SAIL Shares Rise on Emkay Global's Upgrade and Earnings Recovery Outlook

Shares of Steel Authority of India (SAIL) rose to a 20-month high following Emkay Global's upgrade to a 'Buy' rating and a target price increase to Rs 200 from Rs 175. Emkay expects sharp earnings recovery with EBITDA per tonne rising to Rs 7,000-7,500 in the next two quarters, driven by inventory unwind, improved realizations, and coal blending efficiencies, despite higher coking coal costs. The brokerage anticipates stronger cash flow and deleveraging by FY26, supported by operational improvements and attractive valuations.