JSW Holdings Ltd.

•

jswholdings.inBSE: 532642NSE: JSWHL

Market Cap₹ 12,694 Cr.

Current Price

High / Low₹ 22,790 / 10,530

Stock P/E92.4

Book Value₹ 29,760

Price to Book0.38

Dividend Yield0.00 %

ROCE0.6 %

ROE0.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company generates healthy free cash flow

CONS

Company has a low return on capital employed of 0.7%
Company has a low return on equity of 0.6% over last 3 years
Operating margins have contracted to 92.2% from 98.5%
Growth is decelerating - 3Y profit CAGR (-21.2%) trails the 5Y trend (17.4%)
Though reporting repeated profits, the company pays out little dividend (0.0%)
Company's return on assets is weak at 0.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1924.00	30.39	308236.60	0.08	62966.70	1081.55	420369.00	1091.26	11.88	40.79
2.	AIIL	512.35	20.74	43510.07	0.00	11082.20	1075.19	14695.40	1109.37	13.85	88.91
3.	CHOLAHLDNG	1525.85	10.74	28652.02	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13146.60	13.50	26598.34	0.65	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	272.25	23.23	26194.64	0.07	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13098.50	53.75	14969.71	1.68	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11436.55	92.41	12694.14	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	127.35	11.72	12186.88	2.55	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	441.15	20.13	9798.11	2.53	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	258.30	162.10	8904.47	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2288.70	7.89	7344.57	1.81	584.02	10.80	4657.56	7.07	20.86	22.01
12.	PILANIINVS	4326.95	145.21	4790.91	0.21	-47.26	-17.55	14.44	-70.70	1.41	-9.33

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	26	89	27	27	27	162	29	29	30	84	33	33	35
	3	3	3	3	3	4	3	4	4	4	4	3	6
Operating Profit	23	86	25	24	24	158	26	26	26	80	24	31	32
OPM %	88.82%	96.59%	90.11%	87.37%	88.25%	97.71%	88.81%	86.90%	87.60%	95.68%	72.44%	92.28%	92.45%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
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
	23	86	25	24	24	158	26	26	26	80	26	30	32
Tax %	25.78%	25.94%	25.90%	17.60%	25.30%	25.36%	25.20%	25.51%	25.31%	25.45%	25.60%	25.14%	23.61%
Net Profit	0	0	0	0	526	120	14	97	338	67	321	135	25
	22	57	31	30	47	108	13	9	30	61	29	12	2

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	63	89	107	121	93	186	407	170	248	179	184
	4	5	5	6	5	6	6	12	14	14	16
Operating Profit	59	84	102	115	88	180	401	157	234	165	168
OPM %	93.76%	94.55%	94.99%	95.43%	94.60%	96.91%	98.55%	92.88%	94.34%	92.18%	91.31%
	0	0	0	0	0	0	0	0	0	-2	-2
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	59	84	102	115	88	180	401	157	255	188	169
Tax %	20.21%	19.15%	13.83%	9.87%	25.08%	25.38%	25.26%	24.66%	23.26%	22.01%	25.07%
Net Profit	47	68	88	104	66	135	300	119	196	147	126
EPS	43.43	62.78	90.36	96.17	67.96	136.66	298.65	140.18	176.45	132.14	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 14%
3 Years:: -24%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 14%
3 Years:: -24%

STOCK PRICE CAGR

10 Years:: 25%
5 Years:: 19%
3 Years:: 34%
1 Year:: -39%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: 1%
3 Years:: 1%
Last Year:: 0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	11	11	11	11	11	11	11	11	11	11
	847	8,243	8,275	7,099	12,589	19,940	19,398	25,423	31,299	33,000
Trade Payables	0	0	0	0	0	0	0	0	1	0
	2	744	719	602	1,445	2,805	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
	531	8,642	8,619	7,279	13,546	22,119	21,102	28,191	34,045	35,849
	0	0	0	0	0	0	0	2	0	2
Cash & Bank	0	8	10	6	1	0	1	4	3	3
	330	348	377	427	498	637	936	1,054	1,216	1,349
Total Assets	860	8,998	9,005	7,712	14,045	22,756	22,039	29,251	35,265	37,203

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	7	16	10	11	11	6	-36	-65	-51
Cash from Investing	-43	-58	-87	-108	-72	-131	-298	-112	-170	-140
Cash from Financing	0	0	0	0	0	0	0	0	0	-1
	-11	8	2	-4	-5	-1	1	3	-1	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.29	66.29	66.29	66.29	66.29	66.29	66.29	66.29	66.29
	21.49	21.69	22.26	22.61	22.60	22.63	22.87	22.64	22.27
	0.11	0.09	0.09	0.19	0.29	0.24	0.10	0.07	0.16
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	12.10	11.91	11.35	10.90	10.82	10.84	10.73	10.99	11.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - JSW Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Shareholders meeting

2026-08-07 - Countersigned copy of Scrutinizer's Report is being submitted.

2026-08-07

Shareholders meeting

2026-08-07 - JSW Holdings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-07

Copy of Newspaper Publication

2026-08-07 - JSW Holdings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06

Shareholders meeting

2026-08-06 - JSW Holdings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 06, 2026

2026-08-06

Outcome of Board Meeting

2026-08-06 - JSW Holdings Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.

2026-07-16

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-16 - JSW Holdings Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-16

Copy of Newspaper Publication

2026-07-16 - JSW Holdings Limited has informed the Exchange about Copy of Newspaper Publication regarding Notice of 25th Annual General Meeting of the Company including E-Voting Information

2026-07-15

General Updates

2026-07-15 - JSW Holdings Limited has informed the Exchange about Inland Letter dispatched to the Shareholder of the Company pursuant to the Regulation 36(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

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