We expect JSW to benefit from demand growth in the coming months. However, moderation in prices and export volumes may impact performance. Hence, we retain our HOLD rating on the stock with a rolled forward target price of Rs. 404 based on 6.0x FY23E EV/EBITDA. Strong steel demand drives topline growth Consolidated revenues for Q3FY21 surged 13.5% QoQ to Rs. 21,859cr (+21.1%YoY) aided by robust pickup in economic activities. Domestic steel demand saw a sharp recovery particularly from automotive, machinery, construction and infrastructure...