JSW Steel
JSW Steel
Metals & Mining F&OKey Fundamentals
LargecapIron & SteelMetals & MiningTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 19.8%
Weaknesses
4- Stock is trading at 3.01 times its book value
- Promoter holding has decreased over last quarter: -1.02%
- Company has a low return on equity of 8.97% over last 3 years.
- Earnings include an other income of Rs.18,981 Cr.
Growth Rate
AI Analysis — Bull vs Bear
JSW Steel has a market capitalisation of about Rs 3,13,923 Cr and trades at a P/E of 11.2 and a P/B of 3.13. Trailing profit growth of 136% and a 3-year profit CAGR of 35% contrast with a 3-year sales CAGR of 4% and a 3-year average ROE of 9%. Other income of Rs 18,981 Cr looks large relative to implied trailing earnings of about Rs 28,000 Cr (market cap divided by P/E), so the headline valuation and earnings momentum need to be read alongside the quality of those earnings.
- Trailing profit growth is 136% and the 3-year compounded profit growth is 35%, which shows a sharp earnings recovery from the recent cyclical low.
- Over 10 years, sales compounded at 16% and profits at 24%. This long-run record suggests the company can grow capacity and earnings across more than one steel cycle.
- Sales grew 18% a year over 5 years and 12% on a trailing basis, a pickup from the 3-year CAGR of 4%. That points to renewed top-line momentum.
- The stock has compounded at 22% a year over 10 years, 18% over 3 years and 15% over 5 years, a record of long-term shareholder value creation.
- The headline P/E of 11.2 is low in absolute terms for a company with a market cap of about Rs 3,13,923 Cr.
- The company keeps a dividend payout of 19.8%, which returns some cash to shareholders while keeping most earnings for expansion.
- ROE was 10% last year against a 3-year average of 9%, a small improvement that could continue if steel spreads hold.
- The 10-year average ROE of 15% shows the business has earned mid-teen returns on equity over a full cycle, above its current levels.
- Other income of Rs 18,981 Cr is roughly two-thirds of implied trailing earnings of about Rs 28,000 Cr (a rough comparison that mixes pre-tax income with post-tax profit). If much of it is non-recurring, the 136% TTM profit growth and the 11.2 P/E overstate the profitability of the core steel business.
- ROE averaged only 8.97% over the last 3 years and 10% last year. That is low compared with a P/B of 3.13 and below the 10-year average of 15%.
- At 3.13 times book value, the valuation is demanding for a cyclical commodity producer whose recent ROE is in single digits to low double digits.
- Sales compounded at just 4% over 3 years, much slower than the 18% 5-year CAGR. This suggests pricing pressure or flat realisations in the recent part of the cycle.
- The 5-year compounded profit growth is only 3%, well below the 5-year sales CAGR of 18%. This points to margin compression and earnings that swing widely across the cycle.
- Promoter holding fell by 1.02% in the last quarter. Some investors may read this as a negative signal about ownership commitment.
- A dividend yield of 0.56% gives little income support. Shareholder returns depend mostly on price gains in a cyclical sector.
- Leverage metrics (debt-to-equity) are not in the data. For a capital-intensive steelmaker still expanding, missing leverage data is a gap in assessing balance-sheet risk.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock slips off recent highs Sep 28
Shares closed 1.01% lower at ₹1,264.1, down 5.3% over one month and about 6.4% below the 52-week high of ₹1,351 hit on Aug 27, 2026. The stock was ₹1,325 on Sep 4.
- Promoter holdco may pledge shares Sep 22
JSW Holdings, which owns 7.42% of JSW Steel (18.14 crore shares), approved related-party lending of up to ₹2,000 crore to JSW group firms. It may pledge up to 10 crore JSW Steel shares as security, more than half its stake, which adds pledge-overhang risk.
- US output declines 11% Sep 5
US crude steel production fell 11% YoY to 0.78 lakh tonnes in August 2026, against 0.88 lakh tonnes in August 2025. Overseas operations remain weak.
- Sharp QoQ profit drop in Q1 Sep 28
Q1 FY27 net profit fell 71.6% QoQ to ₹4,651 crore from ₹16,370 crore, and revenue fell 7.5% QoQ to ₹47,364 crore. Most of the profit drop comes from a ₹17,888 crore exceptional gain in Q4 that inflated the base.
- Strong Q1 FY27 earnings beat Sep 5
Q1 FY27 net profit more than doubled YoY to ₹4,651 crore. Revenue grew 10% YoY to ₹47,364 crore, beating the ₹45,100 crore estimate, and EBITDA rose 24% to ₹9,383 crore as margins widened to 19.8%.
- August production up 3% YoY Sep 5
Consolidated crude steel output rose 3% YoY to 24.65 lakh tonnes in August 2026. Indian operations grew 4% to 23.87 lakh tonnes at 88% capacity utilisation.
- Stock up on YoY and YTD Sep 22
Shares traded at ₹1,280 on Sep 21, close to the 52-week high of ₹1,351. They are up 7.9% YTD and 11.79% over one year, with a market cap of about ₹3.24 lakh crore.
