Financials Jindal Steel & Power Limited

Equities

JINDALSTEL

INE749A01030

Iron & Steel

Delayed NSE India S.E. Other stock markets 06:21:13 2024-06-06 am EDT			5-day change	1st Jan Change
1,030 ^INR	+2.32%		-0.16%	+37.62%

May. 14	Jindal Steel and Power's Consolidated Profit More than Doubles in Fiscal Q4	MT
May. 13	India's Jindal Steel posts Q4 profit jump as costs ease	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	173,940	83,845	350,477	543,554	548,931	1,008,665	-	-
Enterprise Value (EV) ¹	515,294	443,035	582,051	638,564	618,467	851,188	1,114,430	1,099,281
P/E ratio	-10.6 x	-76.1 x	9.64 x	9.45 x	14 x	14.4 x	15.7 x	11.6 x
Yield	-	-	-	0.56%	0.37%	0.3%	0.27%	0.37%
Capitalization / Revenue	0.44 x	0.23 x	0.9 x	1.06 x	1.04 x	1.7 x	1.79 x	1.5 x
EV / Revenue	1.31 x	1.2 x	1.49 x	1.25 x	1.17 x	1.7 x	1.98 x	1.63 x
EV / EBITDA	6.13 x	5.64 x	4.03 x	4.12 x	6.23 x	8.34 x	8.66 x	6.74 x
EV / FCF	6.79 x	5.64 x	5.24 x	4.87 x	74.8 x	77.4 x	51.8 x	26.3 x
FCF Yield	14.7%	17.7%	19.1%	20.5%	1.34%	1.29%	1.93%	3.81%
Price to Book	0.54 x	0.26 x	1.1 x	1.51 x	1.42 x	2.32 x	2 x	1.72 x
Nbr of stocks (in thousands)	967,946	1,020,016	1,020,016	1,020,088	1,005,000	1,002,400	-	-
Reference price ²	179.7	82.20	343.6	532.8	546.2	1,006	1,006	1,006
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	5/13/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	393,721	369,175	389,886	510,856	527,112	500,268	562,748	673,196
EBITDA ¹	84,056	78,539	144,440	155,130	99,347	102,006	128,753	163,036
EBIT ¹	29,250	39,866	109,907	134,160	72,438	73,789	98,240	128,185
Operating Margin	7.43%	10.8%	28.19%	26.26%	13.74%	14.75%	17.46%	19.04%
Earnings before Tax (EBT) ¹	-28,017	-2,458	72,956	111,731	44,855	62,413	87,182	118,312
Net income ¹	-16,453	-1,092	36,336	67,725	82,550	59,384	65,202	88,739
Net margin	-4.18%	-0.3%	9.32%	13.26%	15.66%	11.87%	11.59%	13.18%
EPS ²	-17.00	-1.080	35.63	56.40	39.07	59.15	64.17	87.12
Free Cash Flow ¹	75,936	78,619	111,028	131,033	8,270	14,183	21,519	41,835
FCF margin	19.29%	21.3%	28.48%	25.65%	1.57%	2.85%	3.82%	6.21%
FCF Conversion (EBITDA)	90.34%	100.1%	76.87%	84.47%	8.32%	13.55%	16.71%	25.66%
FCF Conversion (Net income)	-	-	305.56%	193.48%	10.02%	25.39%	33%	47.14%
Dividend per Share ²	-	-	-	3.000	2.000	3.031	2.693	3.694
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	5/13/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	105,335	118,806	106,095	136,120	125,249	143,395	130,454	135,214	124,524	136,919	125,883	124,491	121,552	118,119
EBITDA ¹	42,520	52,870	45,390	45,940	33,100	30,700	34,387	19,314	23,774	22,872	26,280	24,120	23,583	24,162
EBIT ¹	33,825	44,402	39,368	39,844	26,966	27,980	28,426	13,171	17,698	13,144	20,405	18,462	18,452	17,354
Operating Margin	32.11%	37.37%	37.11%	29.27%	21.53%	19.51%	21.79%	9.74%	14.21%	9.6%	16.21%	14.83%	15.18%	14.69%
Earnings before Tax (EBT) ¹	28,480	28,516	34,096	35,066	22,355	20,214	25,634	542.7	10,623	8,055	17,666	13,748	13,890	15,249
Net income ¹	22,547	19,682	412.8	26,788	18,611	21,908	27,709	1,997	5,187	4,626	16,869	10,223	10,603	11,683
Net margin	21.4%	16.57%	0.39%	19.68%	14.86%	15.28%	21.24%	1.48%	4.17%	3.38%	13.4%	8.21%	8.72%	9.89%
EPS	22.10	19.30	0.4000	25.33	15.85	14.81	19.73	1.990	5.160	4.600	16.79	-	11.20	12.43
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/21/21	5/12/21	8/10/21	11/2/21	2/8/22	5/30/22	7/15/22	11/10/22	2/1/23	5/16/23	8/11/23	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	341,355	359,190	231,574	95,010	69,536	88,638	105,765	90,616
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.061 x	4.573 x	1.603 x	0.6125 x	0.6999 x	0.8468 x	0.8215 x	0.5558 x
Free Cash Flow ¹	75,936	78,619	111,028	131,033	8,270	14,183	21,519	41,835
ROE (net income / shareholders' equity)	-1.19%	-0.34%	11.4%	20.1%	22.2%	13%	13.6%	16.1%
ROA (Net income/ Total Assets)	-	-0.12%	4.34%	8.77%	11.3%	8.95%	8.75%	10.5%
Assets ¹	-	893,737	837,921	772,420	730,354	624,248	745,170	845,130
Book Value Per Share ²	332.0	318.0	312.0	352.0	385.0	433.0	502.0	586.0
Cash Flow per Share ²	93.30	94.20	117.0	134.0	34.40	88.10	119.0	114.0
Capex ¹	14,333	16,646	8,581	29,445	64,485	84,136	86,066	87,025
Capex / Sales	3.64%	4.51%	2.2%	5.76%	12.23%	16.91%	15.29%	12.93%
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	5/13/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Jindal Steel & Power Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,006 INR

Average target price

950.4 INR

Spread / Average Target

-5.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
JINDAL STEEL & POWER LIMITED	+36.87%	12.1B
JSW STEEL LIMITED	+0.47%	25.62B
BAOSHAN IRON & STEEL CO., LTD.	+18.89%	21.11B
CHINA STEEL CORPORATION	-12.78%	11.1B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+7.55%	10.52B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	0.00%	9.15B
TERNIUM S.A.	-0.99%	8.25B
BHARAT FORGE LIMITED	+25.40%	8.39B
JINDAL STAINLESS LIMITED	+38.88%	7.66B
BLUESCOPE STEEL LIMITED	-9.87%	6.18B

Iron, Steel Mills & Foundries