Nomura analyst Jashandeep Singh Chadha said in a report that Indian companies JSW Steel and Tata Steel may have performed better than their peers Jindal Steel in the third fiscal quarter of FY2026. In the three months to December, domestic sales in the Indian steel industry are likely to record a 5%-6% year-on-year increase, while the average price of hot-rolled coils and rebar may have declined from the previous quarter. He said that although the realized prices of these three companies in the third fiscal quarter are likely to drop month-on-month, given the relatively high share of slag in the Jindal Steel product portfolio, the decline is likely to be even greater. He added that Jindal Steel's month-on-month decline in EBITDA is also likely to be larger than that of JSW and Tata Steel, as Jindal covered start-up costs for its new blast furnace.

Nomura analyst Jashandeep Singh Chadha said in a report that Indian companies JSW Steel and Tata Steel may have performed better than their peers Jindal Steel in the third fiscal quarter of FY2026. In the three months to December, domestic sales in the Indian steel industry are likely to record a 5%-6% year-on-year increase, while the average price of hot-rolled coils and rebar may have declined from the previous quarter. He said that although the realized prices of these three companies in the third fiscal quarter are likely to drop month-on-month, given the relatively high share of slag in the Jindal Steel product portfolio, the decline is likely to be even greater. He added that Jindal Steel's month-on-month decline in EBITDA is also likely to be larger than that of JSW and Tata Steel, as Jindal covered start-up costs for its new blast furnace.