- Q2 FY27 results on Oct 23 Sep 28
The board meets on Oct 23, 2026 to approve Q2 and H1 FY27 results, followed by analyst calls. The trading window for designated persons is closed from Oct 1 to Oct 25, 2026.
- JSW One Platforms files DRHP Sep 25
JSW One Platforms filed its DRHP with SEBI, BSE and NSE on Sep 24, 2026, after intimations by JSW Steel in July and JSW Cement in August. The IPO still needs regulatory approval and suitable market conditions, and it could unlock value for JSW Steel.
- Promoter holdcos at deep discounts Sep 22
JSW Holdings trades at about 54% of its ₹23,150 crore JSW Steel stake (0.39x book) and Nalwa Sons at about 0.19x book. Neither has paid a dividend in 12 years, and this has no direct operational impact on JSW Steel.
- New York investor meetings Sep 8
JSW Steel held one-on-one and group meetings with analysts and institutional investors in New York on Sep 21-22, 2026. This is routine outreach to global investors.
TL;DR: JSW Steel's core operations look strong. Q1 FY27 profit doubled YoY, EBITDA margins rose to 19.8%, revenue beat estimates, and Indian operations ran at 88% utilisation with 4% output growth. The risks are weak US operations, a possible pledge of up to 10 crore promoter-held shares by JSW Holdings, and a 5.3% monthly pullback from the ₹1,351 high. The fundamental trend is improving while price momentum has cooled, so the Oct 23 Q2 FY27 results and margin guidance are the next key trigger.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 42,213 | 44,584 | 41,940 | 46,269 | 42,943 | 39,684 | 41,378 | 44,819 | 43,147 | 45,152 | 45,991 | 51,180 | 47,364 |
| Expenses | 35,201 | 36,722 | 34,776 | 40,243 | 37,445 | 34,309 | 35,799 | 38,684 | 35,671 | 38,125 | 39,612 | 42,716 | 38,079 |
| Operating Profit | 7,012 | 7,862 | 7,164 | 6,026 | 5,498 | 5,375 | 5,579 | 6,135 | 7,476 | 7,027 | 6,379 | 8,464 | 9,285 |
| OPM % | 17% | 18% | 17% | 13% | 13% | 14% | 13% | 14% | 17% | 16% | 14% | 17% | 20% |
| Other Income | 331 | 826 | 194 | 242 | 164 | -189 | 50 | 186 | 350 | 284 | -256 | 18,229 | 724 |
| Interest | 1,963 | 2,084 | 1,996 | 2,062 | 2,073 | 2,130 | 2,115 | 2,094 | 2,217 | 2,413 | 2,304 | 2,168 | 1,712 |
| Depreciation | 1,900 | 2,019 | 2,059 | 2,194 | 2,209 | 2,267 | 2,336 | 2,497 | 2,537 | 2,554 | 2,362 | 2,148 | 2,137 |
| PBT | 3,480 | 4,585 | 3,303 | 2,012 | 1,380 | 789 | 1,178 | 1,730 | 3,072 | 2,344 | 1,457 | 22,377 | 6,160 |
| Tax % | 30% | 40% | 26% | 34% | 37% | 49% | 39% | 13% | 28% | 30% | -65% | 14% | 24% |
| Net Profit | 2,428 | 2,773 | 2,450 | 1,322 | 867 | 404 | 719 | 1,501 | 2,209 | 1,646 | 2,410 | 19,243 | 4,696 |
| EPS in Rs | 9.67 | 11.29 | 9.88 | 5.31 | 3.46 | 1.8 | 2.93 | 6.15 | 8.93 | 6.64 | 8.75 | 66.94 | 19.02 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 52,972 | 41,546 | 55,604 | 71,933 | 84,757 | 73,326 | 79,839 | 1,46,371 | 1,65,960 | 1,75,006 | 1,68,824 | 1,85,470 | 1,89,687 |
| Expenses | 43,608 | 35,124 | 43,296 | 57,017 | 65,827 | 61,513 | 59,661 | 1,07,257 | 1,47,490 | 1,46,849 | 1,46,099 | 1,56,006 | 1,58,532 |
| Operating Profit | 9,364 | 6,422 | 12,308 | 14,916 | 18,930 | 11,813 | 20,178 | 39,114 | 18,470 | 28,157 | 22,725 | 29,464 | 31,155 |
| OPM % | 18% | 15% | 22% | 21% | 22% | 16% | 25% | 27% | 11% | 16% | 13% | 16% | 16% |
| Other Income | 103 | -1,966 | 18 | -177 | 196 | -289 | 473 | 1,600 | 1,561 | 1,500 | 73 | 18,489 | 18,981 |
| Interest | 3,493 | 3,601 | 3,768 | 3,701 | 3,917 | 4,265 | 3,957 | 4,968 | 6,902 | 8,105 | 8,412 | 9,102 | 8,597 |
