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Broker s call: Jindal Steel & Power (Buy) | Updated on CMP: ₹409.50 We see Jindal Steel & Power (JSPL) at a vantage point due to its: i) fully ramped up operations; ii) continued cost efficiencies; and iii) focus on deleveraging. Besides, the company is poised to reap benefits of the steel upcycle given its focus on value-added products, which will strengthen EBITDA/t to ₹16,500 through to FY22. Factoring our revised steel price estimates, we are raising FY22E EBITDA by 14 per cent. While we expect earnings to plateau, the substantial debt reduction that the company has achieved from FY19 will drive the stock’s re-rating. Maintain ‘Buy’ with revised Target Price of ₹500 (earlier ₹378).

Jindal steelTarget priceEdelweiss financialJindal steel amp powerDebt reductionஜிண்டால் எஃகுஇலக்கு ப்ரைஸ்ஏதெல்வேஸ்ஸ் நிதிஜிண்டால் எஃகு ஆம்ப் பவர்கடன் குறைப்பு