The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 814.9M (2022) → 825.2M (2026)
Established in 1970 and headquartered in New Delhi, India, Jindal Stainless Limited is a global manufacturer and supplier of stainless steel products. The company's comprehensive portfolio includes ferro alloys, stainless steel slabs, and a range of hot-rolled and cold-rolled coils, plates, and sheets. These materials serve a diverse array of industries, such as automotive, railway and transportation, architecture, building and construction, chemical and petrochemical processing, capital goods, consumer durables, nuclear applications, precision strip and blade steel, coin blanks, plumbing, and various other industrial processes.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+10.5% YoY
YoY Growth Rate
Steady revenue growth
+7.7% YoY
YoY Growth Rate
Slow EPS growth
₹0/ year
0.0% of revenue
Below sector average (3%)
Research and development spending
Cash flow positive
₹0 cash & investments
Company generates more cash than it spends — no dilution risk from fundraising
Jindal Stainless Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Modest yield. The bulk of any return needs to come from price appreciation.
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