Motilal Oswal Recommends 'BUY' on SAIL with INR 175 Target Price

• Motilal Oswal has upgraded its rating on SAIL to 'BUY' with a target price of INR 175.
• SAIL reported an in-line revenue of INR 274 billion in 3QFY26, showing a 12% YoY and 3% QoQ increase, driven by healthy volume growth despite weak Net Sales Realization (NSR).
• EBITDA stood at INR 22.9 billion, aligning with estimates, but EBITDA per tonne declined due to weak NSR and higher operating costs.
• Adjusted PAT was INR 3.7 billion, lower than estimates, impacted by reduced other income and increased depreciation.
• The upgrade is based on strong improvement in steel prices, an improved margin outlook, and recent stock price correction.