- CLSA raised share price targets for JSW Steel, Tata Steel, and Jindal Steel.
- Steel prices in India rose sharply since December 2025 due to safeguard duty and seasonality.
- Rising steel prices are expected to improve gross margins for steel companies.
Multinational brokerage firm CLSA has raised share price targets on JSW Steel Ltd., Tata Steel Ltd., Jindal Steel Ltd. amid sharp uptick in steel prices that augurs well for earnings and valuation for steel stocks.
In a note, analysts said domestic and imported India steel prices have increased sharply from the lows of December 2025. This has been helped by imposition of safeguard duty and seasonal strength. Rising steel prices will support gross margins for steel companies.
"Safeguard duty in India, likely demand uptick/CBA, in Europe and production/import restrictions in China could drive a floor in steel prices, in our view. Hence, we believe steel stocks could trade at a higher multiple vs historical median," the note said.
Target Price Change
- Tata Steel: Rating 'Hold' with target price raised from Rs 205 to Rs 220 (6% upside).
- JSW Steel: Upgrade to 'Hold' from 'Underperform' with target price raised from Rs 930 to Rs 1,200 (3% downside).
- Jindal Steel: Rating 'Outperform' with target price raised from Rs 1,180 to Rs 1,375 (13% upside).
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