Tata Steel, JSW Steel, Jindal Steel share price targets: 3 metal stocks to buy
Nomura suggested a target of Rs 1,300 on Jindal Steel, Rs 1,400 on JSW Steel and Rs 240 on Tata Steel.
- Aug 18, 2026,
- Updated Aug 18, 2026 1:46 PM IST
Foreign brokerage Nomura in a fresh note maintained its positive outlook on the India steel sector, and believed the domestic steel industry is well-positioned to benefit in the first half of FY27 from the price hikes implemented in late March quarter and through June quarter, which in its view, are more than sufficient to absorb any cost inflation arising from the West Asia crisis. The brokerage has maintained its 'Buy' recommendations on Tata Steel Ltd, JSW Steel Ltd and Jindal Steel Ltd.
Rebar recovery has extended while flat pricing has strengthened, it said adding that MMDR Amendment bill is seen positive for the mining industry.
Steel price updates
Nomura said global steel prices were firm last week ended August 14, with India HRC prices showing resilience and rebar prices continuing to gain momentum after an extended period of decline.
"Domestic HRC prices in India improved by Rs 100/t week-on-week to Rs 58,050/t, while rebar prices rebounded by Rs 1,475/t week-on-week to Rs 53,100/t, marking a sharp improvement after a prolonged three-month correction. Despite the correction, the domestic flat-long spread remains positive at over Rs 4,950/t, supported by sustained resilience in HRC prices over rebar prices," Nomura said.
The foreign brokerage said India’s HRC spot margin in August stood at Rs 36,136 per tonne, up Rs 1,416 per tonne MoM. In China, prices remained stable, as export HRC was unchanged at $495 per tonne, while domestic HRC prices remained broadly stable at $482 per tonne.
"Consequently, export margins moderated $4 per tonne week-on-week to $218/t due to increase in global coking coal costs. Meanwhile, in Europe, HRC prices remained firm at EUR705/t, with margins staying broadly stable at 466/t euros amid limited movements," it said.
Nomura suggested a target of Rs 1,300 on Jindal Steel, Rs 1,400 on JSW Steel and Rs 240 on Tata Steel.
On the Tata group stock, Nomura said: "We arrive at target of Rs 240 by applying slightly higher than mid-cycle one-year forward EV/Ebitda multiple of 7.8 times on new steady-state Ebitda in June 2028."
Meanwhile, the parliament passed the Mines and Minerals (Development and Regulation) (MMDR) Amendment Bill, 2026, empowering the Centre to prescribe conditions governing state taxes, cess and other levies on mining rights/mineral-bearing lands.
Nomura said the amendment follows the 2024 Supreme Court ruling upholding states’ power to levy taxes on mineral rights over and above royalty, which had raised concerns over higher and divergent mining costs.
It said amendment is positively as it should improve regulatory certainty and cost predictability and potentially limit incremental levies, although the extent of the benefit would depend on rules notified by the Centre.
"In our view, legacy coal and iron ore miners such as Tata Steel, NMDC and Coal India (COAL IN, not rated) were among the most exposed to potential liabilities under the 2024 ruling, while Jindal Steel was relatively less exposed given its largely post-FY18 iron ore mine acquisitions; however, all such players now stand to benefit from the recent amendment," Nomura said.
Foreign brokerage Nomura in a fresh note maintained its positive outlook on the India steel sector, and believed the domestic steel industry is well-positioned to benefit in the first half of FY27 from the price hikes implemented in late March quarter and through June quarter, which in its view, are more than sufficient to absorb any cost inflation arising from the West Asia crisis. The brokerage has maintained its 'Buy' recommendations on Tata Steel Ltd, JSW Steel Ltd and Jindal Steel Ltd.
Rebar recovery has extended while flat pricing has strengthened, it said adding that MMDR Amendment bill is seen positive for the mining industry.
Steel price updates
Nomura said global steel prices were firm last week ended August 14, with India HRC prices showing resilience and rebar prices continuing to gain momentum after an extended period of decline.
"Domestic HRC prices in India improved by Rs 100/t week-on-week to Rs 58,050/t, while rebar prices rebounded by Rs 1,475/t week-on-week to Rs 53,100/t, marking a sharp improvement after a prolonged three-month correction. Despite the correction, the domestic flat-long spread remains positive at over Rs 4,950/t, supported by sustained resilience in HRC prices over rebar prices," Nomura said.
The foreign brokerage said India’s HRC spot margin in August stood at Rs 36,136 per tonne, up Rs 1,416 per tonne MoM. In China, prices remained stable, as export HRC was unchanged at $495 per tonne, while domestic HRC prices remained broadly stable at $482 per tonne.
"Consequently, export margins moderated $4 per tonne week-on-week to $218/t due to increase in global coking coal costs. Meanwhile, in Europe, HRC prices remained firm at EUR705/t, with margins staying broadly stable at 466/t euros amid limited movements," it said.
Nomura suggested a target of Rs 1,300 on Jindal Steel, Rs 1,400 on JSW Steel and Rs 240 on Tata Steel.
On the Tata group stock, Nomura said: "We arrive at target of Rs 240 by applying slightly higher than mid-cycle one-year forward EV/Ebitda multiple of 7.8 times on new steady-state Ebitda in June 2028."
Meanwhile, the parliament passed the Mines and Minerals (Development and Regulation) (MMDR) Amendment Bill, 2026, empowering the Centre to prescribe conditions governing state taxes, cess and other levies on mining rights/mineral-bearing lands.
Nomura said the amendment follows the 2024 Supreme Court ruling upholding states’ power to levy taxes on mineral rights over and above royalty, which had raised concerns over higher and divergent mining costs.
It said amendment is positively as it should improve regulatory certainty and cost predictability and potentially limit incremental levies, although the extent of the benefit would depend on rules notified by the Centre.
"In our view, legacy coal and iron ore miners such as Tata Steel, NMDC and Coal India (COAL IN, not rated) were among the most exposed to potential liabilities under the 2024 ruling, while Jindal Steel was relatively less exposed given its largely post-FY18 iron ore mine acquisitions; however, all such players now stand to benefit from the recent amendment," Nomura said.