Antique has reiterated its optimism for Jindal Steel & Power Limited (JSPL), maintaining a Buy rating and a target price of ₹1,183. The brokerage highlights JSPL’s robust capacity expansion plans, supported by several projects slated for commissioning over the next two quarters, such as BF-II, BOF-II, ACPP-II, and a slurry pipeline. These projects will play a crucial role in JSPL’s ambition to establish the world’s largest single-location steel-making complex at Angul, Odisha, by 2030.
JSPL plans to invest ₹310 billion through FY27, with ₹206 billion already spent by 2QFY25. The company aims to increase crude steel-making capacity to 15.9 MTPA (from 9.6 MTPA) and finished steel capacity to 13.8 MTPA. Additionally, the company’s product mix, favoring long products, and high value-added production (53% in 2QFY25 from 47% a year ago) bode well for sustained profitability. Net debt-to-EBITDA remains low at 1.2x, highlighting JSPL’s financial prudence and capacity to fund its ambitious growth plans.
