Jindal Stainless
| Jindal Stainless Limited | |
|---|---|
 | |
| Type | Public |
| ISIN | INE220G01021 |
| Industry | Stainless steel |
| Founded | 1970 |
| Founder | Om Prakash Jindal |
| Headquarters | New Delhi, India |
| Key people |
|
| Products | Stainless-steel slabs, coils, plates, blooms, sheets, wire rods, rebars, blade steel, precision strips and coin blanks |
| Revenue | ₹42,955 crore (US$4.5 billion) (FY2025–26)[1] |
| Website | www |
Jindal Stainless Limited (JSL) is an Indian stainless steel manufacturer with its headquarters in New Delhi. It is part of the O. P. Jindal Group.[2] The company was established as Jindal Strips Limited by Om Prakash Jindal at Hisar, Haryana, in 1970,[3] and Jindal Stainless Limited was formed through a restructuring in 2002.[2] Its principal production sites are at Hisar in Haryana, Jajpur in Odisha and Mundra in Gujarat, and it has manufacturing and processing interests in Indonesia and Spain.[4]
The business was divided in 2015 as part of a debt restructuring.[5] Its separately listed Hisar business merged with Jindal Stainless in 2023.[6] As of March 2026, the company reported annual melting capacity of 4.2 million tonnes, including a joint-venture plant in Indonesia.[7]
History
[edit]Origins and formation (1970–2002)
[edit]Om Prakash Jindal established Jindal Strips Limited at Hisar in 1970.[3] The plant initially produced hot-rolled carbon-steel coils, plates, slabs and blooms. It began producing stainless steel in 1978 using argon oxygen decarburisation.[2]
Jindal Strips established a cold-rolling plant at Vasind, Maharashtra, in 1983; the unit later became part of JSW Steel.[8] The company made an initial public offering in 1986 and introduced low-nickel 200-series stainless steel in 1988, during a nickel shortage.[8] Production of stainless-steel strip for razor and surgical blades began in 1991, followed by precision strip later in the decade.[2]
In 1996, the company expanded melting capacity at Hisar and amalgamated Jindal Ferro Alloys Limited, creating a ferro-alloys division at Visakhapatnam.[8] It began producing coin blanks at Hisar in 2000[8] and opened a cold-rolling plant in Ohio, United States, which closed a few years later during a market downturn.[2]
Jindal Strips was restructured in 2002, with manufacturing operations transferred to Jindal Stainless Limited.[2] Around this period, the company acquired chromite mining interests at Kaliapani in Odisha.[8]
Odisha plant and restructuring (2003–2015)
[edit]In 2003, Jindal Stainless began developing an integrated stainless-steel complex at Kalinganagar in Jajpur district, Odisha.[2] It acquired a cold-rolling plant in Indonesia in 2004 and opened the Iberjindal service centre in Spain in 2007.[2][8] The Jajpur plant was commissioned in 2011.[2]
In January 2014, the Odisha State Pollution Control Board reported violations of environmental regulations at the Jajpur plant, citing the discharge of untreated industrial effluent. The board warned of possible closure if corrective measures were not implemented.[9]
The company's debt was restructured under the corporate debt restructuring (CDR) framework.[10] In 2015, with long-term debt of about ₹8,500 crore, it reorganised its business under a court-approved scheme of arrangement.[11] The Hisar plant and the ferro-alloys and mining assets were transferred to the separately listed Jindal Stainless (Hisar) Limited, while the Odisha hot strip plant and coke oven plant were transferred to Jindal United Steel and Jindal Coke.[5]
Merger and acquisitions (2016–2023)
[edit]Jindal Stainless exited the CDR framework with effect from 31 March 2019.[10] In December 2020, the boards of Jindal Stainless and Jindal Stainless (Hisar) approved a merger of the two companies.[6] Following approvals from shareholders, creditors and the National Company Law Tribunal, the merger took effect in 2023. The record date was 9 March 2023.[6]
The company's acquisitions during this period included Rathi Super Steel through the insolvency resolution process[12] and the remaining interest in Jindal United Steel.[13] It also agreed with New Yaking Pte. Ltd. to take a 49 per cent stake in a nickel-pig-iron smelter in Indonesia.[12][13]
Expansion (2024–2026)
