Jindal Stainless: ICICI Securities Recommends 'BUY' with Rs 860 Target
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Moneycontrol•23-01-2026, 15:00
Jindal Stainless: ICICI Securities Recommends 'BUY' with Rs 860 Target
- •Jindal Stainless (JSL) reported Q3FY26 EBITDA of INR 14.1bn, meeting ICICI Securities' estimates.
- •Sales volume reached 650Kte, contributing to a strong EBITDA/te of INR 21,665, the highest in seven quarters.
- •JSL maintains its FY26 guidance of 9-10% volume growth and INR 21,000/te EBITDA, despite minimal exports.
- •Key capex projects, including the Indonesian Nickle project and domestic mills, are progressing as planned.
- •The Maharashtra mega project is slated for FY27-28, with net debt expected to decrease until then.
Why It Matters: ICICI Securities reiterates a 'BUY' rating on Jindal Stainless, setting a target price of Rs 860.
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