MarketFriction

JSW Steel Ltd

NSE JSWSTEEL · BSE 500228 · Iron & Steel
₹1,233.00 -1.63%
NSE close2026-10-01
52 week range1,073.20 - 1,351.00
Market cap₹3,11,160 Cr.
P/E25.8
Results 23-10 Nifty 50Nifty 100Nifty 200Nifty 500Nifty MetalNifty Commodities No price band Delivery 58.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales44,58441,94046,26942,94339,68441,37844,81943,14745,15245,99151,18047,364
Expenses36,72234,77640,24337,44534,30935,79938,68435,67138,12539,61242,71638,079
Operating Profit7,8627,1646,0265,4985,3755,5796,1357,4767,0276,3798,4649,285
OPM %18%17%13%13%14%13%14%17%16%14%17%20%
Other Income826194242164-18950186350284-25618,229724
Interest2,0841,9962,0622,0732,1302,1152,0942,2172,4132,3042,1681,712
Depreciation2,0192,0592,1942,2092,2672,3362,4972,5372,5542,3622,1482,137
Profit before tax4,5853,3032,0121,3807891,1781,7303,0722,3441,45722,3776,160
Tax %40%26%34%37%49%39%13%28%30%-65%14%24%
Net Profit2,7732,4501,3228674047191,5012,2091,6462,41019,2434,696
EPS in Rs11.299.885.313.461.802.936.158.936.648.7566.9419.02
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales41,54655,60471,93384,75773,32679,839146,371165,960175,006168,824185,470189,687
Expenses35,12443,29657,01765,82761,51359,661107,257147,490146,849146,099156,006158,532
Operating Profit6,42212,30814,91618,93011,81320,17839,11418,47028,15722,72529,46431,155
OPM %15%22%21%22%16%25%27%11%16%13%16%16%
Other Income-1,96618-177196-2894731,6001,5611,5007318,48918,981
Interest3,6013,7683,7013,9174,2653,9574,9686,9028,1058,4129,1028,597
Depreciation3,3233,4303,3874,0414,2464,6796,0017,4748,1729,3099,6019,201
Profit before tax-2,4685,1287,65111,1683,01312,01529,7455,65513,3805,07729,25032,338
Tax %-80%33%20%33%-30%34%30%27%33%31%13%
Net Profit-4813,4676,1137,5243,9197,87320,9384,1398,9733,49125,50827,995
EPS in Rs-1.3914.5725.7131.6016.6732.7385.4917.1436.0314.3391.26101.35
Dividend Payout %-67%19%16%16%15%25%25%25%25%24%10%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth16%18%4%12%
Compounded Profit Growth24%3%35%136%
Stock Price CAGR22%14%18%11%
Return on Equity15%13%9%10%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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 Liabilities85,65481,90788,00591,970114,797131,820147,163196,485210,539227,898240,445269,658
Fixed Assets52,17656,14058,73057,84862,64462,08564,91799,880104,452112,461124,466117,129
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 Assets24,61317,30223,54626,70338,37041,28542,25374,76079,11578,51579,755119,996
Total Assets85,65481,90788,00591,970114,797131,820147,163196,485210,539227,898240,445269,658
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity7,8766,8977,88812,37914,63312,78518,83126,27023,32312,07820,89925,152
Cash from Investing Activity-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 Activity-169-3,151-2,710-8,1851,7535,189-1,444-14,657-5,977-5,005-262-16,111
Net Cash Flow334-11184-3354,999-1,6157,977-3,1356,616-7,3943,62527,601
Free Cash Flow1,3621,7363,4987,7034,471187,91616,2228,574-3,4698,26410,610
CFO/OP92%111%66%93%91%118%103%81%130%53%101%96%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days172427243122211916161822
Inventory Days136135147118123130160208130151142124
Days Payable175207172149137169171190149133132130
Cash Conversion Cycle-23-482-717-17936-4332816
Working Capital Days-58-105-66-36-63-96-93-24-50-29-19-15
ROCE %10%5%14%18%20%9%15%28%8%13%8%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters44.79%44.81%44.81%44.81%44.84%44.85%44.84%45.31%45.31%45.31%45.31%44.29%
FIIs26.13%26.33%26.06%25.52%25.66%25.59%25.78%25.42%25.56%25.38%25.38%25.92%
DIIs9.50%9.48%9.81%10.52%10.53%10.59%10.52%10.93%10.87%11.06%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%
Public18.64%18.47%18.44%18.30%18.22%18.24%18.16%17.59%17.62%17.56%17.47%17.62%
Others0.43%0.41%0.37%0.34%0.24%0.23%0.20%0.24%0.12%0.20%0.19%0.18%
No. of Shareholders6,63,1796,41,5826,71,7796,35,6806,32,2496,35,8906,21,9326,17,3396,10,3036,05,3016,03,2746,10,616

