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JSW Steel

JSWSTEEL NSE
₹1,343.00 +23.00 (+1.74%)
P/E
11.55
View as Markdown
MCP
Close 4 Nov 2026 ₹1,343.00 +174.20 +14.9% 1Y
Start ₹1,168.80

Key Fundamentals

LargecapFerrous MetalsMetals & Mining

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

ROCE
11.00%
Debt to Equity
0.62
EPS (TTM)
₹116.30
Book Value
₹463.09
Market Cap
—
P/E (TTM)
11.55
P/B
2.90
ROE
10.20%
Dividend Yield
0.54%
EBITDA
₹31,069 Cr
52W High
₹1,351.00
52W Low
₹1,073.20
Day Range
₹1,314.00 – ₹1,343.00
Volume
14,71,634

Peer Comparison

Commodities › Ferrous Metals › Iron & Steel

JSW Steel peer comparison
JSW Steel (this company)
₹1,343.0011.55₹3,24,536 Cr2.900.54%10.20%11.00%₹1,99,021 Cr₹31,708 Cr
Tata Steel
₹179.9320.38₹2,21,171 Cr2.232.27%11.70%12.50%₹2,39,756 Cr₹11,263 Cr
Jindal Steel
₹1,149.0043.11₹1,14,107 Cr2.240.18%8.22%9.70%₹56,413 Cr₹2,709 Cr
Steel Authority of India
₹170.4916.49₹69,475 Cr1.131.40%6.57%7.92%₹1,11,135 Cr₹4,272 Cr
Jindal Stainless
₹688.8017.48₹56,473 Cr2.670.59%17.70%19.30%₹44,026 Cr₹3,239 Cr
Sarda Energy & Minerals
₹441.2013.77₹15,290 Cr1.930.47%15.10%16.90%₹5,665 Cr₹1,151 Cr
NMDC Steel
₹39.49136.17₹11,356 Cr0.880.00%0.45%3.06%₹13,938 Cr₹84 Cr
Median 7 companies₹441.2017.48₹69,475 Cr2.230.54%10.20%11.00%₹56,413 Cr₹3,239 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

51 Average

Data confidence 100/100

insider_selling

Category scores

Quality
46
Average
Returns, margins, earnings quality 22% weight
Valuation
76
Strong
Cheap vs sector & own history 24% weight
Growth
55
Average
Sales & profit trajectory 9% weight
Financial Health
24
Poor
Solvency, leverage, coverage 9% weight
Momentum
63
Good
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

2
  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 19.8%

Weaknesses

3
  • Stock is trading at 2.70 times its book value
  • Company has a low return on equity of 8.97% over last 3 years.
  • Earnings include an other income of Rs.19,430 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4312
OscillatorsBearish432
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
66.34
Neutral
MACD (12,26,9)
15.53
Bullish
SMA (50)
1,264.43
Bullish
SMA (200)
1,247.17
Bullish

As of

Analyst Rating

Based on 34 analysts
BUY68%

23 of 34 analysts rate Buy, 8 Hold, 3 Sell.

As of

BUY
23
68%
HOLD
8
24%
SELL
3
9%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+16.14%
5Y+18.36%
3Y+3.77%
1Y+9.86%
TTM+14.05%

Net profit

Net profit growth by window
10YTurned to profit
5Y+26.50%
3Y+83.34%
1Y+630.68%
TTM+421.94%

Operating cash flow

Operating cash flow growth by window
10Y+13.81%
5Y+5.96%
3Y+2.55%
1Y+20.35%
TTM—

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

Operating margin· change in pp

Operating margin growth by window
10Y+0.43 pp
5Y−9.38 pp
3Y+4.76 pp
1Y+2.43 pp
TTM+2.19 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹55,604 Cr
Mar 2018₹71,933 Cr
Mar 2019₹84,757 Cr
Mar 2020₹73,326 Cr
Mar 2021₹79,839 Cr
Mar 2022₹1,46,371 Cr
Mar 2023₹1,65,960 Cr
Mar 2024₹1,75,006 Cr
Mar 2025₹1,68,824 Cr
Mar 2026₹1,85,470 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹3,467 Cr
Mar 2018₹6,113 Cr
Mar 2019₹7,524 Cr
Mar 2020₹3,919 Cr
Mar 2021₹7,873 Cr
Mar 2022₹20,938 Cr
Mar 2023₹4,139 Cr
Mar 2024₹8,973 Cr
Mar 2025₹3,491 Cr
Mar 2026₹25,508 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹10,130 Cr +0.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

JSW Steel Ltd trades at ₹1,309.9 as of 2026-11-02 with a market cap of ₹3,07,516 Cr. The stock commands a P/E of 11.26x on TTM EPS of ₹116.3 and has delivered a TTM profit growth of 157%, though its 3-year average ROE of 8.97% remains subdued and debt-to-equity stands at 0.99. The company sits near its 52-week high of ₹1,351, reflecting recent momentum in a cyclical sector.

