India Equity Research Metals & Mining November 2, 2022

JINDAL STAINLESS
RESULT UPDATE

KEY DATA
Rating BUY
Margins to improve; expansion on track
Sector relative Outperformer
Price (INR) 147
12 month price target (INR) 230 Jindal Stainless (JDSL IN) reported lower-than-expected consol.
Market cap (INR bn/USD bn) 77/0.9
Free float/Foreign ownership (%) 31.9/10.6
EBITDA of INR3.58bn (our est. INR4.1bn), down 35% QoQ due to losses
What’s Changed at its European subsidiary. It reported standalone EBITDA of INR4.1bn
Target Price 
Rating/Risk Rating  (est. INR3.87bn), down 21% QoQ. EBITDA/t at INR15,208, (est.
INR15,073/t) was down ~INR7,000/t QoQ due to lower gross margin.
QUICK TAKE
Above In line Below We expect improvement in JDSL’s India margins in Q3FY23 (EBITDA/t
Profit 
Margins 
of INR18,000/t-plus) on the back of improved demand from key
Revenue Growth  sectors while overseas subsidiaries remain a drag. This note marks a
Overall  transfer of coverage; FY23E/FY24E/FY25E EPS revised to
INR16.1/34.8/45.1. Upgrade to ‘BUY’ with a TP of INR230 (INR90
earlier), valuing at 5.0x FY24E EV/EBITDA.
FINANCIALS (INR mn) Lower gross margin hit India EBITDA; European sub slips into losses
Year to March FY22A FY23E FY24E FY25E
During Q2, JDSL sold 270k tonnes of stainless steel (SS), up 15% QoQ. Exports stood
Revenue 2,12,234 2,04,000 2,51,676 2,88,028
EBITDA 29,871 17,240 31,895 38,400
lower at 5% (vs. 25% in Q1FY23) of volume, affected by the 21st May 2022 imposition
Adjusted profit 18,813 8,454 18,309 23,699 of 15% export duty. Domestic demand improved, helping JDSL liquidate its
Diluted EPS (INR) 35.8 16.1 34.8 45.1 inventories. Domestic volume was up 45% QoQ to 257k tonnes, while export volume
EPS growth (%) 450.6 (55.1) 116.6 29.4 down ~77% QoQ to 13.5k tonnes. Decrease in SS prices led to lower gross margins.
RoAE (%) 44.8 15.0 26.0 25.6
As a result, JDSL recorded EBITDA/t of INR15,208, down 32% QoQ. Its European
P/E (x) 4.1 9.1 4.2 3.2
EV/EBITDA (x) 3.5 7.8 3.7 2.4
subsidiary slipped into losses due to falling prices amid poor demand in Europe.
Dividend yield (%) 0 0.5 1.2 1.5 Consequently, it reported consol. EBITDA of INR3.58bn, down 35% QoQ.

Lower working capital, lower net debt; 74% stake in JUSL

PRICE PERFORMANCE JDSL’s external net debt decreased by ~Rs3.1bn QoQ to ~Rs21.3bn due to decrease
225 62,000
in working capital. JDSL will buy remaining 74% stake in its associate company, Jindal
195 59,800 United Steel (JUSL) at cash of Rs9.6bn – expected completion by Mar-23. JUSL had
165 57,600 net debt of INR21bn at FY22-end. This, along with other liabilities pegs JUSL’s EV at
135 55,400
105 53,200 ~INR38bn. JUSL recorded EBITDA of INR5.9bn in FY22 and may potentially record an
75 51,000 EBITDA of ~INR10bn/year FY25 onwards, once it commissions and ramps up its Hot
Oct-21 Jan-22 Apr-22 Jul-22 Oct-22
Strip Mill to 3.6mtpa. Next NCLT hearing regarding the merger with Jindal Stainless
JDSL IN Equity Sensex
Hisar is slated for 11 November 2022.