Fundamentals

Market Cap₹ 3,11,160 Cr.
Current Price₹ 1,272
Stock P/E25.8
Book Value₹ 409
ROCE11.0 %
ROE10.2 %
Dividend Yield0.56 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)136%
Consolidated figures.
Valuation
Market capRs 376,827 Cr
Enterprise valueRs 435,148 Cr
P/E (TTM)15.21x
Price to book3.77x
Price to sales1.99x
EV / EBITDA8.68x
EV / EBIT10.63x
EV / sales2.29x
Price to cash flow14.98x
Earnings yield6.58%
Dividend yield0.57%
P/E, 3-year average45.63x
P/B, 3-year average3.59x
P/E, 5-year average39.55x
P/B, 5-year average3.45x
Profitability
Operating margin (excl. other income)15.89%
Operating margin (incl. other income)25.85%
EBITDA margin26.43%
Pre-tax margin17.05%
Net profit margin13.07%
Net margin, latest quarter9.82%
ROE24.86%
ROCE20.31%
ROA8.75%
ROE, 3-year average13.87%
ROCE, 3-year average13.97%
ROA, 3-year average4.76%
ROE, 5-year average16.89%
ROCE, 5-year average15.65%
ROA, 5-year average5.67%
ROIC (approx.)22.54%
Tax rate12.79%
Other income / net worth18.48%
Growth
Sales growth (latest year)9.86%
Profit growth (latest year)536.87%
Sales CAGR, 3 years3.77%
Sales CAGR, 5 years18.36%
Profit CAGR, 3 years75.28%
Profit CAGR, 5 years23.05%
Sales growth QoQ-7.46%
Profit growth QoQ-71.59%
Sales growth YoY (latest quarter)9.77%
Profit growth YoY (latest quarter)112.96%
Per share
EPS (TTM)Rs 81.09
EPS (latest year)Rs 73.02
EPS (latest quarter)Rs 15.22
EPS, 3-year averageRs 37.78
EPS, 5-year averageRs 39.11
Book value per shareRs 327.38
Sales per shareRs 620.67
Cash flow per shareRs 82.30
Free cash flow per shareRs 34.72
Dividend per share (latest year)Rs 7.09
Dividend per share, 3-year averageRs 5.72
Dividend per share, 5-year averageRs 7.57
Dividends
Dividend payout9.70%
Dividend payout, 3-year average19.78%
Dividend payout, 5-year average21.86%
Efficiency
Asset turnover0.69x
Fixed asset turnover1.58x
Inventory turnover4.28x
Inventory days85 days
Debtor days22 days
Debtors turnover16.47x
Creditor days130 days
Cash conversion cycle16 days
Working capital days-15 days
Leverage
Total debtRs 99,310 Cr
Cash and bankRs 40,989 Cr
Net debtRs 58,321 Cr
Debt to equity0.99x
Net debt / EBITDA1.16x
Interest coverage4.76x
Current ratio (filing 2026-03-31)1.49x
Quick ratio (filing 2026-03-31)1.02x
Trade payables (filing 2026-03-31)Rs 14,666 Cr
Owners' fund to total sources37.10%
Debt to assets36.83%
Cash flow
Cash from Operating Activity (latest year)Rs 25,152 Cr
Cash from Investing Activity (latest year)Rs 18,560 Cr
Cash from Financing Activity (latest year)Rs -16,111 Cr
Net Cash Flow (latest year)Rs 27,601 Cr
Free cash flow (latest year)Rs 10,610 Cr
FCFE (approx.: FCF + change in debt)Rs 11,168 Cr