Bull Case 8
  • TTM profit growth of 157% signals a sharp earnings recovery, with TTM EPS reaching ₹116.3
  • 10-year compounded profit growth of 24% demonstrates a strong long-term earnings track record
  • P/E of 11.26x on a TTM basis is moderate for a large-cap steel producer, suggesting the stock is not excessively priced relative to current earnings
  • ROCE of 19.15% indicates efficient deployment of total capital employed, a positive sign for a capital-intensive business
  • The company has reduced debt, improving balance sheet resilience in a cyclical industry where leverage amplifies downturns
  • 10-year compounded sales growth of 16% reflects sustained capacity expansion and revenue scaling over a full commodity cycle
  • ROE of 24.18% in the latest period marks a significant improvement over the 3-year average of 8.97% and 10-year average of 15%
  • Stock has delivered a 10-year CAGR of 22%, indicating consistent long-term wealth creation for shareholders
Bear Case 7
  • Debt-to-equity ratio stands at 0.99, meaning nearly equal parts debt and equity finance the business — elevated for a cyclical commodity producer
  • 3-year average ROE of only 8.97% suggests that the latest 24.18% ROE may reflect a cyclical peak rather than a sustainable level
  • Stock trades at 2.83x book value, which is rich for a steel company and implies the market is pricing in continued peak-cycle profitability
  • Earnings include other income of ₹19,430 Cr, raising concerns about the quality and repeatability of core operating profits
  • 5-year compounded profit growth of only 3% highlights the deep cyclicality of earnings — the 157% TTM surge comes off a low base
  • Dividend yield of 0.57% is modest, offering limited income cushion during potential price corrections in a cyclical stock
  • 3-year compounded sales growth of just 4% indicates sluggish top-line expansion in the medium term, suggesting earnings growth has been driven more by margin expansion than volume

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

AI News Digest

9h ago

TL;DR: JSW Steel delivered a strong Q2 FY27 with record production, record sales, and profit that meaningfully beat consensus estimates, supported by margin expansion and robust demand from auto and infrastructure sectors. The Odisha HC ruling removed a significant ₹696 crore contingent liability. Aggressive capacity expansion plans (Sambalpur, Utkal, Vijayanagar) signal confidence in long-term demand but will require sustained capex of ₹22,000-24,000 crore in FY27 alone. With no material headwinds emerging and operational metrics trending upward, the near-term outlook is constructive, though execution on large expansion projects and coking coal cost trajectory remain key monitorables.

Positives 5
  • Q2 profit beats estimates by 12% Oct 22

    Consolidated net profit surged 14.1% QoQ to ₹5,359 crore, beating the estimate of ₹4,752 crore. EBITDA rose 42.2% YoY to ₹10,120 crore with margins expanding 280 bps YoY to 18.6%.

  • Record production and sales volumes Oct 22

    Highest-ever crude steel production of 7.07 MT (up 5% YoY, 11% QoQ) and record sales of 7.27 MT (up 14% YoY, 21% QoQ). Domestic sales hit a record 6.29 MT and auto sector sales surged 36% YoY.

  • Massive capacity expansion approved Oct 22

    Board approved a 5 MTPA expansion at Sambalpur (₹7,500 crore equity, JFE JV) and a 5 MTPA second phase at JSW Utkal in Odisha (₹16,150 crore capex, commissioning targeted Q1 FY31). Combined capacity to reach 54.8 MTPA over four years.

Neutral 2
  • Piombino Steel merger completed Oct 31

    NCLT approved the amalgamation of Piombino Steel with JSW Steel on Oct 16, effective Jan 1, 2026. Shareholders received 10 JSW Steel shares for every 156 Piombino shares; authorised share capital increased to ₹27,980 crore.

  • $500M notes repaid early Oct 7

    JSW Steel redeemed $500 million in 3.95% notes on Oct 7, 2026, ahead of the April 2027 maturity, reducing external liabilities on the balance sheet.