[edit]In 2024, Jindal Stainless announced plans for a melt shop in Indonesia with annual capacity of 1.2 million tonnes, additional downstream capacity at Jajpur, and the acquisition of a majority stake in Chromeni Steels, which operated a cold-rolling mill at Mundra, Gujarat.[14][4] In September 2025, it signed a memorandum of understanding with the Government of Maharashtra for a proposed plant at Raigad with annual capacity of 4 million tonnes, to be built in phases.[15][16] The Indonesian melt shop was commissioned in March 2026.[7]
Operations
[edit]Jindal Stainless manufactures stainless-steel slabs, coils, plates, blooms, sheets, wire rods, rebars, blade steel, precision strips and coin blanks.[4] As of March 2026, the company reported annual melting capacity of 3 million tonnes in India and 1.2 million tonnes at its joint-venture plant in Indonesia.[7] It reported consolidated revenue of about ₹42,955 crore for the financial year ended March 2026.[17]
The Hisar plant produces razor-blade-grade stainless steel and supplies coin blanks to Indian and overseas mints.[18] According to the head of the company's Special Products Division at Hisar, the division holds about 60–70 per cent of the global market for razor-blade-grade stainless steel.[19]
In 2017, Jindal Stainless (Hisar) signed a licensing agreement with the Defence Research and Development Organisation to manufacture high-nitrogen steel developed by the Defence Metallurgical Research Laboratory for armour and other defence applications.[20] In 2014, the company was selected to supply stainless steel for the cryostat of the ITER fusion project in France.[8] It has supplied stainless steel for railway and metro coaches, including the Vande Bharat sleeper coaches and the Esplanade–Howrah Maidan section of the Kolkata Metro, which runs beneath the Hooghly River.[21] It also supplied an alloy steel grade used in the motor casing of the Chandrayaan-3 lunar mission.[22]
In 2019, the company introduced Jindal Saathi, a co-branding programme with pipe and tube manufacturers intended to address counterfeiting of its products.[23]
The company has agreements with educational institutions for research and employee training. These include a 2025 memorandum of understanding with Gati Shakti Vishwavidyalaya in Vadodara on stainless-steel applications in transportation and logistics,[24] a sponsored M.Tech programme in steel technology at IIT Bombay,[25] and 2026 agreements with XLRI Jamshedpur[26] and IIM Bangalore for employee development.[27]
Energy supply and emissions
[edit]In 2022, Jindal Stainless agreed with ReNew Power on a project of approximately 300 MW of wind and solar power to supply its Jajpur operations.[28] A green hydrogen unit at Hisar, developed with Hygenco to supply hydrogen for annealing, was inaugurated in March 2024 and operates off-grid.[29][30] The company commissioned a captive solar installation of more than 30 MWp at Jajpur in April 2025.[31] In March 2026, it began receiving power from the Madhya Pradesh portion of a 315.6 MW hybrid wind and solar project developed by Oyster Renewable Energy across Madhya Pradesh and Gujarat.[32] The company has stated a target of net-zero emissions by 2050.[28]
References
[edit]- ↑ "Jindal Stainless Profit & Loss Account". Moneycontrol. Retrieved 21 October 2026.
- 1 2 3 4 5 6 7 8 9 Sinha, Ritwik (29 November 2021). "Double impact". Business India. Retrieved 28 October 2026.
- 1 2 "From farmer's son to billionaire industrialist". Rediff.com. 31 March 2005. Retrieved 28 October 2026.
- 1 2 3 Kanodia, Shashank; Kesari, Manisha (17 September 2025). Jindal Stainless: Strengthening with shine on India's growth wave (PDF) (Report). Conviction Idea. ICICI Securities. Retrieved 28 October 2026.
- 1 2 Matkar, Sunil Shankar (19 November 2015). "Jindal Stainless shares down 61% on demerger of three arms". Moneycontrol. Retrieved 28 October 2026.
- 1 2 3 "Jindal Stainless (Hisar) fixes March 9 as record date for merger with Jindal Stainless". CNBC-TV18. 25 February 2023. Retrieved 28 October 2026.
- 1 2 3 Kumar, Saket (24 March 2026). "Jindal Stainless commissions Indonesia melt shop, plans ₹900 cr capex". Business Standard. Retrieved 28 October 2026.
- 1 2 3 4 5 6 7 "A History of Innovation". Annual Report 2023. Jindal Stainless. Retrieved 28 October 2026.
- ↑ "Jindal steel plant in Odisha faces closure". Business Standard. Indo-Asian News Service. 10 January 2014. Retrieved 28 October 2026.
