JSW Steel Ltd. share price target

JSW Steel's outlook for FY26 remains positive, driven by expected strong demand growth of 8-10% in the Indian market. The company anticipates that its volume ramp-up would meet the increased demand, resulting in lower conversion costs compared to existing operations. Additionally, the focus on renewable energy and the expansion of large and efficient blast furnaces are expected to enhance the company's cost competitiveness. Coking coal costs are expected to decrease in Q1FY26. Overall, EBITDA is expected to improve due to better performance in US...

JSTL has given FY26 cons prod / sales guidance of 30.5mt/ 29.2mt. JSW Steel (JSTL) reported inline operating performance in 4QFY25 led by lower RM, operating costs and improved subsidiaries' performance. Cons volume grew 11% YoY aided by newly commissioned 5mtpa Jindal Vijayanagar Metallics (JVML) capacity ramp up and stable domestic demand. Average cons NSR declined 3% QoQ due to muted steel pricing affected by imports. Decline in coking coal consumption cost by USD15/t and lower iron ore costs drove...

insolvency resolution plan for Bhushan Power & Steel (BPSL) terming it illegal on account of multiple procedural and substantive lapses found at various levels of the resolution process, ultimately directing the National Company...

JSW Steel (JSTL) is on track to achieve a capacity of 50mpta by FY31, aided by multiple expansion projects. The 5mtpa Vijayanagar expansion was completed in 3QFY25, taking its total India capacity to 34mtpa.

JSTL reported consolidated revenue of INR414b (-1% YoY and +4% QoQ) in 3QFY25, largely in line with our estimate of INR421b. ASP declined 12% YoY and 5% QoQ to INR61,666/t, which was offset by strong volume growth of 12% YoY and 10% QoQ to 6.71mt.

Q2 results was better than weak expectations, supported by lower loss on iron ore and inventory valuation. Imports had a significant impact

The domestic steel demand is expected to be robust, driven by significant capex toward infrastructure development. The capacity expansion of JSW Steel (JSTL) is on track, positioning it well to capitalize on emerging opportunities.

Q1 consolidated operating profit of Rs. 5,510 crore (down 10% q-o-q) was impacted by the inventory
write offs because of decrease in steel price and planned maintenance shutdown in India.

Q1 EBITDA was below consensus and down sequentially on lower volumes and flat margins despite lower coking coal costs

JSTL’s Q1FY25 EBITDA of INR 55.1bn, declined 22% YoY/10% QoQ due to lower realisation and adverse operating leverage.