Global brokerage firm Jefferies has maintained its positive stance on JSW Steel , issuing a Buy recommendation with a target price of ₹1,300 per share. This recommendation underscores the brokerage's confidence in the steel major's operational performance and market positioning.

Brokerage Recommendation Details

The recommendation from Jefferies highlights the firm's assessment of JSW Steel's business fundamentals and growth trajectory. The ₹1,300 target price represents the brokerage's valuation of the company based on various financial metrics and industry dynamics.

Market Implications

Jefferies' Buy rating on JSW Steel reflects the brokerage's positive outlook on the company's prospects in the steel sector. The recommendation comes as part of the firm's ongoing coverage of major steel companies in the Indian market. The target price of ₹1,300 indicates the brokerage's expectation of the stock's potential performance based on their analysis of the company's fundamentals and sector dynamics.

JSW Steel , one of India's leading steel producers, has reported a significant increase in its consolidated crude steel production for November 2025. The company achieved a production volume of 24.39 lakh tonnes, marking a 5% year-on-year growth despite facing operational challenges.

Production Highlights

Operational Challenges and Upgrades

JSW Steel's capacity utilization in Indian operations stood at 84% for the month. This figure was affected by the ongoing shutdown of Blast Furnace 3 (BF3) at the company's Vijayanagar facility. The shutdown, which began at the end of September 2025, is part of a strategic upgrade to increase the furnace's capacity from 3 MTPA to 4.5 MTPA.

Despite this temporary setback, the company demonstrated resilience in its operations. When excluding the BF3 capacity, JSW Steel achieved a 93% capacity utilization for November 2025, indicating strong performance across its other facilities.

Strategic Implications

The ongoing upgrade of BF3 at Vijayanagar is a clear indication of JSW Steel's commitment to expanding its production capabilities. This move is likely to strengthen the company's position in the domestic and international steel markets once completed.

The 5% year-on-year growth in crude steel production, even with a major furnace undergoing upgrades, showcases JSW Steel's operational efficiency and its ability to optimize production across its facilities.

Conclusion

JSW Steel's November 2025 production figures demonstrate the company's resilience and strategic focus on growth. As the steel sector continues to play a crucial role in India's infrastructure development, JSW Steel's capacity expansion and consistent production growth position it well to meet the increasing demand for steel in the country and beyond.

Investors and industry observers will likely keep a close watch on the completion of the BF3 upgrade and its impact on the company's future production capabilities and market position.