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CNBC TV18

Jindal Steel & Power shares climb 3% after Q1 beat; Kotak upgrades to ‘Add’ but cuts target

AI Market Summary
Jindal Steel & Power posted a June-quarter earnings beat on higher steel volumes, lifting shares, while broker views stayed mixed as target prices diverged and input costs remain a concern. Operational positives include initial coal dispatches from the Utkal B1 mine and a slurry pipeline on track for FY27 Q2 commissioning, but near-term steel price softness and valuation debate may limit broader market spillover.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT+0.81%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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Jindal Steel & Power Ltd. reported a stronger-than-expected Q1, with adjusted EBITDA of ₹26.7 billion, about 9% above estimates, helped by higher steel sales volumes. Brokerage views were mixed, with Kotak upgrading the stock to ‘Add’ from ‘Reduce’ while CLSA kept an ‘Outperform’ rating and Citi maintained a ‘Sell’. The company said coal dispatches from the Utkal B1 mine have started and its slurry pipeline project is targeted for commissioning in FY27 Q2. The shares rose as much as 3% in early trade.
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