ICICI Securities places buy tag on Jindal Steel at ₹1,225
Business
ICICI Securities has put a buy tag on Jindal Steel, setting a target price of ₹1,225.
The call comes after JSPL's strong financials this year: its EBITDA jumped 24% to ₹25.7 billion, supported by higher sales volumes and improved realizations amidst a favorable product mix.
Jindal Steel targets 10.5-11Mt by FY2027
Jindal Steel is aiming for even more growth by FY2027, with plans to sell 10.5 million to 11 million tons and roll out new projects like a DRI plant and extra coal gasifiers by June 2027.
Cost-saving moves, like coal mines and VA capacities and benefits arriving from 18mnt slurry pipeline savings, are expected to boost profits further, which is why ICICI values the company so highly right now.