jindal steel and power research report

Stock Research Report for Jindal Steel And Power Ltd

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Jindal Steel and Power Limited is an India-based steel producer. It operates through three segments: Iron and steel products, Power, and Others. The Iron and steel products segment comprise of manufacturing of Steel products, sponge iron, pellets, and castings. The Power segment comprises of business of power generation. The Others segment comprises mainly aviation, machinery division, and real estate. It is involved in mining of iron ore. It is also engaged in manufacturing of cement, lime, plaster, basic iron, and structural metal products. It also manufactures steam generators, except central heating hot water boiler. Its product portfolio includes rails, parallel flange beams and columns, plates and coils, angles and channels, wire rods, round bars, speed floors, Jindal panther thermos mechanically treated (TMT) rebars, Jindal panther cement, fabricated sections and semi-finished. It also has a power portfolio, comprising independent power plants and captive power projects.

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01. Financials Information

• JINDAL STEEL & POWER LTD.
• SECTOR : METALS & MINING
• INDUSTRY : IRON & STEEL/INTERM.PRODUCTS

Jindal Steel & Power Ltd.

NSE: JINDALSTEL | BSE: 532286

Strong Performer

921.30 -22.30 ( -2.36 %)

New 52W High in past week

1.2M NSE+BSE Volume

NSE 09 May, 2024 3:31 PM (IST)

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High in industry

TTM PE Ratio

Above industry Median

TTM PEG Ratio

PEG TTM is much higher than 1

Price to Book Ratio

Low volatility

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Jindal Steel & Power Ltd - Strategy, SWOT and Corporate Finance Report

SWOT Analysis

• September 2023
• ID: 5178393
• Description

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Key Highlights

• Detailed information on Jindal Steel & Power Ltd required for business and competitor intelligence needs
• A study of the major internal and external factors affecting Jindal Steel & Power Ltd in the form of a SWOT analysis
• An in-depth view of the business model of Jindal Steel & Power Ltd including a breakdown and examination of key business segments
• Intelligence on Jindal Steel & Power Ltd's mergers and acquisitions (MandA), strategic partnerships and alliances, capital raising, private equity transactions, and financial and legal advisors
• News about Jindal Steel & Power Ltd, such as business expansion, restructuring, and contract wins
• Large number of easy-to-grasp charts and graphs that present important data and key trends

Reasons to Buy

• Gain understanding of Jindal Steel & Power Ltd and the factors that influence its strategies.
• Track strategic initiatives of the company and latest corporate news and actions.
• Assess Jindal Steel & Power Ltd as a prospective partner, vendor or supplier.
• Support sales activities by understanding your customers' businesses better.
• Stay up to date on Jindal Steel & Power Ltd's business structure, strategy and prospects.
• Company Snapshot
• Jindal Steel & Power Ltd: Company Overview
• Jindal Steel & Power Ltd: Overview and Key Facts
• Jindal Steel & Power Ltd: Overview
• Jindal Steel & Power Ltd: Key Facts
• Jindal Steel & Power Ltd: Key Employees
• Jindal Steel & Power Ltd: Key Employee Biographies
• Jindal Steel & Power Ltd: Major Products and Services
• Jindal Steel & Power Ltd: Company History
• Jindal Steel & Power Ltd: Management Statement
• Jindal Steel & Power Ltd: Key Competitors
• Jindal Steel & Power Ltd: Company Analysis
• Jindal Steel & Power Ltd: Business Description
• Jindal Steel & Power Ltd: SWOT Analysis
• Jindal Steel & Power Ltd: SWOT Overview
• Jindal Steel & Power Ltd: Strengths
• Jindal Steel & Power Ltd: Weaknesses
• Jindal Steel & Power Ltd: Opportunities
• Jindal Steel & Power Ltd: Threats
• Jindal Steel & Power Ltd: Corporate Financial Deals Activity
• Jindal Steel & Power Ltd: Financial Deals Overview
• Jindal Steel & Power Ltd: Top Deals 2019 - 2023YTD*
• Jindal Steel & Power Ltd: Capital Raising
• Jindal Steel & Power Ltd: Divestments
• Jindal Steel & Power Ltd: Recent Developments
• Jindal Steel & Power Ltd: News and Events Summary
• Jindal Steel & Power Ltd: Contracts
• Jindal Steel & Power Ltd: Corporate Governance
• Jindal Steel & Power Ltd: Financial Performance
• Jindal Steel & Power Ltd: Regulatory and Legal Events
• Jindal Steel & Power Ltd: Strategy and Operations
• Contact the Analyst
• Methodology
• About the Analyst

