External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<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

<ul><li>The Indian steel sector has been a shining star in an otherwise dull global landscape</li><li>Steel demand in India has been growing at a solid pace, consistently outpacing other major economies</li><li>In fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economies</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.

The Indian steel sector has been a shining star in an otherwise dull global landscapeSteel demand in India has been growing at a solid pace, consistently outpacing other major economiesIn fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economiesContent 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: Steel-Ing the Show! India’s Metal Momentum

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

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>JSW Steel is one of the leading integrated steel companies in India.</li><li>It has a strategic collaboration with global leader JFE Steel of Japan, enabling JSW to access new and state-of-the art technologies to produce and offer high value special steel products to its customers.</li><li>JSW Steel’s manufacturing unit in Vijayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA </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 is one of the leading integrated steel companies in India.It has a strategic collaboration with global leader JFE Steel of Japan, enabling JSW to access new and state-of-the art technologies to produce and offer high value special steel products to its customers.JSW Steel’s manufacturing unit in Vijayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA 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.

<ul>
<li>The Russia Ukraine conflict has provided traction to global metal prices.</li>
<li>During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.</li>
<li>During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.</li>
</ul>
<div class="content-highlight">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.</div>


The Russia Ukraine conflict has provided traction to global metal prices.
During YTD CY22, a healthy rally has been witnessed in both ferrous and non-ferrous metals.
During YTD CY22 (January 1-March 10, 2022), aluminium prices on the LME increased by ~21% to US$3409/tonne.

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.

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

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)

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

Metals: Steel-Ing the Show! India’s Metal Momentum

The Indian steel sector has been a shining star in an otherwise dull global landscape. Steel demand in India has been growing at a solid pace,...

HDFC Securities

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

JSW Steel - Muted Performance…

JSW Steel’s manufacturing unit in Vijayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA

ICICI Securities Limited

Hindalco Industries: Geopolitical Conflict Provides Traction to Metal Prices

The Russia Ukraine conflict has provided traction to global metal prices. During YTD CY22, a healthy rally has been witnessed in both ferrous and...

ICICI Securities Limited

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