Budget 2025: Jindal Stainless Seeks Import Duty Change to Safeguard Domestic Market

Ahead of the Union Budget 2025, Jindal Stainless has appealed to the government to revise import duties so that homegrown manufacturers do not lag.

The Group CFO and Executive Director of the company, Anurag Mantri urged the government to raise the basic customs duty on non-Free Trade Agreement imports from the present 7.5% to 15%. He also insisted on increasing the safeguard duty by 25% to effectively deal with the dumping of cheap imports in the Indian market.

Another important point the company wishes to see changed is the cut in the import duty on graphite electrodes, as these are pivotal to electric arc furnace-based production. This would lead to a reduced production cost, and it works in favor of the competitiveness of local producers.

Volume FY 2025-26 growth of the company Jindal Stainless is at a double-digit figure because the company has also experienced a growth rate of 9% in the current fiscal year and a healthy growth of 23% in the last one. During the October-December 2024 quarter, robust demand came from the U.S. market and reflected the company’s focus on value-added products.

Mantri noted that potential U.S. infrastructure investments under the Donald Trump administration could further drive demand, though tariffs remain a concern.

Jindal Stainless has also made alarmist complaints about continued dumping by Chinese producers, filing a petition with DGTR for the imposition of a 25% safeguard duty. This company is awaiting prompt government response to protect this domestic industry against unfair competition.

Revenues in the case of Jindal Stainless in the October-December 2024 quarter are said to be 9% year on year. The figures came in at ₹9,907 crore in contrast to ₹9,127 crore during the same period of the previous year. The company has a current market capitalization of ₹53,104.31 crore with the share prices recording more than 11% growth over the last one-year period.

Recommendations by Jindal Stainless ahead of the budget highlight challenges and opportunities facing India’s stainless steel sector amid global market dynamics.