Is Jindal Stainless a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Jindal Stainless Ltd is a good quality company .

Is Jindal Stainless undervalued or overvalued?

The key valuation ratios of Jindal Stainless Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone .

What is Jindal Stainless share price return in the past 10 years?

Jindal Stainless Ltd share price has appreciated 34.9% annually (CAGR) over the past ten years.

Is Jindal Stainless a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Jindal Stainless Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

Jindal Stainless Ltd - Stock Valuation and Financial Performance

Name: Jindal Stainless
Brand: Jindal Stainless

BSE: 532508 | NSE: JSL | Steel & Iron Products | Mid Cap

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Jindal Stainless Share Price

₹660.70 -25.75 -3.75%
as on 21-Nov'24 14:43

10 Year X-Ray of Jindal Stainless:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	10.2%	2.1%	9.2%	14.4%	12%	11.1%	18%	44.8%	21%	23%	-
Value Creation Index ⓘ	NA	-0.9	-0.3	0.0	-0.1	-0.2	0.3	2.3	0.6	1.0	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	6,948	7,144	9,279	11,638	13,557	12,951	12,188	32,733	35,697	38,562	37,788
Sales YoY Gr.	-	2.8%	29.9%	25.4%	16.5%	-4.5%	-5.9%	168.6%	9.1%	8%	-
Adj EPS ⓘ	-26.2	-22.8	1.6	6.9	2.5	1.3	7	54.8	25	30.2	29.8
YoY Gr.	-	NA	NA	336.5%	-64.3%	-48.8%	453.5%	679.9%	-54.5%	21%	-
BVPS (₹) ⓘ	-7.6	55.3	43.5	50.1	52.7	55.8	64.7	131.3	144.9	174.3	187.8
Adj Net Profit ⓘ	-593	-528	63.6	333	119	62	342	2,881	2,055	2,487	2,452
Cash Flow from Ops. ⓘ	554	966	5,115	1,452	1,419	1,180	1,308	1,038	3,096	4,818	-
Debt/CF from Ops. ⓘ	20.4	10.7	1.2	3.5	3.1	3.3	2.4	3.8	1.3	1.2	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	21%	23.3%	46.8%	8%
Adj EPS ⓘ	NA	64.9%	62.6%	21%
BVPSⓘ	NA	27%	39.1%	20.3%
Share Price	34.9%	76.4%	55.7%	24.1%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	-455.4	-55.2	3.6	15.5	4.7	2.3	11.6	44.2	18.9	18.9	16.5
Op. Profit Mgn % ⓘ	5.3	8	12.6	11.5	8.6	8.8	11.7	14.8	9.9	11.7	12.4
Net Profit Mgn % ⓘ	-8.5	-7.4	0.7	2.9	0.9	0.5	2.8	8.9	5.7	6.4	6.5
Debt to Equity ⓘ	-65.8	8.1	3.4	2.1	1.7	1.4	1	0.6	0.3	0.4	0.3
Working Cap Days ⓘ	323	333	207	119	102	108	120	92	136	127	69
Cash Conv. Cycle ⓘ	98	59	27	27	21	18	16	26	39	28	17

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 46.80%

Net Profit is growing at healthy rate in last 3 years 62.56%

Return on Equity has declined versus last 3 years average to 16.50%

Sales growth is not so good in last 4 quarters at -2.52%

Latest Financials - Jindal Stainless Ltd.

	Standalone	Consolidated
TTM EPS (₹)	29.4	29.8
TTM Sales (₹ Cr.)	37,939	37,788
BVPS (₹.) ⓘ	178.8	187.8
Reserves (₹ Cr.) ⓘ	14,558	15,297
P/BV ⓘ	3.84	3.66
PE ⓘ	23.33	23.05

From the Market
52 Week Low / High (₹)	492.05 / 848.00
All Time Low / High (₹)	14.20 / 848.00
Market Cap (₹ Cr.)	56,525
Equity (₹ Cr.)	164.7
Face Value (₹)	2
Industry PE ⓘ	21.8

Management X-Ray of Jindal Stainless:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

78.07

82.95

77.54

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Jindal Stainless

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Enterprise Value to EBIT

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Dividend History

Analyst's Notes

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Key Ratios of Jindal Stainless

