Jindal Steel Ltd. share price target

JSL's Q4FY26 performance was broadly in line with our expectations. Revenue increased by 24% QoQ to Rs162bn, driven by 15% increase in sales volume due to new capacity ramp-up. This was further aided by an 8% increase in NSR on account of higher steel prices. EBITDA margins expanded by 558bps QoQ to 18.1%. Consequently, EBITDA rose by 80% QoQ to Rs29bn, aided by absence of plant startup costs and improved operational efficiencies. EBITDA/tonne increased by 57% QoQ to Rs11,218, driven by higher NSR despite a $20/t increase in coking coal costs and lower contribution from VASP. Net debt increased by Rs6bn to Rs160bn. Management aims to achieve sales volume of 10.5-11.0 mnT in FY27. We value the...

Expansion led volume growth to propel earnings About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Operations also include iron ore making capacity of ~15 MTPA and ~13.75 MTPA of finished steel capacity. Q4FY26 Results: JSL reported a healthy performance in Q4'26. Consolidated topline stood at 16,218 crore (up 23% YoY) with steel sales volume of 2.6 MT (up 23% YoY). Reported EBITDA at 2,939 crore with margins at ~18% (up 558 bps QoQ). Adjusted EBITDA/tonne stood at 11,695 vs 8,701 in Q3'26. PAT for the...

Jindal Steel’s(JINDALST) revenue stood at INR162b (+23% YoY and +25% QoQ), against our estimate of INR145b during 4QFY26. The growth was primarily attributed to strong volume and realization during the quarter.

JINDALST reported strong Q4 performance. Adjusted EBITDA at Rs26.5bn beat estimates, driven by higher FX gains and NSR improvement, partly offset by start-up costs and higher coking coal costs.

Revenue grew by 23.0%YoY; EBITDA grew by 29.4%YoY, driven primarily by volume growth of 23.0%YoY and lower cost respectively

Jindal Steel is positioned for healthy performance underpinned by largescale capacity expansions, safeguard duty led steel price hike, and a favourable demand tailwind. However, these catalysts are currently reflected in valuation, providing limited upside from hereon. We maintain...

JSL's Q3FY26 profitability was below our expectations. Revenue increased 11% QoQ to Rs130bn, driven by 22% increase in sales volume on account of new capacity ramp-up. This was partially offset by a 9% decline in NSR, owing to lower HRC and TMT prices and an adverse product mix. EBITDA margins contracted by 527bps QoQ to 12.5%. Consequently, EBITDA declined 22% QoQ to Rs16bn including additional start-up costs of Rs3.5bn related to BF2. EBITDA/tonne decreased by 36% QoQ to Rs7,165, weighed down from increase in raw material costs linked to higher coke rate for BF2. Net debt increased by...

Jindal Steel’s (JINDALST) revenue stood at INR130b (+11% YoY/+12% QoQ), largely in line with our estimate of INR135b in 3QFY26. The growth was primarily attributed to strong volumes offset by muted NSR in 3Q.

Jindal Steel Limited (JSL), founded in 1979 and headquartered in New Delhi, is one of India's leading steel producers and a major player in infrastructure and energy. It operates integrated plants in Raigarh (Chhattisgarh), Angul and Barbil (Odisha), and Patratu (Jharkhand), producing rails, rebars, plates, coils, and wire rods. Notably, it is the only private company in India manufacturing railway rails...

We recommend a BUY on the stock with a target price of Rs 1,123/share, implying an upside of 10% from the CMP

Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.

JSL's Q2FY26 operating performance was in-line with our expectations. Revenue declined 5% QoQ to Rs117bn, primarily due to a 3% decline in NSR (owing to weak steel prices) and a 2% QoQ drop in volumes, mainly impacted by planned shutdowns. Despite volume decline, management maintained its FY26 guidance and expects steelmaking capacity to reach 15.6 mtpa by FY26. Consequently, EBITDA declined 31% QoQ to Rs21bn, with EBITDA/tonne decreasing by 30% QoQ to Rs11,129, weighed down by planned maintenance shutdown and weak realizations. JSL incurred capex of Rs31bn in H1FY26. Net debt decreased by...

About the stock: Jindal Steel (JSL) is one of India's leading steel producers, having Higher volumes and domestic steel price stability to support profitability: In Q2FY26, JSL's EBITDA/ton fell to ~11k (vs 15.8k in Q1FY26), mainly due to higher operating costs of ~250 crore from planned maintenance and metallic purchases. While domestic steel prices are currently down 23% QoQ, management expects an improvement in NovDec'25. With higher volumes and potential price recovery, margins are likely to sustain, with EBITDA/ton projected at 12.9k/14k for...

Jindal Steel (JINDALST)’s revenue for 2QFY26 stood at INR117b (+4% YoY vs. our estimate of INR107b), declining 5% QoQ due to muted realization.

Q2 results were lower than expectations, due to lower-than-expected volume performance

Jindal Steel (JINDALST) has successfully commissioned a new 3mtpa of crude steel capacity at its Angul plant, expanding the plant’s total steelmaking capacity to 9mtpa.

Jindal Steel is increasing crude steel capacity from 9.6m tonnes to 15.6m and finished steel capacity from 7.25m to 13.75m by FY27-28, making it the fourth largest steel manufacturer in India.

JSP reported adjusted EBITDA of Rs29.8bn (+14.0% vs Emkay estimate; +15.6% vs consensus; +20.3% QoQ).The sequential improvement was mainly led by a reduction in coking coal cost by USD11/t and QoQ better realization, which was partially offset by a 10.8% sequential decline in sales volume (owing to early onset of monsoons and intentional rebuilding of inventories).

JSL's Q1FY26 performance exceeded our estimates on all parameters. Revenue declined 7% QoQ to Rs123bn, primarily due to an 11% drop in volumes, attributed to the early onset of the monsoon and inventory replenishment post Q4FY26 drawdown. Despite volume decline, management maintained its FY26 guidance. Additionally, NSR improved 5% QoQ, driven by better steel prices and higher VAP contribution. Consequently, EBITDA grew 32% QoQ to Rs30bn, with EBITDA/tonne increasing by 42% QoQ to Rs15,819, supported by lower coking coal and conversion costs. JSL incurred capex of Rs22bn in Q1FY26 vs Rs23bn in...

Jindal Steel & Power (JSP) delivered strong cons operating performance in Q1FY26 despite lower volumes. Volumes declined 9% YoY affected by early monsoon. Avg. NSR rose 4.5% QoQ, driven by higher long & flats product prices and increase in value added products. Lower coking coal and PCI benefited EBITDA/t improving to Rs15,680 (ex-fx gains). Commissioning of BF-2 at Angul is in the final stages and hot metal production is expected to commence this month (delayed again) and BOF-2 is also nearing completion. Mgmt. reiterated its earlier FY26 sales volume guidance of 8.59mt....