Jindal Stainless divests its entire 26% stake in Jindal coke; here are key details

“Subsequently, the company, via a letter dated April 3, 2024, had intimated the exchanges about partial divestment (by selling a 4.87% equity stake to JSL Overseas Limited) and via a further letter dated September 27, 2024, gave the status update on the divestment of the remaining stake,” Jindal Steel said in a statement to the exchange filing.

JCL had offered to buy back its equity shares from its shareholders, including the company. Jindal Stainless had tendered its balance equity stake of 21.13% in JCL in the said buyback offer. “The company has been informed today, i.e., March 06, 2025, that the entire shares tendered by it have been accepted in the said buyback offer,” the exchange filing said.

Consequently, the divestment of the entire 26% equity stake held by Jindal Stainless in JCL has been completed, and JCL has ceased to be an associate of the latter.

Shares of Jindal Stainless closed at ₹649.45 per share on Thursday, jumping 5.87% on the National Stock Exchange. Its market capitalisation stands at ₹53,499.72 crore.

Jindal Stainless reported a 5.35% year-on-year (YoY) decline in its consolidated net profit to ₹654.27 crore in the third quarter of the 2024-25 fiscal year (Q3 FY25). In the corresponding period last year, the net profit stood at ₹691.22 crore.

The fall in net profit came on the back of increased expenses and subsidised dumping of inferior-quality steel products by countries with surplus capacities.

However, the company’s total income for the three months ended December 31, 2024, increased 9.16% to ₹10,006.41 crore, compared to ₹9,166.42 crore in the same period a year earlier (Q3 FY24).

The stainless steel manufacturer’s revenue for Q3 FY25 stood at ₹9,907 crore, jumping 8.5% from ₹9,127 crore last year.

Its expenses increased to ₹9,101.90 crore during the period under review, up 10.16% from ₹8,262.66 crore in Q3 FY24.

Its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) fell 3.1% to ₹1,208 crore from ₹1,246 crore.