Investec on Jindal Stainless

Buy, TP Rs 825 JSL has corrected 23% over past 6m, potentially on concerns of elevated capex, gas linked disruption, rate hikes amongst others Believe co’s fundamentals remain strong, supported by (a) effective navigation of gas-related challenges with limited impact on production and spreads, (b) strong execution in 1H, which could drive an upward revision in guidance, (c) a demonstrated track record of disciplined capital allocation and deleveraging, underscoring management’s RoCE-focused capex approach & b/s prudence

JINDAL STAINLESS LIMITED

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