Gadchiroli pitched as Maharashtra’s future green steel hub India set to drive next global steel demand wave Italy crude steel output rises 3.1% in May Green steel progress remains slow worldwide
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.
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