JSW Steel Ltd

₹ 1,185 0.25%
16 Jan 2:46 p.m.
🔗 Website | BSE: 500228 | NSE: JSWSTEEL
2,89,786
1,185
1,224
38.2
341
0.24
10.2
8.89

ABOUT

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]

Stock Analysis

Description

  • JSW Steel is primarily engaged in the manufacture and sale of iron and steel products. It is the flagship business of the diversified, US$ 23 billion JSW Group, which has interests in energy, infrastructure, cement, paints, sports, and venture capital.

Key Growth Triggers

  • Significant capacity expansion projects, including grain-oriented electrical steel (GOES) capacity enhancement to 350,000 TPA by FY2028.
  • Strategic joint ventures, notably with JFE Steel for the BPSL steel business and POSCO for a new integrated steel plant.
  • Backward integration through coal block acquisition (Mivaan Steels) and increased economic interest in coking coal assets (Illawarra Metallurgical Coal) for raw material security and cost optimization.
  • Expansion of value-added product portfolio, aiming for higher sales of VASP.

Order Book

Currently no data available for Order Book.

Key Red Flags

  • JSW Steel received a demand notice of ₹1,472.69 crore from the Government of Odisha for alleged mining dues related to the Jajang Iron Ore Block.

Key Dates To Watch

  • January 23, 2026: Board meeting to consider Q3 FY26 financial results and subsequent analyst conference call.

Peer Comparison

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.JSW Steel1185.0038.21289786.270.241493.00-4.6332859.006.7610.17128742.0015.507595.121493.003.453.650.84
2.Tata Steel187.7531.89234378.271.903183.09310.3858689.298.888.83221733.8212.987351.873394.272.471.221.01
3.Jindal Steel1041.6529.48106257.500.19635.08-25.8611685.884.2110.6748914.1619.493597.33638.232.134.330.39
4.Jindal Stain.813.1024.2767033.510.38807.9229.8710892.7811.4118.1641205.5411.882759.27793.923.707.500.38
5.S A I L149.7022.1961833.991.06418.72-29.0426704.178.226.76106431.9810.162783.77636.641.071.900.58
6.Sarda Energy493.1016.3017375.970.31327.7765.391527.7831.8615.275718.8730.921063.40323.182.508.510.38
7.NMDC Steel41.8612267.530.00-114.7880.723389.90122.68-12.9711712.91-2.83-1320.39-114.780.97-8.210.41

Quarterly Results

Figures in Cr.

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
32,49430,93537,15332,79133,73833,31035,34132,65430,77831,79932,47131,61332,859
YOY Sales Growth %
16.05%7.23%3.17%5.42%3.83%7.68%-4.88%-0.42%-8.77%-4.54%-8.12%-3.19%6.76%
Expenses
30,75226,90530,90627,93026,84027,53130,89928,37926,13727,40227,40326,02827,952
Material Cost %
67%55%54%52%52%50%56%52%54%54%52%52%55%
Employee Cost %
2%2%1%2%2%2%2%2%2%2%2%2%2%
Operating Profit
1,7424,0306,2474,8616,8985,7794,4424,2754,6414,3975,0685,5854,907
OPM %
5%13%17%15%20%17%13%13%15%14%16%18%15%
Other Income
42231555243863038621139697349-281497445
Exceptional items
00002010-2400-342-103-85900
Other income normal
422315552438429386451396439452578497445
Interest
1,0931,3441,5561,4571,5311,5511,5691,5901,6681,6331,5951,6011,776
Depreciation
1,2071,2631,3051,2651,3591,3511,4601,4601,4881,4751,4901,5561,560
Profit before tax
-1361,7383,9382,5774,6383,2631,6241,6211,5821,6381,7022,9252,016
Tax %
-33%29%28%34%37%26%38%26%18%21%-20%26%26%
Net Profit
-911,2342,8381,7052,9132,4161,0071,2051,2991,2862,0472,1781,493
EPS in Rs
-0.385.1111.747.0511.919.884.124.935.315.268.378.916.11

