JSW Steel Ltd.

•

jsw.inBSE: 500228NSE: JSWSTEEL

Market Cap₹ 3,19,865 Cr.

Current Price

High / Low₹ 1,351 / 1,073

Stock P/E12.9

Book Value₹ 427

Price to Book2.75

Dividend Yield0.54 %

ROCE20.7 %

ROE28.5 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel: 98.2% • Other: 1.8%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 26.5% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 112.6% YoY, showing strong momentum
Company has delivered good sales growth of 18.4% CAGR over last 5 years
Operating margins have improved to 16.1% from 11.8%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.53x)

CONS

Receivables are growing faster than sales - a possible quality concern
Working capital days have increased from 22 to 67 days
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (7.8%)

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

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT NIFTY ALPHALOWVOL

S.No.	Name
1.	JSWSTEEL	1308.00	12.91	319865.38	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	185.95	21.04	232129.86	2.15	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	184.00	17.79	76001.67	1.28	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2775.65	31.71	73219.05	0.18	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	762.35	19.35	62849.63	0.52	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2198.00	49.66	61029.32	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1086.30	27.00	30322.09	0.41	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	317.60	31.08	20310.78	0.63	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.00	45.47	19681.83	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	537.05	16.75	18924.64	0.37	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	252.40	21.07	16992.55	0.40	222.37	2.75	1750.47	32.29	20.20	19.36
12.	USHAMART	495.50	29.78	15099.97	0.76	142.04	40.90	1033.00	16.44	20.17	20.62

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
	41,771	43,834	41,337	45,646	42,337	39,104	40,793	44,341	42,460	44,560	45,219	49,798	47,364
	35,167	36,698	34,760	40,145	37,433	34,247	35,799	38,441	35,571	38,037	39,495	42,546	41,830
Operating Profit	6,604	7,136	6,577	5,501	4,904	4,857	4,994	5,900	6,889	6,523	5,724	7,252	5,534
OPM %	15.81%	16.28%	15.91%	12.05%	11.58%	12.42%	12.24%	13.31%	16.22%	14.64%	12.66%	14.56%	11.68%
	331	826	194	242	164	-189	44	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
Profit before Tax	3,514	4,609	3,319	2,110	1,392	851	1,172	1,973	3,172	2,432	1,574	22,547	6,160
Tax %	29.94%	39.31%	25.70%	32.70%	36.85%	45.24%	39.16%	11.61%	27.21%	28.70%	-60.55%	13.90%	23.77%
Net Profit	0	0	0	0	867	404	719	1,501	2,209	1,646	2,410	19,243	4,696
	9.72	11.38	9.92	5.33	3.47	1.80	2.94	6.15	8.95	6.66	8.76	67.07	19.05

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
	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	1,86,941
	43,431	57,139	65,805	61,453	59,802	1,07,364	1,47,413	1,46,770	1,45,920	1,55,649	1,61,908
Operating Profit	12,173	14,794	18,952	11,873	20,037	39,007	18,547	28,236	22,904	29,821	25,033
OPM %	21.89%	20.57%	22.36%	16.19%	25.10%	26.65%	11.18%	16.13%	13.57%	16.08%	13.39%
	153	-97	204	-259	613	790	1,621	1,593	205	18,607	18,981
Interest	3,768	3,701	3,917	4,265	3,957	4,968	6,902	8,105	8,412	9,102	8,597
Depreciation	3,430	3,387	4,041	4,246	4,679	6,001	7,474	8,172	9,309	9,601	9,201
Profit before Tax	5,128	7,651	11,168	3,013	12,015	29,745	5,655	13,380	5,077	29,250	32,713
Tax %	32.64%	20.10%	32.63%	-30.07%	34.47%	29.61%	26.81%	32.94%	31.24%	12.79%	13.28%
Net Profit	3,454	6,113	7,524	3,919	7,873	20,938	4,139	8,973	3,491	25,508	28,370
EPS	14.58	25.71	31.60	16.67	32.73	85.49	17.14	36.11	14.36	91.46	—
Dividend Payout %	15.33%	12.41%	12.88%	11.91%	19.80%	20.15%	19.69%	20.21%	19.50%	7.76%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 18%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 75%

STOCK PRICE CAGR

10 Years:: 22%
5 Years:: 13%
3 Years:: 16%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 18%
3 Years:: 15%
Last Year:: 29%

