Indian Equities. Global Metals and Mining

Rahul Jain

Equity Bottom-Up

<ul>
<li>Strong focus on capacity enhancement. Increasing steelmaking capacity by 65% over the next 3 years to 15.9mt.</li>
<li>Recent margin dip provides attractive entry point. Promoters/insiders have bought into recent decline in stock price</li>
<li>Attractive long-term play on rising domestic steel demand. Low debt levels at &lt;1.4x EBITDA allows for steady capacity addition. </li>
</ul>


Strong focus on capacity enhancement. Increasing steelmaking capacity by 65% over the next 3 years to 15.9mt.
Recent margin dip provides attractive entry point. Promoters/insiders have bought into recent decline in stock price
Attractive long-term play on rising domestic steel demand. Low debt levels at &lt;1.4x EBITDA allows for steady capacity addition. 


Jindal Steel & Power (JSP IN) - Cyclical Downturn Provides Attractive Entry Point

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Jindal Steel &amp; Power’s (JSP) ongoing capacity expansion at Angul (Odisha) will boost the crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.</li><li>The expansion is expected to complete by Q1FY27 and position JSP as the fourth-largest steel producer in India.</li><li>JSP is also undertaking cost-effective measures to expand the operating margin through: 1) the strengthening of raw material integration, 2) increase in the captive power plant share, 3) higher flat steel mix to ~55%, and 4) focus on VAP (current share ~67%).</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.

Jindal Steel &amp; Power’s (JSP) ongoing capacity expansion at Angul (Odisha) will boost the crude steel capacity by 65% to 15.9mtpa and finished steel capacity by 83% to 13.75mtpa.The expansion is expected to complete by Q1FY27 and position JSP as the fourth-largest steel producer in India.JSP is also undertaking cost-effective measures to expand the operating margin through: 1) the strengthening of raw material integration, 2) increase in the captive power plant share, 3) higher flat steel mix to ~55%, and 4) focus on VAP (current share ~67%).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.

Jindal Steel & Power  - Expansion Strategy to Propel Growth in the Long Run

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report onJindal Steel and Power Jindal Steel &amp; Power (JSP) reported largely in-line cons.</li><li>Operating performance in 4Q, despite weak NSR (-5% QoQ) in standalone business which got offset by higher volumes (11% QoQ) aided by export volumes.</li><li>Average 1Q coking coal cost expected to decline by ~USD30-40/t QoQ while ramping up of pellet plant to drive margins.</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.

Prabhudas Lilladher's research report onJindal Steel and Power Jindal Steel &amp; Power (JSP) reported largely in-line cons.Operating performance in 4Q, despite weak NSR (-5% QoQ) in standalone business which got offset by higher volumes (11% QoQ) aided by export volumes.Average 1Q coking coal cost expected to decline by ~USD30-40/t QoQ while ramping up of pellet plant to drive margins.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.

Jindal Steel & Power (JSP IN) - Near Term Hiccups in Volume Growth

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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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

Thematic (Sector/Industry)

<ul>
<li>India proposes a 12% safeguard duty on key flat steel imports for 200 days, targeting low-cost shipments from FTA partners like Japan and South Korea.</li>
<li>The move supports domestic steelmakers like <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> and <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> by restoring pricing power, creating room for further price hikes of INR 1,000–1,500/Ton.</li>
<li>Near-Term profitability looks up for flat-steel players, but risks from WTO pushback, MSME cost pressures, and the policy’s temporary nature warrant cautious optimism.</li>
</ul>


India proposes a 12% safeguard duty on key flat steel imports for 200 days, targeting low-cost shipments from FTA partners like Japan and South Korea.
The move supports domestic steelmakers like JSW Steel Ltd (JSTL IN) and Tata Steel Ltd (TATA IN) by restoring pricing power, creating room for further price hikes of INR 1,000–1,500/Ton.
Near-Term profitability looks up for flat-steel players, but risks from WTO pushback, MSME cost pressures, and the policy’s temporary nature warrant cautious optimism.


India’s 12% Safeguard Duty: A Tailwind for Domestic Steelmakers or a Risk to Downstream Industries?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a> plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.</li>
<li>India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.</li>
<li>India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..</li>
</ul>



Pepsico Inc (PEP US) plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.
India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.
India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..


#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

India

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

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Jindal Steel & Power (JSP IN)