Nomura raised its target prices on major Indian steel producers on Tuesday, 23 September 2025, citing robust domestic demand, tighter global supply and prospects for policy support. The brokerage lifted its target on JSW Steel by 7% and on Jindal Steel & Power/Jindal Stainless by 6%, and projected EBITDA compound annual growth of 25–27% for its coverage over FY2025–FY2028. Nomura noted that seasonal weakness has left domestic hot‑rolled coil (HRC) at an 8% discount to China parity and 3% below free‑trade‑agreement parity, but it expects import discipline and demand to push prices about 5% above spot levels in H2 FY2026. The report also flags a possible extension of safeguard measures recommended by the Directorate General of Trade Remedies, which could support realizations if implemented. The updated views come as India’s consumption indicators remain firm and amid ongoing global scrutiny of excess steel capacity. Nomura’s stance implies potential upside to sector earnings if prices recover as forecast and trade measures deter under‑priced inflows.