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09-May-2024 15:30

10-May-2024 | 83.4800

09-May-2024 17:00

Lac Crs 390.06 | Tn $ 4.67

09-May-2024

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Jindal Steel And Power Ltd

• World category India launches second part of critical minerals auction worth $362 bln February 29, 2024
• Business category Jindal Power offers $1.68 bln for distressed Indian coal-fired power plant, say sources February 6, 2024
• World category India's Jindal Steel Q3 profit jumps as lower costs offset weak sales January 31, 2024

• World category India's SAIL posts Q2 profit on strong domestic infrastructure demand, lower costs November 10, 2023

• World category India's Jindal Steel beats Q2 profit estimates on lower costs October 31, 2023
• Markets category India sets lithium mining royalty at 3% of LME prices October 11, 2023

• Markets category India's Jindal Steel posts drop in Q1 profit on higher expenses, fall in prices August 11, 2023
• World category India planning $1.5 bln industrial water transport corridor in east- sources July 17, 2023

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Initiating coverage: Jindal Steel and Power (Outperformer) - At the cusp of a turnaround

Jindal Steel and Power (JSPL), is on the verge of a turnaround (after 4 years of losses), and will report profits FY19E onwards on the back of 28% CAGR in steel volumes over FY17-20E, in our view. We believe firm steel prices, improving operating performance in steel business and positive Free Cash Flow (FCF) generation from Jindal Power (JPL – 96.4% subsidiary) and Jindal Shadeed (JSPL’s 100% Middle East subsidiary) will propel consolidated EBITDA to 34% CAGR over FY17-20E. We value the consolidated entity at Rs315/share on sum of the parts (SoTP) basis - while the steel business is valued at Rs218/sh (6.5x FY20E EV/EBITDA), JPL is valued on a DCF basis at Rs97/share. We initiate coverage with an Outperformer rating.

Turnaround in FY19E on low capex and high utilisation: JSPL is at the fag end of its capex cycle. With the successful commissioning of the company’s 2.5mtpa Basic Oxygen Furnace (BOF) at Angul (Odisha), JSPL’s crude steel capacity has risen to 8.6mtpa. Higher volumes from enhanced capacity along with our estimate of firm steel prices and positive FCF will result in superior financial performance. We expect JSPL to report consolidated net profit of Rs8.8bn in FY19E and increase further to Rs20.4bn in FY20E from Rs25.4bn loss in FY17. Monetising assets and raising equity further turn the tide for JSPL.

Deleveraging to start from FY19E onwards: Superior operating performance (34% consolidated EBITDA CAGR over FY17-20E) coupled with minimal capex will help JSPL deleverage from FY19E onwards. We expect consolidated net debt to reduce from Rs 453bn (Rs470/sh) in FY17 to Rs 384bn (Rs399/sh) in FY20E.

Initiate with Outperformer; target price of Rs315: JSPL’s turnaround in FY19E will come on the back of volume growth and lower operating costs in the steel business, in our view. With the company deleveraging from FY19E onwards, we estimate net debt/EBITDA will reduce from 10.4x in FY17 to 3.7x in FY20E. Our SoTP-based target price is derived from Rs218/sh valuation of the company’s steel business (6.5x FY20E EV/EBITDA) and from DCF-based value of Rs97/sh for the power subsidiary (JPL).

Key risks to our view are a delay in ramp up of steel volumes at Angul and adverse court judgements against JSPL in coal block allocation cases and indirect ownership of Sarda mines.

Jindal Steel & Power is engaged in the manufacture of rails, parallel flange beams and columns, plates and coils, angles and columns, rebars, wire rods, fabricated secions, speedfloor, semi-finished products, power, minerals and sponge iron.

IDFC Securities Ltd., a subsidiary of the Infrastructure Development Finance Company (IDFC) wherein the Government of India holds a 20% interest, is India's leading equities broker catering to most of the prominent financial institutions,  both foreign and domestic investing in Indian equities. A research team of experienced and dedicated experts ensures the flow of critically investigated stock ideas and portfolio strategies for our clients. Our coverage spans across various growth sectors such as agriculture, automobiles, Consumer Goods, Technology, Healthcare, Infrastructure, Media, Power, Real Estate, Telecom, Capital Goods, Logistics, Cement  amongst other sectors. Our clients value us for our strong research-led investment ideas, superior client servicing track record and exceptional execution skills.

MOSL: JINDAL STEEL & POWER (Buy)-Management meeting update

JINDAL STEEL & POWER: Management meeting update (JSP IN, Mkt Cap USD4.8b, CMP INR357, TP INR478, 34% Upside, Buy)   Cautious near-term demand, but pent-up demand inevitable Near-term demand is tepid and demand decline is seen (especially last month) due to (a) the ban on construction in the NCR region due to severe pollution levels, (b) an extended monsoon, (c) weak sentiment in the international market - consumers are adopting the wait-and-watch policy, and (d) sufficient inventory lying with traders, who, in a falling market, would try and liquidate rather than accumulate. However, pe...

