Motilal Oswal's research report on Jindal Steel
Jindal Steel’s (JINDALST) revenue stood at INR130b (+11% YoY/+12% QoQ), largely in line with our estimate of INR135b in 3QFY26. The growth was primarily attributed to strong volumes offset by muted NSR in 3Q. Production stood at 2.51mt (+26% YoY/QoQ), mainly led by the newly added Angul capacity. The sales volume was 2.28MT (+20% YoY/+22% QoQ). The share of exports declined to 6% in 3QFY26 from 10% in 2QFY26.
Outlook
At CMP, the stock trades at 8.3x EV/EBITDA on FY27E. We reiterate our BUY rating with a TP of INR1,290, based on 8.5x EV/EBITDA on the Sep’27 estimate.
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