Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>JSW Steel's adjusted EBITDA per ton jumped by 23% QoQ while net debt-to-EBITDA improved to 1.46x, highlighting stronger profitability and a healthier balance sheet.</li>
<li>Operational catalysts including the Vijayanagar ramp-up, Ohio recovery and stronger auto realisations could help offset near-term margin pressure during Q2.</li>
<li>Management views CBAM as a potential pricing tailwind rather than a regulatory setback, with stronger European steel prices potentially lifting export realisations without altering the company’s domestic-focused strategy.</li>
</ul>


JSW Steel's adjusted EBITDA per ton jumped by 23% QoQ while net debt-to-EBITDA improved to 1.46x, highlighting stronger profitability and a healthier balance sheet.
Operational catalysts including the Vijayanagar ramp-up, Ohio recovery and stronger auto realisations could help offset near-term margin pressure during Q2.
Management views CBAM as a potential pricing tailwind rather than a regulatory setback, with stronger European steel prices potentially lifting export realisations without altering the company’s domestic-focused strategy.


JSW Steel: 54% EPS Surprise, Three Catalysts Emerge, Steel Spreads Remain the Key Watchpoint

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor</li>
<li>UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.</li>
<li>US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor
UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&amp;P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.
US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>JSW Steel reported Q4 FY26 consolidated PAT of INR 19,243 crore, mainly driven by a INR 17,888 crore exceptional gain from the BPSL slump sale to the JFE JV.</li>
<li>Excluding the exceptional gain, normalised Q4 PAT was INR 3,475 crore, supported by INR 9,713 crore adjusted EBITDA, lower net debt, and record quarterly steel sales of 7.97 MT.</li>
<li>FY26 was transformational as the BPSL restructuring strengthened JSW’s balance sheet, deepened strategic partnerships with JFE and POSCO, and supported its 62 MTPA FY32 roadmap.</li>
</ul>


JSW Steel reported Q4 FY26 consolidated PAT of INR 19,243 crore, mainly driven by a INR 17,888 crore exceptional gain from the BPSL slump sale to the JFE JV.
Excluding the exceptional gain, normalised Q4 PAT was INR 3,475 crore, supported by INR 9,713 crore adjusted EBITDA, lower net debt, and record quarterly steel sales of 7.97 MT.
FY26 was transformational as the BPSL restructuring strengthened JSW’s balance sheet, deepened strategic partnerships with JFE and POSCO, and supported its 62 MTPA FY32 roadmap.


JSW Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

Thematic (Sector/Industry)

<ul>
<li>The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.</li>
<li>Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.</li>
<li>Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.</li>
</ul>


The steel market is tightening fast: demand is running ahead of production, while higher coking coal costs strengthen the case for price hikes.
Export momentum is broadening mills’ demand pool, with Asian markets emerging as an increasingly important outlet for Indian steelmakers.
Imports are the catch: rising Chinese inflows could put a ceiling on domestic prices, limiting how far mills can push realizations.


India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

JSW Steel: 54% EPS Surprise, Three Catalysts Emerge, Steel Spreads Remain the Key Watchpoint

The earnings beat may have laid the groundwork for a re-rating, but sustaining it will require easing cost pressures, wider steel spreads and...

Mint Finance

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel,...

Lucror Analytics

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

JSW Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...

Sudarshan Bhandari

India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

Consumption is leaving production behind in India’s steel market, with the widening gap adding fresh momentum to the price outlook.

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Steel: 54% EPS Surprise, Three Catalysts Emerge, Steel Spreads Remain the Key Watchpoint

The earnings beat may have laid the groundwork for a re-rating, but sustaining it will require easing cost pressures, wider steel spreads and...

Mint Finance

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel,...

Lucror Analytics

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

JSW Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

​JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...

Sudarshan Bhandari

India’s Steel Market Turns Constructive, With Imports Emerging as the Wildcard

Consumption is leaving production behind in India’s steel market, with the widening gap adding fresh momentum to the price outlook.

Mint Finance

JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...