---
title: "JSW Ispat Special Products Ltd(Merged) (JSWISPL) — Share Price, Financials & Analysis"
symbol: "JSWISPL"
company: "JSW Ispat Special Products Ltd(Merged)"
canonical: "https://tapetide.com/stocks/JSWISPL"
sector: "Industrials"
industry: "Industrial Products"
generated_at: "2026-09-13T18:57:16.772Z"
---

# JSW Ispat Special Products Ltd(Merged) (JSWISPL)

Canonical page: https://tapetide.com/stocks/JSWISPL

## Company

- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** DELISTED
- **Listed Since:** 2018-09-12
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** aionjsw.in

## About

JSW Ispat Special Products Ltd is engaged in manufacturing and marketing of sponge iron, steel and ferro alloys, along with billets and pellets. It was incorporated in 1990.[1] Its part of the JSW Group.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -20.5% over last 3 years.
- Debtor days have increased from 25.5 to 44.8 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -128% | 4% | 11% |
| revenue growth | -17% | 25% | 30% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 955 | 1161 | 1477 | 1462 | 1437 | 1473 | 1688 | 1665 | 758 | 1102 | 1649 | 1676 |
| Expenses | 894 | 1009 | 1271 | 1284 | 1355 | 1381 | 1570 | 1647 | 850 | 1069 | 1515 | 1574 |
| Operating Profit | 62 | 152 | 206 | 179 | 83 | 93 | 118 | 17 | -92 | 33 | 134 | 102 |
| OPM % | 6 | 13 | 14 | 12 | 6 | 6 | 7 | 1 | -12 | 3 | 8 | 6 |
| Other Income | 308 | 3 | 17 | 7 | 5 | 3 | 9 | 15 | 3 | 8 | 12 | 6 |
| Interest | 69 | 68 | 72 | 66 | 68 | 68 | 68 | 68 | 63 | 74 | 82 | 81 |
| Depreciation | 59 | 57 | 57 | 55 | 56 | 56 | 55 | 57 | 57 | 65 | 64 | 68 |
| Profit before tax | 241 | 29 | 93 | 63 | -37 | -28 | 3 | -92 | -209 | -97 | 1 | -40 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 0 | 0 | 2084 | 32 |
| Net Profit | 241 | 29 | 93 | 63 | -37 | -28 | 3 | -105 | -209 | -97 | -12 | -53 |
| EPS in Rs | 5.15 | 0.63 | 1.99 | 1.35 | -0.79 | -0.6 | 0.07 | -2.24 | -4.45 | -2.06 | -0.25 | -1.13 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3242 | 1843 | 1238 | 1383 | 1879 | 2638 | 4188 | 6061 | 5173 | 5185 |
| Expenses | 3146 | 2295 | 1639 | 1342 | 1878 | 2683 | 3800 | 5588 | 5081 | 5008 |
| Operating Profit | 96 | -452 | -401 | 41 | 2 | -44 | 388 | 473 | 92 | 177 |
| OPM % | 3 | -25 | -32 | 3 | 0.1 | -1.7 | 9 | 8 | 1.8 | 3.4 |
| Other Income | -189 | -19 | -226 | -250 | -2829 | 26 | 326 | 22 | 38 | 29 |
| Interest | 683 | 1083 | 1141 | 1195 | 448 | 255 | 276 | 271 | 286 | 299 |
| Depreciation | 288 | 364 | 360 | 355 | 278 | 219 | 228 | 223 | 243 | 254 |
| Profit before tax | -1063 | -1918 | -2127 | -1759 | -3552 | -492 | 210 | 1 | -398 | -346 |
| Tax % | -18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | — |
| Net Profit | -869 | -1917 | -2132 | -1759 | -3552 | -492 | 210 | 1 | -430 | -371 |
| EPS in Rs | -130.23 | -94.97 | -106.05 | -87.57 | -75.66 | -10.48 | 4.48 | 0.03 | -9.16 | -7.89 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 66 | 66 | 201 | 201 | 201 | 470 | 470 | 470 | 470 | 996 |
| Reserves | 2711 | 1826 | 213 | -1802 | -3478 | 698 | 177 | 398 | 397 | -3 |
| Borrowings | 10912 | 12675 | 11928 | 12262 | 8801 | 3001 | 3477 | 3096 | 3225 | 3188 |
| Other Liabilities | 1759 | 1920 | 2758 | 3113 | 2785 | 590 | 677 | 1035 | 1094 | 1560 |
| Total Liabilities | 15448 | 16486 | 15099 | 13773 | 8309 | 4759 | 4801 | 4998 | 5186 | 5740 |
| Fixed Assets | 4918 | 7521 | 6909 | 6581 | 6194 | 3378 | 3254 | 3168 | 3069 | 3072 |
| CWIP | 6794 | 5683 | 5761 | 5587 | 168 | 182 | 238 | 175 | 167 | 37 |
| Investments | 101 | 94 | 324 | 46 | 572 | 1 | 1 | 1 | 2 | 1 |
| Other Assets | 3635 | 3188 | 2105 | 1559 | 1374 | 1197 | 1309 | 1653 | 1948 | 2629 |
| Total Assets | 15448 | 16486 | 15099 | 13773 | 8309 | 4759 | 4801 | 4998 | 5186 | 5740 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 59 | 1659 | 1117 | 292 | -16 | -194 | -196 | 406 | 276 | -71 |
| Cash from Investing Activity | -2749 | -1747 | -121 | 489 | -18 | 612 | -118 | -81 | -114 | -129 |
| Cash from Financing Activity | 2002 | 221 | -1113 | -799 | 47 | -344 | 185 | -348 | -116 | 235 |
| Net Cash Flow | -688 | 134 | -117 | -19 | 13 | 74 | -130 | -22 | 46 | 35 |
| Free Cash Flow | -2736 | -119 | 948 | 434 | -30 | -271 | -325 | 313 | 131 | -222 |
| CFO/OP | 25 | 1738 | -247 | -73 | -38 | -11734 | 440 | 105 | 60 | -68 |

