In 2025, India’s stainless steel industry reached an important turning point driven by growth, innovation, sustainability-focused investments, and a stronger global presence. Indian companies added new capacity, supported major infrastructure projects, achieved financial recoveries, and advanced clean energy solutions to remain competitive in a challenging market. Government support, improving demand, and stricter quality standards also shaped decisions across the industry.

The companies that stayed in the spotlight did more than respond to market pressure. They actively built long-term strength through new projects, advanced technology, export expansion, and closer relationships with customers and partners. Sustainability, stronger supply chains, and value-added stainless steel products became shared priorities.

Stainless Today has curated a list of Indian stainless steel companies, highlighting the key moves and milestones that shaped 2025 and showing how the sector is growing and preparing for the future.

Jindal Stainless (JSL)

Jindal Stainless Ltd made major moves strengthening India’s stainless steel ecosystem.

The company opened its first stainless steel fabrication unit at Washivali, Patalganga, near Mumbai, with an investment of about Rs 125 crore. It is spread across 4 lakh sq ft and has been developed under the subsidiary Jindal Stainless Steelway Ltd. The facility will serve the bridge sector and is expected to reach an annual capacity of 18,000 tonne by FY27, supporting the demand for sustainable infrastructure.

Jindal Stainless also launched JSL Saathi Pragati, which is India’s largest loyalty programme in the stainless steel Pipes and Tubes segment, aimed at retailers and fabricators. In the company’s release, Managing Director Abhyuday Jindal said, “As industry leaders, we consider it our responsibility to ensure that consumers get access to genuine products.”

On the infrastructure side, the company supplied high-grade 301N austenitic stainless steel for the Bangalore Metro Phase 2 and other landmark rail projects, strengthening its role in safe, durable, and sustainable urban transport. In sustainability, Jindal Stainless got a top global ESG ranking, which further raised its position as a leader in responsible stainless steel production.

Viraj Profiles

Viraj Profiles Pvt Ltd made big-ticket investments and a strong push towards sustainable stainless steel manufacturing. At the World Economic Forum 2025 in Davos, the company signed an MoU with the Government of Maharashtra to set up an Integrated Stainless Steel Plant in Palghar. Valued at Rs 12,000 crore, the project is expected to create around 3,500 jobs and boost development in the tribal region. In the company’s release, Chairman Neeraj Raja Kochhar said, “Our Rs 12,000 crore investment will not only enhance India’s position in the global stainless steel industry but also contribute to the socio-economic upliftment of the Palghar region.”

The company also advanced its ‘Near Zero’ Initiative, focusing on resource conservation, waste reduction, and cleaner technologies. Highlighting its industry presence, Viraj Profiles showcased its stainless steel fasteners at the India Fastener Show 2025 in Chennai, underlining its growing global footprint.

Mangalam Worldwide

With strong financial growth and key milestones in stainless steel, Mangalam Worldwide Ltd proved to be in the news in 2025.

The company reported a 52 per cent year-on-year rise in consolidated net profit to Rs 10.53 crore for the quarter ended September 30, driven by higher revenues and operational efficiency. Total income rose 33 per cent to Rs 318.52 crore, while adjusted EBITDA increased 59 per cent to Rs 21.50 crore, underlining steady demand across industrial sectors.

Mangalam Worldwide also strengthened its global position with its fully integrated stainless-steel portfolio, exporting to over 20 countries. In the company’s release, Managing Director Chandragupt Prakash Mangal said, “At MWL, our vision is not just to manufacture stainless steel, but to engineer solutions that empower industries across the world.”

Ratnamani Metals & Tubes

Ratnamani Metals & Tubes Ltd made a breakthrough in clean energy infrastructure and stainless steel.

The company became India’s first manufacturer to commercially produce and supply 100 per cent hydrogen-compliant line pipes, marking a key step in supporting the country’s hydrogen ambitions. Developed through extensive research, global collaborations, and high-pressure testing, the pipes meet top international safety and performance standards. Ratnamani has already supplied over 100 km of these line pipes.

On the financial front, the company reported a 5.6 per cent year-on-year rise in standalone net profit for Q2 FY26, while consolidated net profit jumped 57 per cent. In the company’s release, Chairman and Managing Director Prakash M Sanghvi said, “Our Q2 results reflect the company’s resilience and strategic focus.” Strategic expansions in Europe and the Middle East further strengthened its global footprint.

Welspun Specialty Solutions (WSSL)

Welspun Specialty Solutions Ltd posted a strong turnaround driven by rising demand for stainless and specialty steel products. The company reported a robust Q2 FY26 performance, with revenue jumping 42.8 per year-on-year to Rs 239.08 crore. EBITDA more than doubled to Rs 18.09 crore, while EBITDA margin improved to 7.57 per cent, reflecting better operational efficiency. Most notably, Welspun Specialty Solutions returned to profitability, reporting a net profit of Rs 9.65 crore compared to a loss in the same quarter last year. For the first half of FY26, revenue rose 33.6 per cent to Rs 440.40 crore, underlining sustained momentum. During the year, the company also announced a Rs 350 crore rights issue to strengthen its balance sheet and support future expansion in stainless steel and alloy products.

IMFA (Indian Metals & Ferro Alloys)

Indian Metals & Ferro Alloys Ltd sealed a key acquisition that strengthened the stainless steel raw material supply chain. It signed definitive agreements to acquire Tata Steel’s ferrochrome plant at Kalinganagar, Odisha, for Rs 610 crore. The deal adds 99 MVA of furnace capacity and takes IMFA’s total installed capacity beyond 0.5 million tonnes per annum, making it India’s largest and the world’s sixth-largest ferro chrome producer. In the company’s release, Managing Director Subhrakant Panda said it would fast-track expansion plans and strengthen IMFA’s market position. Commenting on market trends, he said, “Ferro Chrome prices moved up noticeably towards the end of the second quarter.” The acquisition comes amid strong global demand for ferrochrome, a key input for stainless steel, positioning IMFA for long-term growth.

Ambica Steels

Key developments from Ambica Steels Ltd strengthened its global stainless steel presence. The company announced its participation at Stainless 2025 held in Brno, Czech Republic. The event offered Ambica Steels a platform to connect with global buyers and showcase its specialty stainless steel long products.

The company also received a major boost after the US Department of Commerce imposed a zero anti-dumping duty on its stainless steel rod exports, strengthening its credibility in global markets. Backed by advanced manufacturing, exports to over 75 countries, and a growing focus on sustainability, Ambica Steels continued to strengthen its leadership position in stainless steel during the year.

Shah Alloys Ltd

Despite a difficult steel market, Shah Alloys Ltd announced a good financial turnaround. The micro-cap stainless steel maker posted a profit of Rs 13.73 crore in the September 2025 quarter, snapping three consecutive quarters of losses. The result drew market attention as the company operates in a tough environment marked by weak demand and cost pressures.

Shah Alloys manufactures a wide range of stainless steel products, including hot-rolled coils, sheets, plates, and bars, for domestic and export markets. While the stock saw volatility and touched its lower circuit after results, the return to profitability stood out as one of the company’s most positive developments in 2025, showing resilience amid industry headwinds.