JSW Steel Ltd. share price target

JSW Steel's Q1FY26 performance was broadly in line with our expectations. Revenue declined 4% QoQ due to 11% QoQ decline in volumes, driven by planned shutdown and seasonality. NSR increased 7% QoQ, led by higher steel prices. EBITDA increased by (19%/37%) QoQ/YoY to Rs75bn, while EBITDA per tonne rose by (33%/26%) QoQ/YoY to Rs 11,324/t, driven by higher steel prices and lower input costs, despite a drag of Rs3.43bn on account of MTM forex loss on euro currency loans. Management expects a recovery in volumes and EBITDA in Q2, backed by higher capacity utilizations, improved demand, and absence of...

JSTL incurred M2M forex loss of Rs3.4bn on Euro loans due to sharp Euro appreciation and another Rs2bn costs due to plant shutdown in Q1FY26. JSW Steel (JSTL) reported strong cons operating performance led by higher steel pricing. Cons volume grew 9.3% YoY aided by the ramping up of 5mtpa JVML capacity and strong domestic demand. Average cons NSR improved 7% QoQ on higher steel pricing across the regions. Decline in coking coal consumption cost by USD14/t was negated by higher shutdown costs, enabling...

JSW Steel`s consolidated EBITDA beat BB consensus estimate by 5% as the overall performance in the standalone as well as the subsidiary level witnessed sharp improvement.

JSTL reported consolidated revenue of INR432b (flat YoY and -4% QoQ), in line with our estimate of INR429b, as healthy NSR was offset by weak QoQ volume growth.

JSTL is investing INR600b over the next three years to enhance steelmaking and downstream capacities, operational efficiency, and raw material resources.

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