEngineers India Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Sector has been completed successfully: − EIL Plant Approval (Engineers India Limited) − Nor sok cer tification (Nor sk Sokkels Konkurranseposisjon) − VDTÜV ce…” AR DOC | ||||||||
| ADNOC | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Sector has been completed successfully: − EIL Plant Approval (Engineers India Limited) − Nor sok cer tification (Nor sk Sokkels Konkurranseposisjon) − VDTÜV ce…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract …” AR · +1 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “GRI 418: Customer Privacy 2016 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data BRSR Report 187Jindal Stainle…” AR · +1 DOC | ||||||||
| RBLBANKRBL Bank Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| YESBANKYes Bank Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Jindal Stainless won two awards at the India Corporate Governance & Sustainability Vision Summit & Awards 2025, hosted by ICC, achieving 1st rank in the ‘Corpo…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Registered Office: By order of the Board O.P. Jindal Marg For Jindal Stainless Limited Hisar – 125005, Haryana” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “c. A brief on types of customers JSL classifies its customers based on industry, geography, and customer type and ranks among the top five stainless steel prod…” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 65% |
| “The Company buys pipes from JSL for various ongoing capital expenditure projects.” AR DOC | ||||||||
| TCSTata Consultancy Services Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 65% |
| “Provide details related to waste management by the entity, in the following format: a. Total Waste generated Parameter FY 2026 (Current Financial Year) FY 2025…” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “JSL also advanced its research and product development capabilities by successfully commercialising India’s first 9Cr1Mo plate for steam generator applications…” AR DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “Exports also registered a strong growth of 20% on quarter-on-quarter and 36% on year-on-year terms, accounting for 11% of total volumes in Q2 FY27.” CONCALL p.5 · 31-OCT-26 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 60% |
| “JSL is a leading global manufacturer and supplier of Iron & Steel pipes, fittings, and accessories with manufacturing facilities in India, USA, Europe and UAE.” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Since April 2026 following the suspension of the quality control order, imports of substandard products, particularly from China and of Chinese origin, have in…” CONCALL p.5 · 31-OCT-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| GLENMARKGlenmark Pharmaceuticals Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Anurag’s career spans both multinationals and high-growth Indian enterprises, having held senior leadership roles at Schneider Electric, Cairn plc, HCL Tech, S…” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Additionally, the concerning surge in subsidised and substandard imports from China or Chinese material routed through ASEAN countries like Vietnam, exploiting…” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “This was due to the influx of substandard stainless steel imports from China and those rerouted through ASEAN countries, including Vietnam.” AR · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: FY 2025 (Current Financial Year) FY 2024 (Previous Financial Year) Direc…” AR · +1 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “• Power procurement from the 100 MW Captive Solar Project at Solapur, Maharashtra, commenced on March 23, 2025.” AR DOC | ||||||||
| PETRONETPetronet LNG Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “She has served as Independent Director in Sona BLW Precision Forgings Ltd. ll August 2019 and Jindal Stainless ll July 2023.” AR · +1 DOC | ||||||||
| CONCORDBIOConcord Biotech Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He has served as an Independent Director on the Board of Concord Biotech Limited since June 2022, and previously served in the same capacity at Jindal Stainles…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “204 Integrated Report 2025–26 Stakeholder group from whom complaint is received Grievance Redressal Mechanism in Place (Yes/No) (If Yes, then provide web-link …” AR DOC | ||||||||
| Indian Defence. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Stainless Accreditation: JSL Is Now a Qualified Vendor for BrahMos Aerospace Jindal Stainless has announced its place in the Indian defence supply chain, surpa…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “GHG Inventorisation and Intensity: JSL (Standalone)- Jajpur, Hisar, Sukinda, Corporate Office Continuous Emission Monitoring Systems (CEMS) Maintaining air qua…” AR DOC | ||||||||
| BrahMos Aerospace | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Moreover JSL has been accredited by BrahMos Aerospace as a qualified vendor for supplying customised stainless steel and speciality low-alloy steel sheets and …” AR DOC | ||||||||
| HEGAMHEG Advanced Materials Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Notable clients include Jindal Steel and Power Limited (JSPL), Steel Authority of India Limited (SAIL), ArcelorMittal, Qatar Steel, Emirates Steel, Tata Steel,…” AR p.56 · 31-MAR-26 · +1 DOC | ||||||||
| JSWINFRAJSW Infrastructure Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 65% |
| “Background and Justification of the transaction: JSW Jaigarh Port Limited (“JPL”) operates an all-weather, deep-draft port at Jaigarh, Ratnagiri, with an exist…” AR DOC | ||||||||
| JSWINFRAJSW Infrastructure Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “In order to cater to the cargo handling requirement of JSL’s Dolvi ISP, JDPPL and JSL had entered into long term cargo handling agreement effective from 1st Ju…” AR DOC | ||||||||
| IEXIndian Energy Exchange Ltd. | UNSTATED | — | — | — | COGS | FY24 | EST | 65% |
| “For FY 2024-25, the following specific initiatives have been accomplished at the Hisar Unit: • RE Power Purchase from IEX • Solar Rooftop RE Power Generation •…” AR DOC | ||||||||
| SHYAMMETLShyam Metalics and Energy Ltd. | UNSTATED | — | — | — | — | 2026-01 | EST | 65% |
| “He has previously served as Whole-Time Director at Jindal Stainless Limited and CEO of Viraj Profiles Limited.” CONCALL DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “JSL is one of the largest customers of the Company.” AR DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 60% |
| “In addition, JSL operates a hot induction bend manufacturing facility and two major concrete weight coating (“CWC”) plants, enabling it to offer a comprehensiv…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 08-NOV-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.210 | 14-NOV-26 | GAIL (India) Ltd. share 12% · Axis Bank Ltd. share 5% · HDFC Bank Ltd. share 38% · ICICI Bank Ltd. share 13% · Bharat Electronics Ltd. share 1% · State Bank of India share 14% |
| CUST MOM 1M | +10.5% | 14-NOV-26 | from 15-OCT-26 · GAIL (India) Ltd. +11.0% w 0 · Bank of India +18.2% w 0 · IFCI Ltd. -8.9% w 0 · Tata Consultancy Services Ltd. +2.4% w 0 · Larsen & Toubro Ltd. +14.1% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 |
| DISTRESS SCORE | 0.200 | 12-OCT-26 | roe 0.16 · operatingMargin 0.13 · debtToEquity 0.38 · interestCoverage 8.47 · assetTurnover 1.06 · leverage 2.04 |
| SUPP MOM 1M | +12.3% | 14-NOV-26 | from 15-OCT-26 · GAIL (India) Ltd. +11.0% w 0 · JSW Infrastructure Ltd. +1.4% w 0 · Glenmark Pharmaceuticals Ltd. +17.3% w 0 · Indian Energy Exchange Ltd. +8.2% w 0 · Shyam Metalics and Energy Ltd. +13.6% w 0 · HEG Advanced Materials Ltd. +22.4% w 0 |