JSW Steel Ltd logo

JSW Steel Ltd

JSWSTEEL NSE

Key Fundamentals

LargecapIron & SteelMetals & Mining
Market Cap
3.1L Cr
Volatility
Moderate
P/E Ratio
12.54
EBITDA
₹31,069 Cr
Return on Equity
24.18%
Debt to Equity
0.99
Book Value
₹408.89
EPS
₹28.47
52W High
₹1,335
52W Low
₹1,022.3

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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40 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 19.8%

Weaknesses

4
  • Stock is trading at 3.12 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

Revenue Growth
10.15% ↗
Net Income Growth
630.68% ↗
Cash Flow Change
20.35% ↗
ROE
466.28% ↗
ROCE
155.67% ↗
EBITDA Margin (Avg.)
19.54% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

JSW Steel Ltd is a large-cap metals company with a market cap of Rs.3,10,450 Cr trading at a PE of 11.2x. The company has delivered TTM profit growth of 136% and 10-year sales CAGR of 16%, though its 3-year ROE of ~9% remains subdued and it trades at 3.14x book value.

Bull Case 8
  • TTM profit growth of 136% indicates a sharp recovery in earnings, suggesting strong operating leverage as steel realizations improve
  • 10-year compounded sales CAGR of 16% demonstrates consistent top-line expansion through multiple steel cycles
  • PE ratio of 11.2x is relatively modest for a large-cap steel producer with Rs.3,10,450 Cr market cap, indicating earnings are not stretched at current levels
  • 10-year stock CAGR of 22% reflects long-term wealth creation track record for shareholders
  • 5-year ROE of 13% and 10-year ROE of 15% show the company can generate reasonable returns on equity across longer periods despite cyclicality
  • TTM sales growth of 12% shows continued revenue momentum in the most recent period
  • Company has maintained a healthy dividend payout ratio of 19.8%, providing some income return alongside a 0.56% dividend yield
  • 3-year compounded profit CAGR of 35% indicates strong earnings recovery from the post-COVID trough
Bear Case 8
  • Stock trades at 3.14x book value, which is elevated for a cyclical metals business and leaves limited margin of safety if earnings decline
  • 3-year ROE of only 9% suggests the company has struggled to generate adequate returns on equity in recent years despite capacity expansion
  • Promoter holding decreased by 1.02% in the last quarter, signaling potential dilution or reduced promoter confidence
  • Earnings include other income of Rs.18,981 Cr, which inflates reported profits and may not be recurring or operational in nature
  • 5-year compounded profit CAGR of just 3% shows that earnings growth over a medium-term cycle has been negligible despite significant capacity additions
  • Dividend yield of 0.56% offers minimal income cushion for investors in a downturn scenario
  • 3-year sales CAGR of only 4% indicates top-line growth stalled meaningfully in the recent period compared to the 10-year average of 16%
  • Last year ROE of 10% remains below the 10-year average of 15%, suggesting the company has not yet returned to peak capital efficiency

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Coking coal costs rising Jul 20

    Coking coal costs have risen $12-$15 per tonne, with Middle East conflict adding ~$20 per tonne to steel production costs. Citi maintains Sell (₹1,100 target) citing Q2 price corrections and cost headwinds.

  • Q2 steel price corrections ahead Jul 20

    Brokerages flag Q2 headwinds from steel price corrections despite strong Q1. Citi is the lone Sell among major brokerages covering the stock.

Positives 4
  • Q1 net profit surges 113% YoY Jul 20

    Q1 FY27 net profit jumped 113% YoY to ₹4,696 crore, EBITDA rose 24% to ₹9,383 crore, and net debt declined 14% QoQ to ₹46,157 crore. Five major brokerages have Buy/Overweight ratings with targets of ₹1,450-₹1,650.

  • Amalgamation with ARCL, MCL, JRDL effective Aug 1

    Scheme of amalgamation with Amba River Coke, Monnet Cement, and JSW Retail became effective Aug 1, 2026 after NCLT final order filed with RoC.

  • Leverage target under 2.5X set Jul 20

    JSW Steel targets leverage under 2.5X (max 3X) and expects 20 MTPA pipeline to deliver ₹1,000/tonne cost savings. Dolvi Phase 3 expected ready by Sep 2027 with higher Q2 volumes from BF-3 ramp-up.

  • Promoter releases share pledge Jul 19

    JSL Overseas released pledge on 16.03 million shares on Jul 7, 2026, signalling improved promoter-level financial comfort.

Neutral 7
  • Investor meetings in multiple cities Aug 11

    JSW Steel scheduled investor meetings in Mumbai (Aug 11-14) and Singapore/Hong Kong (Aug 17-19) with institutional investors in group and one-on-one formats.

  • Aug 2026 investor deck filed Aug 12

    Company uploaded its August 2026 investor presentation to NSE and BSE on Aug 12, providing latest strategic and operational updates.

