Jindal Steel Limited

“JSPL operates in a structurally attractive geography but is a commodity-class business earning commodity-class returns, executing a leveraged capex bet on a volume cycle that is already priced in at 66x trailing P/E; the promoter's governance record, tripling of contingent liabilities, near-zero free cash flow, and zero pricing power combine to make this a textbook value trap at current levels, with a credible 25–35% probability of a repeat of the FY15–FY20 near-distress episode representing genuine risk of permanent capital impairment.”