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Jindal Steel investors' worries go beyond a disappointing Q2

Mint Mumbai

November 02, 2023

Investors in Jindal Steel & Power Ltd stock have more to worry about than just the forgettable September quarter (Q2FY24) results. The chief problem areas are further delays in capacity expansion and a rise in capital expenditure (capex) guidance.

- Vineetha Sampath

Jindal now expects the commissioning of key projects such as blast furnace plant and basic oxygen furnace plant to be completed by FY25 end. Recall that in Q1, it had pushed the commissioning schedule to Q2FY25 from Q3FY24. The postponement of capacity expansion timeline is likely to weigh on volume in the medium term. In this backdrop, Kotak Institutional Equities has slashed its volume estimates by 10% and 12% for FY25 and FY26, respectively.

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