Jindal Stainless: Prabhudas Lilladher Recommends 'HOLD' with Rs 784 Target

• Jindal Stainless (JDSL) reported in-line consolidated operating performance in Q3FY26.
• Domestic volume growth was robust at 15% YoY, reaching 618kt, driven by demand from railways, pipes & tubes, lifts & elevators, and autos.
• Overall volume grew 10.6% YoY to 650kt, but export volume contracted sharply by 35% YoY due to EU CBAM tax uncertainty and US tariffs.
• Average realization softened 2.6% QoQ, aligning with the decline in average stainless steel prices.
• Management maintained FY26 volume guidance of 9-10% and EBITDA/t range of Rs19-21k despite rising nickel and ferro chrome prices.

Why It Matters: Prabhudas Lilladher maintains a 'HOLD' rating on Jindal Stainless with a target price of Rs 784.