Quarterly Results

₹ Cr
JSWSTEEL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
44,584
41,940
46,269
42,943
39,684
41,378
44,819
43,147
45,152
45,991
51,180
47,364
54,486
Expenses
36,722
34,776
40,243
37,445
34,309
35,799
38,684
35,671
38,125
39,612
42,716
38,079
44,366
Operating Profit
7,862
7,164
6,026
5,498
5,375
5,579
6,135
7,476
7,027
6,379
8,464
9,285
10,120
OPM %
18%
17%
13%
13%
14%
13%
14%
17%
16%
14%
17%
20%
19%
Other Income
826
194
242
164
−189
50
186
350
284
−256
18,229
724
733
Interest
2,084
1,996
2,062
2,073
2,130
2,115
2,094
2,217
2,413
2,304
2,168
1,712
1,602
Depreciation
2,019
2,059
2,194
2,209
2,267
2,336
2,497
2,537
2,554
2,362
2,148
2,137
2,200
PBT
4,585
3,303
2,012
1,380
789
1,178
1,730
3,072
2,344
1,457
22,377
6,160
7,051
Tax %
40%
26%
34%
37%
49%
39%
13%
28%
30%
−65%
14%
24%
24%
Net Profit
2,773
2,450
1,322
867
404
719
1,501
2,209
1,646
2,410
19,243
4,696
5,359
EPS (₹)
11.29
9.88
5.31
3.46
1.8
2.93
6.15
8.93
6.64
8.75
66.94
19.02
21.59

Profit & Loss

₹ Cr
JSWSTEEL profit and loss, annual, ₹ crore
Particulars 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
1,99,021
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
1,64,773
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
34,248
OPM %
18%
15%
22%
21%
22%
16%
25%
27%
11%
16%
13%
16%
17%
Other Income
103
−1,966
18
−177
196
−289
473
1,600
1,561
1,500
73
18,489
19,430
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
7,786
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
8,847
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
37,045
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
31,708
EPS (₹)
7.43
−1.39
14.57
25.71
31.6
16.67
32.73
85.49
17.14
36.03
14.33
91.26
116
Div. Payout %
19%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
19%
16%
16%
15%
25%
25%
25%
25%
24%
10%
—

Balance Sheet

₹ Cr
JSWSTEEL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
303
301
301
302
301
301
302
301
301
305
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
1,13,001
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
69,820
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
69,508
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
2,52,634
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
1,18,328
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
26,025
Investments
599
1,195
1,366
1,469
1,894
1,259
7,427
4,940
4,806
7,246
15,217
10,218
13,443
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
94,838
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
2,52,634

Cash Flow

₹ Cr
JSWSTEEL cash flow, annual, ₹ crore
Particulars 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/EBITDA
92
111
66
93
91
118
103
81
130
53
101
96

Ratios

JSWSTEEL financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view JSW Steel insights

67 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 44.30%
  • FIIs 26.23%
  • DIIs 11.34%
  • Others 10.57%
  • Public 7.07%
  • Government 0.51%

12.21% of promoter holding 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 Steel

What does JSW Steel Ltd do?
JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products. 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.
Where is JSW Steel Ltd (JSWSTEEL) listed?
JSW Steel Ltd trades as JSWSTEEL on the NSE and under code 500228 on the BSE.
Which sector does JSW Steel Ltd belong to?
JSW Steel Ltd is classified under the Commodities sector, in the Ferrous Metals industry.
What is the PE ratio of JSW Steel Ltd?
JSW Steel Ltd trades at a PE ratio of 11.55 as of 4 Nov 2026, on earnings per share of ₹116.3, against a book value of ₹463.09 per share.
What is the 52-week high and low of JSW Steel Ltd?
Over the last 52 weeks JSW Steel Ltd has traded between ₹1,073.2 and ₹1,351 as of 4 Nov 2026.
Does JSW Steel Ltd pay dividends?
JSW Steel Ltd has a dividend yield of 0.54%.
What is the Return on Equity (ROE) of JSW Steel Ltd?
JSW Steel Ltd reported a return on equity of 10.20%. Its debt-to-equity ratio is 0.62.

Company Information

JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products. 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.

Website jsw.in
CEO Mr. Sajjan Kumar Jindal B.E.
Employees 15,793
Listed 23 Mar 2005
Face Value ₹1

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