Jindal Stainless Ltd

Jindal Stainless, and one of India's leading clean energy solution providers, AB Energia Solutions, today announced the successful installation and commissioning of a pioneering solar energy project at Jindal Stainless' manufacturing unit in Jajpur, Odisha. This ground-breaking initiative boasts a cumulative capacity of over 30 MWp, making it the largest captive solar energy plant within a single industrial campus in Odisha. The solar energy plant installed by Jindal Stainless at its Jajpur unit in partnership with AB Energia comprises a 7.324 MWp floating solar plant and a 23.02 MWp rooftop solar system. The state-of-the art plant is capable of generating approximately 44.3 million units (MU) of green energy annually, significantly reducing the Jajpur unit's dependence on conventional grid electricity. This is equivalent to powering 12,000-15,000 households or cutting CO2 emissions by 32,208 metric tonnes annually.Powered by Capital Market - Live

With a combined capacity of over 30 MWp, this installation is now the largest captive solar energy plant within a single industrial campus in Odisha. The project includes a 7.324 MWp floating solar plant deployed over an internal reservoir and a 23.02 MWp rooftop solar system spread across ten industrial rooftops. Together, these installations are expected to generate approximately 44.3 million units (MUs) of green electricity annually'enough to power 12,000 to 15,000 households'and will help reduce CO₂ emissions by 32,208 metric tons each year, equivalent to planting around 1,288 trees. Commenting on the milestone, Abhyuday Jindal, Managing Director, Jindal Stainless, said, 'We're accelerating our progress toward Net Zero goals by investing in sustainable infrastructure. The commissioning of Odisha's largest captive solar plant marks a significant step toward redefining stainless steel manufacturing in India through renewable energy integration.' Siddharth Bhatia, Managing Director, AB Energia Solutions, added, 'This landmark project demonstrates our commitment to sustainable innovation. By transforming unused water bodies and maximizing rooftop spaces, we're setting new benchmarks for India's green industrial future.' Jindal Stainless is India's leading stainless-steel manufacturer of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods, etc.Powered by Capital Market - Live

Under the agreement, JSL Super Steel will source 11 MWp of solar power, displacing nearly 40% of its conventional energy consumption with clean energy. This project is part of the Uttar Pradesh State Power Banking Policy, aligning with the state's vision for energy security and efficient power management. Sunsure Energy's partnership with JSL Super Steel will further strengthen its mission to advance India's commercial and industrial renewable energy adoption. The partnership will enable JSL Super Steel to receive 16.5 million units (MUs) of clean energy annually, helping the company offset 12 million kilograms of carbon emissions per year'equivalent to planting over 545,000 trees. This initiative supports India's growing push for green steel production, an industry-wide transformation aimed at reducing emissions in one of the most energy-intensive sectors. Jagmohan Sood, wholetime director and chief operating officer of Jindal Stainless, said, 'This partnership is also a part of Jindal Stainless' short-term goal of reducing 50% carbon emissions by 2035. As leaders in the stainless steel industry, we deem it our responsibility to usher in cleaner routes of production, such as the introduction of green hydrogen, the use of biofuels, increasing renewable energy share from the grid, etc., at every step of the value chain.' Shashank Sharma, founder, chairman, and CEO, said, 'Through this agreement, Jindal Stainless is leading the way for the metal industry in Uttar Pradesh by sourcing power from renewable sources'demonstrating that clean energy is not just an option, but the future of industrial progress. Jindal Stainless has a strong reputation for pioneering sustainability initiatives, and we are proud to welcome them into our growing family of esteemed customers.' Jindal Stainless is India's leading stainless-steel manufacturer of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods, etc.Powered by Capital Market - Live

