āagman

Not investment advice. Data and computed figures, for information only.

JSW Steel Ltd

NSE: JSWSTEELF&O
₹1,216.30
+₹15.90 (+1.32%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹2,85,629 Cr
CMP
₹1,216.30
52-wk High / Low
₹1,351 / 1,073
P/E
23.7
P/B
2.9
Book Value
₹409.0
Div Yield
0.61%
ROCE
11.0%
ROE
10.2%
Face Value
₹1
D/E
0.99

Price+4.7% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹916
√(22.5 × EPS × book value per share)
ROIC
8.7%
vs 10.6% sector median
Cash flow to profit
0.99
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+228
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
8.7%
ROE × earnings retention ratio
ROE stability
10.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −1.02FII +0.54DII +0.33
Latest quarter vs the previous one
Cash-accrual divergence
0.1%
of assets
Low = accruals track cash flow
Strengths
+Price is within 10% of its 52-week high (-10.0%)
+Annualised volatility of 24.4% is in the low band (≤25%)
Watch-outs
−Latest ROCE of 11% trails the sector median of 16%
−Borrowings are up 135.3% since FY2016 (42204 to 99310)
−Price trades below its 200-day moving average (1.0x)
−Promoter holding fell by 1.1pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales42,21344,58441,94046,26942,94339,68441,37844,81943,14745,15245,99151,18047,364
Expenses35,20136,72234,77640,24337,44534,30935,79938,68435,67138,12539,61242,71638,079
Operating Profit7,0127,8627,1646,0265,4985,3755,5796,1357,4767,0276,3798,4649,285
OPM %16.6%17.6%17.1%13.0%12.8%13.5%13.5%13.7%17.3%15.6%13.9%16.5%19.6%
Other Income331826194242164−18950186350284−25618,229724
Interest1,9632,0841,9962,0622,0732,1302,1152,0942,2172,4132,3042,1681,712
Depreciation1,9002,0192,0592,1942,2092,2672,3362,4972,5372,5542,3622,1482,137
Profit before tax3,4804,5853,3032,0121,3807891,1781,7303,0722,3441,45722,3776,160
Net Profit2,4282,7732,4501,3228674047191,5012,2091,6462,41019,2434,696
EPS (₹)9.6711.299.885.313.461.802.936.158.936.648.7566.9419.02

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales52,97241,54655,60471,93384,75773,32679,8391,46,3711,65,9601,75,0061,68,8241,85,4701,89,687
Expenses43,60835,12443,29657,01765,82761,51359,6611,07,2571,47,4901,46,8491,46,0991,56,0061,58,532
Operating Profit9,3646,42212,30814,91618,93011,81320,17839,11418,47028,15722,72529,46431,155
OPM %17.7%15.5%22.1%20.7%22.3%16.1%25.3%26.7%11.1%16.1%13.5%15.9%16.4%
Other Income103−1,96618−177196−2894731,6001,5611,5007318,48918,981
Interest3,4933,6013,7683,7013,9174,2653,9574,9686,9028,1058,4129,1028,597
Depreciation3,4343,3233,4303,3874,0414,2464,6796,0017,4748,1729,3099,6019,201
Profit before tax2,539−2,4685,1287,65111,1683,01312,01529,7455,65513,3805,07729,25032,338
Net Profit1,722−4813,4676,1137,5243,9197,87320,9384,1398,9733,49125,50827,995
EPS (₹)7.43−1.3914.5725.7131.6016.6732.7385.4917.1436.0314.3391.26101.35

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital303301301302301301302301301305305305—
Reserves21,98718,66522,34627,69634,49436,29845,30866,99665,39477,36479,19199,748—
Borrowings38,75442,20443,33439,39347,39661,42366,72772,23780,85387,98498,75299,310—
Other Liabilities24,61020,73722,02424,57932,60633,79834,82656,95163,99162,24562,19770,295—
Total Liabilities85,65481,90788,00591,9701,14,7971,31,8201,47,1631,96,4852,10,5392,27,8982,40,4452,69,658—
Fixed Assets52,17656,14058,73057,84862,64462,08564,91799,8801,04,4521,12,4611,24,4661,17,129—
CWIP8,2657,2714,3635,95011,88927,19132,56616,90522,16629,67621,00722,315—
Investments5991,1951,3661,4691,8941,2597,4274,9404,8067,24615,21710,218—
Other Assets24,61317,30223,54626,70338,37041,28542,25374,76079,11578,51579,7551,19,996—
Total Assets85,65481,90788,00591,9701,14,7971,31,8201,47,1631,96,4852,10,5392,27,8982,40,4452,69,658—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,5947,8766,8977,88812,37914,63312,78518,83126,27023,32312,07820,89925,152
Cash from Investing Activity−5,618−7,372−3,857−5,094−4,529−11,387−19,589−9,410−14,748−10,730−14,467−17,01218,560
Cash from Financing Activity3,300−169−3,151−2,710−8,1851,7535,189−1,444−14,657−5,977−5,005−262−16,111
Net Cash Flow276334−11184−3354,999−1,6157,977−3,1356,616−7,3943,62527,601

