Prabhudas Lilladher has upgraded Jindal Stainless (JDSL) from 'Accumulate' to 'BUY' with a target price of ₹821 in its research report dated June 11, 2026. According to the brokerage's analysis, the recent correction offers an attractive opportunity to own India's largest stainless-steel producer at reasonable valuation. The upgrade comes as the stock has corrected over 15% in one month, presenting what the firm considers a lucrative entry point.
The brokerage highlights several key growth catalysts for Jindal Stainless. Recent commissioning of the 1.2mtpa Indonesia melt shop and ongoing downstream expansions provide good visibility on volume growth towards ~3.5mt by FY29E. Additionally, a new stainless-steel project is being planned in Maharashtra to capture future growth opportunities. The Indonesian government's plans to bring nickel exports under a state entity would tighten the market, while domestic stainless-steel prices remain at a good discount to Chinese prices.
Prabhudas Lilladher maintains its FY27/28E EBITDA estimates and expects Jindal Stainless to deliver 13% EBITDA CAGR over FY26-28E. The stock is currently trading at attractive valuations of 8.8x/7.2x EV of FY27/28E EBITDA following the recent correction. The brokerage believes 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 the company's long-term growth drivers.
