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JSW Holdings

JSWHL NSE
₹10,942.00 +79.00 (+0.73%)
P/E
88.41
View as Markdown
MCP
Close 4 Nov 2026 ₹10,942.00 −5,711.00 −34.3% 1Y
Start ₹16,653.00

Key Fundamentals

MicrocapFinanceFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
0.59%
Debt to Equity
0.00
EPS (TTM)
₹123.77
Book Value
₹32,246.04
Market Cap
—
P/E (TTM)
88.41
P/B
0.34
ROE
0.46%
Dividend Yield
0.00%
EBITDA
₹165 Cr
52W High
₹22,790.00
52W Low
₹10,530.00
Day Range
₹10,600.00 – ₹10,999.00
Volume
4,555

Peer Comparison

Financial Services › Investment Company

JSW Holdings peer comparison
Jio Financial
₹222.2784.51₹1,43,288 Cr1.160.28%1.19%1.86%₹5,623 Cr₹1,711 Cr
Aditya Birla Capital
₹379.9525.26₹1,05,060 Cr2.440.00%12.00%—₹48,186 Cr₹4,119 Cr
Tata Investment Corporation
₹564.5066.26₹28,326 Cr0.920.61%1.44%1.57%₹404 Cr₹431 Cr
Cholamandalam Financial Holdings
₹1,374.809.67₹26,343 Cr1.670.09%17.50%—₹40,890 Cr₹6,015 Cr
TVS Holdings
₹12,237.0012.55₹24,865 Cr3.700.69%30.60%17.00%₹62,488 Cr₹3,888 Cr
Maharashtra Scooters
₹11,775.0048.32₹13,738 Cr0.421.32%1.06%1.06%₹289 Cr₹279 Cr
JSW Holdings (this company)
₹10,942.0088.41₹12,133 Cr0.340.00%0.46%0.59%₹184 Cr₹138 Cr
TSF Investments
₹406.9018.57₹8,987 Cr1.502.78%8.23%3.38%₹1,112 Cr₹497 Cr
Median 8 companies₹969.6536.79₹25,604 Cr1.330.45%4.84%1.72%₹3,368 Cr₹1,104 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

35 Poor

Data confidence 97/100

Category scores

Quality
30
Poor
Returns, margins, earnings quality 22% weight
Valuation
35
Poor
Cheap vs sector & own history 24% weight
Growth
1
Poor
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
7
Poor
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Stock is trading at 0.38 times its book value
  • Market value of investments Rs.20,886 Cr. is more than the Market Cap Rs.12,547 Cr.

Weaknesses

2
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 0.60% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1261
OscillatorsBearish261
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
42.52
Neutral
MACD (12,26,9)
−74.52
Bearish
SMA (50)
11,302.52
Bearish
SMA (200)
13,109.87
Bearish

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+13.99%
3Y−23.95%
1Y−27.82%
TTM−26.00%

Net profit

Net profit growth by window
5Y+14.41%
3Y−23.78%
1Y−25.00%
TTM−22.47%

Operating cash flow

Operating cash flow growth by window
5Y+15.88%
3Y−22.26%
1Y−17.16%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−2.44 pp
3Y−6.35 pp
1Y−2.17 pp
TTM−8.45 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹63.00 Cr
Mar 2018₹89.00 Cr
Mar 2019₹107 Cr
Mar 2020₹121 Cr
Mar 2021₹93.00 Cr
Mar 2022₹186 Cr
Mar 2023₹407 Cr
Mar 2024₹170 Cr
Mar 2025₹248 Cr
Mar 2026₹179 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹48.00 Cr
Mar 2018₹70.00 Cr
Mar 2019₹100 Cr
Mar 2020₹106 Cr
Mar 2021₹75.00 Cr
Mar 2022₹152 Cr
Mar 2023₹332 Cr
Mar 2024₹156 Cr
Mar 2025₹196 Cr
Mar 2026₹147 Cr

AI Analysis — Bull vs Bear

Generated 13 Aug 2026
AI opinion · based on fundamentals
Risk high

JSW Holdings Ltd is a nearly debt-free investment holding company with a market cap of Rs.12,837 Cr trading at 0.39x book value, while the market value of its investments (Rs.20,886 Cr) significantly exceeds its market capitalization. However, the company reports a very low ROE of ~1% over multiple timeframes and has seen compounded sales and profit decline of -27% and -21% respectively on a TTM basis.

