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'Buy' Jindal Steel Shares Maintains Motilal Oswal, Says New Capacity Addition To Drive Earnings
Motilal Oswal reiterates Buy rating on JSPL with a target price of Rs 1,200, based on 8x EV/Ebitda on FY27 estimate.
16 Oct 2025, 01:31 PM IST 
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Jindal Steel has reduced its net debt from Rs 464 billion in FY16 to Rs 114 billion in FY25, maintaining a net debt/Ebitda ratio of 1.5x as of Q1 FY26. (Photo Source: company website)
Jindal Steel has successfully commissioned a new 3mtpa of crude steel capacity at its Angul plant, expanding the plant’s total steelmaking capacity to 9mtpa. Another 3mtpa expansion at Angul is scheduled for commissioning in FY26, which will bring the company’s total capacity to 15.6mtpa (vs 9.6mtpa). This expansion will position Jindal Steel as the fourth-largest steel producer in India.
