Jindal Steel
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Jindal Steel's management is focused on a strategic transition towards higher-margin, value-added products, supported by the successful ramp-up of its Angul facility and enhanced raw material security through captive mines. This aggressive capacity expansion, coupled with a disciplined capital allocation strategy, positions the company to leverage India's robust domestic demand for steel, particularly in infrastructure and automotive sectors. Despite facing near-term headwinds from rising coking coal prices and global steel demand weakness, management remains optimistic about achieving strong revenue growth and operational efficiencies. Vista's financial outlook reflects this optimism, forecasting accelerating revenue growth while acknowledging potential margin pressures. The anticipated commissioning of the slurry pipeline and increased capacity utilization are expected to drive operational improvements, supporting a fair valuation aligned with intrinsic value. Over the next 12-24 months, Jindal Steel's ability to navigate global pricing volatility and execute its strategic initiatives will be critical. Key opportunities include capturing domestic demand growth and optimizing logistics, while watchpoints include geopolitical risks and cyclical demand fluctuations
Why We Like This Stock
- Successful ramp-up of the Angul facility enhances capacity and supports revenue growth
- Strategic focus on high-margin, value-added products is expected to improve profitability
- Strong domestic demand in India provides a favorable backdrop for growth
Things To Watch Out For
- Rising coking coal prices may pressure margins in the near term
- Global steel demand weakness, particularly from China, poses risks to pricing
- Execution risks associated with ramping up new capacities and geopolitical tensions
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 50,354 | 50,129 | 53,225 | 58,808 | 68,841 |
| Profit Before Tax (Cr.) | 6,161 | 5,468 | 5,284 | 5,622 | 8,644 |
| PBT Margin | 12.2% | 10.9% | 9.9% | 9.6% | 12.6% |
| Net Profit (Cr.) | 5,796 | 3,459 | 4,445 | 4,808 | 7,380 |
| Earnings Per Share | 56.9 | 33.6 | 43.7 | 47.2 | 72.5 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Nomura | ▲ Buy | 1,300 | 07-Sep-2026 |
| Kotak Securities | ▲ Buy | 1,350 | 28-Aug-2026 |
| Emkay Global | ▲ Buy | 1,400 | 27-Aug-2026 |
| Macguire | ▲ Buy | 1,211 | 28-Jul-2026 |
| Anand Rathi | ▲ Buy | 1,410 | 27-Jul-2026 |
| CLSA | ▲ Buy | 1,420 | 27-Jul-2026 |
| Citigroup | ▼ Sell | 900 | 27-Jul-2026 |
| ICICI Securities | ▲ Buy | 1,254 | 27-Jul-2026 |
| IDBI Capital | ▲ Buy | 1,224 | 27-Jul-2026 |
| Motilal Oswal | ▲ Buy | 1,200 | 27-Jul-2026 |
| Prabhudas Liladhar | ▲ Buy | 1,298 | 27-Jul-2026 |
| UBS | ► Neutral | 1,300 | 27-Jul-2026 |
| Elara Capital | ► Accumulate | 1,168 | 26-Jul-2026 |
| Morgan Stanley | ▲ Overweight | 1,340 | 11-Jun-2026 |
| HSBC | ► Hold | 1,280 | 28-Apr-2026 |
| Goldman Sachs | ► Hold | 1,335 | 26-Apr-2026 |
| Nuvama | ▼ Reduce | 1,154 | 23-Apr-2026 |
Company Overview
Show Company Profile
Jindal Steel Limited manufactures steel in India and internationally. It offers TMT rebars under the Jindal Panther brand; structural sections, rails, wire rods, round bars, and cut and bend rebars; and flat products, such as hot rolled coils, cast rounds, cold rolled and coated products, plates and coils, rockhard plates, and hollow sections. The company also provides semi-finished and specialized products, including cathode bars, fabricated sections, track shoes, sheet piles, sin beams, and value-added billets and blooms. In addition, it is involved in design and manufacturing of EOT and gantry cranes for steel plants, ports, infrastructure, and heavy engineering applications; manufactures pressure-retaining equipment for high-pressure and high-temperature industrial applications; and manufactures ferrous cast components for metallurgical and thermal processing industries. Further, the company engages in the operation of iron ore mines in Kasia, Roida, and Tensa in India; coal assets; pellet plants; and captive power facilities. It serves infrastructure, distribution, automotive, defense, building and construction, and engineering and packing. The company was formerly known as Jindal Steel & Power Limited and changed its name to Jindal Steel Limited in July 2025. Jindal Steel Limited was incorporated in 1979 and is based in New Delhi, India.