Cash from ops / profit, 5 years1.71x
Sales to cash flow7.37x
Statement figures
Net sales (TTM)Rs 189,687 Cr
Net sales (latest year)Rs 185,470 Cr
Sales (latest quarter)Rs 47,364 Cr
Operating profit excl. other income (latest year)Rs 29,464 Cr
Operating profit (latest quarter)Rs 9,285 Cr
Other income (TTM)Rs 18,981 Cr
EBITDA (TTM)Rs 50,136 Cr
PBDT (TTM)Rs 41,539 Cr
Profit before tax (TTM)Rs 32,338 Cr
Tax (latest year)Rs 3,742 Cr
Net profit (TTM)Rs 24,783 Cr
Net profit (latest year)Rs 22,316 Cr
Net profit (latest quarter)Rs 4,651 Cr
Depreciation (TTM)Rs 9,201 Cr
Depreciation (latest quarter)Rs 2,137 Cr
Interest (TTM)Rs 8,597 Cr
Cost of goods sold (latest year)Rs 140,386 Cr
Total expenditure (latest year)Rs 156,006 Cr
Total income (latest year)Rs 203,959 Cr
Share capitalRs 305 Cr
ReservesRs 99,748 Cr
Shareholders' fundsRs 100,053 Cr
Total assetsRs 269,658 Cr
Net blockRs 117,129 Cr
Capital work in progressRs 22,315 Cr
InvestmentsRs 10,218 Cr
ReceivablesRs 11,260 Cr
InventoryRs 32,765 Cr
Other liabilitiesRs 70,295 Cr
Shares outstanding (crore)305.62
Ownership
Promoter holding44.29% (-1.02 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 15.2 is at the 27th percentile of its own 9.4-year range (median 24.2, low 5.8, high 98.5).
P/B 3.77 is at the 57th percentile (median 3.69).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodJSWSTEELNifty 50Difference
1 week-3.2%-2.8% -0.4 pts
1 month-6.1%-6.8% +0.7 pts
3 months+0.2%-7.6% +7.8 pts
6 months+9.8%+0.4% +9.4 pts
1 year+7.4%-9.9% +17.3 pts
2 years+25.5%-13.6% +39.1 pts
3 years+58.2%+14.2% +44.0 pts
5 years+82.9%+27.9% +55.0 pts
276 mutual fund schemes hold about ₹14,619 Cr. Over three months 125 bought more and 48 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Flexi Cap Fund1.45%1,643 -6%
SBI Arbitrage Fund1.59%751 +3%
HDFC Arbitrage Fund(M2.37%605 -0%
SBI Large Cap Fundd0.73%405 +6%
SBI Midcap Fund1.60%392 +5%
Kotak Arbitrage Fund(M0.52%391 -39%
SBI Midcap Fund1.60%390 +5%
SBI Contra Fund0.80%379 +6%
HDFC Manufacturing Fund3.28%348 -1%
ICICI Pru Arbitrage Fund0.98%342 -19%
UTI Nifty 50 Index Fund1.11%328 +6%
Nippon India Arbitrage Fund1.85%324 -5%
Nippon India Arbitrage Fund(M1.85%312 -5%
ICICI Pru Large & Mid Cap Fund0.92%307 +106%
ICICI Pru Multi Cap Fund1.51%295 -1%
SBI Multicap Fund1.19%291 +52%
ICICI Pru Commodities Fund6.67%285 -3%
ICICI Pru Multi Cap Fund1.51%283 -1%
Aditya Birla SL Arbitrage Fund1.02%277 +8%
HDFC Nifty 50 Index Fund1.11%269 +6%
360 ONE Focused Fund3.67%250 +39%
Tata Arbitrage Fund0.97%243 -31%
HDFC ELSS-Tax Saver Fund1.51%241 -4%
ICICI Pru Manufacturing Fund3.05%219 +1%
ICICI Pru Nifty 50 Index Fund1.11%193 +6%

