Motilal Oswal Financial Services (MOFSL) has raised the target price on Jindal Stainless to ₹830 from ₹810 while maintaining a ‘Buy’ rating, implying a potential upside of around 15% from the current market price of ₹721.95.
The brokerage said revenue for the quarter was in line, but lower input costs helped drive an EBITDA beat. The company has reiterated its volume growth guidance of 9–10% YoY for FY26, with similar expectations for FY27, depending on capacity expansion and demand.
Jindal Stainless also aims to increase the share of cold-rolled (CR) products to 75% of its melting capacity. The EBITDA per tonne guidance remains at ₹19,000–21,000 for FY26, despite volatility in raw material prices.
While FY26/FY27 earnings estimates remain unchanged, MOSL projects a revenue CAGR of ~14% and EBITDA CAGR of ~17% over FY25–27E. The stock currently trades at 9.9x EV/EBITDA and 2.6x P/BV on FY27E basis.
Disclaimer: The views and recommendations expressed by Motilal Oswal are their own and do not represent the opinion of this publication. Investors are advised to consult a certified financial advisor before making any investment decisions.
