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'Buy' Jindal Steel Maintains Motilal Oswal, Says Capex Strategy To Drive Long-Term Competitiveness
Motilal Oswal maintains Buy rating on JSPL with a target price of Rs 1,100, based on seven times EV/Ebitda on FY27 estimate.
29 May 2025, 12:24 PM IST 
JSPL has deleveraged its balance sheet significantly by reducing its net debt from Rs 464 billion in FY16 to Rs 114 billion in FY25 with a net debt-to-Ebitda ratio of 1.26x as of Q4 FY25.
(Photo source: company website- JSPL plant in Odisha)
JSPL has followed a prudent deleveraging policy, which has helped the company strengthen its balance sheet. The company has deleveraged its balance sheet from Rs 464 billion of net debt in FY16 to ~Rs 110 billion as of FY25, translating into a net debt-to-Ebitda ratio of 1.1x.
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