Motilal Oswal Recommends 'BUY' on JSW Steel, Sets Target at INR 1350

• Motilal Oswal maintains a 'BUY' rating for JSW Steel with a target price of INR 1350.
• JSW Steel reported consolidated revenue of INR 460 billion in 3QFY26, an 11% YoY increase.
• Adjusted EBITDA for 3QFY26 was INR 66 billion, up 19% YoY but down 16% QoQ due to weak Net Sales Realization (NSR) and higher input costs.
• Adjusted EBITDA per tonne stood at INR 8,665, a 19% QoQ decline.
• The target price of INR 1350 is based on 9x EV/EBITDA on Sep’27 estimates.

Why It Matters: Motilal Oswal recommends buying JSW Steel, projecting a target price of INR 1350 based on strong fundamentals.