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JSW Steel: EBITDA looks to have peaked for the near term, volume growth likely

JSW has maintained its production and sales volume guidance, despite the lower volumes in June 2021

July 26, 2021 / 06:50 PM IST
JSW Steel: EBITDA looks to have peaked for the near term, volume growth likely

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

JSW Steel’s (JSW; CMP: Rs 717; Market Capitalisation: Rs 1,73,411 crore) June quarter results were above expectations on the back of higher steel prices, export volumes and better performance from subsidiaries. Volume-led growth is likely to be witnessed by JSW, with a 5 million tonne per annum (MTPA) expansion at Dolvi likely to commence by September 2021. June 2021 quarter results Total and domestic sales declined quarter-on-quarter (QoQ)  due to the impact of the second wave of COVID-19 and seasonality. As...

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