Nomura maintains Buy on Jindal Steel with ₹1,300 target
Nomura is feeling confident about Jindal Steel, sticking with its Buy rating and setting a target price of ₹1,300.
This upbeat outlook comes after Jindal Steel's Q2FY27 results outperformed expectations: EBITDA hit ₹25 billion, beating forecasts by a solid margin.
The main boost? Better prices per ton and a higher share of flats in their mix.
Jindal Steel profits ₹10,522 per ton
Jindal Steel ramped up production by 27% year-on-year to 2.4 million tons, helped by the ramp-up of the Angul blast furnace.
Even with slightly higher raw material costs, profits per ton held up better than expected at ₹10,522.
Looking ahead, Jindal Steel aims to produce 11 million tons in FY27 and keep focusing on value-added products (already 57% of their output this quarter).
Plus, they're investing big: ₹75 billion to ₹100 billion for new projects like a 2-million-ton DRI plant by June 2027, all part of their plan to drive future growth.