ANTIQUE ON JSW STEEL
Target price ₹942 vs ₹905 earlier (maintaining Hold)
Domestic steel demand expected to stay resilient supported by Gol's continued capex push and RBI's rate cuts
FY26 should see continued ramp-up of the JVML plant
BPSL's phase 2 expansion and higher captive iron ore production with three new mines in Karnataka and one in Goa
Rolling over estimates to 1HFY28E (from FY27E earlier) based on 1HFY28E EV/EBITDA target multiple of 7.5x
Target price ₹942 vs ₹905 earlier (maintaining Hold)
Domestic steel demand expected to stay resilient supported by Gol's continued capex push and RBI's rate cuts
FY26 should see continued ramp-up of the JVML plant
BPSL's phase 2 expansion and higher captive iron ore production with three new mines in Karnataka and one in Goa
Rolling over estimates to 1HFY28E (from FY27E earlier) based on 1HFY28E EV/EBITDA target multiple of 7.5x