### Ratios

| Item | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 66 | 50 | 23 | 29 | 16 | 6 | 7 | 16 | 15 | 45 |
| Inventory Days | 276 | 163 | 139 | 136 | 109 | 182 | — | 114 | 94 | 117 |
| Days Payable | 62 | 67 | 68 | 54 | 37 | 99 | — | 96 | 72 | 121 |
| Cash Conversion Cycle | 280 | 146 | 94 | 111 | 88 | 90 | 7 | 34 | 38 | 40 |
| Working Capital Days | -102 | -315 | -494 | -1563 | -1806 | 4 | -32 | 15 | 12 | -24 |
| ROCE % | 3 | -1 | -6 | -6 | -4 | -5 | -6 | 4 | 7 | -3 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Jun 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 25.27% | 25.27% | 74.35% | 74.35% | 74.35% | 53.17% | 53.17% | 53.17% |
| FIIs | 3.24% | 2.29% | 0.32% | 0.32% | 0% | 1.25% | 7.67% | 8.92% |
| DIIs | 50.2% | 40.21% | 19.81% | 18.06% | 13.4% | 3.96% | 4.73% | 4.59% |
| Government | 0% | 0.05% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 21.29% | 32.18% | 5.52% | 7.27% | 12.25% | 41.62% | 34.42% | 33.34% |
| No. of Shareholders | 25765 | 38458 | 35208 | 33265 | 37308 | 128697 | 109910 | 103160 |

### Quarterly

| Category | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.35% | 74.35% | 74.35% | 53.17% | 53.17% | 53.17% | 53.17% | 53.17% | 53.17% | 53.17% | 53.17% | 53.17% |
| FIIs | 0% | 0% | 0% | 2.52% | 1.57% | 1.24% | 1.25% | 1.57% | 2.98% | 5.53% | 7.67% | 8.92% |
| DIIs | 16.85% | 14.89% | 13.4% | 8.84% | 4.48% | 4.02% | 3.96% | 3.96% | 3.96% | 3.96% | 4.73% | 4.59% |
| Public | 8.79% | 10.76% | 12.25% | 35.47% | 40.78% | 41.57% | 41.62% | 41.3% | 39.88% | 37.33% | 34.42% | 33.34% |
| No. of Shareholders | 32587 | 34339 | 37308 | 68801 | 97893 | 109118 | 128697 | 135617 | 128226 | 117719 | 109910 | 103160 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 30.06 | Sell |
| EMA (10) | 29.92 | Sell |
| SMA (20) | 31.42 | Sell |
| EMA (20) | 30.27 | Sell |
| SMA (50) | 28.92 | Sell |
| EMA (50) | 29.82 | Sell |
| SMA (100) | 29.81 | Sell |
| EMA (100) | 29.96 | Sell |
| SMA (200) | 30.7 | Sell |
| EMA (200) | 30.62 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 44.85 | Neutral |
| MACD (12,26,9) | -0.06 | Sell |
| Stochastic (14,3,3) | 21.91 | Neutral |
| ADX (14) | 18.41 | Neutral |
| Williams %R (14) | -83.35 | Buy |
| ATR (14) | 1.84 | High Volatility |
| ROC (12) | -23.52 | Sell |
| Stoch RSI (14) | 10.73 | Buy |
| UO (7,14,28) | 51.36 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2011 from nse](https://archives.nseindia.com/annual_reports/AR_MONNETISPA_2010_2011_16122011101216.zip) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/73299513446.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/71105513446.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460320.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/513446/5134460314.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Jul 2021 | [Concall - Jul 2021](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7e6da37e-cf37-4c87-884d-e4c4f97dc392.pdf) |
| Jul 2021 | [Concall - Jul 2021](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7e6da37e-cf37-4c87-884d-e4c4f97dc392.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:57:16.772Z.