Outlook and valuation: Margins to improve; export tax next trigger

Explore: Q3FY23 margins should improve. This allows comfort for an EBITDA/t of INR8,050
with 2% YoY FY23 volume growth. Commissioning of the 1mtpa SS capacity by FY23-
end will allow volume growth visibility. Export tax removal by FY23-end is crucial for
FY24 volume growth. Upgrade to ‘BUY/SO’ with a TP of INR230 (from INR90).
Financial model Podcast Financials
Year to March Q2FY23 Q2FY22 % Change Q1FY23 % Change
Net Revenue 56,045 50,267 11.5 54,741 2.4
EBITDA 3,583 7,477 (52.1) 5,487 (34.7)
Adjusted Profit 1,518 4,116 (63.1) 3,294 (53.9)
Corporate access Video
Diluted EPS (INR) 2.9 7.8 (63.1) 6.3 (53.9)

Ashish Kejriwal Jyoti Singh

+91 (22) 6620 3160 +91 99205 90193
Ashish.Kejriwal@nuvama.com Jyoti.Singh@nuvama.com

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 JINDAL STAINLESS

Financial Statements
Income Statement (INR mn) Balance Sheet (INR mn)
Year to March FY22A FY23E FY24E FY25E Year to March FY22A FY23E FY24E FY25E
Total operating income 2,12,234 2,04,000 2,51,676 2,88,028 Share capital 1,051 1,051 1,051 1,051
Gross profit 66,973 55,546 76,906 88,751 Reserves 50,807 59,799 79,140 1,04,140
Employee costs 2,094 2,220 2,355 2,499 Shareholders funds 51,858 60,850 80,191 1,05,191
Other expenses 27,267 25,847 30,713 35,187 Minority interest 411 411 411 411
EBITDA 29,871 17,240 31,895 38,400 Borrowings 31,257 60,257 50,257 35,257
Depreciation 3,712 3,831 4,739 4,877 Trade payables 41,741 33,357 36,509 43,247
Less: Interest expense 3,323 3,080 3,983 3,144 Other liabs & prov 8,266 8,266 8,266 8,266
Add: Other income 558 651 651 651 Total liabilities 1,48,620 1,74,800 1,88,205 2,06,897
Profit before tax 23,394 10,980 23,824 31,030 Net block 55,681 99,450 1,02,411 1,00,534
Prov for tax 5,330 3,126 5,515 7,331 Intangible assets 396 396 396 396
Less: Other adjustment 0 0 0 0 Capital WIP 3,571 3,571 1,571 1,571
Reported profit 18,813 8,454 18,309 23,699 Total fixed assets 59,648 1,03,417 1,04,378 1,02,501
Less: Excp.item (net) 0 0 0 0 Non current inv 5,620 6,220 6,220 6,220
Adjusted profit 18,813 8,454 18,309 23,699 Cash/cash equivalent 2,946 2,241 9,581 19,235
Diluted shares o/s 526 526 526 526 Sundry debtors 24,535 16,602 18,170 21,524
Adjusted diluted EPS 36 16 35 45 Loans & advances 0 0 0 0
DPS (INR) 0 0.8 1.7 2.3 Other assets 47,842 38,290 41,826 49,386
Tax rate (%) 22.8 28.5 23.1 23.6 Total assets 1,48,620 1,74,800 1,88,205 2,06,897

Important Ratios (%) Free Cash Flow (INR mn)

Year to March FY22A FY23E FY24E FY25E Year to March FY22A FY23E FY24E FY25E
EBITDA margin (%) 14.1 8.5 12.7 13.3 Reported profit 24,421 10,980 23,824 31,030
Net profit margin (%) 8.9 4.1 7.3 8.2 Add: Depreciation 3,712 3,831 4,739 4,877
Revenue growth (% YoY) 74.1 (4.0) 23.4 14.5 Interest (net of tax) 3,147 0 0 0
EBITDA growth (% YoY) 109.7 (42.3) 85.0 20.4 Others (1,178) 0 0 0
Adj. profit growth (%) 493.8 (55.1) 116.6 29.4 Less: Changes in WC (16,789) 7,298 (1,631) (3,488)
Operating cash flow 10,832 19,099 21,533 25,204
Less: Capex (7,587) (47,600) (5,700) (3,000)
Free cash flow 3,245 (28,501) 15,833 22,204

Assumptions (%) Key Ratios

Year to March FY22A FY23E FY24E FY25E Year to March FY22A FY23E FY24E FY25E
GDP (YoY %) 8.7 6.4 5.8 6.3 RoE (%) 44.8 15.0 26.0 25.6
Repo rate (%) 4.0 6.0 5.5 5.0 RoCE (%) 36.3 13.7 22.0 25.2
USD/INR (average) 74.5 81.0 81.0 79.0 Inventory days 60 68 52 52
Volumes (kt) 1,011.3 1,026.7 1,427.1 1,719.0 Receivable days 29 37 25 25
Gross Margin(INR/t) 60,514 51,300 49,000 47,500 Payable days 59 67 51 51
EBITDA(INR/t) 27,596 18,049 20,481 20,786 Working cap (% sales) 14.4 10.6 9.3 9.6
Net debt/EBITDA (x) 0.9 3.4 1.3 0.4 Gross debt/equity (x) 0.6 1.0 0.6 0.3
Net debt/equity (x) 0.5 0.9 0.5 0.2
Interest coverage (x) 7.9 4.4 6.8 10.7