Profit & Loss

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
45,29846,08736,70752,29066,46477,18764,26270,7271,18,8201,31,6871,35,1801,27,7021,28,742
Sales Growth %
Expenses
36,51137,21630,33840,61252,56958,66851,71651,43886,8911,16,2551,13,1191,09,1831,08,785
Material Cost %
Raw material cost
Change in inventory
Manufacturing Cost %
Employee Cost %
Other Cost %
Operating Profit
8,7878,8726,36911,67813,89518,51912,54619,28931,92915,43222,06118,51919,957
OPM %
19%19%17%22%21%24%20%27%27%12%16%14%16%
Other Income
-1,36670-5,542121-175398-7102531,1461,5111,5844231,010
Exceptional items
Other income normal
Interest
2,7402,9093,2193,6433,5913,7894,0223,5653,8495,0236,1086,4866,605
Depreciation
2,7262,7842,8473,0253,0543,4213,5223,7814,5114,9525,4355,9136,081
Profit before tax
1,9553,249-5,2395,1317,07511,7074,29212,19624,7156,96812,1026,5438,281
Tax %
32%33%-33%30%35%31%-23%31%32%29%34%11%
Net Profit
1,3352,166-3,5303,5774,6258,1215,2918,39316,7024,9378,0415,8377,004
Exceptional items AT
Profit excl Excep
Profit for PE
Profit for EPS
EPS in Rs
5.528.96-14.614.819.1333.621.8934.7269.120.4232.8823.8728.65
Dividend Payout %
25%15%-6%19%21%15%11%23%31%21%28%15%

Balance Sheet

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
303303301301302301301302301301305305305
Reserves
23,21724,65720,10923,79727,60534,59238,06146,67563,20063,35874,97879,53483,131
Borrowings
27,94928,89935,65838,27336,18143,70654,71051,14653,18657,20361,18068,37070,137
Long term Borrowings
21,05425,49730,14528,35829,55127,66639,24739,55141,17648,34647,24155,91958,257
Short term Borrowings
3,9212642,0704,8752,1725,3716,8131,2859,2596,82511,5829,5768,959
Lease Liabilities
Other Borrowings
2,2092,3733,4435,0404,26310,6695,1616,9720000
Other Liabilities
16,95721,03417,44018,58821,46328,82628,97035,10946,18351,97948,97544,05248,717
Trade Payables
9,99112,51511,01111,60413,98813,12813,35412,15024,32830,70527,20223,48828,019
Advance from Customers
1774024262602809901,4872,0721,8871,946614937
Other liability items
6,7898,1166,0036,7247,19514,70814,12920,88719,96819,32821,15919,62720,698
Total Liabilities
68,42674,89273,50880,95985,5511,07,4251,22,0421,33,2321,62,8701,72,8411,85,4381,92,2612,02,290
Fixed Assets
37,29538,56946,56050,26649,56851,77250,54251,94271,64675,05679,58678,50978,506
Land
9711,0671,0971,1191,1371,4891,4761,5511,5911,6691,8191,712
Building
5,1866,0735,9146,2876,5587,1677,5037,85410,07210,60311,96612,342
Plant Machinery
43,09446,15342,07148,11150,03354,34254,37156,67277,32984,29091,31093,788
Equipments
36513348597091107127161227321
Furniture & fittings
Vehicles
182188119123135144152156191192196227
Intangible Assets
2535220026262626264395942,624
Other fixed assets
110123612733174344311,8702,2832,3502,6222,573
Gross Block
49,70353,82549,38856,03958,34763,79164,17568,37191,76299,4531,08,7801,11,804
Accumulated Depreciation
12,40815,2552,8285,7738,77912,01913,63316,42920,11624,39729,19433,295
CWIP
6,8577,7906,4393,0273,39210,44324,14129,04212,59910,50610,85610,91511,623
Investments
4,3814,1974,7645,0504,8785,3975,99912,45818,02824,32030,14139,33940,237
Other Assets
19,89324,33615,74422,61627,71339,81341,36039,79060,59762,95964,85563,49871,924
Inventories
6,1978,5856,7429,27010,08210,8159,62310,69221,02819,51723,23419,81923,355
Trade receivables
2,2192,0272,5113,9484,6926,7703,1663,3336,1466,0006,4985,6725,782
Receivables under 6m
Receivables over 6m
Prow for Doubtful
Cash Equivalents
4661,7955991,0276015,81311,40111,74615,52718,7168,12910,26110,313
Loans & Advances
Other Assets items
Total Assets
68,42674,89273,50880,95985,5511,07,4251,22,0421,33,2321,62,8701,72,8411,85,4381,92,2612,02,290