Under the agreement, JSL Super Steel will source 11 MWp of solar power, displacing nearly 40% of its conventional energy consumption with clean energy. This project is part of the Uttar Pradesh State Power Banking Policy, aligning with the state's vision for energy security and efficient power management. Sunsure Energy's partnership with JSL Super Steel will further strengthen its mission to advance India's commercial and industrial renewable energy adoption. The partnership will enable JSL Super Steel to receive 16.5 million units (MUs) of clean energy annually, helping the company offset 12 million kilograms of carbon emissions per year'equivalent to planting over 545,000 trees. This initiative supports India's growing push for green steel production, an industry-wide transformation aimed at reducing emissions in one of the most energy-intensive sectors. Jagmohan Sood, wholetime director and chief operating officer of Jindal Stainless, said, 'This partnership is also a part of Jindal Stainless' short-term goal of reducing 50% carbon emissions by 2035. As leaders in the stainless steel industry, we deem it our responsibility to usher in cleaner routes of production, such as the introduction of green hydrogen, the use of biofuels, increasing renewable energy share from the grid, etc., at every step of the value chain.' Shashank Sharma, founder, chairman, and CEO, said, 'Through this agreement, Jindal Stainless is leading the way for the metal industry in Uttar Pradesh by sourcing power from renewable sources'demonstrating that clean energy is not just an option, but the future of industrial progress. Jindal Stainless has a strong reputation for pioneering sustainability initiatives, and we are proud to welcome them into our growing family of esteemed customers.' Jindal Stainless is India's leading stainless-steel manufacturer of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic and Duplex grades in India used in a variety of industries like automobile, railways, construction, consumer goods, etc. Jindal Stainless reported a 5.4% decline in consolidated net profit to Rs 654.84 crore in Q3 FY25 as against Rs 692.33 crore posted in Q3 FY24. However, revenue from operations rose 8.5% YoY to Rs 9,907.30 crore in the quarter ended 31 December 2024. Shares of Jindal Stainless declined 2.11% to Rs 512.30 on Wednesday, 9 April 2025. The Indian stock market is shut today for Shri Mahavir Jayanti.Powered by Capital Market - Live

Sunsure Energy, a leading independent power producer, today signed a 11 MWp long-term Power Purchase Agreement (PPA) with JSL Super Steel, a Ghaziabad-based subsidiary of Jindal Stainless. As per the agreement, this facility will source 11 MWp of solar power from Sunsure's 49 MWp Solar Project in Augasi, Uttar Pradesh, displacing nearly 40% of its conventional energy consumption with clean power. This project will be a part of the Uttar Pradesh State Power Banking Policy, aligning with the state's vision for energy security and efficient power management. Sunsure Energy's partnership with JSL Super Steel will further strengthen its mission of advancing India's commercial and industrial renewable energy adoption. The partnership will enable JSL Super Steel to receive 16.5 million units (MUs) of clean energy annually, helping the company offset 12 million kilograms of carbon emissions per year - equivalent to planting over 5.45 Lacs trees. This move aligns with India's growing push for green steel production, an industry-wide transformation that aims to curb emissions in one of the most energy-intensive sectors. Commenting on this development, Wholetime Director and Chief Operating Officer, Jindal Stainless, Jagmohan Sood said, 'JSL Super Steel is delighted to partner with Sunsure Energy as another step in Jindal Stainless' efforts to green our operations and achieve our Net Zero targets. This partnership is also a part of Jindal Stainless' short-term goal of reducing 50% carbon emissions by 2035. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also setting new benchmarks for the metal industry in India. As leaders in the stainless steel industry, we deem it our responsibility to usher in cleaner routes of production such as introduction of green hydrogen, use of biofuels, increasing renewable energy share from the grid, etc. at every step of the value chain.'Powered by Capital Market - Live

Jindal Stainless along with its wholly owned subsidiary, Jindal Stainless Steelway, acquired 9.62% stake in M1xchange, India's leading RBI-licensed Trade Receivables Discounting System (TReDS) platform. This deal involved a combination of primary capital and a secondary purchase of shares from existing shareholders. With this investment, M1xchange will continue to accelerate enabling seamless access to working capital for MSMEs and corporates, further strengthening the digital supply chain financing ecosystem in India. Jindal Stainless' support will enhance liquidity in the ecosystem, helping vendors and customers gain faster access to affordable credit. Additionally, this partnership will also assist Jindal Stainless digitise the financing operations, simplifying payment processes, accelerating its broader digitalisation efforts, as well as reduce the overall working capital cycle, thereby enhancing operational efficiency across the supply chain structure.Powered by Capital Market - Live