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	6,948	7,144	9,279	11,638	13,557	12,951	12,188	32,733	35,697	38,562
Operating Expenses ⓘ	6,581	6,571	8,113	10,297	12,393	11,811	10,764	27,903	32,182	34,052
Manufacturing Costs	1,249	1,602	1,885	2,179	2,670	2,676	2,396	4,942	6,042	5,659
Material Costs	4,860	4,528	5,734	7,502	9,175	8,578	7,809	21,331	24,472	26,715
Employee Cost	157	133	154	196	175	186	170	510	509	604
Other Costs ⓘ	314	309	340	420	372	371	389	1,120	1,159	1,074
Operating Profit ⓘ	367	572	1,166	1,340	1,165	1,139	1,424	4,830	3,515	4,511
Operating Profit Margin (%)	5.3%	8.0%	12.6%	11.5%	8.6%	8.8%	11.7%	14.8%	9.8%	11.7%
Other Income ⓘ	55	26	26	45	33	40	41	331	197	363
Interest ⓘ	942	1,030	788	566	637	586	480	344	325	554
Depreciation ⓘ	411	316	325	320	352	425	403	759	724	879
Exceptional Items ⓘ	1,184	-40	26	4	1	4	102	0	0	99
Profit Before Tax ⓘ	253	-788	116	520	222	165	690	4,159	2,774	3,592
Tax ⓘ	0	-232	32	174	77	93	270	1,050	690	899
Profit After Tax	253	-556	83	346	145	73	419	3,109	2,084	2,693
PAT Margin (%)	3.6%	-7.8%	0.9%	3.0%	1.1%	0.6%	3.4%	9.5%	5.8%	7.0%
Adjusted EPS (₹)	11.2	-24.1	2.0	7.2	3.0	1.5	8.6	58.6	25.7	33.0
Dividend Payout Ratio (%)	0%	0%	0%	0%	0%	0%	0%	0%	10%	9%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	-171	1,343	1,788	2,465	2,591	2,717	3,151	6,897	11,931	14,348
Share Capital ⓘ	46	46	80	96	96	97	97	105	165	165
Reserves ⓘ	-218	1,297	1,708	2,369	2,495	2,620	3,054	6,792	11,766	14,184
Minority Interest	4	5	6	9	12	13	13	67	36	17
Debt	10,803	9,688	5,380	4,602	3,896	3,361	3,107	3,782	3,600	5,289
Long Term Debt	8,070	7,323	3,382	3,551	3,153	2,716	2,593	2,630	2,792	4,563
Short Term Debt	2,732	2,364	1,998	1,052	743	646	514	1,153	808	726
Trade Payables	1,379	1,778	1,865	2,133	2,488	2,660	2,632	5,743	7,821	6,926
Others Liabilities ⓘ	2,260	2,018	1,894	1,625	1,728	1,926	1,831	6,086	3,727	4,185
Total Liabilities ⓘ	14,274	14,831	10,932	10,834	10,715	10,678	10,735	22,576	27,115	30,765
Fixed Assets
Gross Block	9,711	7,399	7,455	7,502	7,863	8,129	8,172	12,193	14,240	17,998
Accumulated Depreciation	2,159	536	847	1,159	1,518	1,949	2,317	3,547	4,279	4,754
Net Fixed Assetsⓘ	7,552	6,863	6,609	6,342	6,345	6,181	5,855	8,646	9,961	13,244
CWIP ⓘ	144	70	29	144	29	15	58	525	773	1,112
Investmentsⓘ	14	393	404	439	454	449	456	626	970	1,246
Inventories	1,958	1,913	2,097	2,384	2,415	2,739	2,789	6,785	8,394	7,932
Trade Receivables	1,085	936	890	907	919	705	934	3,860	3,658	2,837
Cash Equivalents	48	80	51	63	45	69	116	256	931	1,988
Others Assetsⓘ	3,474	4,577	853	555	508	521	526	1,878	2,429	2,406
Total Assets ⓘ	14,274	14,831	10,932	10,834	10,715	10,678	10,735	22,576	27,115	30,765