Cash Flows

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
5,2748,4665,6708,56112,17415,57814,11017,73323,33520,4445,44916,891
Profit from operations
6,7178,3436,31511,47513,85218,49812,94918,58131,66617,36421,94518,790
Receivables
494192-484-1,437-661-2,0613,514-183-2,842154-263818
Inventory
-829-2,3881,831-2,529-812-4881,192-1,069-10,3361,511-2,5653,144
Payables
02,56001,6392,325-744-373-1,20312,0066,166-5,322-3,586
Loans Advances
1,5444540000000000
Other WC items
-2,29816-1,838-564-1,3232,838-2,1863,267-2,507-4,285-5,903-574
Working capital changes
-1,090834-491-2,891-471-4552,147812-3,6793,546-14,053-198
Direct taxes
-353-711-154-23-1,207-2,465-986-1,660-4,652-466-2,443-1,701
Cash from Investing Activity
-4,687-6,275-5,033-6,284-6,134-11,432-19,092-2,609-17,652-7,361-8,687-9,979
Fixed assets purchased
-4,410-4,452-3,907-3,952-3,776-8,333-10,740-6,715-7,462-6,266-5,244-6,654
Fixed assets sold
1113822573141133311342,239
Investments purchased
000-2,784-7,804-8,340-762-600-4,1400-3,584-12,049
Investments sold
3715932,4908,1208,5037656064,15103,6326,273
Interest received
24864591211781894235321,0091,0161,0301,194
Redeemp Cnce of Shares
Acquisition of companies
Other investing items
50-70675-1,678-2,689-2,625-7,9119,331-8,6484,454-961761
Cash from Financing Activity
-366-1,805-982-2,030-6,3017253,054-7,441-9,134-7,085-5,477-2,270
Redemption of debentures
000000-57200000
Proceeds from borrowings
6,44411,0731,8066,8045,57110,02220,0049,36516,05213,00910,81320,387
Repayment of borrowings
-4,267-10,3690-4,802-7,477-4,333-10,320-11,581-18,258-10,599-9,174-14,170
Interest paid fin
-2,228-2,165-2,806-3,494-3,417-3,598-4,371-4,005-3,890-4,808-5,989-6,254
Dividends paid
-315-344-320-218-655-907-1,190-483-1,571-4,194-822-1,785
Financial liabilities
00-234-322-296-306-503-776-948-552-311-404
Other financing items
00573-55-76-153-1010-59100-44
Net Cash Flow
220386-345247-2614,871-1,9287,683-3,4515,998-8,7154,642

Ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
181625282632181719171816
Inventory Days
841201231219810010513915894120107
Days Payable
135175201152136121146158183148140127
Cash Conversion Cycle
-34-39-53-3-1211-23-2-6-37-3-4
Working Capital Days
-50-25-89-67-36-64-100-98-44-52-39-38
ROCE %
14%12%7%15%17%22%11%17%27%10%14%10%

