| Execution Period | 5 YearsPartnership Term |
|---|---|
| Market Cap | ₹60,405 CrMid-range Performer |
| Revenue TTM | ₹44,026 CrOperating Revenue |
| P/E Ratio | 18.59Sector PE 18.13 |
| Order from | Indian Oil Corporation Limited (IOCL) |
| Execution period | 5 years |
Key highlights
- Five-year extension of the Lubricants Vendor Managed Inventory (VMI) agreement
- Renewal of the Consumer's Operated Lube Depot's (COLD) operational arrangement
- Comprehensive supply scope including LDO, HSD, LSHS, Propane, and SERVO lubricants
- Partnership supports JSL's manufacturing continuity across its industrial operations
- Collaboration builds on JSL's annual turnover of INR 42,955 crore recorded in FY26
Five-Year Extension for Operational Continuity
Jindal Stainless and Indian Oil Corporation Limited have extended their long-term association to optimize industrial lubrication and energy requirements. The renewed arrangement focuses on the Vendor Managed Inventory model, designed to enhance equipment reliability and operational efficiency at Jindal Stainless' manufacturing facilities. This renewal follows the company's robust financial performance in FY26, where it reported an annual turnover of INR 42,955 crore.
The agreement was formally executed at the Hisar unit in the presence of senior executives from both organizations, reinforcing a shared commitment to technical excellence and dependable supply solutions as industry requirements evolve.
Scope of Energy and Lubricant Supplies
- Renewal of the Consumer's Operated Lube Depot's (COLD) facility agreement
- Continuous supply of high-end SERVO lubricants for challenging industrial applications
- Provision of essential fuels including Light Diesel Oil (LDO) and High Speed Diesel (HSD)
- Supply of Low Sulphur Heavy Stock (LSHS) and Propane for energy needs
- Integration of technical cooperation to address evolving stainless steel manufacturing needs
- Focus on cost competitiveness through streamlined inventory management
Strategic Roadmap and Capacity Expansion
This partnership renewal aligns with Jindal Stainless' broader growth trajectory, which includes a targeted sales volume of 3.5 MTPA by FY29. The company has been active in securing strategic alliances, such as the September 2026 technical assistance agreement with Japan's JFE Steel Corporation and a September 2025 MoU with the Maharashtra government for a mega 4 MTPA facility in Raigad valued at INR 41,580 crore. With a guided capital expenditure of INR 2,600 crore for FY27, the reliable supply of lubricants and fuels from IOCL is critical for supporting the commissioning of new downstream lines and maintaining the company's 4.2 million tonnes of annual melt capacity.
Abhyuday Jindal on Sustained Collaboration
Our long-standing association with Indian Oil reflects the value of sustained collaboration between two organisations with a shared focus on quality, reliability and technical excellence. The renewal of this arrangement for another five years reinforces this relationship and provides an opportunity to deepen our engagement further.
| Date | Announcement | Amount |
|---|---|---|
| 23 Sep 2026 | Partnership MoU with Nasscom to provide workforce training and certifications via FutureSkills PrimeSource: jindalstainless.com | – |
| 07 Sep 2026 | Technical Assistance Agreement with Japan's JFE Steel Corporation to boost production and quality of ferritic stainless steel gradesSource: m.economictimes.com | – |
| 27 Mar 2026 | Commercial partnership agreement with Sunrisers Hyderabad as the team's Official Stainless Partner for the Indian Premier LeagueSource: jindalstainless.com | – |
| 11 Feb 2026 | MoU with the Ministry of Steel, Government of India under the PLI 1.2 scheme for capacity augmentation in speciality stainless steelSource: jindalstainless.com | – |
| 25 Sep 2025 | MoU with the Government of Maharashtra to establish a 4 MTPA mega stainless steel manufacturing facility in RaigadSource: stainlesstoday.com | ₹41,580.00 Cr |
| 28 Jul 2025 | MoU with Gati Shakti Vishwavidyalaya to collaborate on research, curriculum development, and training for stainless steel applications in transportation and infrastructureSource: jindalstainless.com | – |
What to watch next
- Commissioning of 0.17 MTPA Cold Rolled Annealed Pickled (CRAP) line in Q2 FY27
- Commissioning of 1.1 MTPA Hot Rolled Annealed Pickled (HRAP) line in Q4 FY27
- Execution of INR 2,600 crore guided capital expenditure for downstream projects in FY27
“The renewal of the Consumer's Operated Lube Depot's (COLD) agreement for another 5 years marks an important milestone in this enduring partnership. In addition to lubricants, Indian Oil also caters to Jindal Stainless’ energy requirements through supplies of LDO, HSD, LSHS and Propane, further reflecting the breadth and depth of the association between the two organizations.”
“We look forward to continuing our collaboration with Indian Oil and exploring new avenues of technical cooperation as industry needs evolve.”
| Share price | ₹732.7 |
|---|---|
| Market capitalisation | ₹60,405.22 Cr |
| Revenue (annual) | ₹42,954.66 Cr |
| Net profit (annual) | ₹3,193.45 Cr |
| Revenue (latest quarter) | ₹11,278.54 Cr-0.52% vs previous quarter |
| Net profit (latest quarter) | ₹769.36 Cr-8.80% vs previous quarter |
| P/E (TTM) | 18.59×Sector 18.13× |
| Promoter holding | 62.05%0.00% QoQ |
| FII holding | 20.45%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Jindal Stainless Limited announcing the renewal of its Lubricants Vendor Managed Inventory partnership with Indian Oil Corporation Limited. Market figures from a third-party data provider.
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