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JSW Steel: Higher debt would cap upside potential

JSW Steel is a play on volumes as nearly more than 6 million tonnes of incremental capacity is likely to be commissioned in the next one year.

January 23, 2023 / 10:32 AM IST
JSW Steel: Higher debt would cap upside potential

In the past three months, the stock has gained 23 percent while it has rallied over 180 percent in the past three years.

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

Highlights March 2023 likely to be better in performance, compared to the December 2022 quarter Inventory liquidation will help in working capital releases and net debt Capex largely on track at Vijayanagar and Bhushan Steel Remains neutral, valuation captures most of the upside The December 2022 quarter results for JSW Steel (CMP: Rs 741; Market capitalisation: Rs 1,79,104 crore) were broadly in line with expectations. The March 2023 quarter results are likely to be better on the back of expectations of higher realisations and flattish...

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