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.010.05.014.018.020.09.015.028.08.013.08.011.0
ROE %————————————10.2
EPS (₹)1.877.43−1.3914.5725.7131.6016.6732.7385.4917.1436.0314.3391.26
Book Value (₹)————————————409.0
Face Value (₹)————————————1
P/E————————————23.7
Div Yield %————————————0.61
NPM %0.83.2−1.26.28.58.95.49.814.22.55.12.112.5
OPM %18.018.015.022.021.022.016.025.027.011.016.013.016.0
D/E1.681.742.231.911.411.361.681.461.071.231.131.240.99
P/B————————————2.9

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+16.0%
5 years+18.0%
3 years+4.0%
TTM+12.0%
Compounded profit growth
10 years+24.0%
5 years+3.0%
3 years+35.0%
TTM+136.0%
Stock price CAGR
10 years+21.0%
5 years+12.0%
3 years+14.0%
Last year+0.0%
Return on equity
10 years15.0%
5 years13.0%
3 years9.0%
Last year10.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.62%41.62%41.75%42.66%42.71%44.07%45.01%45.41%44.81%44.84%45.31%44.29%
FIIs19.95%19.95%19.86%18.58%17.13%12.69%11.58%26.01%26.06%25.78%25.38%25.92%
DIIs16.39%16.39%17.78%2.87%4.39%7.11%7.94%9.47%9.81%10.52%11.16%11.49%
Government0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%
Public20.93%20.93%19.65%34.74%34.65%35.15%34.65%18.07%18.44%18.16%17.47%17.62%
No. of shareholders7,12,4107,12,4105,98,4065,90,5146,01,1505,63,1216,59,8796,05,0196,71,7796,21,9326,03,2746,10,616
Change since Jun 2023 (pp)
Promoters +2.67FIIs +5.97DIIs −4.90Public −3.31

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAnnouncement under Regulation 30 (LODR)-Press Release / Media ReleaseEarly Redemption Of US$500,000,000, 3.95% Notes Due 2027Announcement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Newspaper Publication
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingJan 2026TranscriptJan 2026PPTJan 2026RecordingOct 2025TranscriptOct 2025PPTOct 2025RecordingJul 2025TranscriptJul 2025PPTJul 2025Recording

Corporate actions

As of 7 Jul 2026
7 Jul 2026DIVIDENDDividend - Rs 7.10 Per Share—
8 Jul 2025DIVIDENDDividend - Rs 2.80 Per Share—
9 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 7.30 Per Share—
11 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 3.40 Per Share—
4 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 17.35 Per Share—
5 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 6.50 Per Share—
6 Jul 2020DIVIDEND Dividend - Rs 2 Per Share—
8 Jul 2019DIVIDEND Annual General Meeting/Dividend Rs 4.10 Per Share—
6 Jul 2018DIVIDEND Annual General Meeting / Dividend- Rs 3.20 Per Share—
12 Jun 2017DIVIDEND Annual General Meeting/Dividend - Rs 2.25/- Per Share—
4 Jul 2016DIVIDEND Annual General Meeting/ Dividend - Rs 7.50/- Per Share—
6 Jul 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 11/- Per Share—
7 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 11/- Per Share—
15 Jul 2013DIVIDENDAnnual General Meeting / Dividend - Rs.10/- Per Equity Share—
12 Jul 2012DIVIDENDAnnual General Meeting / Dividend - Rs. 7.50 Per Share—
11 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.12.25 Per Share—
14 Jun 2010DIVIDENDAgm/Dividend Rs 9.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman