Nuvama has reiterated its “buy” rating on Jindal Steel & Power Limited (JSPL), assigning a target price of ₹1,292. This implies a potential upside of 40% from the current market price of ₹924.00.
Key takeaways from the recent management meeting include expectations of a capex push by the government in Q4FY25, which is likely to drive volume growth. Nuvama highlighted that Q4FY25 looks promising, backed by higher steel prices and increased volumes.
However, the brokerage has revised down its FY25E and FY26E EBITDA estimates by 6% and 4%, respectively, to account for lower-than-expected volumes in the near term. Despite this, Nuvama remains optimistic about JSPL’s medium- to long-term growth potential.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Please consult a qualified financial advisor before making investment decisions.
