External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We maintain BUY rating on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share</li><li>We interacted with the management on business outlook</li><li>The ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants has accelerated production in Q4FY25 and sales should also remain strong (we estimate 15% YoY consolidated volume growth in Q4FY25)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain BUY rating on JSW Steel (JSWS) with an unchanged target price of INR 1,080/shareWe interacted with the management on business outlookThe ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants has accelerated production in Q4FY25 and sales should also remain strong (we estimate 15% YoY consolidated volume growth in Q4FY25)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSW Steel: Volume Growth Firms up on Capacity Ramp-Up. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.</li><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/share</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 1,635/sh is premised on (1) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, (2) recovery in the O2C margin, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates, due to lower-than-expected O2C margin and lower-than-expected crude oil throughput.JSW Steel: We maintain BUY on JSW Steel (JSWS) with a revised target price of INR 1,120/shareContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

<ul><li>We continue to remain positive on the Indian steel sector, as it has grown faster than most major economies</li><li>While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreads</li><li>Coking coal prices also remain soft, adding to gross margin improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We continue to remain positive on the Indian steel sector, as it has grown faster than most major economiesWhile Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreadsCoking coal prices also remain soft, adding to gross margin improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

<ul><li>JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share</li><li>JSWS’ Q4 consolidated EBITDA came in line with our estimates</li><li>The ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/shareJSWS’ Q4 consolidated EBITDA came in line with our estimatesThe ramp-up of recently commissioned 6mn MT steel capacities across Vijayanagar and BPSL plants and healthy domestic demand drove 11/12% YoY/QoQ consolidated volume growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: JSW Steel, Ashok Leyland, Balkrishna Industries

<ul><li>While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQ</li><li>However, longs prices came under pressure and fell ~1-2% QoQ</li><li>Thus, blended steel prices have been broadly flattish QoQ</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQHowever, longs prices came under pressure and fell ~1-2% QoQThus, blended steel prices have been broadly flattish QoQContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

JSW Steel: Volume Growth Firms up on Capacity Ramp-Up. Maintain BUY

We maintain BUY rating on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share. We interacted with the management on business outlook

HDFC Securities

HSIE Results Daily: Reliance Industries, JSW Steel, Union Bank of India, AU Small Finance Bank...

RIL’s consolidated Q1FY26 EBITDA stood at INR 429.0bn (+10.7% YoY, -2.1% QoQ) and APAT at INR 180.7 bn (+2.4% YoY, +4.7% QoQ), below our estimates

HDFC Securities

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and...

HDFC Securities

HSIE Results Daily: JSW Steel, Ashok Leyland, Balkrishna Industries

JSW Steel: We maintain BUY on JSW Steel (JSWS) with an unchanged target price of INR 1,080/share. JSWS’ Q4 consolidated EBITDA came in line with...

HDFC Securities

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest...

HDFC Securities

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