JSW Steel shares reached a 52-week high of ₹1,314 on the National Stock Exchange (NSE) following the company’s significant increase in fourth-quarter earnings. This surge was attributed to record steel sales, enhanced pricing realizations, and an exceptional gain resulting from the transfer of its Bhushan Power & Steel Ltd (BPSL) steel business to a joint venture with Japan’s JFE Steel. Investor sentiment was bolstered by improved leverage metrics, stable balance sheet trends, and an optimistic expansion guidance.
The company reported robust operational momentum for the March quarter, with increased steel volumes and favorable pricing contributing to enhanced profitability. The BPSL transaction played a key role in reducing debt, thereby strengthening JSW Steel’s financial standing and enhancing cash flow visibility during its ongoing expansion phase.
Macquarie maintains an outperform rating for JSW Steel, setting a target price of ₹1,353, citing a solid quarter supported by a stable balance sheet. The brokerage emphasized that the company’s amplified expansion targets align well with India’s long-term steel demand outlook, while cost efficiencies and supportive policies may further enhance cash flows.
Morgan Stanley holds an overweight rating with a target price of ₹1,330. The brokerage noted the raised expansion guidance and anticipated margin improvements in Q1FY27. Additionally, it highlighted that the BPSL sale aided in deleveraging, with JSW Steel raising its domestic capacity target to 78 million tonnes (MT) by FY32.
Citi, on the other hand, issued a sell rating but raised its target price to ₹1,165 from ₹975. The brokerage acknowledged improved leverage following the BPSL divestment and noted that EBITDA per tonne could see enhancements from Q4 levels. However, Citi cautioned that management anticipates steel prices to remain within a stable range, suggesting that the current valuations already reflect most near-term positives.
Published on May 15, 2026.