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	554	966	5,115	1,452	1,419	1,180	1,308	1,038	3,096	4,818
PBT ⓘ	-931	-788	116	520	222	165	690	4,159	2,774	3,592
Adjustment ⓘ	1,411	1,343	1,031	836	885	1,016	787	968	873	1,213
Changes in Working Capital ⓘ	8	397	3996	82	315	-6	-181	-3232	203	750
Tax Paid ⓘ	43	14	-27	15	-3	5	11	-857	-754	-737
Cash Flow From Investing Activity ⓘ	24	1,053	-31	-193	-192	-188	-152	-985	-2,482	-3,340
Capex	2	-168	-58	-195	-206	-175	-162	-968	-1,648	-1,451
Net Investments	0	15	8	-10	7	-21	-7	-34	-865	-200
Others ⓘ	22	1,206	19	12	6	8	17	17	31	-1,689
Cash Flow From Financing Activityⓘ	-580	-1,972	-5,106	-1,257	-1,237	-991	-1,119	101	-386	-829
Net Proceeds from Shares ⓘ	0	0	25	50	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	369	-650	-4,385	-143	-471	-413	-696	-119	269	92
Interest Paid ⓘ	-948	-958	-864	-633	-461	-502	-340	-325	-296	-533
Dividend Paid ⓘ	0	0	0	0	0	0	0	0	0	-286
Others ⓘ	-1	-363	118	-531	-305	-76	-82	545	-359	-103
Net Cash Flow ⓘ	-2	47	-21	2	-11	2	37	154	228	649

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	N/A	-100.62	5.51	16.7	5.89	2.77	14.29	61.89	22.13	20.5
ROCE (%)	N/A	2.06	9.2	14.41	11.98	11.09	18.02	44.79	20.97	22.97
Asset Turnover Ratio	0.48	0.53	0.77	1.09	1.27	1.23	1.16	2	1.46	1.35
PAT to CFO Conversion(x)	2.19	N/A	61.63	4.2	9.79	16.16	3.12	0.33	1.49	1.79
Working Capital Days
Receivable Days	69	48	34	28	24	23	24	26	38	30
Inventory Days	140	92	74	69	64	72	81	53	76	76
Payable Days	162	127	116	97	92	110	124	72	101	101

Jindal Stainless Ltd Stock News

Jindal Stainless Ltd FAQs

What is the share price of Jindal Stainless?

Company share prices are keep on changing according to the market conditions. The closing price of Jindal Stainless on 21-Nov-2024 14:43 is ₹660.7.

What is the market cap of Jindal Stainless?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Nov-2024 14:43 the market cap of Jindal Stainless stood at ₹56,524.7.

What is the P/E ratio of Jindal Stainless?

The latest P/E ratio of Jindal Stainless as of 21-Nov-2024 14:43 is 23.33.

What is the P/B ratio of Jindal Stainless?

The latest P/B ratio of Jindal Stainless as of 21-Nov-2024 14:43 is 3.84.

What is the 52-week high and low of Jindal Stainless?

The 52-week high of Jindal Stainless is ₹848.0 and the 52-week low is ₹492.1.

What is the TTM revenue of Jindal Stainless?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jindal Stainless is ₹37,939 ( Cr.) .

About Jindal Stainless Ltd

Established in 1970, Jindal Stainless Limited (JSL) is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world. The company has been an industry leader in embarking up on a digital transformation journey by implementing cutting-edge technology solutions in the manufacturing industry. Information Technology has been instrumental in enabling smoother, faster, and transparent processes across multiple divisions of company’s major operations and activities.

Under the gamut of company’s upgraded and newly introduced SAP initiatives, it has successfully implemented integration of barcode devices with SAP for bay-wise tracking of vehicles inside plant resulting in reduced turnaround time, implementation of paperless material receiving (GRN) process for high-value consumables, railway rake container management system to avoid detention charges, and mapping sales and accidental return process in SAP. The company’s presales product, C4C, has been tightly integrated with Hybris Commerce to provide expeditious service and an Assisted Service Module has been activated to aid the Customer Support Team in efficiently addressing the queries of the customers.

