Steel · JDSL
Stainless Steel
from 702 today
Hollow marker shows the firm’s previous target.
We maintain BUY with a revised target price of INR 867 based on 9x EV of Sep-28 EBITDA, driven by rising domestic stainless steel penetration, upcoming downstream capacity additions, raw-material security from Indonesian JVs, and a multi-year growth project underway.
Jindal Stainless reported strong performance driven by stainless steel price recovery, with revenue and EBITDA beating estimates despite muted volumes from Middle East logistics issues. Management retained its FY27 guidance and expects a gradual recovery in volumes over coming quarters.
Jindal Stainless reported Q1FY27 EBITDA of INR 13.2bn, protecting margins despite volume loss from industrial gas shortages. We upgrade JSL to BUY and revise our TP to INR 875 on the back of expected gradual volume recovery and higher EBITDA/t.
Jindal Stainless reported a resilient Q1FY27 despite production disruptions caused by industrial gas shortages. We maintain our estimates and expect JDSL to deliver 13% EBITDA CAGR over FY26-28E, maintaining our Buy rating with an unchanged target price of Rs821.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
