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JSW Steel Emerges as Macquarie’s Top Pick Amid Indian Steel Sector Growth
India’s steel sector is experiencing strong momentum, and global investment firm Macquarie has highlighted JSW Steel as its preferred stock. This comes as the industry benefits from rising domestic demand, capacity growth, and favorable market conditions.
Domestic steel consumption in India reached 119 million tonnes in FY2023, supported by large-scale infrastructure projects like GatiShakti and affordable housing schemes. This demand is expected to grow at 6–7% annually through FY2028.
To capitalize on this, JSW Steel is expanding its capacity from 29.7 million tonnes per annum (MTPA) to 38.5 MTPA by FY2025. The company’s focus on brownfield projects ensures faster, cost-effective growth.
Macquarie has upgraded JSW Steel to “outperform” and raised its target price to ₹1,077, citing its scale, low production costs, and efficient capital management. Falling input costs and a reduction in net debt further strengthen its position.
Importantly, JSW Steel is also leading in sustainability. The company is investing in green technologies like electric arc furnaces and exploring hydrogen-based steelmaking, aligning with global ESG trends.
With its strategic expansion, strong financials, and commitment to innovation, JSW Steel stands out as a key player in India’s steel sector resurgence.
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