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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Equity Derivatives

Jindal Steel & Power / Equity Derivatives

<ul>
<li>The company is in the final stages of commissioning its INR 31,000 crore capex plan, accompanied by strong promoter buying in recent months</li>
<li>The new capacity is expected to improve margins through deeper backward integration while also expanding its value-added product mix.</li>
<li>With secured fuel, captive power, and value-added downstream capacity, it is poised to emerge as an infrastructure powerhouse. A steel price recovery would further amplify gains.</li>
</ul>


The company is in the final stages of commissioning its INR 31,000 crore capex plan, accompanied by strong promoter buying in recent months
The new capacity is expected to improve margins through deeper backward integration while also expanding its value-added product mix.
With secured fuel, captive power, and value-added downstream capacity, it is poised to emerge as an infrastructure powerhouse. A steel price recovery would further amplify gains.


The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan

Equities. Commodities. Metals & 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

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)

The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan

Company nearing completion of INR 31,000 crore capex plan with strong promoter buying, set to improve margins and emerge as infrastructure...

Sudarshan Bhandari