Jindal Stainless to begin shipments to Japan in Q2 amid red sea crisis impact on key export markets: MD

Exports mix in the quarter dropped to 10 percent from 17 percent reported in the same quarter, impacted by the ongoing red sea crisis and shortage of containers

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26 Aug, 2025 12:21

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In a first, Jindal Stainess will start shipping stainless steel to Japan starting this quarter, as the company looks to diversify its export markets, focussing into southeast Asia and middle east region amid subdued business in key markets Europe and United States, managing director Abhyuday Jindal told mediapersons in a post-earnings call in July 30.

Exports mix in the quarter dropped to 10 percent from 17 percent reported in the same quarter, impacted by the ongoing red sea crisis and shortage of containers. Thus, the stainless steel maker is tapping into new markets to maintain strong export performance. The company expects sales from exports to remain in the range of 10-15 percent in the current financial year.

It reported consolidated profit after tax (PAT) of Rs 646 crore, down 12.4 percent YoY in the first quarter. Consolidated net revenue also dipped 7.4 percent to Rs 9,430 crore in the quarter.

Due to stagnant growth in US and EU markets, the export volumes for JSL have remained flat on a QoQ level.

The company is continuing to serve new markets across the globe. The ongoing Red Sea issue extended transit times and freight cost from India to the western markets, and paucity of containers further affected exports, the company said in a statement.

"We are adding new markets in South East Asia and Middle East. Supplies have already began to new markets such as Korea. Sales to Japan is expected to start in this quarter, " Jindal said during the press conference.  Exports contributed 13 percent of the company's sales mix in FY24.

Meanwhile, to address the ongoing container shortage, the company will opt for break bulk shipping, Jindal said  He also flagged increased Chinese imports in the quarter and flagged that the talks with the government is ongoing to curb the issue.

However, the stainless steel manufacturer remained bullish on the India demand and said that there will no change in volume guide.