Bull Case 8
  • Stock trades at just 0.39x book value, indicating a significant discount to its net asset value
  • Market value of investments at Rs.20,886 Cr exceeds the company's market cap of Rs.12,845 Cr by over 62%, suggesting a substantial holding company discount
  • Company is almost debt free, eliminating balance sheet risk and interest burden
  • 10-year stock CAGR of 25% demonstrates long-term wealth creation for shareholders
  • 3-year stock CAGR of 37% reflects strong medium-term price appreciation despite recent correction
  • 5-year compounded sales growth of 14% and profit growth of 15% show underlying business expansion over a longer horizon
  • As a holding company of the JSW Group, it provides diversified exposure to steel, energy, cement, and infrastructure sectors through a single entity
  • Near-zero debt-to-equity ratio provides significant financial flexibility for future capital allocation
Bear Case 8
  • Return on equity is extremely low at just 0.60% over the last 3 years and 1% over 5 and 10 year periods, indicating poor capital efficiency
  • TTM compounded sales have declined by -27%, signaling a sharp revenue contraction in the recent period
  • TTM compounded profit has declined by -21%, showing deteriorating earnings momentum
  • Despite reporting repeated profits, the company pays zero dividend (0% yield), offering no income return to shareholders
  • PE ratio of 93.4x is elevated for a holding company with negligible ROE, implying high valuation relative to current earnings
  • 1-year stock return of -35% reflects significant recent price destruction and negative sentiment
  • 3-year compounded sales decline of -24% and profit decline of -23% indicate a sustained multi-year earnings deterioration, not a one-off event
  • Last year ROE dropped to 0%, showing the company generated essentially no return on shareholders' equity in the most recent period

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

AI News Digest

80d ago

TL;DR: JSW Holdings delivered steady Q1 earnings growth of 9% YoY on standalone basis, with consolidated profit surging 87% YoY. No material headwinds emerged, though reliance on related party transactions warrants monitoring. The trend is stable with modest improvement in profitability.

Positives 1
  • Q1 profit up 9% YoY Aug 7

    JSW Holdings reported standalone net profit of ₹2,147.08 Lakhs for Q1FY26, a 9.1% YoY increase driven by higher operational and interest income. Consolidated profit surged 87% YoY to ₹245.36 lakh.

Neutral 1
  • AGM approves RPT loans, pledges Aug 7

    Shareholders approved material related party transactions for loans and share pledges at the 25th AGM. Directors Vineet Agarwal and Manoj Mohta were reappointed.

Quarterly Results

₹ Cr
JSWHL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
26
89
27
27
27
162
29
29
30
84
33
33
35
Expenses
3
3
3
3
3
4
3
4
4
4
4
12
6
Operating Profit
23
86
25
24
24
158
26
26
26
80
29
21
29
OPM %
89%
97%
90%
87%
88%
98%
89%
87%
88%
96%
89%
63%
84%
Other Income
0
0
0
0
0
0
0
0
14
0
−3
0
3
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
23
86
25
24
24
158
26
26
40
80
26
21
32
Tax %
26%
26%
26%
18%
25%
25%
25%
26%
16%
25%
26%
36%
24%
Net Profit
24
63
35
33
53
118
14
10
34
67
32
14
25
EPS (₹)
21.95
56.94
31.27
29.99
47.37
108
12.51
8.76
30.46
60.52
28.94
12.2
22.11

