JSW Steel Ltd.

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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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