Jindal Steel Share Price Gains as CLSA Keeps Outperform Rating With Rs 1,420 Target

The Jindal Steel share price gained on 27 July 2026 after CLSA reiterated its outperform rating on the stock with a target price of Rs 1,420 per share, citing a strong beat on EBITDA per tonne despite a decline in quarterly volumes.

CLSA's note highlights resilient per-tonne profitability as the key positive for the Jindal Steel share price this quarter, even as overall volumes came in lower on a sequential basis.

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Jindal Steel Share Price: CLSA's Key Observations

According to CLSA, Q1 EBITDA per tonne came in at Rs 11,960, up Rs 1,800 per tonne quarter on quarter, beating estimates despite a 15 percent quarter on quarter decline in volumes, a combination that points to strong cost control and pricing discipline.

Metric	CLSA Observation
Jindal Steel Rating	Outperform (maintained)
Target Price	Rs 1,420 per share
Q1 EBITDA per Tonne	Rs 11,960, up Rs 1,800 QoQ
Volume Decline (QoQ)	15%
FY27 Volume Guidance	10.5 to 11 MT (maintained)
CMP (27 July 2026)	Rs 1,066, up 2.90%

The brokerage maintained its FY27 volume guidance of 10.5 to 11 million tonnes, though it flagged that achieving this target could be challenging given the current run rate, and cautioned that Q2 earnings may soften due to lower long steel prices.

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CLSA expects a recovery as prices improve and cost reductions kick in over the coming quarters, with stable senior management and timely execution of expansion and cost saving projects flagged as the key re-rating triggers for the Jindal Steel share price going forward.

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What Could Drive the Next Leg for Jindal Steel Share Price

The combination of near term softness in Q2 earnings expectations alongside a constructive medium term outlook is a common pattern in cyclical sectors like steel, and the Jindal Steel share price reaction today suggests the market is looking past the near term volume dip toward the per-tonne profitability strength.

On the day, Jindal Steel was quoting at Rs 1,066.00, up Rs 30.05, or 2.90 percent, having touched an intraday high of Rs 1,066.00 and a low of Rs 1,040.00. Trading volumes stood at 82,039 shares, compared to the five day average of 68,259 shares, an increase of 20.19 percent.

Conclusion

The Jindal Steel share price gained after CLSA reiterated its outperform rating with a Rs 1,420 target price, citing strong per-tonne profitability despite a sequential volume decline. Investors should track execution of expansion projects and cost reduction initiatives, and consult a SEBI-registered advisor before acting on any brokerage target price.

Frequently Asked Questions FAQs

What is CLSA's target price for Jindal Steel share price?

Ans. CLSA has maintained an outperform rating on the stock with a target price of Rs 1,420 per share as of 27 July 2026.

What was Jindal Steel's Q1 EBITDA per tonne?

Ans. Q1 EBITDA per tonne came in at Rs 11,960, up Rs 1,800 per tonne quarter on quarter, beating estimates despite a 15 percent QoQ decline in volumes.

Does CLSA expect Jindal Steel's Q2 earnings to soften?

Ans. Yes, CLSA cautioned that Q2 earnings may soften due to lower long steel prices, though recovery is expected as prices improve and cost reductions take effect.

What is Jindal Steel's FY27 volume guidance?

Ans. The company has maintained FY27 volume guidance of 10.5 to 11 million tonnes, though CLSA noted achieving this could be challenging.

What are the key re-rating triggers for Jindal Steel according to CLSA?

Ans. Stable senior management and timely execution of expansion and cost saving projects remain the key re-rating triggers flagged by CLSA.

Where can I track live Jindal Steel share price updates?

Ans. Live Jindal Steel share price updates, charts and financials are available on the Univest platform and app.