Buy JSW Steel; target of Rs 1350: Motilal Oswal

Buy

Motilal Oswal's research report on JSW Steel

JSW Steel (JSTL) posted in-line consolidated revenue of INR460b (+11% YoY and +2% QoQ) in 3QFY26, mainly on account of strong volume, which was partially offset by muted NSR. Adj. EBITDA was largely in line with our estimate at INR66b (+19% YoY). It dipped 16% QoQ, mainly due to weak NSR and increased input costs. Adj. EBITDA/t for the quarter stood at INR8,665/t, rising 4% YoY and declining 19% QoQ (vs. our est. of INR9,050/t) in 3QFY26.

Outlook

At CMP, JSTL trades at 8.6x FY27E EV/EBITDA, and we broadly retain our FY27/28 earnings estimates. We reiterate our BUY rating on the stock with a TP of INR1,350 (premised on 9x EV/EBITDA on Sep’27 estimate).

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