Business area of the company

Jindal Stainless is India's largest producer of stainless steel in 200, 300, 400 and duplex stainless steel series. The company’s product range includes stainless steel slab, bloom, coils, plates, sheets, precision strips, blade steel, and coin blanks.

Awards and Accolades

2013-14:

Hisar Unit of JSL has been conferred with First Prize in the National Energy Conservation Award - 2013 for its efforts to continuously optimize the consumption of energy for its operation in the Steel Re-rolling Sector.
Hisar Unit of JSL has received 1st Prize in Secondary Steel Plants/Alloy Steel Plants Category in ‘IIM National Sustainability Award’.

2014-15:

JSL Jajpur Unit has been received 13th Annual Greentech Safety GOLD Award in Metal & Mining Sector from Greentech Foundation, New Delhi.
Received Best Safety & Sustainability Awards from ISSF (International Stainless Steel Forum), Brussels (Belgium).

2015-16:

JSL Jajpur has received 16th Annual Greentech Safety GOLD Award-2015 in Metal & Mining Sector from Greentech Foundation, New Delhi.
Received Best Safety & Sustainability Awards from ISSF (International Stainless Steel Forum), Brussels (Belgium).

2016-17:

17th Annual Greentech Environment GOLD Award in Metal & Mining Sector for outstanding achievement in Environmental Management.
Fame Excellence Award- 2016 in Health & Safety for Workers category Constituted by Foundation for Accelerated Mass Empowerment, New Delhi.
15th Annual Greentech Safety GOLD Award - 2016 in Metal & Mining Sector, Constituted by Greentech Foundation, New Delhi.
Odisha State Safety Conclave Award - 2015 for Best Practices in Safety in Iron & Steel Sector.

2017-18:

Awarded the ‘Supplier Excellence Award’ from the Whirlpool - the global leader in Home Appliances.
Thyssenkrupp Material Poland, one of the leading distributors of metals and plastics in Poland, awarded JSL for completing ten years of close business collaboration.
At the Suzler 2018 Global Supplier Days Event, Singapore, JSL was awarded the ‘Supplier excellence’ award.
JSL received the runner-up award in the category of Best Risk Management Practices by Export Credit and Guarantee Corporation of India (ECGC).
JSL received Golden Peacock National Training Award for significant achievement in the field of excellence in Training.
JSL bagged ‘Best Performance Award’ for Mega Scale Industry during UCCI Expo 2017.

2018-19:

The prestigious 17th Annual Greentech Safety Platinum Award-2018 in Metal & Mining Sector for outstanding achievement in Safety Management.
Received Apex India Environment Excellence Award 2018 under Gold category in Metal & Mining Sector for outstanding achievement in Environmental Management, organized by Apex India Foundation, New Delhi.
EKDKN Exceed Award 2018 under Environment Preservation Category in Steel Sector, organized by ‘Ek Kaam Desh Ke Naam’, New Delhi.
The ‘Exceed Award-2018’ in Platinum category for Training Excellence in HR in steel sector.
Prestigious ‘18th Annual Green-tech Environment Gold Award-2018’ in Metal & Mining Sector.
Bagged two Gold (highest category) awards in International Convention on Quality Control Circles (ICQCC) 2018 at Singapore.

2019-20:

GOLD Award under Apex India Safe Workplace Award 2019 in Metal Mining Sector.
Fame Environment Excellence Award 2019 (Platinum Award) from FAME Ism (Foundation for Accelerated Mass Empowerment) in Metal & Mining Sector.
19th Annual Greentech Environment Award - 2019 (Gold Award) in Metal & Mining Sector.
Gold Award in Chapter Convention on Quality Concepts.
Par Excellence Award in National Convention on Quality Concepts (NCQC).
First Position in 32nd State Level CII QC Competition.

