Jindal Stainless Ltd. share price target

Jindal Stainless (JSL) reported Q1FY27 EBITDA of INR 13.2bn (+1% YoY/-9% QoQ). The decline was due to production disruptions caused by industrial gas shortages.

Jindal Stainless’ (JDSL) reported revenue stood at INR113b (+11% YoY and flat QoQ), above our estimate of INR103b during 1QFY27. The growth was attributed to strong ASP recovery, which offset muted volume.

We maintain our positive stance on Jindal Stainless (JDSL), as the recent stock correction offers an attractive risk-reward opportunity in India's largest SS producer, having more than 50% domestic capacity share and over 90% volume from domestic markets.

11% CAGR in volumes over FY26-29E; growth rate to pick up in FY28E post downstream asset commissioning. Domestic SS prices are ~8-9% discount to Chinese prices. We upgrade Jindal Stainless (JDSL) from Accumulate' to BUY' as the recent correction offers an attractive opportunity to own India's largest stainless-steel producer at reasonable valuation. We believe the market is overly focused on near-term concerns such as fall in LME nickel, elevated fuel costs, higher Chinese imports & export market uncertainty, overlooking JDSL's long term growth drivers. Recent commissioning of the...

Jindal Stainless (JDSL) reported strong operating performance in Q4FY26 despite flattish volumes of 642kt, impacted by propane/LPG shortage since mid-March. Domestic volumes saw marginal growth supported by steady demand across autos, pipes & tubes, railways and infrastructure. Export volumes declined 12.6% YoY to ~45kt, impacted by global trade disruptions and tariff uncertainties, though improving gradually due to focus on other growing regions. Average NSR increased 3.1% QoQ, led by higher SS prices during the quarter. On the cost front, lower raw material costs supported margins, partially offset by higher other expenses. Cons. EBITDA/t stood at...

About the stock: Jindal Stainless (JSL), founded in 1970, is India's leading stainless-steel company and top five stainless steel makers globally (Ex China). Operates integrated stainless-steel plant capacity of ~4.2 million tons per annum (India- 3 MTPA & Indonesia- 1.2 MTPA). Q4FY26 Results: JSL reported a steady performance in Q4FY26. Consolidated topline stood at 11,337 crore (up 11% YoY) with stainless steel sales volume stood at 6.42 lakh tons, flat YoY. Reported EBITDA was at 1,455 crore with EBITDA margins at 12.8% (down 55 bps QoQ). EBITDA/tonne stood at 22,670 vs 21,665...

Jindal Stainless (JDSL IN)’s revenue stood at INR113b (+11% YoY and +8% QoQ) against our estimate of INR107b in 4QFY26.

Operates India's largest fully integrated stainless-steel plant with capacity of ~3 million tons per annum (Odisha- 2.2 MTPA & Hisar- 0.8 MTPA). Q3FY26 Results: JSL reported a steady performance in Q3FY26. Consolidated topline stood at 10,518 crore (up 6% YoY) with stainless steel sales volume stood at 6.5 lakh tons, up by 11% YoY. Reported EBITDA was at 1,408 crore with EBITDA margins at 13.4% (up 65 bps QoQ). EBITDA/tonne stood at 21,661 vs 21,416 in...

Jindal Stainless (JSL)’s Q3FY26 EBITDA was in line with our estimate at INR 14.1bn (+17%/+1% YoY/QoQ), driven by better sales volume at 650Kte (+11%/+0% YoY/QoQ).

Jindal Stainless (JDSL) reported a revenue of INR105b (vs. est. INR113b), growing 6% YoY (-3% QoQ) in 3QFY26. The growth was primarily led by strong volumes, which were partially offset by muted ASP during the quarter.

Jindal Stainless (JDSL) is executing a strategy to support sustainable longterm growth, which focuses on: capacity expansion, raw material security, and product diversification and value addition.

Jindal Stainless (JSL)’s Q2FY26 EBITDA was 5% better than our estimates at INR 13.9bn (+17%/+6% YoY/QoQ) driven by better sales volumes.

Jindal Stainless’ (JDSL) revenue for 2QFY26 came in line with our estimates at INR109b, up 11% YoY and 7% QoQ. The growth was primarily led by healthy sales volume of 648KT, which recorded 15% YoY and 4% QoQ growth in 2QFY26.

Controlled leverage with improving return ratios insight: JSL has consistently maintained a healthy balance sheet, with Net Debt to EBITDA below 1x, despite executing a significant capex of ~5,400 crore. With the commissioning of new capacities, it is expected to generate annual CFO >4,000 crore, enabling debt reduction in the coming years. Consequently,...

Jindal Stainless (JDSL) reported in-line standalone operating performance in Q1FY26 supported by steady domestic volume growth. Overall volumes grew 8.3% YoY to 626kt driven by 9.5% YoY domestic volume growth across segments such as automotive, metro, white goods, lifts and elevators. Exports volume decline is moderated as new base sets in; which should improve depending upon geopolitical issues. Average realization disappointed with 1.6% QoQ decline (despite tad inch up in domestic SS prices) due to continued pressure from imports and inch up in series 400 volumes. Mgmt. reiterated its...

Revenue stood at INR102b (+8% YoY and flat QoQ), in line with our estimate. The sales volume came in line with our est. at 626KT (+8% YoY and -3% QoQ).

We initiated coverage on Jindal Stainless (JSL) on 13th May’25 at a price of INR610 for a target price of INR770. The stock has gained 20% after our report in one month and we believe there is further steam left.

Jindal Stainless (JDSL) reported largely in-line standalone operating performance in Q4FY25 led by strong volume growth. Volumes grew 13% YoY to 643kt led by strong 17% YoY domestic volume growth led by infra, metro and railways sector. Exports volume continued to remain weak and contributed ~8% to total volumes however mgmt. is seeing good traction in key quality conscious markets of EU and US in near to medium term. Average realization declined 2% QoQ as domestic pricing came under pressure post US tariff talks amid continued cheap imports from Vietnam & China. Mgmt. indicated SS...

Despite relatively stable profitability, Jindal Stainless (JSL) has underperformed its carbon steel players over the past 12 months, primarily due to the concerns on earnings growth.