Jindal Steel & Power Limited (JSPL) is one of India’s largest integrated steel producers, with a significant presence in power generation and mining. The company operates across India and has international assets in coal and iron ore. Despite its scale and vertical integration, JSPL has faced challenges from volatile commodity cycles, high debt in the past, and fluctuating profitability. While it has significantly deleveraged in recent years, recent quarters show a sharp decline in profits due to falling steel prices and rising input costs. This article provides a fact-based analysis of JSPL’s financials and estimates a realistic share price target for 2026 through 2030.
Core Business: Integrated steel manufacturing (from raw material to finished products), power generation, and mining
Key Assets: Steel plants in Raigarh (Chhattisgarh) and Angul (Odisha); captive power plants; coal mines in Australia and Mozambique
Capacity: Over 9 MTPA crude steel capacity; among India’s top 5 steel producers
Listed On: BSE (500228) and NSE (JINDALSTEL)
Jindal Steel & Power: Key Financial Snapshot
Metric
Value
Market Capitalization
₹1,21,262.97 Cr
Enterprise Value
₹1,24,616.15 Cr
Current Share Price
₹1,188 (approx.)
P/E (TTM)
36.47
P/B (TTM)
2.28
Book Value (TTM)
₹522.08
EPS (TTM)
₹32.59
ROE
7.60%
ROCE
10.64%
Dividend Yield
0.17%
Sales Growth (YoY)
-1.74%
Profit Growth (YoY)
-31.33%
Cash Reserves
₹3,564.65 Cr
Debt
₹6,917.83 Cr
Face Value
₹1
No. of Shares
102.01 Cr
Shareholding Pattern
Category
Holding (%)
Promoters
62.69%
Domestic Institutions (DII)
19.09%
Public (Retail)
9.20%
Foreign Institutions (FII)
9.02%
Others
0%
Promoter pledging stands at 10.87% as of December 2025—moderate but worth monitoring.
Jindal Steel & Power Share Price Target Forecast (2026–2030)
Based on commodity cycle dynamics, debt reduction progress, historical valuation, and earnings volatility, we estimate the following realistic price ranges:
Year
Target Price Range (₹)
2026
₹1,200 – ₹1,400
2027
₹1,250 – ₹1,500
2028
₹1,300 – ₹1,600
2029
₹1,350 – ₹1,700
2030
₹1,400 – ₹1,800
Year-wise Breakdown
Jindal Steel & Power Share Price Target 2026
Year
Share Price Target 1
Share Price Target 2
2026
₹1,200
₹1,400
Despite a -31% profit drop, the company remains cash-rich (₹3,565 Cr) with manageable net debt.
At P/E ~36x, valuation is stretched for a cyclical stock with low ROE.
Expansion in value-added steel products (e.g., rails, plates) may improve margins.
Captive power and mining assets provide cost advantages during upcycles.
Debt-to-equity has improved significantly from peak levels.
Jindal Steel & Power Share Price Target 2029
Year
Share Price Target 1
Share Price Target 2
2029
₹1,350
₹1,700
By 2029, JSPL could benefit from India’s steel consumption growth (target: 300 MT by 2030).
Green steel initiatives and hydrogen-based reduction may offer long-term upside.
Execution consistency will be key to justifying premium multiples.
Jindal Steel & Power Share Price Target 2030
Year
Share Price Target 1
Share Price Target 2
2030
₹1,400
₹1,800
As a large-cap steel player, JSPL is well-positioned for structural growth.
However, commodity cyclicality, low ROE, and global competition cap explosive returns.
Realistic 2030 target assumes EPS of ₹40–45 and P/E of 30–35x.
Strengths vs Risks
✅ Strengths
Vertically integrated model with captive coal, iron ore, and power
Significant deleveraging over the past 5 years
Strong promoter control (62.7%) with strategic vision
Beneficiary of India’s infrastructure and manufacturing push
⚠️ Risks
Highly cyclical business—earnings swing with steel and coal prices
Low return ratios: ROE 7.6%, ROCE 10.6%
Promoter pledging at 10.87%—moderate but requires monitoring
Global oversupply and Chinese steel dumping can hurt margins
Investment Suitability
Factor
Assessment
Risk Profile
High
Time Horizon
Long-term (5+ years)
Volatility
Very High (commodity-linked)
Dividend/Income
Minimal (0.17% yield)
Ideal Investor
Believes in India’s steel story; comfortable with cyclical sectors
FAQs
A realistic range is ₹1,200 to ₹1,400, based on current fundamentals and sector outlook.
We estimate ₹1,400 to ₹1,800 by 2030, assuming moderate recovery in steel margins and volume growth.
Reliable forecasts beyond 2030 are not possible. Such long-term projections are highly speculative and not supported by verifiable data.
The promoter group (Jindal family) holds 62.69%. The rest is held by DIIs (19.09%), FIIs (9.02%), and public investors (9.20%).
Yes, but the dividend yield is very low at 0.17%. The company prioritizes reinvestment and debt management over payouts.
The stock corrected due to -31.33% YoY profit decline, driven by falling steel prices and rising input costs in FY26.
It offers exposure to India’s steel and infrastructure growth, but comes with high cyclicality and low returns on equity. Suitable only for investors with a long horizon and risk tolerance.
Final Verdict
Jindal Steel & Power is a large-cap, vertically integrated steel company with strong assets and improved balance sheet health. However, its recent profit collapse and low ROE make near-term upside limited. Our 2026–2030 price targets (₹1,200–₹1,800) reflect cautious optimism, contingent on steel cycle recovery and margin stabilization. Investors should treat it as a long-duration cyclical play, not a compounder.
📌 Disclaimer: These targets are for educational purposes only and are not investment advice. Always consult a SEBI-registered advisor before investing.
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