Milestones

From 1970 to 2000 - Foundation

Incorporated in 1970 as Jindal Strips at Hisar, Haryana, India
Started manufacturing of stainless steel in 1978
Provided seed capital for other ventures of the group
Enhanced stainless steel capacity to 200,000 tons

From 2001 to 2005 - Growth

Stainless Steel (SS) operations separated from group investments
SS capacity ramped up to 400,000 tons
Acquired cold rolling facilities in Indonesia
Started investments in phases in Orissa
Started Service Centre in India

From 2006 to 2010 - Integration

SS capacity ramp up at Hisar plant to 720,000 tons.
Commissioned phase-I at Orissa- 250,000 tons ferro alloys and 250MW thermal power plant
Started investment on Phase-II at Orissa - additional 800,000 tons stainless steel capacity
Set up service centre in Spain under a JV

2011 - Focus on cost competitiveness to become global SS player

Commissioning of phase-II - additional 800,000 tons stainless steel facilities
Overall Stainless Steel melting capacity now at 1,520,000 tons (Hisar 720,000 tons and Orissa 800,000 tons)
2011 -- Pollution Control Award 2011

2013

National energy conservation award - 2013

Financial Year 2013-14

Development of austenitic stainless steel EQ309L with high ferrite content for use in weld overlay applications.
Development of heat resistant austenitic stainless steel UNS S30815 micro-alloyed with rare-earth cerium.
Development of highly corrosion resistant super-austenitic stainless steel - 904L
Development of new austenitic grades for high temperature applications - 304H and 347H
Development of Clad Stainless Steel plates in 350 mm width.
Development of high thickness plates of 441 grade for gasket application.
Successfully produced hot-rolled duplex stainless steel UNS S32205 down to 5 mm thickness.
Complete elimination of bow in duplex plates after plate annealing by suitably modifying processing during annealing and quenching of plates.

Financial Year 2014-15

Successful processing of developmental grade 201LN for cryogenic applications.
Successful processing of developmental grade 310S for high temperature applications.
Development of 439 grade for use in elevator segments.
Development of 441 grade for bunker structure manufacturing in thermal power station & auto sector.

Financial Year 2015-16

Additions of various Developmental SS grades at Jajpur unit in FY 2015-16 include 310S, 317L, 439, 441, 446, 410S, 410 Jen & Duplex grade - UNS31803/32205.
Products approval received for critical nuclear applications by many pioneer and reputed organizations viz Bhabha Atomic Research Center and Indira Gandhi Centre for Atomic Research.

Financial Year 2016-17

Major developmental achievements includes substitution of 2B finish through double 2E+SPM instead of processing at CAPL in grade 304, JT in suitable thickness & applications.
Modification of chemistry in grade JSLUDD in order to minimize Sliver-B.
Improvement in polishability of grades - JSLSD/ DD.
Reduced surface roughness in grade 430 by controlling de-scalling practices and pickling parameters in continuous annealing & pickling line.

Financial Year 2017-18

Development of Hairline Finish in 304L grade.
Development of Elevator segment in grade 304/441.
Successful hot rolling of HNS grade in 4/6mm thickness.
Development of 2B from HAPL route in = 3mm thickness in grade X2CrNi12
Minimisation of Hole defect in 409L grade by modifying HSM practices.
Minimisation of edge crack in grade JT by modifying RHF discharge temperature.
Trial taken to improve bell productivity in 410DB grade by modifying bell cycle.
Minimisation of edge crack in grade 410S by optimising chemistry and reheating practices.

Financial Year 2018-19

Successful development and Hot rolling of defense Grade - JD-1 to 5/5.5/6 mm.
Development of Hairline Finish in Grade - 441.
Improvement in surface quality in stabilized grade - 439.
Hot rolling of slabs of high nitrogen steel grade to 3/4/6 mm in width <1300 mm.
Process route optimization and approval for supplying grade - 304/441/J4 in lifts and elevator segment.
Establishment of Z-Mill - BA route for low nickel austenitic stainless steel grades for Holloware segment.

Financial Year 2019-20

Developed modified chemistry (Cu and Ni) versions of JSLU SD and JSLU DD grades with better drawability for utensil applications.
Modification of hot rolling and cold rolling parameters to produce stabilised ferritic grades with improved drawability and formability for automobile exhaust systems.
Minimization of yield loss due to edge waviness in HRAP coils of IRSM and X2CrNi12 grades by process modifications in HSM.
Successfully produced and supplied 571.70 tonnes of special grades HNS and JD1 for ballistic protection defence applications.