JSWSTEEL

JSW Steel is gaining from strong domestic demand driven by infrastructure and real estate. Q1 FY26 revenue rose 9% YoY, though global steel prices remain volatile. Margins are under pressure due to higher coking coal costs. Expansion projects in Vijayanagar and Odisha are expected to boost capacity significantly. Debt remains elevated but manageable due to strong cash flows. At ~14x FY26 EPS, valuations are fair for a cyclical play. Investors should consider JSW Steel as part of a diversified portfolio to ride India’s infrastructure growth.