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	240	241	240	240	241	240	240	244	244	244
Minority Interest	-246	-464	-450	-575	-619	1,238	1,344	2,107	2,170	5,422
	22,333	27,655	34,403	36,176	45,191	66,755	64,986	76,918	78,778	99,480
	40,900	38,333	45,343	61,890	64,892	67,085	77,951	81,689	93,773	95,987
Trade Payables	13,348	15,944	16,159	17,918	15,243	30,889	38,203	33,365	32,552	34,483
	11,430	10,261	19,102	16,171	22,215	30,278	27,815	33,575	32,928	34,042
Total Liabilities	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
	58,730	57,848	62,644	61,861	64,658	99,700	1,04,366	1,12,321	1,24,303	1,17,063
Capital Work in Progress	4,081	5,629	11,540	26,857	32,433	16,756	21,921	29,216	20,478	21,892
	1,366	1,469	1,894	1,259	7,427	4,940	4,806	7,246	15,217	10,218
	11,395	12,594	14,548	13,773	14,249	33,787	33,135	37,815	34,956	32,765
	0	0	0	0	0	0	0	7,548	8,415	11,260
Cash & Bank	1,485	1,063	6,187	12,003	12,813	17,383	20,714	12,348	13,285	40,989
	10,948	13,367	17,984	16,067	15,583	23,919	25,597	21,404	23,791	35,471
Total Assets	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

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
	8,125	13,819	17,263	13,940	20,761	31,649	23,961	12,078	20,899	25,152
Cash from Investing	-5,094	-4,529	-11,448	-19,586	-9,827	-15,987	-10,711	-14,638	-16,997	18,690
Cash from Financing	-2,710	-8,185	1,753	5,189	-1,444	-14,657	-5,977	-5,005	-262	-16,111
	84	-335	4,938	-1,612	7,560	-4,374	6,635	-7,565	3,640	27,731

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
44.81	44.84	44.85	44.84	45.31	45.32	45.32	45.32	44.29
25.51	25.65	25.58	25.77	25.41	25.55	25.37	25.37	25.91
10.53	10.53	10.59	10.52	10.93	10.87	11.06	11.16	11.49
0.51	0.51	0.51	0.51	0.51	0.51	0.51	0.51	0.51
18.64	18.46	18.47	18.36	17.84	17.75	17.75	17.64	17.81

Documents

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

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - JSW Steel Limited has informed the Exchange about Schedule of meet

2026-09-05

Press Release

2026-09-05 - JSW Steel Limited has informed the Exchange regarding a press release dated September 05, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 24.65 Lakh Tonnes for August 26".

2026-09-03

Credit Rating

2026-09-03 - JSW Steel Limited has informed the Exchange about Credit Rating

2026-09-01

Copy of Newspaper Publication

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

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - JSW Steel Limited has informed the Exchange about Schedule of meet

2026-08-21

Shareholders meeting

2026-08-21 - JSW Steel Limited has submitted the Exchange a copy Srutinizers report of Court Convened General Meeting held on August 21, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-21

Shareholders meeting

2026-08-21 - JSW Steel Limited has informed the Exchange regarding Proceedings of Court Convened General Meeting held on August 21, 2026

2026-08-12

Investor Presentation

2026-08-12 - JSW Steel Limited has informed the Exchange about Investor Presentation

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - JSW Steel Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for JSWSTEEL