- 1 2 Divekar, Aditi (5 March 2020). "Jindal Stainless exits CDR framework, will now focus on cost optimisation". Business Standard. Retrieved 28 October 2026.
- ↑ Jain, Hiteshkumar (5 March 2016). "Jindal's Demerger Decoded". M&A Critique. Retrieved 28 October 2026.
- 1 2 Mishra, Mihir (17 May 2023). "JSL expects volumes to grow by 20% this fiscal". Mint. Retrieved 28 October 2026.
- 1 2 Kurup, Rajesh (18 May 2023). "Jindal Stainless targets top-3 spot globally; lines up Rs 2,500 crore capex". The Financial Express. Retrieved 28 October 2026.
- ↑ Gulwani, Dimpal (1 May 2024). "India's Jindal Stainless to invest $647 mln for acquisitions, increasing capacity". Reuters. Retrieved 28 October 2026.
- ↑ Ozarkar, Vallabh (19 September 2025). "Maharashtra signs MoUs worth Rs 80,962 crore at steel conclave; CM pushes reforms to cut red tape". The Indian Express. Retrieved 28 October 2026.
- ↑ Iyengar, Suresh P. (4 June 2025). "Jindal Stainless expects Maharashtra Govt to allot land in six months". The Hindu Businessline. Retrieved 28 October 2026.
- ↑ Kumar, Saket (4 May 2026). "Jindal Stainless Q4FY26 net profit jumps 41%, flags margin squeeze". Business Standard. Retrieved 28 October 2026.
- ↑ "Jindal Stainless: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report". NDTV. Archived from the original on 13 May 2023. Retrieved 11 May 2023.
- ↑ "Jindal Stainless to expand coin blank capacity by 20% to meet demand". Business Standard. Press Trust of India. 30 August 2026. Retrieved 28 October 2026.
- ↑ "DMRL and JSHL Sign Licensing Agreement for Transfer of Technology of High Nitrogen Steel" (Press release). Press Information Bureau, Ministry of Defence. 1 March 2017. Retrieved 21 October 2026.
- ↑ Mukherjee, Anubhav (8 September 2024). "Jindal Stainless supplies tempered-grade steel for Vande Bharat sleeper coaches". Mint. Press Trust of India. Retrieved 28 October 2026.
- ↑ Yadav, Krishna (25 August 2023). "Tata Steel, Jindal Stainless contributed to Chandrayaan-3". Mint. Retrieved 28 October 2026.
- ↑ Dilipkumar, Bhavya (15 October 2020). "Jindal Stainless launches campaign to curb counterfeit products, market share to go up to 60% in FY22". The Economic Times. Retrieved 28 October 2026.
- ↑ "Jindal Stainless and Gati Shakti Vishwavidyalaya sign MoU to advance stainless steel applications in the transportation and logistics sector". Rail Analysis India. 30 July 2025. Retrieved 28 October 2026.
- ↑ "Human Capital" (PDF). Annual Report 2025–26. Jindal Stainless. Retrieved 21 October 2026.
- ↑ "Jindal Stainless inks pact with XLRI to launch HR development programme". ETHRWorld. The Economic Times. Press Trust of India. 11 March 2026. Retrieved 28 October 2026.
- ↑ Sarkar, Subhojit (20 March 2026). "Jindal Stainless partners with IIM Bangalore for leadership development programme". Fortune India. Retrieved 28 October 2026.
- 1 2 Singal, Nidhi (5 December 2022). "Jindal Stainless partners with ReNew Power, to setup 300 MW renewable energy project". Business Today. Retrieved 28 October 2026.
- ↑ Hill, Catherine (19 September 2022). "Jindal Stainless to build green hydrogen plant". Steel Times International. Retrieved 28 October 2026.
- ↑ "Union Minister of Steel inaugurates India's 1st Green Hydrogen Plant in Stainless Steel Sector, paving the way for sustainable steel production" (Press release). Press Information Bureau, Ministry of Steel. 4 March 2024. Retrieved 21 October 2026.
- ↑ "Jindal Stainless and AB Energia commission captive solar plant in Odisha". Renewable Watch. 23 April 2025. Retrieved 28 October 2026.
- ↑ Singh, Navneet (27 March 2026). "Jindal Stainless, Oyster Renewable part-commission 315.6 MW hybrid project in MP". CNBC-TV18. Retrieved 28 October 2026.
External links
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