Financials Jindal Steel & Power Limited

Equities

JINDALSTEL

INE749A01030

Iron & Steel

Market Closed - NSE India S.E. Other stock markets 07:40:48 2024-04-29 am EDT			5-day change	1st Jan Change
942.1 ^INR	+1.10%		+2.66%	+25.93%

02:07am	Jindal Steel & Power Appoints CFO	MT
Mar. 24	Billionaire among prominent Indians flocking to Modi's party ahead of vote	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	944,361	-	-
Enterprise Value (EV) ¹	515,294	443,035	582,051	638,564	618,467	1,032,999	1,042,038	1,038,815
P/E ratio	-10.6 x	-76.1 x	9.64 x	9.45 x	14 x	17.1 x	14.4 x	10.9 x
Yield	-	-	-	0.56%	0.37%	0.33%	0.37%	0.43%
Capitalization / Revenue	0.44 x	0.23 x	0.9 x	1.06 x	1.04 x	1.9 x	1.69 x	1.42 x
EV / Revenue	1.31 x	1.2 x	1.49 x	1.25 x	1.17 x	2.08 x	1.86 x	1.56 x
EV / EBITDA	6.13 x	5.64 x	4.03 x	4.12 x	6.23 x	9.87 x	8.26 x	6.59 x
EV / FCF	6.79 x	5.64 x	5.24 x	4.87 x	74.8 x	72.8 x	68 x	30.5 x
FCF Yield	14.7%	17.7%	19.1%	20.5%	1.34%	1.37%	1.47%	3.28%
Price to Book	0.54 x	0.26 x	1.1 x	1.51 x	1.42 x	2.15 x	1.87 x	1.62 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	931.8	931.8	931.8
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	-	-	-

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	497,646	558,817	665,500
EBITDA ¹	84,056	78,539	144,440	155,130	99,347	104,672	126,155	157,686
EBIT ¹	29,250	39,866	109,907	134,160	72,438	78,700	97,651	123,055
Operating Margin	7.43%	10.8%	28.19%	26.26%	13.74%	15.81%	17.47%	18.49%
Earnings before Tax (EBT) ¹	-28,017	-2,458	72,956	111,731	44,855	67,253	88,836	117,976
Net income ¹	-16,453	-1,092	36,336	67,725	82,550	55,853	66,031	87,687
Net margin	-4.18%	-0.3%	9.32%	13.26%	15.66%	11.22%	11.82%	13.18%
EPS ²	-17.00	-1.080	35.63	56.40	39.07	54.53	64.55	85.32
Free Cash Flow ¹	75,936	78,619	111,028	131,033	8,270	14,183	15,314	34,088
FCF margin	19.29%	21.3%	28.48%	25.65%	1.57%	2.85%	2.74%	5.12%
FCF Conversion (EBITDA)	90.34%	100.1%	76.87%	84.47%	8.32%	13.55%	12.14%	21.62%
FCF Conversion (Net income)	-	-	305.56%	193.48%	10.02%	25.39%	23.19%	38.87%
Dividend per Share ²	-	-	-	3.000	2.000	3.031	3.494	4.012
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	-	-	-

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	97,677	94,454
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	0.7743 x	0.599 x
Free Cash Flow ¹	75,936	78,619	111,028	131,033	8,270	14,183	15,314	34,088
ROE (net income / shareholders' equity)	-1.19%	-0.34%	11.4%	20.1%	22.2%	13%	13.6%	15.6%
ROA (Net income/ Total Assets)	-	-0.12%	4.34%	8.77%	11.3%	8.95%	9.68%	10.8%
Assets ¹	-	893,737	837,921	772,420	730,354	624,248	682,139	814,011
Book Value Per Share ²	332.0	318.0	312.0	352.0	385.0	433.0	498.0	576.0
Cash Flow per Share ²	93.30	94.20	117.0	134.0	34.40	88.10	91.70	110.0
Capex ¹	14,333	16,646	8,581	29,445	64,485	84,136	86,277	86,543
Capex / Sales	3.64%	4.51%	2.2%	5.76%	12.23%	16.91%	15.44%	13%
Announcement Date	5/21/19	5/25/20	5/12/21	5/30/22	5/16/23	-	-	-

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

931.8 INR

Average target price

859.2 INR

Spread / Average Target

-7.79%

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	+25.93%	11.2B
JSW STEEL LIMITED	+1.77%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+18.55%	21.23B
CHINA STEEL CORPORATION	-7.41%	11.73B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+1.11%	8.56B
BHARAT FORGE LIMITED	+3.56%	7.32B
JINDAL STAINLESS LIMITED	+22.33%	6.92B
BLUESCOPE STEEL LIMITED	-2.61%	6.52B

Iron, Steel Mills & Foundries