After a hiatus of three quarters, Q1FY24 was steady for the metal sector companies under our coverage. Key points: 1) earnings of most companies surpassed consensus estimates; 2) working capital accretion primarily led to higher debt; 3) target prices for most stocks were raised by the street – though EBITDA estimate revision was a mixed bag; and 4) stock reaction post results was most positive for JSPL and Tata Steel.