Jindal Stainless Ltd. share price target

JSL is augmenting is stainless steel melt capacity from 1.1 MTPA to 2.1 MTPA and also enhancing downstream capacity with 1.6x expansion of hot rolled annealed pickled (HRAP) from 0.8 MTPA to 1.25 MTPA and 1.7x expansion of cold rolled annealed pickled (CRAP) from 0.45 MTPA to 0.75 MTPA. It is also expanding backward integration with 1.4x expansion of ferro chrome from 0.25 MTPA to 0.35 MTPA The estimated total growth capex is ~| 2150 crore wherein melting capex is | 530 crore (to be completed by Q3FY23), downstream enhancement...

The merger process of JSHL into JSL is progressing well and is expected to be completed in H2FY22. Hence, we value JSL on a merged entity basis and arrive at a target price for JSHL based on the announced swap ratio. We arrive at a target price of | 125 for JSL (earlier | 90), maintaining our BUY recommendation on the stock. Subsequently, as per the announced swap ratio, we arrive at a target price of | 244 for JSHL (earlier target price | 170), maintaining our BUY recommendation on the stock....

The merger process of JSHL into JSL is progressing well and is expected to be completed in H2FY22. Hence, we value JSL on a merged entity basis and arrive at a target price for JSHL based on the announced swap ratio. We arrive at a target price of | 125 for JSL (earlier | 90), maintaining our BUY recommendation on the stock. Subsequently, as per the announced swap ratio, we arrive at a target price of | 244 for JSHL (earlier target price | 170), maintaining our BUY recommendation on the stock....

Both boards approve merger of JSHL into JSL Key highlights of proposed scheme The board of directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) have accepted the recommendations of the respective board committees and approved the merger of JSHL into JSL. The transaction between Jindal Stainless (Hisar) and Jindal Stainless Ltd is an all-equity merger. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL. Furthermore, as per the...

Both boards approve merger of JSHL into JSL Key highlights of proposed scheme The board of directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) have accepted the recommendations of the respective board committees and approved the merger of JSHL into JSL. The transaction between Jindal Stainless (Hisar) and Jindal Stainless Ltd is an all-equity merger. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL. Furthermore, as per the...

JSL mulls consolidating its stainless steel business: JSL's Board had appointed a committee to explore and evaluate various options of consolidating of the stainless steel business of JSL and Jindal Stainless (Hisar) by the way of a scheme of arrangement. Hisar has a capacity of 0.8 mtpa. The merger/ scheme of arrangement, if it happens, will have...

At the CMP of Rs.64, JSL is trading at an EV/EBITDA of 5.2 x FY19E. We initiate with a BUY on JSL with a target price of Rs.127 (FY21 EV/EBITDA of 5x), which represents an upside of 98.4% over 18 months.

Jindal stainless (Hisar) Ltd (JSHL) reported healthy growth of 10% in net revenues to reach INR 2254 cr as company's volumes grew at 9% on yoy basis while sales per ton increased by 1% over...

Revenue stood at Rs30bn (+43% yoy/+15% qoq) and was better than our estimate. Both sales volume and realization remained strong. Sales volume rose by 38% yoy to 213kt while realization stood at Rs140,373/tonne vs our expectation of Rs135,000/tonne. Consequently, EBITDA increased by 13% yoy to Rs3.9bn (+50% qoq). EBITDA/tn stood at Rs18,106/tn (-18% yoy) due to higher base; lower Raw Material costs in Q3FY17....

Jindal Stainless (Hisar) (JSHL), an entity carved out of the erstwhile Jindal Stainless (JSL), is a leading player in the domestic stainless steel market.