Hold Jindal Stainless; target of Rs 748: Prabhudas Lilladher

Prabhudas Lilladher recommended hold rating on Jindal Stainless with a target price of Rs 748 in its research report dated November 11, 2025.

Broker Research

November 14, 2025 / 13:19 IST

Hold

26 Aug, 2025 12:21

Volume

Todays L/H

Prabhudas Lilladher's research report on Jindal Stainless

Jindal Stainless (JDSL) reported tad better standalone operating performance in Q2FY26 supported by strong domestic volume growth (+16% YoY). Overall volumes grew 14.8% YoY to 648kt aided by domestic volumes of 590kt on robust demand from key sectors such as railways/ metro, white goods, lifts & elevators and autos supported by festive season uplift. Exports volumes inched up ~3% YoY to 58kt, due to uncertainty in global markets for the last few months due to geopolitics and policy changes leading to confusion in the market. Average realisation improved 1.7% QoQ on marginal uptick in Stainless steel (SS) prices. Mgmt. reiterated its volume and EBITDA/t guidance focusing on value-added products having high end applications and rising contribution from cold rolled products.

Outlook

We expect JDSL to deliver 15% CAGR over FY25-28E as it has adequate capacities. We expect revenue/EBITDA/PAT CAGR of 13%/15%/25% over FY25-28E. At CMP, stock is trading at 9.9x/8.1x EV of FY27/FY28E EBITDA. Maintain ‘Hold’ rating with TP of Rs748 (earlier Rs759) valuing at 9x EV of Sep’27E EBITDA.

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