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Anand Rathi Report
Jindal Stainless Ltd. remains one of Anand Rathi's preferred picks in the metals space despite temporary production disruptions during the June quarter.
The brokerage has maintained its 'Buy' rating and target price of Rs 940, implying an upside of nearly 28% from the current market price of Rs 736, citing resilient domestic demand, a growing share of value-added products and long-term capacity expansion plan.
Outlook and Valuation
As the Q1 FY27 performance was more-or-less in line with the brokerage's estimates along with the management maintaining guidance status-quo, Anand Rathi keeps its estimates unchanged.
Considering SS growth being superior to carbon steel and the company being the market leader, the brokearge retains Buy rating on the stock with an unrevised target price of Rs 940, valuing it at 11x FY28e EV/Ebitda (below +1SD).
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Key Risks:
- Further extension in QCO;
- disruption in gas availability;
- rise in gas prices; and
- changes in commodity prices.
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