JSW Steel - Higher Capacity, Robust Domestic Demand To Drive Growth: Motilal Oswal

Motilal Oswal Report

Going forward, we expect JSW Steel Ltd.’s domestic volumes to be robust, aided by capacity expansions, a better product mix, and export opportunities. Moreover, with stable pricing, softened coal costs, and improving operational efficiencies, we expect its Ebitda/tonne to improve going forward.

JSW Steel is trading at 6.1 times FY26E enterprise value/Ebitda.

We reiterate Buy on JSW Steel with a target price of RS 1,070 (premised on seven times FY26E EV/Ebitda).

Key downside risk: JSW Steel imports coking coal, and any sharp increase in its prices could impact margins.

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