CRISIL Research has assigned a IER fundamental grade of 4/5 to JSW Steel. The grade indicates that the company's fundamentals are 'superior' relative to other listed equity securities in India. Our fair value of the stock is Rs. 1,442 per share.

At the current market price of Rs. 1,038 a share, our valuation grade is 5/5 indicating that the market price has strong upside from the current levels. The grades are not a recommendation to buy, sell or hold the graded instrument, or a comment on the graded instrument's future market price or its suitability for a particular investor.

CRISIL Research has valued JSW Steel on an EV/EBITDA basis and assigned a one-year forward multiple of 6x to the FY16E consolidated EBITDA to arrive at a fair value of Rs 1,442. At the current market price of Rs 1,038, the valuation grade is 5/5.

Shares of the company gained Rs 17.15, or 1.65%, to settle at Rs 1,057. The total volume of shares traded was 70,726 at the BSE (Friday).