Profit & Loss

₹ Cr
JSWHL profit and loss, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
63
89
107
121
93
186
407
170
248
179
184
Expenses
4
5
5
6
5
6
6
12
14
14
25
Operating Profit
59
84
102
115
88
180
401
157
234
165
159
OPM %
94%
95%
95%
95%
95%
97%
99%
93%
94%
92%
86%
Other Income
0
0
0
0
0
0
0
0
21
23
1
Interest
0
0
0
0
0
0
0
0
0
0
0
Depreciation
0
0
0
0
0
0
0
0
0
0
0
PBT
59
84
102
115
88
180
401
157
255
188
160
Tax %
20%
19%
14%
10%
25%
25%
25%
25%
23%
22%
—
Net Profit
48
70
100
106
75
152
332
156
196
147
137
EPS (₹)
43.43
62.66
90.12
95.9
67.77
137
299
140
176
132
124
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
JSWHL balance sheet, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
11
11
11
11
11
11
11
11
Reserves
847
8,244
8,276
7,101
12,591
19,943
19,399
25,424
31,299
33,000
Borrowings
0
0
0
0
0
0
0
0
0
0
Other Liabilities
2
743
718
600
1,443
2,802
2,629
3,816
3,955
4,191
Total Liabilities
860
8,998
9,005
7,712
14,045
22,756
22,039
29,251
35,265
37,203
Fixed Assets
0
0
0
0
0
0
0
0
0
0
CWIP
0
0
0
0
0
0
0
0
0
0
Investments
531
8,642
8,619
7,279
13,546
22,119
21,102
28,191
34,045
35,849
Other Assets
330
356
387
433
499
637
938
1,060
1,220
1,353
Total Assets
860
8,998
9,005
7,712
14,045
22,756
22,039
29,251
35,265
37,203

Cash Flow

₹ Cr
JSWHL cash flow, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
32
66
89
103
67
130
298
115
169
140
Investing
−43
−58
−87
−108
−72
−131
−298
−112
−170
−140
Financing
0
0
0
0
0
0
0
0
0
−1
Net Cash Flow
−11
8
2
−4
−5
−1
1
3
−1
−1
Free Cash Flow
32
66
89
103
67
130
298
115
169
140
CFO/OP
74
98
101
100
102
98
100
98
98
110

Ratios

JSWHL financial ratios, annual
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
13
16
8
3
10
6
2
4
0
4
Cash Conversion Cycle
13
16
8
3
10
6
2
4
0
4
Working Capital Days
74
48
36
35
42
32
14
37
−3
−6
ROCE %
—
2%
1%
2%
1%
1%
2%
1%
1%
1%

Insights

Beta

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

Log in to view JSW Holdings insights

54 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 66.29%
  • FIIs 22.20%
  • Public 6.71%
  • Others 4.59%
  • DIIs 0.21%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about JSW Holdings

What does JSW Holdings Ltd do?
JSW Holdings Ltd is a core investment company (CIC) and is primarily engaged in the business of investing and financing.
Where is JSW Holdings Ltd (JSWHL) listed?
JSW Holdings Ltd trades as JSWHL on the NSE and under code 532642 on the BSE.
Which sector does JSW Holdings Ltd belong to?
JSW Holdings Ltd is classified under the Financial Services sector, in the Investment Company industry.
What is the PE ratio of JSW Holdings Ltd?
JSW Holdings Ltd trades at a PE ratio of 88.41 as of 4 Nov 2026, on earnings per share of ₹123.77, against a book value of ₹32,246.04 per share.
What is the 52-week high and low of JSW Holdings Ltd?
Over the last 52 weeks JSW Holdings Ltd has traded between ₹10,530 and ₹22,790 as of 4 Nov 2026.
What is the Return on Equity (ROE) of JSW Holdings Ltd?
JSW Holdings Ltd reported a return on equity of 0.46%. Its debt-to-equity ratio is 0.00.

Company Information

JSW Holdings Ltd is a core investment company (CIC) and is primarily engaged in the business of investing and financing.

Website jswholdings.in
CEO Mr. Manoj Kumar Mohta B.Com, Ca, Icwa
Employees 3
Listed 21 Jun 2005
Face Value ₹10

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