| Depreciation | 3,434 | 3,323 | 3,430 | 3,387 | 4,041 | 4,246 | 4,679 | 6,001 | 7,474 | 8,172 | 9,309 | 9,601 | 9,201 |
| PBT | 2,539 | -2,468 | 5,128 | 7,651 | 11,168 | 3,013 | 12,015 | 29,745 | 5,655 | 13,380 | 5,077 | 29,250 | 32,338 |
| Tax % | 32% | -80% | 33% | 20% | 33% | -30% | 34% | 30% | 27% | 33% | 31% | 13% | — |
| Net Profit | 1,722 | -481 | 3,467 | 6,113 | 7,524 | 3,919 | 7,873 | 20,938 | 4,139 | 8,973 | 3,491 | 25,508 | 27,995 |
| EPS in Rs | 7.43 | -1.39 | 14.57 | 25.71 | 31.6 | 16.67 | 32.73 | 85.49 | 17.14 | 36.03 | 14.33 | 91.26 | 101 |
| Div. Payout % | 19% | -67% | 19% | 16% | 16% | 15% | 25% | 25% | 25% | 25% | 24% | 10% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 303 | 301 | 301 | 302 | 301 | 301 | 302 | 301 | 301 | 305 | 305 | 305 |
| Reserves | 21,987 | 18,665 | 22,346 | 27,696 | 34,494 | 36,298 | 45,308 | 66,996 | 65,394 | 77,364 | 79,191 | 99,748 |
| Borrowings | 38,754 | 42,204 | 43,334 | 39,393 | 47,396 | 61,423 | 66,727 | 72,237 | 80,853 | 87,984 | 98,752 | 99,310 |
| Other Liabilities | 24,610 | 20,737 | 22,024 | 24,579 | 32,606 | 33,798 | 34,826 | 56,951 | 63,991 | 62,245 | 62,197 | 70,295 |
| Total Liabilities | 85,654 | 81,907 | 88,005 | 91,970 | 1,14,797 | 1,31,820 | 1,47,163 | 1,96,485 | 2,10,539 | 2,27,898 | 2,40,445 | 2,69,658 |
| Fixed Assets | 52,176 | 56,140 | 58,730 | 57,848 | 62,644 | 62,085 | 64,917 | 99,880 | 1,04,452 | 1,12,461 | 1,24,466 | 1,17,129 |
| CWIP | 8,265 | 7,271 | 4,363 | 5,950 | 11,889 | 27,191 | 32,566 | 16,905 | 22,166 | 29,676 | 21,007 | 22,315 |
| Investments | 599 | 1,195 | 1,366 | 1,469 | 1,894 | 1,259 | 7,427 | 4,940 | 4,806 | 7,246 | 15,217 | 10,218 |
| Other Assets | 24,613 | 17,302 | 23,546 | 26,703 | 38,370 | 41,285 | 42,253 | 74,760 | 79,115 | 78,515 | 79,755 | 1,19,996 |
| Total Assets | 85,654 | 81,907 | 88,005 | 91,970 | 1,14,797 | 1,31,820 | 1,47,163 | 1,96,485 | 2,10,539 | 2,27,898 | 2,40,445 | 2,69,658 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 7,876 | 6,897 | 7,888 | 12,379 | 14,633 | 12,785 | 18,831 | 26,270 | 23,323 | 12,078 | 20,899 | 25,152 |
| Investing | -7,372 | -3,857 | -5,094 | -4,529 | -11,387 | -19,589 | -9,410 | -14,748 | -10,730 | -14,467 | -17,012 | 18,560 |
| Financing | -169 | -3,151 | -2,710 | -8,185 | 1,753 | 5,189 | -1,444 | -14,657 | -5,977 | -5,005 | -262 | -16,111 |
| Net Cash Flow | 334 | -111 | 84 | -335 | 4,999 | -1,615 | 7,977 | -3,135 | 6,616 | -7,394 | 3,625 | 27,601 |
| Free Cash Flow | 1,362 | 1,736 | 3,498 | 7,703 | 4,471 | 18 | 7,916 | 16,222 | 8,574 | -3,469 | 8,264 | 10,610 |
| CFO/OP | 92 | 111 | 66 | 93 | 91 | 118 | 103 | 81 | 130 | 53 | 101 | 96 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17 | 24 | 27 | 24 | 31 | 22 | 21 | 19 | 16 | 16 | 18 | 22 |
| Inventory Days | 136 | 135 | 147 | 118 | 123 | 130 | 160 | 208 | 130 | 151 | 142 | 124 |
| Days Payable | 175 | 207 | 172 | 149 | 137 | 169 | 171 | 190 | 149 | 133 | 132 | 130 |
| Cash Conversion Cycle | -23 | -48 | 2 | -7 | 17 | -17 | 9 | 36 | -4 | 33 | 28 | 16 |
| Working Capital Days | -58 | -105 | -66 | -36 | -63 | -96 | -93 | -24 | -50 | -29 | -19 | -15 |
| ROCE % | 10% | 5% | 14% | 18% | 20% | 9% | 15% | 28% | 8% | 13% | 8% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about JSW Steel
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Company Information
JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products.[1] It is the flagship business of the diversified, US$ 23 billion JSW Group.The Group has interests in energy, infrastructure, cement, paints, sports, and venture capital.[2]
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