Nomura has retained its Buy recommendation on JSW Steel Limited, saying domestic steelmakers are well positioned to benefit from first-half FY27 price hikes that should more than absorb raw material cost inflation amid HRC prices near four-year highs.

JSW Steel Limited reported consolidated crude steel production of 7.27 million tonnes for the second quarter, up 5% from 6.95 million tonnes a year earlier, with Indian operations output up 5% to 7.07 million tonnes. Capacity utilisation at Indian operations was 88% in the quarter, improving to about 90% in September 2026 as Blast Furnace 3 at Vijayanagar ramped up after capacity upgradation.