BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
JSL group (Jindal Stainless Ltd. plus Jindal Stainless Hisar Ltd.) has leadership position in the domestic stainless steel sector accounting for more than 50% share (even more in the high add segment, excluding utensils).
Considering healthy demand prospects from key user industries, we expect good times ahead for the stainless steel sector.
We also introduce merged financials of Jindal Stainless and Jindal Stainless (Hisar).
With appointed date of April 2020 and expected closure of the merger by Q4 FY22 (according to the company), we the combined entity at Rs 230/share on 2.3 times FY24E price/book given our assessment of more than 20% through cycle return on equity and 40% YoY profit growth in FY24E as expansion starts to kick in.
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