Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
Jindal Steel shares came under pressure after Nuvama downgraded the stock to “Reduce” from “Buy” and cut its target price to ₹1,154 from ₹1,293, implying roughly 10% downside from the prevailing market price at the time of the note. The brokerage also trimmed its EBITDA estimates for FY26, FY27 and FY28, pointing to softer steel prices offsetting the benefits of better costs and volumes.
Nuvama expects profitability to peak around Q1FY27, but remains cautious in the near term as steel spreads face pressure. The downgrade weighed on investor sentiment, with Jindal Steel trading lower intraday following the report. For the steel market, the note highlights a familiar concern: even strong capacity, demand visibility and execution may not fully shield earnings when realisations weaken.
Also Read : Steel Imports Hit New Peak: India’s Trade Balancing Act India at Risk of Steel, Aluminium Dumping as US Tariffs Hit
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