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Name

JSWSTEEL

1308.00

12.91

319865.38

0.54

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

185.95

21.04

232129.86

2.15

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

184.00

17.79

76001.67

1.28

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2775.65

31.71

73219.05

0.18

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

762.35

19.35

62849.63

0.52

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2198.00

49.66

61029.32

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1086.30

27.00

30322.09

0.41

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

317.60

31.08

20310.78

0.63

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2808.00

45.47

19681.83

0.36

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

537.05

16.75

18924.64

0.37

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

252.40

21.07

16992.55

0.40

222.37

2.75

1750.47

32.29

20.20

19.36

USHAMART

495.50

29.78

15099.97

0.76

142.04

40.90

1033.00

16.44

20.17

20.62

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

41,771

43,834

41,337

45,646

42,337

39,104

40,793

44,341

42,460

44,560

45,219

49,798

47,364

35,167

36,698

34,760

40,145

37,433

34,247

35,799

38,441

35,571

38,037

39,495

42,546

41,830

Operating Profit

6,604

7,136

6,577

5,501

4,904

4,857

4,994

5,900

6,889

6,523

5,724

7,252

5,534

OPM %

15.81%

16.28%

15.91%

12.05%

11.58%

12.42%

12.24%

13.31%

16.22%

14.64%

12.66%

14.56%

11.68%

331

826

194

242

164

-189

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

Profit before Tax

3,514

4,609

3,319

2,110

1,392

851

1,172

1,973

3,172

2,432

1,574

22,547

6,160

Tax %

29.94%

39.31%

25.70%

32.70%

36.85%

45.24%

39.16%

11.61%

27.21%

28.70%

-60.55%

13.90%

23.77%

Net Profit

867

404

719

1,501

2,209

1,646

2,410

19,243

4,696

9.72

11.38

9.92

5.33

3.47

1.80

2.94

6.15

8.95

6.66

8.76

67.07

19.05

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

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

1,86,941

43,431

57,139

65,805

61,453

59,802

1,07,364

1,47,413

1,46,770

1,45,920

1,55,649

1,61,908

Operating Profit

12,173

14,794

18,952

11,873

20,037

39,007

18,547

28,236

22,904

29,821

25,033

OPM %

21.89%

20.57%

22.36%

16.19%

25.10%

26.65%

11.18%

16.13%

13.57%

16.08%

13.39%

153

-97

204

-259

613

790

1,621

1,593

205

18,607

18,981

Interest

3,768

3,701

3,917

4,265

3,957

4,968

6,902

8,105

8,412

9,102

8,597

Depreciation

3,430

3,387

4,041

4,246

4,679

6,001

7,474

8,172

9,309

9,601

9,201

Profit before Tax

5,128

7,651

11,168

3,013

12,015

29,745

5,655

13,380

5,077

29,250

32,713

Tax %

32.64%

20.10%

32.63%

-30.07%

34.47%

29.61%

26.81%

32.94%

31.24%

12.79%

13.28%

Net Profit

3,454

6,113

7,524

3,919

7,873

20,938

4,139

8,973

3,491

25,508

28,370

EPS

14.58

25.71

31.60

16.67

32.73

85.49

17.14

36.11

14.36

91.46

—

Dividend Payout %

15.33%

12.41%

12.88%

11.91%

19.80%

20.15%

19.69%

20.21%

19.50%

7.76%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

240

241

240

241

240

244

Minority Interest

-246

-464

-450

-575

-619

1,238

1,344

2,107

2,170

5,422

22,333

27,655

34,403

36,176

45,191

66,755

64,986

76,918

78,778

99,480

40,900

38,333

45,343

61,890

64,892

67,085

77,951

81,689

93,773

95,987

Trade Payables

13,348

15,944

16,159

17,918

15,243

30,889

38,203

33,365

32,552

34,483

11,430

10,261

19,102

16,171

22,215

30,278

27,815

33,575

32,928

34,042

Total Liabilities

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

58,730

57,848

62,644

61,861

64,658

99,700

1,04,366

1,12,321

1,24,303

1,17,063

Capital Work in Progress

4,081

5,629

11,540

26,857

32,433

16,756

21,921

29,216

20,478

21,892

1,366

1,469

1,894

1,259

7,427

4,940

4,806

7,246

15,217

10,218

11,395

12,594

14,548

13,773

14,249

33,787

33,135

37,815

34,956

32,765

7,548

8,415

11,260

Cash & Bank

1,485

1,063

6,187

12,003

12,813

17,383

20,714

12,348

13,285

40,989

10,948

13,367

17,984

16,067

15,583

23,919

25,597

21,404

23,791

35,471

Total Assets

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

8,125

13,819

17,263

13,940

20,761

31,649

23,961

12,078

20,899

25,152

Cash from Investing

-5,094

-4,529

-11,448

-19,586

-9,827

-15,987

-10,711

-14,638

-16,997

18,690

Cash from Financing

-2,710

-8,185

1,753

5,189

-1,444

-14,657

-5,977

-5,005

-262

-16,111

-335

4,938

-1,612

7,560

-4,374

6,635

-7,565

3,640

27,731

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

44.81

44.84

44.85

44.84

45.31

45.32

44.29

25.51

25.65

25.58

25.77

25.41

25.55

25.37

25.91

10.53

10.59

10.52

10.93

10.87

11.06

11.16

11.49

0.51

18.64

18.46

18.47

18.36

17.84

17.75

17.64

17.81

JSW Steel Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

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JSW Steel Ltd.

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Quarterly Results

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Balance Sheet

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Cash Flows

Ratios

Shareholding Pattern

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