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Global brokerage Jefferies has expressed optimism about a recovery in India’s steel industry, naming Tata Steel and Jindal Stainless as its top investment picks. The firm highlights easing import pressures, improving global price spreads, and favorable domestic policies as key growth drivers.
Jefferies projects a 23% upside for Tata Steel, setting a target price of ₹200, citing strong earnings recovery expected in FY26 and FY27. For Jindal Stainless, the brokerage sees long-term potential supported by India’s anti-dumping measures, Bureau of Indian Standards (BIS) restrictions, and recovering stainless steel spreads globally.
The report notes that India’s 12% import duty and strict BIS norms have curbed cheaper imports, especially from China, creating a more competitive market for local producers.
Jefferies prefers steel over aluminum across the metals space and expects 8–10% volume CAGR and 15–36% EBITDA CAGR over FY25–FY27 for key players including Tata Steel, Jindal Stainless, and JSW Steel.
While the outlook is positive, the firm cautions that global demand trends—especially in Europe—remain a key risk factor.
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