Valuation Metrics Valuation Drivers

Year to March FY22A FY23E FY24E FY25E Year to March FY22A FY23E FY24E FY25E
Diluted P/E (x) 4.1 9.1 4.2 3.2 EPS growth (%) 450.6 (55.1) 116.6 29.4
Price/BV (x) 1.5 1.3 1.0 0.7 RoE (%) 44.8 15.0 26.0 25.6
EV/EBITDA (x) 3.5 7.8 3.7 2.4 EBITDA growth (%) 109.7 (42.3) 85.0 20.4
Dividend yield (%) 0 0.5 1.2 1.5 Payout ratio (%) 0 5.0 5.0 5.0
Source: Company and Nuvama estimates

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 JINDAL STAINLESS

Key financial highlight

Financials snapshot
Year to March Q2FY23 Q2FY22 % change Q1FY23 % change FY22 FY23E FY24E
Net revenues 56,045 50,267 11.5 54,741 2.4 2,11,138 2,02,792 2,50,245
Raw material 32,852 33,916 (3.1) 38,298 (14.2) 1,45,261 1,48,453 1,74,770
Staff cost 402 501 (19.7) 548 (26.5) 2,094 2,220 2,355
Other expenditure 6,311 4,688 34.6 6,890 (8.4) 27,267 25,847 30,713
Total expenditure 52,462 42,790 22.6 49,255 6.5 1,82,363 1,86,760 2,19,781
EBITDA 3,583 7,477 (52.1) 5,487 (34.7) 29,871 17,240 31,895
Depreciation 933 926 0.8 919 1.6 3,712 3,831 4,739
Interest 837 823 1.7 721 16.1 3,323 3,080 3,983
Other income 175 145 20.1 168 4.0 558 651 651
Profit Before Tax 1,987 5,874 (66.2) 4,015 (50.5) 23,394 10,980 23,824
Provision for Tax 567 2,021 (72.0) 989 (42.7) 5,330 3,126 5,515
Reported net profit 1,518 4,116 (63.1) 3,294 (53.9) 18,064 7,854 18,309
Share of Associates 98 263 (62.8) 268 (63.5) 279 - -
Adjusted Profit 1,518 4,116 (63.1) 3,294 (53.9) 18,813 8,454 18,309
No. of Diluted shares o/s (mn) 526 526 526 526 526 526
EPS (INR) 2.9 7.8 (63.1) 6.3 (53.9) 35.8 16.1 34.8
as % of net revenues
Raw material 58.6 67.5 70.0 68.8 73.2 69.8
Staff costs 0.7 1.0 1.0 1.0 1.1 0.9
Other expenses 11.3 9.3 12.6 12.9 12.7 12.3
EBITDA 6.4 14.9 10.0 14.1 8.5 12.7
Reported net profit 2.7 8.2 6.0 8.6 3.9 7.3
Tax rate 28.5 34.4 24.6 22.8 28.5 23.1
Source: Company, Nuvama Research

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 JINDAL STAINLESS

Other key highlights

 Standalone Net Sales, at INR54.4bn, was up 2% QoQ. Higher volumes (up 15%
QoQ to 270kt) offset lower prices (down 11% QoQ to INR201,303/t). It liquidated
its inventories during Q2FY23 as production stood lower at 217kt.

 Gross margin was under pressure and it dipped to INR55,995/t, down 23% QoQ.
As a result, standalone EBITDA dropped by 21.4% QoQ to INR4.1bn and EBITDA/t
slipped to INR15,208 (Q1: INR22,216). During 1HFY23, it recorded EBITDA/t of
INR18,712. Earlier management guided FY23 EBITDA/t of INR18-20k/t.

 Its European subsidiary, Iber Jindal slipped into losses and reported EBITDA loss
of INR270mn v/s EBITDA of INR310mn in Q1FY23. Demand in Europe is weak
amid possibility of recession and as a result, prices fell significantly, which led it
to slip into losses. We expect loss to continue even in H2FY23.

