Stock JSL JINDAL STAINLESS LIMITED
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Financials Jindal Stainless Limited

Equities

JSL

INE220G01021

Iron & Steel

Market Closed - NSE India S.E.
Other stock markets
 07:43:52 2024-05-31 am EDT 		5-day change 1st Jan Change
793.5 INR +12.13% Intraday chart for Jindal Stainless Limited +12.51% +38.70%
May. 21 Sanjay Mishra Joins Jindal Stainless as the New Chief Digital and Information Officer CI
May. 16 Transcript : Jindal Stainless Limited, Q4 2024 Earnings Call, May 16, 2024

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,456 11,742 32,937 106,439 238,631 653,395 - -
Enterprise Value (EV) 1 19,456 44,953 32,937 136,160 268,905 571,834 710,411 690,325
P/E ratio 13.7 x 16.3 x 7.97 x 5.57 x 11.3 x 21.1 x 17.3 x 14 x
Yield - - - - 0.86% 0.38% 0.37% 0.41%
Capitalization / Revenue 0.14 x 0.09 x 0.27 x 0.5 x 0.67 x 1.48 x 1.36 x 1.2 x
EV / Revenue 0.14 x 0.35 x 0.27 x 0.64 x 0.75 x 1.48 x 1.48 x 1.26 x
EV / EBITDA 1.67 x 3.95 x 2.31 x 4.56 x 7.5 x 12.2 x 11.3 x 9.45 x
EV / FCF 1.6 x 4.57 x 2.89 x 42.8 x 18.7 x -67.9 x -68.9 x 18.4 x
FCF Yield 62.3% 21.9% 34.6% 2.34% 5.35% -1.47% -1.45% 5.42%
Price to Book 0.75 x 0.43 x 1.03 x 2.05 x 2 x 4.51 x 3.65 x 2.93 x
Nbr of stocks (in thousands) 479,222 487,235 487,235 525,495 823,435 823,435 - -
Reference price 2 40.60 24.10 67.60 202.6 289.8 793.5 793.5 793.5
Announcement Date 5/20/19 6/6/20 5/14/21 5/2/22 5/17/23 5/15/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 135,573 129,509 121,885 212,234 356,970 385,625 480,893 545,945
EBITDA 1 11,646 11,395 14,242 29,871 35,861 47,043 62,649 73,074
EBIT 1 8,131 7,143 8,194 26,718 29,724 38,255 52,968 62,700
Operating Margin 6% 5.52% 6.72% 12.59% 8.33% 9.92% 11.01% 11.48%
Earnings before Tax (EBT) 1 2,217 1,653 6,897 24,421 27,740 35,925 49,915 61,403
Net income 1 1,424 713.2 4,192 18,813 21,145 27,132 37,704 46,614
Net margin 1.05% 0.55% 3.44% 8.86% 5.92% 7.04% 7.84% 8.54%
EPS 2 2.970 1.480 8.480 36.39 25.68 32.94 45.84 56.56
Free Cash Flow 1 12,126 9,835 11,400 3,181 14,399 -10,271 -10,306 37,428
FCF margin 8.94% 7.59% 9.35% 1.5% 4.03% -2.56% -2.14% 6.86%
FCF Conversion (EBITDA) 104.12% 86.31% 80.05% 10.65% 40.15% - - 51.22%
FCF Conversion (Net income) 851.63% 1,379.05% 271.93% 16.91% 68.1% - - 80.29%
Dividend per Share 2 - - - - 2.500 2.986 2.929 3.250
Announcement Date 5/20/19 6/6/20 5/14/21 5/2/22 5/17/23 5/15/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 35,846 39,136 40,327 50,267 56,700 65,635 54,741 56,045 63,497 97,651 101,840 103,208 93,022 96,411
EBITDA 1 4,796 5,422 6,010 7,740 8,279 8,416 5,486 3,583 5,603 11,439 11,924 12,834 12,093 10,865
EBIT - - 5,311 6,814 - - 4,735 - 4,660 - - 11,456 9,768 8,564
Operating Margin - - 13.17% 13.56% - - 8.65% - 7.34% - - 11.1% 10.5% 8.88%
Earnings before Tax (EBT) 1 - - - - - - - - - 9,572 9,806 9,798 10,013 -
Net income 1 1,702 2,892 3,028 4,075 - - - 1,591 3,143 7,658 7,458 7,648 6,762 5,322
Net margin 4.75% 7.39% 7.51% 8.11% - - - 2.84% 4.95% 7.84% 7.32% 7.41% 7.27% 5.52%
EPS 2 - 5.870 - 7.900 - - - 3.030 5.980 9.300 9.060 14.40 8.555 -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 2/4/21 5/14/21 7/26/21 10/26/21 2/7/22 5/2/22 7/25/22 11/2/22 1/23/23 5/17/23 7/26/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 33,211 - 29,721 30,274 44,181 57,016 36,930
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 2.915 x - 0.995 x 0.8442 x 0.8985 x 0.9101 x 0.5054 x
Free Cash Flow 1 12,126 9,835 11,400 3,181 14,399 -10,271 -10,306 37,428
ROE (net income / shareholders' equity) 5.63% 2.69% 12.1% 44.8% 19.4% 21.2% 23.4% 23.2%
ROA (Net income/ Total Assets) - - - - - 10.3% 11.2% 11.6%
Assets 1 - - - - - 279,328 336,642 401,845
Book Value Per Share 2 54.00 55.80 65.80 98.70 145.0 176.0 217.0 271.0
Cash Flow per Share 2 - - - - - 45.80 58.50 68.60
Capex 1 2,061 1,968 1,678 7,652 16,557 43,242 51,876 17,712
Capex / Sales 1.52% 1.52% 1.38% 3.61% 4.64% 10.79% 10.79% 3.24%
Announcement Date 5/20/19 6/6/20 5/14/21 5/2/22 5/17/23 5/15/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Jindal Stainless Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
793.5 INR
Average target price
762.1 INR
Spread / Average Target
-3.95%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

1st Jan change Capi.
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Iron, Steel Mills & Foundries
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