  • Senior management reshuffle Aug 7

    P P Varma and S M Kumar appointed to senior management roles effective Aug 7. Ashish Chandra resigned; B N S Prakash Rao moved to new internal role.

  • Institutional block trades ₹184 crore Aug 3

    Three block trades across Jul 23 and Aug 3 totalled ~₹184 crore (₹161.92 cr on Jul 23 at ₹1,266-1,268/share; ₹22.54 cr on Aug 3 at ₹1,277.40/share), indicating sustained institutional activity.

  • Piombino Steel merger EGM scheduled Jul 30

    EGM set for Aug 21, 2026 to approve Piombino Steel amalgamation at 10:156 share exchange ratio. Voting opens Aug 18.

  • AGM concludes, directors appointed Jul 25

    32nd AGM on Jul 24 approved Dev Bajpai as Independent Director, re-elected Sajjan Jindal, and ratified related-party transactions with JSW JFE Steel Limited.

  • Independent director tenure ends Jul 21

    Seturaman Mahalingam ceased as Independent Director on Jul 21, 2026 after completing his second five-year term.

TL;DR: JSW Steel delivered a strong Q1 FY27 with 113% profit growth and declining debt, earning bullish ratings from most major brokerages (targets ₹1,450-₹1,650). Key risks are near-term coking coal cost inflation ($12-$15/t rise) and anticipated Q2 steel price corrections. The company is actively consolidating via multiple amalgamations and targeting sub-2.5X leverage. The fundamental trend is improving on volume ramp-up and cost discipline, though Q2 margins may compress before recovering in H2.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 44.29%
FIIs 25.92%
DIIs 11.49%
Others 10.64%
Public 7.15%
Government 0.51%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
44.07%
44.07%
44.09%
44.72%
45.01%
45.02%
45.19%
45.19%
45.40%
45.40%
44.80%
44.81%
44.81%
44.81%
44.84%
44.85%
44.84%
45.31%
45.32%
45.32%
45.32%
44.29%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
15.00%
15.00%
15.00%
26.13%
15.00%
26.06%
25.52%
25.66%
25.59%
25.78%
25.43%
25.55%
25.38%
25.38%
25.92%
DIIs
7.10%
7.16%
8.06%
8.37%
7.93%
9.07%
9.20%
9.34%
9.48%
9.60%
9.51%
9.48%
9.82%
10.53%
10.54%
10.59%
10.52%
10.92%
10.87%
11.05%
11.15%
11.49%
Government
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
0.51%
Public
8.30%
8.24%
8.08%
8.15%
8.02%
7.93%
7.75%
7.44%
7.33%
7.26%
7.40%
7.22%
7.31%
7.14%
7.14%
7.17%
7.11%
7.04%
7.08%
7.12%
7.12%
7.15%
Others
40.01%
40.02%
39.27%
38.24%
38.52%
37.47%
37.35%
22.51%
22.28%
22.22%
11.66%
22.99%
11.50%
11.50%
11.31%
11.29%
11.25%
10.80%
10.67%
10.63%
10.52%
10.64%
No. of Shareholders
0
5,63,119
6,57,659
6,86,724
6,79,906
6,59,879
6,94,916
6,67,169
6,05,019
5,86,997
6,63,179
6,41,582
6,71,779
6,35,680
6,32,249
6,35,890
6,21,932
6,17,339
6,10,303
6,05,301
6,03,274
6,10,616

Documents

Frequently Asked Questions about JSW Steel Ltd

What does JSW Steel Ltd do?
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]
Where is JSW Steel Ltd (JSWSTEEL) listed?
JSW Steel Ltd is listed on the Indian stock exchanges. It is listed on NSE: JSWSTEEL and BSE: 500228. You can view its live share price, financials, and ratios on Tapetide.
Which sector does JSW Steel Ltd belong to?
JSW Steel Ltd operates in the Metals & Mining sector within the Iron & Steel industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of JSW Steel Ltd?
JSW Steel Ltd has a market capitalisation of approximately ₹313164.83 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of JSW Steel Ltd?
The Price-to-Earnings (PE) ratio of JSW Steel Ltd is 12.54. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of JSW Steel Ltd?
Over the past 52 weeks, JSW Steel Ltd has traded between a low of ₹1,022.3 and a high of ₹1,335. This range helps investors understand the stock's price volatility and recent trading levels.
Does JSW Steel Ltd pay dividends?
Yes, JSW Steel Ltd has a dividend yield of 0.56%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of JSW Steel Ltd?
JSW Steel Ltd has a Return on Equity (ROE) of 24.18%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research JSW Steel Ltd on Tapetide?
On Tapetide, you can view JSW Steel Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website jsw.in
CEO Mr. Sajjan Kumar Jindal B.E.
Employees 15,793
Listed 2005-03-23
Face Value ₹ 1
Issued Size 2,44,54,53,966

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