Jindal Stainless Ltd (JSL) shares fell 3% after Nuvama Institutional Equities slashed its target price to ₹723 while maintaining a ‘Buy’ rating. The downgrade comes amid muted export demand and elevated imports, which have impacted the company’s margins.
Following a recent management meeting, Nuvama highlighted that JSL now expects volume growth of 9–10% for FY26, with a consolidated EBITDA per tonne in the range of ₹19,000–₹21,000. However, for Q4FY25, EBITDA per tonne is projected to decline sharply to ₹16,000 due to a shift toward lower-margin segments in the domestic market.
In response to macroeconomic challenges, JSL has delayed the commissioning of its downstream Jajpur operations by 8–9 months, pushing it beyond H1FY27. This strategic move aims to navigate the ongoing market pressures and optimize future growth.
As a result, Nuvama has revised its EBITDA estimates downward for FY25E, FY26E, and FY27E by 5%, 10%, and 13%, respectively. Despite these near-term hurdles, the brokerage remains optimistic about JSL’s long-term potential, citing its strong scale, product diversification, and ability to adapt to shifting global demand trends.
Jindal Stainless shares opened at ₹632.00 and touched a high of ₹635.70 before dipping to ₹601.00. The stock remains volatile, with a 52-week high of ₹848.00 and a low of ₹568.05.
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