Macquarie has maintained its Outperform rating on JSW Steel with a target price of ₹1,034, implying a 2.5% upside from the current market price of ₹1,009.20. The brokerage noted that the company’s Q4 standalone EBITDA beat estimates, driven by lower-than-expected per tonne costs, despite flattish realisations.
Looking ahead, management expects Q1 realisations to improve by over ₹3,000 per tonne, aided by price hikes and stronger demand. Additionally, input costs—especially coking coal—are projected to moderate, supporting further expansion in EBITDA per tonne.
Macquarie also sees improved margin performance in JSW’s global operations in FY26, helped by better demand visibility. The company has guided for an annual capex of $2.3–2.5 billion over FY26–28, focused on enhancing value-added product capabilities and cost reduction initiatives.
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