A double requalification allows JINDAL STEEL & POWER to improve to Slightly Positive

JINDAL STEEL & POWER (IN), a company active in the Steel industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date October 1, 2021, the closing price was INR 401.70 and its potential was estimated at INR 471.03.

MOSL: JINDAL STEEL AND POWER (Buy)-Deleveraging to continue

JINDAL STEEL AND POWER: Deleveraging to continue (JSP IN, Mkt Cap USD5.5b, CMP INR400, TP INR495, 24% Upside, Buy)   JPL's divestment to support a further decline in debt JSP's 1QFY22 result was strong as expected, with the highest ever EBITDA/t of INR28,098/t (7% above our estimate). However, standalone EBITDA fell 7% QoQ to INR45.3b due to a 16% QoQ decline in volume. Adjusted for the JPL divestment, net debt fell only 4% QoQ to INR152b due to an increase in working capital. We raise our FY22E EBITDA by 13% on expectations of higher steel prices in the fiscal. Strong cash flows, coupl...

• Shirish Rane

GMR Infrastructure's Q3FY20 results (Outperformer) - Air traffic growth improved at the airports; deleveraging process gains momentum

Q3FY20 result highlights Airport traffic recovered in Q3FY20 with Delhi Airport witnessing  a 7% yoy growth in passenger (vs 5% decline in H1FY20) and Hyderabad Airport  reporting a 9% growth in passenger traffic (vs 4.9% in H1FY20). Note that traffic was subdued in H1 because of Jet Airways shutdown of operations. GMR Infrastructure (GMR) revenues grew by 11% yoy to Rs16.7bn aided by strong non aero revenues growth of 12% and 138% yoy growth in rental revenues. EBITDA for airport business was Rs6.7bn, +28% yoy Energy Business - Warora and Kamalanga PLF for Q3FY20 was 81% (vs 75% in Q3FY1...

• Bhoomika Nair

Ambuja Cement's Q4CY19 results (Outperformer) - In line; cost efficiencies at play

Q4CY19 result highlights Adj PAT +54% yoy to Rs4.55bn: was above estimates on lower tax (shifted to new tax regime) while operational performance was in-line. Volume increased 6.7% yoy: to 6.54mn tons led by pickup in demand in North and East, growing ahead of industry (mkt share gains). Realisations +2.7% yoy: to Rs4795/t due to sharp price hikes across regions in 1HCY19. This was further augmented by 14% yoy growth in premium products. Hence, revenue was up 9.5% yoy to Rs31.4bn. However, on a qoq basis realisations fell by Rs198/t (-4% qoq) as prices have corrected across regions from p...

• Nitin Agarwal

Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; positive outcome

Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concerned around potential escalation of the issues into an OAI which, in turn, would have impacted revenu...

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Monthly Stainless Trivia

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Research & Development

The gears of our R&D division are always in motion to place Jindal Stainless on the pedestal of not only being India’s leading stainless steel manufacturing company but also an epitome of a game-changing approach that redefines industry standards. This is made possible by discovering ways to work smart, increase efficiency, and cut down on costs - factors that contribute to improving the quality of our end products that in turn are synonymous with being the benchmark of industry standards.

Research & Development

The past decade has been vocal about us developing environmentally friendly and resource-saving products. Guided by the agenda of replacing general-purpose stainless steel, expanding the demand for our existing products, research and development of stainless steel, and catering to the ever-changing market needs, our R&D department puts the dream of a progressive India into motion by producing more features and solution-led technology for our esteemed customers. 

For product development and metallurgy to meet both social and economic needs, we have adhered to continuous upgradation of quality, processes, services, and product innovation to develop new stainless steel products at competitive costs. Cross-fertilization of knowledge between production, quality control, and commercial units, in order to maintain global standards, and to study steel market research has been the guiding principle of the R&D function at Jindal Stainless.

As strong as stainless steel, the unthwarted focus of Jindal Stainless’ Research & Development Department lies in:

• Steering ahead of the conventional to develop high-value products for the niche markets. Investing in initiatives that promote quality upgradation of existing products to enable enhanced global expansion as well as acceptance.
• Devoting resources to introspect and tweak the manufacturing technology in order to reduce cost via process development, optimisation, and refinement.
• Providing a competitive edge to the company via technology enhancement to increase quality production.
• Foster growth and develop new market segments through knowledge sharing with customers and assist them in their operations and applications of our products.

In order to be at the pinnacle of the stainless steel industry scenario in India, the R&D division closely interacts with reputed national and international laboratories, scientific institutions, and universities to avail expert services and knowledge for critical investigations and to regularly analyse steel research. Sustaining a long-term supply partnership with our customers, we are forever on our toes to continually innovate and patent our ever-growing oeuvre of products and services.

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