Jefferies on JSW Steel ; BUY, TP Rs 1650

Q2 EBITDA rose 8% QoQ, inline with JEFe Expect margins to expand as 15% rise in India steel prices since Aug-26 more than offsets higher costs Announced 10mt expansions further strengthen visibility on JSTL's target to double capacity by FY32. At 8x 1Y forward EV/EBITDA, valuation is justified. Raise FY27-29E EPS by 2-4% & expect EPS to treble over FY26-29

JSW STEEL LIMITED

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