Motilal Oswal's research report on Jindal Stainless
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. The exports share remained steady at 9% in 2QFY26 compared to 1QFY26 (vs. 10% in 2QFY25). ASP stood at INR168,000/t (-3% YoY and +3% QoQ), led by SS price recovery during the quarter.
Outlook
We reiterate our BUY rating with a TP of INR870 (premised on 11x EV/EBITDA on Sep’27 estimate).
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