Nuvama Institutional Equities has revised its target price on Jindal Stainless Ltd (JSL) to ₹723 while retaining a ‘Buy’ rating, after factoring in muted export demand and elevated imports that have pressured margins. Following its recent management meeting, Nuvama highlighted that JSL is now guiding for FY26 volume growth of 9–10%, with a consolidated EBITDA per tonne range of ₹19,000–₹21,000.
However, Q4FY25 EBITDA per tonne is expected to decline sharply to ₹16,000 due to a shift toward lower-margin segments in the domestic market. In response to the macro challenges, JSL has delayed the commissioning of its downstream Jajpur operations by 8–9 months, pushing it beyond H1FY27.
The brokerage has cut its FY25E/26E/27E EBITDA estimates by 5%, 10%, and 13%, respectively. Despite near-term challenges, Nuvama remains positive on JSL’s long-term structural prospects driven by its scale, product diversity, and ability to adapt to global demand shifts.
