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ICICI Direct Report
Jindal Stainless Ltd. is among the leading stainless steel manufacturing companies in the world and India’s largest stainless steel manufacturer.
Post the levy of export duty, for the combined entity (Jindal Stainless plus Jindal Stainless Hisar Ltd.), the company has given Ebitda/tonne guidance of Rs 18000-20000/tonne.
(During FY22 the Ebitda/tonne of combined entity was at Rs 27609/tonne). Before the levy of export duty, for the combined entity (Jindal Stainless + Jindal Stainless Hisar) export volume run-rate was ~25000-30000 tonnes per month. Post the duty, the export volume run-rate has declined to ~15000-16000 tonnes per month.
The total capex for the combined entity for capacity expansion is Rs 2600 crore. Of this ~Rs 1300 crore has already been incurred till March 2022. Of the balance capex, ~Rs 900-1100 crore is expected to be incurred in FY23E and the balance Rs 200-400 crore is expected to be incurred in FY24E.
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