Jefferies India stock recommendations | Stocks to buy today: The board of directors of Jindal Stainless Ltd declared the Q2 Results 2026 on Thursday. The West Asia-led uncertainty, volatile fuel prices, and persistent shipping disruptions continue to cloud Jindal Stainless Ltd’s outlook, prompting India’s largest stainless steel manufacturer to cut its FY27 sales volume growth guidance. The company has lowered its sales volume growth guidance to 4-6% for fiscal year 2026-27 (FY27) from 7-9% earlier, as disruptions in the first quarter affected its performance, chief executive Tarun Khulbe told reporters on Thursday.
The company, however, raised its earnings before interest, taxes, depreciation and amortisation (EBITDA) guidance to ₹22,000 per tonne from ₹18,000-20,000 per tonne indicated at the beginning of the fiscal year.
“The first quarter was badly affected by the war because of fuel unavailability and the high prices of fuel. In the second quarter, we overcame that. From an availability point of view, the situation is better, but price fluctuations remain,” Khulbe said.
However, India’s largest stainless steel manufacturer met Jefferies India’s expectations. The global investment bank report says that 3% YoY and 8% QoQ EBITDA growth is in line with expectations and predicts an upside Jindal Stainless share price target of ₹970, up 32% from ₹733.35 per share when this Jefferies India report was made. The Jindal Stainless share price finished on Thursday at ₹708.60, implying an upside target of 37% above the current price.
Jefferies India on Jindal Stainless shares post-Q2 Results
Decoding the Jindal Stainless Q2 Results 2026, the Jefferies India report said, “JDSL’s Sep-Q EBITDA rose 3% YoY (up 8% QoQ) and was inline with our expectations. Sep-Q volumes rose 3% YoY with domestic volumes flat YoY as the domestic market has been impacted by higher imports following the suspension of Quality Control Orders. Exports, however, rose a strong 25% YoY as JDSL continued to diversify its global reach. EBITDA/t declined 6% QoQ to Rs22K on lower gross profit/t; net debt rose 6% QoQ.”
Key challenges for Jindal Stainless beyond Middle East tension
Beyond the war, the company is also navigating changes in trade policy and competition from cheaper Chinese imports following the government’s revision of quality control requirements.
The company has also diversified its raw material sourcing, including investments in Indonesia, in anticipation of tighter global scrap supplies as the European Union considers restrictions on scrap exports. Any such curbs could push scrap prices higher, but Khulbe said Jindal Stainless’s ability to use scrap, nickel pig iron and material from its Indonesian operations gives it greater flexibility in managing supply risks.
Mint reported on 30 September that the European Union’s (EU) rule could restrict metal scrap shipments to India, forcing manufacturers to find alternative supplies and potentially raising raw material and logistics costs.
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