• Volume and exports: Jindal Stainless is targeting 7% to 9% volume growth in FY27 following 8.1% growth in FY26, with exports projected to account for 8% to 10% of total volume.
• EBITDA per tonne: Management guided an EBITDA per tonne of ₹18,000 to ₹20,000 for H1 FY27 due to fuel price pressures and geopolitical uncertainties, with full-year numbers to be reviewed after the first half.
• Fuel cost dynamics: While LPG and propane availability has improved after Gulf crisis disruptions, prices remain elevated at 3 to 4 times prior levels, leading the company to expand natural gas usage at its Jajpur and Odisha plants.
• Net debt reduction: Net debt closed FY26 at ₹3,040 crore, beating guidance of ₹3,500 to ₹3,700 crore, and is targeted to decrease further to ₹2,600 to ₹2,800 crore in FY27.
• Import quality regulations: The removal of Quality Control Orders is viewed as a negative industry development that risks allowing substandard stainless steel imports from China and Vietnam.