Looking back at our journey spanning more than half a century, I am greatly encouraged by the evolution of our industry, with stainless steel growing at an incredible rate of 5.35% CAGR globally over the last thirty years, far outpacing other metals and emerging as the ‘metal of the future’. Due to its various benefits and applications, I envision a positive growth trajectory for stainless steel, especially as more people become aware of its benefits. This metal also holds an important place in emerging sectors, such as green and blue economies, aerospace, and defence, and I foresee increased demand for stainless steel with the rising focus on infrastructure and manufacturing.

The Indian stainless steel industry, too, is set to expand. Considering the country becomes a USD 40 trillion economy by 2047, stainless steel consumption will also increase steadily between fiscal years 2030 and 2047, reaching around 20 MT by 2047. This growth will be driven by the thriving manufacturing industry and a surge in sustainable construction, automotive applications, and the flourishing consumer durables sector strengthened by India’s booming economy. The manufacturing landscape is also evolving to keep up with the increased demand. Smart factories and AI-driven analytics are enhancing efficiency and product quality. Industry academia collaborations are leading to innovations in metallurgy, diversifying applications of stainless steel in the country as a superior alternative to traditional metals. With supportive government initiatives like ‘Make in India’ and rising demand from critical sectors, I am confident that our industry is well-poised for a bright and prosperous future.

In response to the increasing global demand for stainless steel and to strengthen our company’s presence in the international market, we have implemented a landmark investment strategy to secure a steady supply of high-quality raw materials, expand our melting capacity, and improve our downstream capabilities. A major milestone in this strategy is the establishment of a 1.2 million tonnes per annum (MTPA) stainless steel melt shop in Indonesia, bolstering nickel supply and ramping up our total capacity to 4.2 MTPA. In addition, we have committed to expanding our downstream lines and upgrading our manufacturing units. Furthermore, the acquisition of Chromeni Steels Private Limited, a 0.6 MTPA cold-rolling mill in Mundra, Gujarat, will diversify our product offerings and open new business avenues. We also acquired the remaining 74% equity stake in Jindal United Steel Limited (JUSL), making it a wholly-owned subsidiary. This acquisition promises enhanced collaborations and value creation for all stakeholders.

In addition to the aforementioned strategic investments and market-shaping activities, your company witnessed a robust financial performance in FY24. Jindal Stainless’ consolidated net revenue increased by 8% YoY to INR 38,562 crore. We also recorded a consolidated EBITDA of INR 4,704 crore and PAT of INR 2,693 crore, registering an increase of 31% YoY and 29% YoY, respectively.

Complementing your company’s expansion and surge in annual revenues, all three credit rating agencies – CRISIL, India Ratings, and CARE – have upgraded Jindal Stainless’s credit rating to AA stable. This improvement underscores your company’s prudent capital allocation strategy and robust business management. Despite significant organic and inorganic capital expenditures, your company’s leverage ratios have remained among the best in the industry, with a net debt-to-EBITDA ratio of 0.6x and a net debt-to-equity ratio of 0.2x. Additionally, your company announced a total dividend payout of 150% per share for FY24 with a face value of INR 2 each. This was done by announcing a final dividend payout of 100% per equity share and an interim dividend of 50% per equity share declared in October 2023.

Your company’s investments and robust financial health exemplify its commitment to maintaining a balanced and flexible operation, positioning Jindal Stainless for continued success and value creation for its shareholders.

Jindal Stainless’ growth charter played a crucial role in navigating the numerous market challenges we faced during the last financial year, including the unpredictability of essential raw material prices, geopolitical tensions, notably in the Red Sea region, and rising shipping costs. As always, our company continued to mitigate operational challenges through timely strategic interventions that ensured the stability of Jindal Stainless’ upstream and downstream value chains. In FY24, we also witnessed a sharp increase in stainless steel imports, particularly from China. This influx brought a significant volume of low-quality stainless steel products into our market, unfairly tilting the odds against Indian manufacturers and threatening the viability of the Micro, Small, and Medium Enterprises (MSME) sector. As a leader in the Indian stainless steel industry, we must continue to advocate for a level playing field that supports manufacturers to thrive regardless of the scale of their operations. Ensuring a balanced and equitable market is essential not only for the industry’s health but also for the broader global economic landscape. I am optimistic that with the government’s intervention, appropriate measures will be taken to help our industry thrive.

It is in our DNA to be committed not only to business growth but also to nurturing the potential of our people and the communities we serve. As a socially responsible corporate entity, our mission extends beyond financial success; it includes a deep commitment to making a difference in the lives of people and communities around the areas of our operation. Over the past year, we’ve benefitted more than 85,000 people through our CSR efforts. This includes empowering women through initiatives focused on skill development, women’s rights, and addressing domestic violence. We have also spearheaded initiatives towards making quality healthcare more accessible through our mobile medical vans and community healthcare centres, tackling debilitating conditions like clubfoot. Moreover, we are empowering the backbone of our nation, our farmers, to become financially independent by actively promoting rural and agricultural development programmes.

As a digital-first company, we have invested significant resources to embrace technological innovations in our manufacturing processes and people practices, with an aim to ensure better governance and meet global standards in human resources management. Interventions like digital HR management systems and the introduction of AI tools have transformed the experience that we provide to our current and future employees, positioning Jindal Stainless as a forwardlooking organisation that is quick to adapt to change and agile enough to pivot to new ways of working to unleash the potential of our people while also prioritising their well-being. Our high-performance culture results from our trust in our employees’ abilities and the value we place on their contribution to the organisation, communities, and the nation. Recognising this, we’ve introduced an Employee Stock Option Plan for some of our senior employees, fostering a sense of shared ownership and aligning their interests with the company’s future. As we grow, we ensure that our growth is inclusive, leaving a better world for future generations. We are dedicated to fostering sustainable development, contributing to social equity, and building a resilient economy. This holistic approach is central to our identity and mission at Jindal Stainless.

Going forward, we are optimistic about the Indian market, where strong economic activity will continue to boost demand across key sectors. By strategically leveraging these opportunities, we will continue to strengthen our domestic position and seize new opportunities to increase the share of our export business. With the support of our dedicated team and stakeholders, we are hopeful that we can overcome market challenges and explore new avenues to advance towards a more sustainable future for Jindal Stainless and the communities we serve. I sincerely appreciate your trust in Jindal Stainless and its vision to emerge as a global leader in the stainless steel industry.