 The Indonesian subsidiary, PTJSI reported EBITDA of INR40mn in Q2FY23, down

from INR300mn in Q1FY23 as it also was hit due to fall in prices amid poor
demand in Europe and US (key markets).

 Consolidated interest cost at INR837mn, was up 16% (INR116mn) QoQ due to

one off cost of ~INR90mn on account of settlement of old litigation.

 Amid fall in EBITDA, consol net profits too declined to INR1.5bn (Q1: INR3.3bn).

 During Q2FY23, it incurred capex of ~INR5bn (1HFY23: INR9.44bn) on its ongoing

1mtpa expansion at Jajpur, Odisha. We expect the plant to be commissioned in
Q4FY23, providing incremental volume of ~0.4mt in FY24E.

Details on Jindal United Steel (JUSL)

 JUSL has 1.6mtpa hot strip mill (HSM) which is being expanded to 3.6mtpa by
FY23-end. It also has 0.2mtpa CR mill. Currently, JDSL provides slabs to JUSL and
JUSL coverts into HRC and send back to JDSL, in turn charges conversion margins.

 JUSL has ~INR21bn net debt at FY22-end and ongoing capex of ~INR3.5bn for
HSM expansion.

 On an average, acquiring remaining stake will help JDSL in increasing EBITDA/t

by ~INR3,000. At JDSL’s full SS capacity of 2.1mtpa at Jajpur, JUSL will have
surplus capacity of ~1.3mtpa, which will be used to convert carbon steel slabs
into HRC as job work. This will have stable margins for JUSL and will not depend
on fluctuating commodity prices. At peak capacity, JUSL can generate ~INR10bn
(3.3mt*INR3,000/t) EBITDA/year

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 JINDAL STAINLESS

Standalone Key financials

Y/E Mar (INR mn) Q2FY23 Q2FY22 Q1FY23 YoY(%) QoQ(%)
Net Sales 54,424 48,150 53,364 13.0 2.0
EBITDA 4,112 7,106 5,233 (42.1) (21.4)
EBITDA Margins (%) 7.6 14.8 9.8 (48.8) (23.0)
Other Income 173 146 164 19.0 5.7
Interest 795 787 674 1.0 18.0
Depreciation 908 892 891 1.8 1.9
PBT after exceptional 2,582 5,572 3,832 (53.7) (32.6)
Adjustment 0 0 0
Adjusted PAT 1,892 3,626 2,867 (47.8) (34.0)
Reported PAT 1,892 3,626 2,867 (47.8) (34.0)
NPM (%) 3.5 7.5 5.4 (53.8) (35.3)
Source: Company, Nuvama Research

Overseas subsidiaries key financials

(INR mn) Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 YoY(%) QoQ(%)
PTJSI, Indonesia
Revenue 2210 2640 2070 2690 1280 -42.1 -52.4
EBITDA 150 340 420 300 40 -73.3 -86.7
PAT 70 210 310 190 -10 -114.3 -105.3

Iber Jindal, Spain

Revenue 1290 2040 2530 2420 930 -28 -62
EBITDA 170 250 540 310 -270 -259 -187
PAT 120 180 410 230 -210 -275 -191
Source: Company, Nuvama Research

Key standalone statistics

Particulars Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 % ( QoQ) % ( YoY)
Sales volumes ('000t) 257 248 269 236 270 15 5
Blended realisation/t (INR) 1,87,599 2,16,814 2,33,579 2,26,570 2,01,303 (11) 7
EBITDA/t (INR) 27,685 29,855 28,278 22,216 15,208 (32) (45)
Source: Company, Nuvama Research

Net debt declined QoQ amidst release of Working capital

(INR mn) Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 QoQ (%) YoY (%)
Long term debt 13,820 13,730 14,550 16,436 18,830 14.6 36.3
Inter-corporate loan 10,500 10,500 10,500 10,500 10,500 0.0 0.0
Total Long term debt 24,320 24,230 25,050 26,936 29,330 8.9 20.6
Short term borrowing 2,470 4,930 2,900 5,600 3,430 -38.8 38.9
Total Debt 26,790 29,160 27,950 32,536 32,760 0.7 22.3
Cash and investments 650 1,040 1,990 1,060 4,480 322.6 589.2
Net debt 26,140 28,120 25,960 31,476 28,280 -10.2 8.2
Subsidiaries debt 3,360 3,430 3,310 3,380 3,480 3.0 3.6
Total net debt 29,500 31,550 29,270 34,856 31,760 -8.9 7.7
Source: Company, Nuvama Research

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 JINDAL STAINLESS

Net sales declines due to lower realisation EBITDA declines due to lower gross margin….

