We are raising our FY22-23E EPS for JSW Steel (JSTL) by 42-48% to factor in improved Steel price outlook and accretion from the acquired assets of Bhushan Power and Steel (BPSL). We reiterate a Buy on JSTL as the best play on volume growth in the Indian Steel sector. Over FY21-23E, we estimate 16% volume CAGR (excluding BPSL), which should drive 22%/37% EBITDA/EPS CAGR. We also estimate net debt to fall by 26% over FY21-23E to INR483b (1.7x FY23E EBITDA) despite an ongoing capex program to expand its upstream and downstream Steel capacities....