Whalesbook
Okay, toh numbers ki baat karein toh JSW Steel ne Q4 FY26 mein kamaal kar diya. Company ka consolidated profit after tax ₹16,370 crore raha, jo pichle saal ke ₹1,503 crore se lagbhag 12 guna zyada hai! Ye bada jump mainly Bhushan Power and Steel mein apna stake bech kar mile ₹17,888 crore ke ek-time gain ki wajah se aaya hai. Operational revenue bhi 14% badh kar ₹51,180 crore ho gaya. Agar poore FY26 ki baat karein toh revenue ₹1,85,470 crore raha aur net profit toh 630.68% badh kar ₹25,508 crore ho gaya! Iske saath, company ne ₹7.10 per share ka dividend bhi announce kiya hai, jiske baad stock market mein 1.73% ki tezi dikhi thi, share ₹1,296.90 par pahunch gaya tha.
Par ye toh sirf start hai! Company ne BMM Ispat Ltd. ko apne mein merge karne ka bhi decision liya hai, jismein swap ratio 1:18 ka rahega. Is move se operational synergies aur long products portfolio strong hone ki umeed hai.
Aur ek badi khabar: JSW Steel ₹14,000 crore tak ka fund raise karne wali hai. Ye kaise hoga? Ismein ₹7,000 crore Non-Convertible Debentures (NCDs) with warrants ke through aur baaki ₹7,000 crore Qualified Institutions Placement (QIP) se aayenge. Ye saara paisa capex, debt reduction aur working capital mein lagega.
Abhi sab kuch green nahi hai. JSW Steel ka valuation kaafi high lag raha hai. Iska TTM P/E ratio 37.5x se 41.85x tak ja raha hai, jo industry median 16.82x aur company ke khud ke 10-year median 19.36x se kaafi upar hai. Analyst log isko 'Modestly Overvalued' keh rahe hain. Comparison mein, Tata Steel ka P/E 28.8x se 30.04x hai, jo JSW Steel se toh kam hi hai.
Thoda history mein jaayein toh, May 2025 mein JSW Steel ka share lagbhag 6.5% gir gaya tha jab Supreme Court ne Bhushan Power acquisition ko Insolvency and Bankruptcy Code ke violations ke karan cancel kar diya tha. Isse bade deals mein execution risk dikhta hai, aur BMM Ispat merger mein bhi challenges aa sakte hain.
Future ki baat kare toh, India ki steel demand next two fiscal years mein 7.5-10% grow hone ka potential hai, aur JSW Steel iska fayda utha sakta hai. Unka aim hai FY30 tak steel capacity ko 31.9 MTPA se badha kar 48.8 MTPA karna. Lekin, company ko apna premium valuation maintain karne ke liye merger ko smooth banana hoga aur raise kiye hue ₹14,000 crore ko efficiently manage karna hoga taaki investor expectations meet ho sakein.