Hold Jindal Stainless; target of Rs 784: Prabhudas Lilladher

Prabhudas Lilladher recommended hold rating on Jindal Stainless with a target price of Rs 784 in its research report dated January 23, 2026.

Broker Research

January 23, 2026 / 11:44 IST

hold

Prabhudas Lilladher's research report on Jindal Stainless

Jindal Stainless (JDSL) reported in-line consolidated operating performance in Q3FY26, supported by robust domestic volume growth of 15% YoY. Overall volume grew 10.6% YoY to 650kt aided by 618kt in domestic markets, driven by demand from key sectors such as railways/metro, pipes & tubes, lifts & elevators, and autos. Export volume contracted sharply by 35% YoY to ~32kt, driven by a lack of clarity on EU’s CBAM tax computation verification that delayed customer decisions, while uncertainty around US tariffs continues to remain as an overhang. Average realization softened 2.6% QoQ, broadly in line with decline of avg SS prices during the quarter. The management maintained its volume guidance of 9-10% in FY26 and EBITDA/t range of Rs19-21k, despite recent sharp rise in nickel prices and rising ferro chrome prices.

Outlook

At CMP, the stock is trading at 9.6x/7.9x EV of FY27/FY28E EBITDA. Maintain ‘HOLD’ rating with TP of Rs784, valuing at 9x EV of Sep’27E EBITDA.

For all recommendations report, click here