Jindal Steel Ltd. share price target

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....

Jindal Steel and Power (JSPL) has initiated a comprehensive capex plan for its Angul facility to expand its crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.

Jindal Steel & Power (JSP) reported largely in-line cons operating performance in Q4FY25. Volumes grew 6% YoY, driven by higher capacity utilization and inventory liquidation amid stronger domestic demand. Blended NSR rose 0.5% QoQ due to weak pricing in long products, which constitute a higher proportion...

JSP reported adjusted EBITDA of Rs24.8bn (+9.8% vs Emkay; +1.5% vs consensus; +16.4% QoQ), led by lower coking coal cost and sequentially better production and sales volume of 2.1mt.

3QFY25 revenue stood at INR118b (flat YoY/+5% QoQ), below our estimate of INR134b, due to lower-than-expected sales volumes. Sales volume came in at 1.9mt (+5% YoY/+3% QoQ) vs. our est. of 2.18mt.

Q2 results beat our weak expectations; EBITDA margin resilience reflect benefit of captive coal and HSM ramp-up

Jindal Steel & Power’s (JSP) ongoing capacity expansion at Angul (Odisha) will boost the crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.

Jindal Steel & Power’s (JSPL) Q1FY25 performance was ahead of our and consensus estimates. Key points. Sales volume rose 13.6% YoY (4% QoQ) to 2.09mt – the highest since Q2FY22; EBITDA/te (adj.) at INR 12,886 was up 3.5% QoQ.

Jindal Steel & Power (JSP)’s 1QFY25 revenue stood in line at INR136b (YoY/ QoQ: +8%/+1%), driven by decent volume growth.