JSW Steel logo

JSW Steel

JSWSTEEL NSE

Key Fundamentals

LargecapIron & SteelMetals & Mining
Market Cap
3.1L Cr
Volatility
Moderate
P/E Ratio
12.48
EBITDA
₹31,069 Cr
Return on Equity
24.18%
Debt to Equity
0.99
Book Value
₹408.89
EPS
₹28.47
52W High
₹1,351
52W Low
₹1,073.2

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

4
  • Stock is trading at 3.09 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% higher than 3Y
Net Income Growth
631% higher than 3Y
Cash Flow Change
20.35% lower than 3Y
ROE
466% higher than 3Y
ROCE
156% higher than 3Y
EBITDA Margin (Avg.)
19.54% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

JSW Steel Ltd commands a market cap of ₹3,13,214 Cr and trades at a PE of 11.4x with a price-to-book of 3.2x. TTM profit growth of 136% is notable but is partly supported by other income of ₹18,981 Cr, while the 3-year average ROE remains subdued at ~9%.

Bull Case 7
  • TTM compounded profit growth of 136% signals a sharp earnings recovery cycle
  • PE ratio of 11.4x is relatively undemanding for a large-cap steel producer with a ₹3.13 lakh Cr market cap
  • 10-year compounded sales CAGR of 16% reflects consistent top-line expansion through multiple steel cycles
  • Stock price CAGR of 22% over 10 years demonstrates sustained long-term wealth creation
  • TTM revenue growth of 12% indicates continued demand momentum in the current period
  • Company has maintained a healthy dividend payout ratio of 19.8%, providing some income return alongside the 0.54% dividend yield
  • 5-year ROE average of 13% and 10-year ROE average of 15% show the company has historically generated reasonable returns on equity across cycles
Bear Case 8
  • Earnings quality is a concern as other income of ₹18,981 Cr forms a material portion of profits, inflating headline growth
  • 3-year average ROE of only 9% is below the 10-year average of 15%, suggesting a structural or cyclical decline in capital efficiency
  • Trading at 3.19x book value is elevated for a cyclical steel company with sub-10% near-term ROE
  • Promoter holding declined by 1.02% in the last quarter, which may signal reduced promoter confidence or dilution
  • 5-year compounded profit CAGR of just 3% highlights how volatile and cyclical underlying earnings have been despite the recent 136% TTM spike
  • 3-year compounded sales CAGR of only 4% suggests top-line growth has slowed materially compared to the 10-year 16% CAGR
  • Last year ROE of 10% remains well below the 10-year average of 15%, indicating the business has not yet returned to peak profitability
  • Dividend yield of 0.54% offers limited income cushion in a downturn scenario for a cyclical stock

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • US operations decline 11% Sep 5

    US crude steel production fell 11% YoY to 0.78 lakh tonnes in August 2026, down from 0.88 lakh tonnes, reflecting weakness in overseas operations.

  • BPSL business transferred out Sep 5

    Steel business undertaking of Bhushan Power and Steel was transferred to JSW-JFE Steel via slump sale in March 2026, reducing consolidated production base.

Positives 6
  • Q1 FY27 profit doubles Sep 5

    Net profit more than doubled to ₹4,651 crore in Q1 FY27, with revenue up 10% YoY to ₹47,364 crore and EBITDA rising 24% to ₹9,383 crore. EBITDA margin improved 230 bps to 19.81%.

  • August production up 3% YoY Sep 5

    Consolidated crude steel production reached 24.65 lakh tonnes in August 2026, up 3% YoY, driven by Indian operations growing 4% to 23.87 lakh tonnes at 88% capacity utilisation.

  • Piombino Steel amalgamation approved Aug 21

    JSW Steel shareholders approved the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel on August 21, 2026, with requisite majority as per NCLT directions.

  • Stock near 52-week high Sep 5

    Shares closed 1.30% higher at ₹1,325 on Sep 4, up 13% YTD, with market cap at ₹3.24 lakh crore. Stock hit 52-week high of ₹1,351 on August 27, 2026.

  • Phasing out iron ore imports Aug 21

    JSW Steel plans to eliminate iron ore imports as 30 MT of pipeline capacity becomes operational within a year and another 10 MT within two years, targeting 50% captive mine sourcing.

  • Capacity expansion to 79 MT Aug 21

    Steelmaking capacity expected to rise from current 35 MT to 55 MT by 2030 and 79 MT by 2032, with growing domestic ore supply to support expansion.

Neutral 1
  • Investor meetings in Sep Sep 8

    JSW Steel scheduled analyst and institutional investor meetings at UBS India Summit Mumbai (Sep 10), Jefferies India Forum Gurugram (Sep 18), and New York sessions (Sep 21-22, 2026).

TL;DR: JSW Steel is executing well on its core domestic operations, with Q1 FY27 profit doubling, healthy 3% production growth, and improving EBITDA margins at 19.81%. Key risks include weakening US operations (down 11%) and the near-term loss of BPSL volumes. The strategic shift toward captive iron ore sourcing and aggressive capacity expansion to 79 MT by 2032 position the company for long-term cost advantages, and the trend is clearly improving with the stock trading near its 52-week high.

Quarterly Results

Particulars 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

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
1,89,687
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

Particulars 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

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/OP
92
111
66
93
91
118
103
81
130
53
101
96
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Public7.15%Govt.0.51%Promot.44.29%Others10.64%DIIs11.49%FIIs25.92%As ofJun 2026
11.55% of promoter holding pledged as of Jun 2026

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.[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 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 Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of JSW Steel Ltd?
JSW Steel Ltd has a market capitalisation of ₹3,13,214 Cr, which places it in the Large Cap band.
What is the PE ratio of JSW Steel Ltd?
JSW Steel Ltd trades at a PE ratio of 12.48, on earnings per share of ₹28.47, against a book value of ₹408.89 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.
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 24.18%. Its debt-to-equity ratio is 0.99.

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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