The acquisition was approved by the board of directors in a meeting held on Monday, 25 March 2025, and is part of the company's strategic move to enhance supply chain financing for its vendors. The target entity, Mynd Solutions, operates the M1xchange platform, which supports MSMEs and non-MSMEs by providing access to digital supply chain financing, streamlining payments, optimizing working capital cycles, and improving overall efficiency across the supply chain structure. The total cost for the acquisition of the 5.03% stake is approximately Rs 102.7 crore, with the transaction involving a combination of primary capital and secondary purchase of shares from existing shareholders. Including the stake held by Jindal Stainless Steelway (JSSL), a wholly owned subsidiary of JSL, the company now holds a consolidated 9.62% stake in Mynd Solutions, with a total blended cost of acquisition of Rs 154 crore for the entire stake. The acquisition does not fall under related party transactions. None of the promoters, promoter group, or group companies has any interest in the proposed acquisition and no governmental or regulatory approvals are required. The deal is expected to be completed by the first quarter of FY26. Mynd Solutions, which was incorporated in February 2002, launched the M1xchange platform in 2017. The platform has since onboarded over 65 banks, 2,000 corporates, and 48,000 MSMEs and facilitated invoice discounting worth over Rs 1,60,000 crore. Mynd Solutions has demonstrated robust financial growth, with its turnover rising from Rs 14.3 crore in FY22 to Rs 56.5 crore in FY24. Abhyuday Jindal, managing director of Jindal Stainless, said, 'At Jindal Stainless, we recognise that access to timely and affordable financing is a crucial growth enabler for businesses, especially MSMEs. This investment will have a two-pronged advantage ' it will empower our domestic and international channel partners, both upstream and downstream, and provide enhanced liquidity to further strengthen JSL's balance sheets. It reflects our ethos of building a holistic ecosystem that aligns with our vision of strengthening industry partnerships and driving inclusive economic progress.' Anurag Mantri, ED and CFO at Jindal Stainless, remarked, 'The scale and reach of Jindal Stainless combined with the full suite of digital supply chain financing solutions at M1Xchange, including GIFT City offerings, would revolutionize traditional financing practices and pave the way for cheaper credit access for its entire global value chain, including the deep-tier channel.' Sundeep Mohindru, Promoter & Director, M1xchange,This investment by Jindal Stainless marks a significant milestone in M1xchange's journey of innovation, technology, and growth. Our suite of supply chain finance solutions, including TReDS for the domestic market, ITFS (GIFT City) for the global market, and our Channel Finance solution through Mynd Fintech, will empower JSL and its ecosystem partners to enhance growth and competitiveness. This strategic partnership will greatly expand access to working capital solutions for JSL's suppliers and customers, both across India and globally. Jindal Stainless is India's leading stainless-steel manufacturer. It had a consolidated annual turnover of Rs 38,562 crore (USD 4.7 billion) in FY24 and is ramping up its facilities to reach 4.2 million tonnes of annual melt capacity by FY27. The company has 16 stainless-steel manufacturing and processing facilities in India and abroad. Jindal Stainless reported a 5.4% decline in consolidated net profit to Rs 654.84 crore in Q3 FY25 as against Rs 692.33 crore posted in Q3 FY24. However, revenue from operations rose 8.5% YoY to Rs 9,907.30 crore in the quarter ended 31 December 2024. Powered by Capital Market - Live

Jindal Stainless announced that Anurag Mantri, Executive Director & Group CFO (designated as Key Managerial Personnel and Senior Management Personnel) of the Company has tendered his resignation from the services of the Company to pursue new professional opportunities. Accordingly, he will cease to be the Executive Director & Group CFO of the Company w.e.f. close of business hours of 04 April 2025.Powered by Capital Market - Live

According to an exchange filing, the company stated that Mantri will cease to hold the positions of executive director and group CFO on 4 April 2025. Jindal Stainless is India's leading stainless-steel manufacturer. It had a consolidated annual turnover of Rs 38,562 crore (USD 4.7 billion) in FY24 and is ramping up its facilities to reach 4.2 million tonnes of annual melt capacity by FY27. The company has 16 stainless-steel manufacturing and processing facilities in India and abroad. Jindal Stainless reported a 5.4% decline in consolidated net profit to Rs 654.84 crore in Q3 FY25 as against Rs 692.33 crore posted in Q3 FY24. However, revenue from operations rose 8.5% YoY to Rs 9,907.30 crore in the quarter ended 31 December 2024. The scrip shed 0.31% to Rs 652.75 on the BSE. Powered by Capital Market - Live

Jindal Stainless announced that credit rating agency 'CareEdge Ratings' has reaffirmed the rating of Jindal Stainless for Long Term borrowings & Non-Convertible Debentures as 'CARE AA, Stable' and Short Term borrowings as 'CARE A1+'. Powered by Capital Market - Live