Published on 27/04/2026 08:10 AM
TRADE SET UP
ON JSW Steel
Strong capacity growth plans, exposure to downstream and op. leverage benefits, favorable debt positioning and raw material security
On Shyam Metalics
Its horizontal exposure across Carbon steel, Stainless steel and Aluminum (downstream) products, lower-than-peer net debt/EBITDA and consistent EBITDA margins
On Tata Steel
While expect structural EBITDA improvement till FY28E across divisions, believe uncertainty on iron ore cost post FY30E to likely weigh on valuation
On Jindal Steel
Are positive on its capacity ramp-up, cost reduction potential, and strong leverage, however, see current valuations as fair
On NMDC
Mid-term earnings to be impacted by the slow progress in diversification projects; negative risk-reward with the stock trading at 6.4x, above 1std dev. of 10-year mean.
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