India: Jindal Stainless to invest INR 900 crore to expand cold rolling capacity by FY28

• JSL expands cold rolling capacity amid rising demand
• Capacity expansion targets automotive, appliances, food processing

India’s largest stainless steel producer, Jindal Stainless Limited (JSL) will invest INR 900 crore to expand its cold rolling capacity from 2.05 million tonnes per annum (MTPA) to 2.67 MTPA by FY28 as demand from the automotive, appliances, food processing and industrial sectors continues to grow. The company is also advancing plans for a proposed INR 40,000 crore stainless steel manufacturing facility in Maharashtra, which will focus on specialised grades for strategic and emerging industries.

Cold rolling capacity to increase

The INR 900 crore investment across JSL’s Hisar and Kharagpur facilities, together with new hot rolled annealing and pickling and cold rolling facilities at Jajpur, is aimed at strengthening the company’s downstream capabilities and increasing the share of higher-value products, Managing Director Abhyuday Jindal said.

The expanded cold rolling capacity is expected to cater to rising demand from the automotive, appliances, food processing and industrial sectors, where high-quality cold rolled stainless steel is widely used.

FY26 performance supports expansion

JSL reported consolidated revenue of INR 42,955 crore in FY26, while EBITDA increased 19.2% y-o-y to INR 5,560 crore. Profit after tax rose 27.4% y-o-y to INR 3,185 crore, and finished goods sales reached a record 2.57 million tonnes during the year. The company also maintained a net debt-to-equity ratio of 0.15x, providing financial flexibility to support its planned capacity expansion and proposed new investments.

Maharashtra project targets specialised grades

JSL is identifying a suitable site in Maharashtra for its proposed INR 40,000 crore stainless steel manufacturing facility, which is expected to improve logistics efficiency, support import substitution and cater to high-growth strategic sectors.

The proposed plant will manufacture specialised stainless steel grades for hydrogen energy, nuclear power, defence, mobility, infrastructure and process manufacturing. The project is planned to be developed in multiple phases, with the first phase targeted to commence operations within four years.

Alongside capacity expansion, JSL is investing in cold rolling, annealing and pickling facilities to strengthen its downstream product portfolio. The investments are intended to increase the share of higher-value products and improve the company’s ability to serve specialised industrial applications.

Renewables and recycling support sustainability

Renewable sources accounted for nearly 47% of total electricity consumption across JSL’s Hisar and Jajpur facilities during FY26, while recycled scrap represented around 70% of the company’s electric arc furnace-based production. JSL continues to target a 50% reduction in Scope 1 and Scope 2 emissions by 2035 and net-zero emissions by 2050.

Outlook

JSL’s planned investments remain focused on expanding downstream capacity and increasing the share of higher-value stainless steel products. The cold rolling expansion is expected to strengthen its presence in established industrial segments, while the proposed Maharashtra facility is intended to add capacity for specialised stainless steel grades serving strategic and emerging industries.