We maintain our HOLD rating on the stock with a revised target price of Rs. 175 based on 6.5x FY22E EV/EBITDA. Topline remains under pressure due to weaker volumes JSW witnessed consolidated revenue declines of 20% YoY to Rs. 17,887cr in Q4FY20. Revenue was primarily impacted by weaker volumes with saleable steel sales falling 15% YoY to 3.65MT. Domestic sales declined by 5% YoY to 3.20MT (+3% QoQ), while export sales fell 51% YoY to 0.45MT and accounted 13% of total sales. Crude Steel production was down 5% YoY to 3.97MT. While domestic demand outlook continues...