Steel is ‘India’s Story’: Why Nomura sees up to 37% upside in these 4 metal stocks
Nomura expects Indian steel majors to generate higher-than-historical mid-cycle EBITDA per tonne through FY26-28, leading to a bullish outlook on the sector. The brokerage maintains a 'Buy' recommendation for Tata Steel, JSW Steel, Jindal Steel, and Lloyds Metals & Energy due to factors such as safeguard duties, margin improvement, and steady production and consumption growth.