Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.</li>
<li>Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).</li>
<li>The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.</li>
</ul>


Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.


Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

<ul>
<li>Management has lowered its volume and margin guidance over the last few quarters even as they have gradually lowered their export share to less than 10%.</li>
<li>Despite a 40% drop from its high over the last few months JDSL trades at premium to its historic valuations. Significant investments in Indonesia to raise capacity is positive</li>
<li>A 20-25% increase in volumes (through Indonesia investments) over the next 2-3 years coupled with 20% ROIC and Debt &lt;1X EBITDA implies that premium valuations could sustain.</li>
</ul>


Management has lowered its volume and margin guidance over the last few quarters even as they have gradually lowered their export share to less than 10%.
Despite a 40% drop from its high over the last few months JDSL trades at premium to its historic valuations. Significant investments in Indonesia to raise capacity is positive
A 20-25% increase in volumes (through Indonesia investments) over the next 2-3 years coupled with 20% ROIC and Debt &lt;1X EBITDA implies that premium valuations could sustain.


Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Giant Network Group Co Ltd / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.</li>
<li>We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today's recommendations coming from China.


Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

India

Jindal Stainless Ltd. is an integrated steel producer which manufactures a variety of steel products.  The Company's products include stainless steel plates, welded steel tubes, cold rolled strips and seamless tubes. Jindal also manufactures industrial machinery.

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Jindal Stainless (JDSL IN)

Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

Jindal Stainless reports strong Q1 FY26 performance, with promising outlook on volume growth and margin stability, but stock valuation already...

Rahul Jain

Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

Investments in Indonesia expected to drive volume growth and sustain premium valuations. Its near monopoly status in India, high return ratios and...

Rahul Jain

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness

​Jindal Stainless reports strong Q1 FY26 performance, with promising outlook on volume growth and margin stability, but stock valuation already...

Rahul Jain

Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

​Investments in Indonesia expected to drive volume growth and sustain premium valuations. Its near monopoly status in India, high return ratios and...

Rahul Jain

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria,CFA

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Still Bullish. China (Shanghai Composite) has been a major focus ever since our July 3 Int'l Compass titled "China and Japan Breaking Out." It...

Vermilion Research

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Jindal Stainless reports strong Q1 FY26 performance, with promising outlook on volume growth and margin stability, but stock valuation already...

Investments in Indonesia expected to drive volume growth and sustain premium valuations. Its near monopoly status in India, high return ratios and...

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...