ICICIdirect has maintained 'Hold' on JSW Steel with target price of Rs 950 as against current market price (CMP) of Rs 910 in its report.

Commenting on the investment rationale ICICIdirect said, ''JSW Steel reported a subdued set of Q4FY15 numbers wherein the topline, EBITDA and PAT came in below our estimates. The performance was impacted by a higher-than-expected fall in realisation and elevated cost level.

The company reported a net operating income of Rs 125.99 billion for the quarter, down 12.2% YoY and 4.7% QoQ and below our estimate of Rs 138.13 billion.

EBITDA came in at Rs 16.83 billion (EBITDA margin: 13.4%) below our estimate of Rs 23.95 billion (EBITDA margin estimate: 17.3%). The consequent report PAT came in at Rs 624 million.

Going forward, we have valued the stock at 6x FY17E EV/EBITDA and arrived at a target price of Rs 950. We have maintained our HOLD recommendation on the stock.''

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