Jindal Stainless (JDSL IN) – Company Update – Attractive risk-reward after recent correction – Upgrade to ‘BUY’
Published on 11 Jun 2026
We upgrade Jindal Stainless (JDSL) from ‘Accumulate’ to ‘BUY’ as the recent correction offers an attractive opportunity to own India’s largest stainless-steel producer at reasonable valuation. We believe the market is overly focused on near-term concerns such as fall in LME nickel, elevated fuel costs, higher Chinese imports & export market uncertainty, overlooking JDSL’s long term growth drivers. Recent commissioning of the 1.2mtpa Indonesia melt shop & ongoing downstream expansions provide good visibility on volume growth towards ~3.5mt by FY29E, while a new SS project is being planned in Maharashtra to capture future growth. The Indonesian govt. is planning to bring nickel exports under a state entity, which would tighten the market while domestic stainless-steel prices also remain at a good discount to Chinese prices.
