External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<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

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

<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

<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

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)

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

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: 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

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

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