JSW Steel shares hit record high, hold Rs 1,100 mark for seven sessions; price targets and more

Shares of JSW Steel hit a record high today, trading above the key Rs 1,100 mark for the seventh straight session. JSW Steel stock rose nearly 1.55% to a fresh high of Rs 1,118 in the afternoon session on Tuesday against the previous close of Rs 1,100 on BSE. Market cap of the firm rose to Rs 2.73 lakh crore. 

Nomura has a price target of Rs 1,220 on the metal sector stock. ICICI Securities has a price target of Rs 1,140 on the JSW Steel stock. 

PL Capital has a hold rating with a price target of Rs 1,064 on the stock. 

The brokerage expects Jindal Steel to deliver strong 26% EBITDA CAGR over FY25-28E on a low base. The stock is trading at 8x/7.4x EV on FY27/28E EBITDA. 

"We maintain 'HOLD' rating with revised TP of Rs 1,064 (Rs 1,068 earlier), valuing the company at 7.5x EV/Sep’27E EBITDA (rolling forward from Mar’27)," said PL Capital. 

Systematix Institutional Equities has a price target of Rs 1187 on the metal stock. Assigning the price target, the brokerage said the company was working towards 2.5 GW of RE capacity, of which around 800 MW is operational as of 1QFY26 and another 200 MW set to be commissioned in 2QFY26 will take the operational RE capacity to 1GW.

Global brokerage Morgan Stanley has an 'overweight' rating and a price target of Rs 1,300 on the JSW Steel stock. 

The brokerage said JSW Steel's share price may rise relative to the country index over the next 60 days. India's steel industry is around the start of a spreads expansion cycle, with domestic steel prices expected to expand as demand improves incrementally, China anti-involution playing out and global macro factors turning favourable.

JSW Steel is well positioned, given its high share of domestic business skewed in favour of flat steel. Hence, Morgan Stanley said there is optionality in play if safeguard duty gets extension.

JSW Steel stock has logged 23.41% returns this year. The stock has gained 15% in a year. 

JSW Steel stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

Consolidated net profit rose 158% to Rs 2,184 crore year-on-year compared to Rs 845 crore in the year-ago quarter. Revenue from operations rose to Rs 43,147 crore in the June quarter compared to Rs 42,943 crore in the year-ago quarter.

Operating EBITDA stood at Rs 7,576 crore, with a 17.6% margin. EBITDA climbed 37% year-on-year, which the company attributed to the rising volumes and lower coking coal costs.