Jindal Stainless Ltd. (JIST.BO): Q2FY27 Results Review: Inline performance despite challenging operating environment; maintain Buy

Goldman Sachs reviews Jindal Stainless' (JIST.BO) Q2FY27 results, which it views as resilient. Despite an influx of imports that limited shipment growth to just 3% YoY, the company delivered EBITDA/t of INR 21,568 by selling more value-added products in high-margin segments, and it increased export volumes despite Europe's CBAM measures. Management lowered FY27E shipment growth guidance to 4-6% YoY (from 7-9%) but raised FY27E EBITDA/t guidance to INR 20,000-22,000 (from INR 18,000-20,000) on a better product mix and higher value-added applications. Revenue and PAT slightly exceeded GS and consensus estimates, while EBITDA was in line. GS tweaked FY27E/FY28E/FY29E EBITDA by -0.4%/-0.1%/-1.5%; the 12-month target price remains INR 1,000 on 14x FY28E EPS, implying 45.3% upside from INR 688.40, and the Buy rating is maintained. Key downside risks are elevated imports into India, raw material availability and cost volatility, capex delays or cost over-runs, and global regulatory risks.