JSL Lifestyle, a consumer-facing subsidiary of Jindal Stainless, is looking to double revenue over the next couple of years, banking on its fast-growing railway coach business, its chief executive said.
The company is a downstream business for Jindal Stainless and makes products like components for railway coaches, modular kitchens, industrial products, utensils and home decor from stainless steel. It was set up to popularise the use of stainless steel for everyday products.
It expects its railways business to grow at a rate of 20% every year. The components are used to make new-age stainless steel railway coaches like the ones used in metro trains.
“We will be touching ₹500 crore in revenue this year. Approximately, one-third will come from the railways,” said Rajesh Mohata, who is also its executive director. The company is targeting revenue of ₹1,000 crore in fiscal 2024, he told ET.
The revenue growth will be driven by investments in new production machinery and de-bottlenecking to increase capacity at its three plant locations at Rohtak, Pathreli and Chennai. There will also be some new capacity addition, Mohata said.
This comes at a time when the Indian stainless-steel products market is flooded with products imported from China, especially since the removal of import duties.