75 250.0 8.5 750.0

60 200.0 600.0
7
150.0 450.0
45 5.5
100.0 300.0
30 4
50.0 150.0
15 - 2.5 -
0 (50.0) 1 (150.0)
Q2FY21

Q3FY21

Q4FY21

Q1FY22

Q2FY22

Q3FY22

Q4FY22

Q1FY23

Q2FY23

Q4FY22
Q2FY21

Q3FY21

Q4FY21

Q1FY22

Q2FY22

Q3FY22

Q1FY23

Q2FY23
Net Sales (INR bn - LHS) YoY Growth - % (RHS) EBITDA (INR bn - LHS) YoY Growth - % (RHS)

Source: Company, Nuvama Research Source: Company, Nuvama Research

Exhibit 8. …leads to decline in EBITDA/t (INR) Exhibit 9: PAT at INR18.9bn is 48% down YoY

7500 2,000.0

6000 1,500.0

4500 1,000.0

3000 500.0

1500 0.0

0 -500.0
Q2FY21

Q3FY21

Q4FY21

Q1FY22

Q2FY22

Q3FY22

Q4FY22

Q1FY23

Q2FY23
Adj PAT (LHS) YoY Growth - % (RHS)

Source: Company, Nuvama Research Source: Company, Nuvama Research

Exhibit 10: Sales volume improved due to higher volumes in domestic market
300 200.0
269 270
251 255 257
260 248 150.0
238 236
230
220 100.0

180 50.0

140 -

100 (50.0)
Q1FY22
Q2FY21

Q3FY21

Q4FY21

Q2FY22

Q3FY22

Q4FY22

Q1FY23

Q2FY23

Sales volumes ('000t - LHS) YoY Growth (% - RHS)

Source: Company, Nuvama Research

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 JINDAL STAINLESS

Capacity expansion schedule

Existing capacity Incremental capacity Total JSL capacity Estimated Capex
Particulars Estimated completion
(mtpa) (mtpa) (mtpa) (INR bn)

SMS 1.1 1 2.1 5.3 Q4FY23

Combo line 12.5 Q4FY23
HRAP 0.8 0.45 1.25
CRAP 0.45 0.3 0.75
Ferro chrome 0.25 0.1 0.35 3.15 Q3FY24
Quality Lab and others 0.55
Total 21.5
Source: Company, Nuvama Research

Outlook and valuation

We expect margin improvement of JDSL in Q3FY23 with expected EBITDA/t of
INR18,000+. The 1mtpa SMS capacity is expected to be commissioned by FY23-end
and we expect incremental volume of 400kt in FY24. As export market is essential
for incremental volume, removal of export duty by March 2023 will provide further
confidence in volume growth. The next hearing of JDSL’s merger with JSL (Hisar) with
NCLT is on 11 November, 2022 and is expected to be concluded by FY23-end. The
buying out of the remaining 74% stake in its associate company, JUSL at cash
consideration of INR9.6bn is EPS accretive. We have assumed the deal to be
concluded by Mar-23 and accordingly incorporated JUSL’s financials in our numbers.
The major trigger for the stock is the removal of 15% export duty, which Government
has imposed on 21 May, 2022. We recommend BUY with TP of INR230, valuing it at
5x FY24E EV/EBITDA.

Key assumption
Key Assumptions FY20 FY21 FY22 FY23E FY24E FY25E
Volumes (kt) 916 825 1,011 1,027 1,427 1,719
Gross Margin(INR/t) 40,694 48,134 60,514 51,300 49,000 47,500
EBITDA(INR/t) 12,827 16,923 27,596 18,050 20,481 20,787
Net debt/EBITDA (x) 3.4 2.1 0.9 3.4 1.3 0.4
Source: Company, Nuvama Research

Exhibit 13: Valuation

Particulars (INR mn) FY24E
EBITDA 31,895
Multiple (x) 5.0
Enterprise Value 1,59,476
Average Net debt* 38,846
Implied Market-cap 1,20,629
No. of shares (mn) 526
Target price (per share) 230
Source: Company, Nuvama Research

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 JINDAL STAINLESS

Company Description
Jindal Stainless Limited (JSL) is a stainless steel (SS) manufacturer with a capacity of
1.1mtpa. The Company's products include stainless steel products, ferro alloys and
metallurgical coke. Its Ferro Alloys include ferro chrome, ferro manganese, high
carbon (HC) silico Manganese, medium carbon (MC) silico manganese and low
carbon (LC) silico manganese. Its stainless steel products include Slabs, Hot Rolled
Coil, Hot Rolled Annealed and Pickled (HRAP) Coil/2E Coil, Cold Rolled Annealed and
Pickled (CRAP) coil and Plates. The Company's Ferro Alloy division has a production
capacity of 250,000 tpa. It has installed 64-chamber stamp-charging coke oven
battery to produce 430,000tpa. Its various grades of products include 200 series, 300
series and 400 series. The Company has a global presence in approximately 60
countries. Its manufacturing unit is located in Jajpur, Odisha.

