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On Monday, CLSA analyst Indrajit Agarwal updated the firm’s outlook on JSW Steel Ltd (NSE:JSTL:IN), increasing the price target to INR880 from the previous INR825. Despite the higher price target, the analyst maintained an Underperform rating on the stock.
The adjustment comes after JSW Steel reported a 4% year-over-year increase in fourth-quarter consolidated EBITDA to Rs63 billion, which aligned with consensus estimates. The company’s standalone EBITDA per tonne saw a quarterly rise of Rs918 to Rs8,783. Looking ahead, the first quarter’s profitability is expected to see a substantial boost, attributed to rising steel prices and decreasing costs for coking coal.
JSW Steel has provided guidance for production to grow by approximately 2.7 million tonnes year-over-year, primarily due to the ramp-up of its Jindal Vijayanagar Steel Ltd (JVSL) operations, which is expected to produce 5 million tonnes. However, this increase may be partially mitigated by planned shutdowns. The management has refrained from commenting further on Bhushan Power and Steel Limited (BPSL), as the matter is currently sub judice.
While JSW Steel’s net debt experienced a slight quarter-over-quarter decrease, CLSA anticipates it will remain stable year-over-year in FY26 before beginning to decrease in subsequent years. The firm’s decision to maintain an Underperform rating is based on what it considers to be an elevated valuation of JSW Steel’s shares, even though the price target has been raised.
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