JSW Steel shares hit a 52-week high of ₹1,314 on the NSE after the company reported a sharp rise in fourth-quarter earnings, driven by record steel sales, improved realisations and an exceptional gain from the transfer of its Bhushan Power & Steel Ltd (BPSL) steel business to a joint venture with Japan’s JFE Steel. Investor sentiment was further supported by improved leverage metrics, stable balance sheet trends and higher capacity expansion guidance.

The company’s March quarter performance reflected strong operational momentum as higher steel volumes and better pricing boosted profitability. The BPSL transaction also aided deleveraging, strengthening the company’s financial position and improving cash flow visibility amid an ongoing expansion cycle.

Macquarie maintained an outperform rating on JSW Steel with a target price of ₹1,353, calling it a good quarter supported by a stable balance sheet. The brokerage said the company’s higher capacity expansion targets remain aligned with India’s long-term steel demand outlook, while cost efficiencies and policy support could further strengthen cash flows.

Morgan Stanley maintained an overweight rating with a target price of ₹1,330. The brokerage highlighted raised expansion guidance and said margins are expected to improve further in Q1FY27. It added that the BPSL slump sale supported deleveraging and noted that JSW Steel has raised its domestic capacity target to 78 MT by FY32.

Citi maintained a sell rating on the stock but raised its target price to ₹1,165 from ₹975. The brokerage said leverage improved following the BPSL divestment and EBITDA per tonne could improve from Q4 levels. However, Citi noted that management expects steel prices to remain range-bound and said current valuations already reflect most near-term positives.

Published on May 15, 2026