Jindal Stainless Upgraded to Buy with Price Target of Rs 821: Prabhudas Lilladher

Jindal Stainless Offers Attractive Opportunity for Long-Term Growth

Prabhudas Lilladher's latest research report on Jindal Stainless (JDSL) reveals a compelling upgrade from 'Accumulate' to 'BUY' due to the recent market correction. At a reasonable valuation, investors can now own India's largest stainless-steel producer, which has been overlooked by the market in recent times.

The recent commissioning of the 1.2mtpa Indonesia melt shop and ongoing downstream expansions provide a clear visibility on volume growth towards approximately 3.5mt by FY29E. Additionally, a new stainless-steel project is being planned in Maharashtra to capture future growth opportunities. Furthermore, the Indonesian government's plan to bring nickel exports under a state entity is expected to tighten the market, while domestic stainless-steel prices remain at a good discount to Chinese prices.

Key Catalysts for Growth