Investment Theme
Demand of stainless steel industry is on a rise in India and Jindal Stainless, being the
market leader will be the major beneficiary. It is expanding its SS capacity by 1mtpa,
taking total capacity to 2.1mtpa by FY23-end, and providing volume growth visibility
till FY26. We await removal of Government of India’s (GOI) imposition of 15% export
duty (on 21st May 2022) on SS products, which we believe is a temporary measure.
It will benefit JSL the most as it needs to export 15-20% of volume with incremental
capacity coming on. It is set to acquire 74% stake in its Associate Company, Jindal
United Steel which will further help in enhancing its margins. We expect the
company’s deleveraging will begin from FY24 onwards.

Key Risks
Global recession leading to weakness in demand

Keeping export duties for longer period by the government

Further rise in working capital, squeezing operating cashflows

Entering into unrelated business/related party transaction

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 JINDAL STAINLESS

Additional Data
Management Holdings – Top 10*
Chairman Ratan Jindal % Holding % Holding

MD Abhyuday Jindal Elm Park Fund 3.89 L&T Mutual Fund 1.60
Kotak Spl Solut 3.24 Abu Dhabi UAE 1.09
CFO Anurag Mantri
Hypnos Fund 3.08 ICICI Prudentia 0.56
CS Navneet Raghuvanshi Albula Investme 2.03 Mahindra Manuli 0.50
Auditor Walker Chandiok & Co. LLP Sun Inv Partner 1.84 Dimensional Fun 0.48
*Latest public data

Recent Company Research Recent Sector Research

Date Title Price Reco Date Name of Co./Sector Title
Realisation dip dents EBITDA;
28-Jul-22 Volume woes weigh; Result Update 115 Reduce 01-Nov-22 Tata Steel
Result Update
Another good quarter; Result Soft prices dent EBITDA; Result
06-May-22 166 Buy 28-Oct-22 Vedanta
Update Update
Value over volume gains evident; Back to pumping iron; Company
11-Feb-22 210 Buy 27-Oct-22 NMDC
Result Update Update

Rating Interpretation Daily Volume

TP 30
275 TP 270
225
24
220
(INR)

165 18
TP
(Mn)

108 TP
110 90
12

55
6
0
Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 0
JDSL IN Equity Buy Hold Reduce Nov-19 May-20 Nov-20 May-21 Nov-21 May-22

Source: Bloomberg, Nuvama research Source: Bloomberg

Rating Distribution: Nuvama Research Coverage Rating Rationale

Buy Hold Reduce Total Rating Expected absolute returns over 12 months

Rating Distribution* 200 55 18 275 Buy: >15%

>50bn >10bn and <50bn <10bn Total Hold: >15% and <-5%

Market Cap (INR) 243 44 4 291 Reduce: <-5%

*2 stocks under review

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 JINDAL STAINLESS

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10 Nuvama Research is also available on research.nuvama.com, Bloomberg - NUVA, Thomson Reuters, and Factset Nuvama Wealth Management Ltd
 JINDAL STAINLESS
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in Hong Kong and does not / do not hold themselves out as being able to do so.

Digitally signed by ABNEESH KUMAR ROY

DN: c=IN, o=PERSONAL,

ABNEESH
pseudonym=7cd317d5e10821d6aa9bacaae676
Abneesh Roy 714e,
2.5.4.20=94D8B562953A21CEAD76812230FD36
A30252F71AF914A3B962677D8BC9798437,
Head of Research Committee
KUMAR ROY
postalCode=400098, st=MAHARASHTRA,
serialNumber=7370c9de10fb28bbf7cbc6f71afe
3cfe848fa7245a8d681629dc3093fb2a8ea9,
Abneesh.Roy@nuvama.com cn=ABNEESH KUMAR ROY
Date: 2022.11.02 23:34:13 +05'30'

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