Shareholding Pattern

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
45.2%45.41%45.41%44.79%44.81%44.81%44.81%44.84%44.85%44.84%45.31%45.31%
Accuraform Private Limited
0
Aiyush Bhuwalka
000000000000
Arti Jindal
0.010.010.01000000000
Beaufield Holdings Limited
0.170.170.170.170.170.170.170.170.170.170.170.17
Deepika Jindal
0.010.010.010.010.010.010.010.010.010.010.010.01
Estrela Investment Company Limited
0.170.170.170.170.170.170.170.170.170.170.170.17
Hexa Tradex Limited
000000000000
Jsl Overseas Limited
0.870.870.870.860.860.860.860.860.860.860.860.86
Jsw Energy Limited
2.92.92.92.862.862.862.862.862.862.862.862.86
Jsw Holdings Limited
7.57.57.57.427.427.427.427.427.427.427.427.42
Jsw Investments Private Limited
000000000000
Jsw Projects Limited
000000000000
Jsw Techno Projects Management Limited
10.9510.9510.9510.8210.8210.8210.8210.8210.8210.8210.8210.82
Jtpm Metal Traders Private Limited
2.833.043.042.942.942.942.942.943.43.4
Jtpm Metal Traders Ptivate Limited
2.942.94
Karnataka State Industrial And Infrastructure Deve___
0.380.380.380.370.370.370.370.370.370.370.370.37
Mendeza Holdings Limited
0.170.170.170.170.170.170.170.170.170.170.170.17
Nacho Investments Limited
0.170.170.170.170.170.170.170.170.170.170.170.17
Nalwa Sons Investments Ltd
1.881.881.881.861.861.861.861.861.861.861.861.86
Narmada Fintrade Private Limited
0
Naveen Jindal
000000000000
Naveen Jindal (Huf)
000000000000
Nirmala Goel
0.010.010.010.010.010.010.010.010.010.010.010.01
P R Jindal Huf
000000000000
Parth Jindal
0.070.070.070.070.070.070.070.070.070.070.070.07
Prj Family Management Company Private Limited
0.010.010.010.010.010.010.010.01
Reynold Traders Private Limited
000000000000
Rohit Tower Building Ltd
0
S K Jindal And Sons Huf _
000000000000
Sahyog Holdings Private Limited
4.644.644.644.584.584.584.584.584.584.584.584.58
Sajjan Jindal
000000000000
Sajjan Jindal (Parth Jindal Family Trust)
000000000000
Sajjan Jindal (Sajjan Jindal Family Trust)
000000000000
Sajjan Jindal (Sangita Jindal Family Trust)
00000000.030.040.040.040.04
Sajjan Jindal (Tanvi Jindal Family Trust)
000000000000
Sajjan Jindal (Tarini Jindal Family Trust)
000000000000
Sajjan Jindal(Sajjan Jindal Lineage Trust)
000000000000
Saket Kanoria _
0
Sangita Jindal
000000000000
Sarika Jhunjhnuwala
000000000000
Saroj Bhartia
0.010.010.010.010.010.010.010.010.010.010.010.01
Savitri Devi Jindal
000000000000
Seema Jajodia
0.070.070.070.070.060.060.06
Seema Jindal
0.070.070.070.070.07
Siddeshwari Tradex Private Limited
3.53.53.53.463.463.463.463.463.463.463.463.46
Sminu Jindal
000000000000
South West Mining Limited
000000000000
Tanvi Shete
0.210.210.210.20.20.20.20.20.20.20.20.2
Tarini Jindal Handa
0.210.210.210.20.20.20.20.20.20.20.20.2
Tripti Jindal Arya
000000000000
Urmila Bhuwalka
0.010.010.010.010.010.010.010.010.010.010.010.01
Urmila Kailashkumar Kanoria
0
Virtuous Tradecorp Private Limited
2.52.52.52.472.472.472.472.472.472.472.472.47
Vividh Finvest Private Limited
5.935.935.935.865.865.865.865.865.865.865.865.86
FIIs
26.04%26.01%25.98%26.13%26.33%26.06%25.52%25.66%25.59%25.78%25.42%25.56%
Jfe Steel International Europe B_V_
151515151515151515151515
Theleme Master Fund Limited
1.911.761.741.671.651.511.331.221.091.091.091.02
DIIs
9.34%9.47%9.59%9.5%9.48%9.81%10.52%10.53%10.59%10.52%10.93%10.87%
Hdfc Mutual Fund - Hdfc Nifty 100 Etf
1
Hdfc Mutual Fund - Hdfc Nifty Large Midcap 250 Ind
1.09
Lici Index Plus Flexi Smart Growth Fund
6.45
Lici New Endowment Plus-Growth Fund
6.23
Lici Ulip-Growth Fund
7.377.477.16.586.196.146.316.316.12
Lici Ulip-Secured Fund
5.55
Sbi Arbitrage Opportunities Fund
1.321.351.34
Sbi Nifty 50 Equal Weight Index Fund
1.46
Sbi Nifty 500 Index Fund
1.471.011.02
Government
0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%
Public
18.35%18.07%17.99%18.64%18.47%18.44%18.3%18.22%18.24%18.16%17.59%17.62%
Enam Securities Pvt Ltd
1.211.161.161.141.141.141.141.141.141.141.141.14
Gagandeep Credit Capital Pvt Ltd
2.12.082.072.042.032.032.032.032.032.032.032.03
Shamyak Investment Private Limited
1.11.11.11.091.091.091.091.091.091.091.091.09
Others
0.57%0.53%0.51%0.43%0.41%0.37%0.34%0.24%0.23%0.2%0.24%0.12%
No. of Shareholders
6,08,4486,05,0195,86,9976,63,1796,41,5826,71,7796,35,6806,32,2496,35,8906,21,9326,17,3396,10,303

News & Updates

Documents

Announcements

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Of schedule of Analyst Meet Under Regulation 30(6) of SEBI LODR.
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
12 Jan - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the Quarter ended December 31, 2025.
Announcement under Regulation 30 (LODR)-Press Release / Media Release
9 Jan - Q3 FY26 consolidated crude steel 7.48 Mnt (+6% YoY); 9M 22.65 Mnt; BF3 upgrade until end Q4 FY26.
Announcement under Regulation 30 (LODR)-Credit Rating
7 Jan - Fitch places JSW Steel 'BB' IDR on Rating Watch Positive on Jan 06, 2026; potential INR324 billion proceeds.
Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Jan - Newspaper publication regarding intimation of dispatch of notice of Postal Ballot/E-Voting

Annual Reports

Credit Ratings

Rating update
12 Dec 2025 from care
Rating update
12 Dec 2025 from icra
Rating update
12 Nov 2025 from fitch
Rating update
3 Oct 2025 from icra
Rating update
8 Jul 2025 from care
Rating update
4 Jul 2025 from icra

Concalls

Oct 2025
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Oct 2024
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Oct 2023
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PPT
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PPT
Oct 2022
PPT
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PPT
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PPT
Jan 2022
PPT
Oct 2021
Jul 2021
May 2021
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Oct 2020
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Jan 2020
Oct 2019
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