Red flags

F-score 7 of 8
lookProfit leans on other income Other income was 63% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-30JSW Steel Employees Welfare Trust Othersell122Rs 0.01 CrMarket Sale
2026-03-30JSW Steel Employees Welfare Trust Othersell1,048Rs 0.12 CrMarket Sale
2026-03-30JSW Steel Employees Welfare Trust Otherother8,060Rs 0.00 CrOff Market
2026-03-30JSW Steel Employees Welfare Trust Otherother3,125Rs 0.00 CrOff Market
2026-03-30JSW Steel Employees Welfare Trust Otherother3,602Rs 0.00 CrOff Market
2026-03-30JSW Steel Employees Welfare Trust Otherother1,120Rs 0.00 CrOff Market
2026-03-27JSW Steel Employees Welfare Trust Othersell1Rs 0.00 CrMarket Sale
2026-03-27JSW Steel Employees Welfare Trust Otherother24,231Rs 0.00 CrOff Market
2026-03-27JSW Steel Employees Welfare Trust Othersell528Rs 0.06 CrMarket Sale
2026-03-25JSW Steel Employees Welfare Trust Othersell22,169Rs 2.56 CrMarket Sale
2026-03-25JSW Steel Employees Welfare Trust Othersell699Rs 0.08 CrMarket Sale
2026-03-25JSW Steel Employees Welfare Trust Otherother1,844Rs 0.00 CrOff Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹47,364 Cr +9.8% vs Jun 2025. Net profit ₹4,696 Cr +112.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-07Dividend - Rs 7.10 Per Share
2025-07-08Dividend - Rs 2.80 Per Share
2024-07-09Annual General Meeting/Dividend - Rs 7.30 Per Share
2023-07-11Annual General Meeting/Dividend - Rs 3.40 Per Share
2022-07-04Annual General Meeting/Dividend - Rs 17.35 Per Share
2021-07-05 Annual General Meeting/Dividend - Rs 6.50 Per Share
2020-07-06 Dividend - Rs 2 Per Share
2019-07-08 Annual General Meeting/Dividend Rs 4.10 Per Share
2018-07-06 Annual General Meeting / Dividend- Rs 3.20 Per Share
2017-06-12 Annual General Meeting/Dividend - Rs 2.25/- Per Share
2017-01-04 Fv Splt Frm Rs 10 To Re 10.1000
2016-07-04 Annual General Meeting/ Dividend - Rs 7.50/- Per Share
2015-07-06Annual General Meeting/ Dividend - Rs 11/- Per Share
2014-07-07Annual General Meeting / Dividend - Rs 11/- Per Share
2013-07-15Annual General Meeting / Dividend - Rs.10/- Per Equity Share
2012-07-12Annual General Meeting / Dividend - Rs. 7.50 Per Share
2011-07-11Annual General Meeting And Dividend Rs.12.25 Per Share
2010-06-14Agm/Dividend Rs 9.50 Per Share
2009-06-29Agm/Div-Re.1/- Per Share
2008-05-21Agm/Dividend - 140%
2007-05-16Annual General Meeting
2007-03-20Int Div-Rs.12.50 Per Sh Purpose Revised
2006-06-15Agm/Dividend-80%
DateTypeWhat it says
2026-09-25General UpdatesIntimation under Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Li...
2026-09-08Concall / analyst meetSchedule of meet
2026-09-05Press ReleaseA press release dated September 05, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 24.65 Lakh Tonnes for August 26".
2026-09-03Credit RatingCredit Rating
2026-08-31Concall / analyst meetSchedule of meet
2026-08-21Shareholder meetingVoting results.
2026-08-21Shareholder meetingProceedings of Court Convened General Meeting held on August 21, 2026
2026-08-12Investor PresentationInvestor Presentation
2026-08-11Concall / analyst meetSchedule of meet
2026-08-10Press ReleaseA press release dated August 10, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 24.02 Lakh Tonnesfor July 26".
2026-08-08ResignationResignation of Director/KMP/SMP
2026-08-07Change in ManagementChange in Senior Management
2026-08-04Concall / analyst meetSchedule of meet
2026-08-01General UpdatesEffectiveness of the Scheme of Amalgamation of Amba River Coke Limited and Monnet Cement Limited and JSW Retail and Distribution Limited with JSW Stee...
2026-07-31Press ReleaseJSW Steel Achieves Global Investment Grade Status with Moody s Baa3 Rating".
2026-07-30Shareholder meetingNotice of Court Convened General Meeting to be held on August 21, 2026
2026-07-30Credit Rating- RevisionICRA Limited upgrades JSW Steel Limited s Long-Term Credit Rating to [ICRA] AA+, Outlook Stable
2026-07-30Credit Rating- RevisionICRA Limited, vide its Release dated July 30 2026, has upgraded JSW Steel Limited s Long-Term credit rating to [ICRA]AA+; stable outlook
2026-07-28Shareholder meetingRevised Voting Results under Regulation 44(3) of the Securities ExchangeBoard of India (Listing Obligations and Disclosure Requirements)Regulations , ...
2026-07-27Shareholder meetingVoting results.
2026-07-27Credit RatingCredit Rating
2026-07-24Shareholder meetingProceedings of Annual General Meeting held on July 24, 2026
2026-07-23Concall / analyst meetTranscript and Link of Recording
2026-07-21CessationCessation of Mr. Seturaman Mahalingam, Independent Director of the company w.e.f. July 21, 2026.
2026-07-17Investor PresentationInvestor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.73
Max pain (expiry 2026-10-27)1,280
Largest call open interest at1,280
Largest put open interest at1,260
Implied volatility, at the money25.0%
Underlying at snapshot1,233.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-304,507
2026-09-293,380
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-05NCLATJohn Cockerill India Ltd VS JSW Steel Coated Products Ltd & Anr
2021-03-10NCLATJohn Cockerill India Ltd VS JSW Steel Coated Products Ltd & Anr
2020-12-15NCLATJSW Steel Coated Products Ltd VS Kuldeep Kumar Bassi RP of Asian Colour Coated Ispat Ltd and Anr
2020-11-23NCLATJSW Steel Coated Products Ltd VS Kuldeep Kumar Bassi RP of Asian Colour Coated Ispat Ltd and Anr
2020-02-17NCLATJSW Steel Ltd. VS Mahender Kumar Khandelwal & Anr.
2020-02-04NCLATJSW Steel Ltd. VS Mahender Kumar Khandelwal & Anr.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of JSW Steel Ltd?

JSW Steel Ltd (JSWSTEEL) has a market capitalisation of Rs 3,11,160 Cr. at the 2026-10-01 close.

What is the P/E ratio of JSW Steel Ltd?

JSW Steel Ltd trades at a P/E of 25.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were JSW Steel Ltd's latest quarterly results?

In the Jun 2026 quarter, JSW Steel Ltd sales was Rs 47,364 Cr (+9.8% vs Jun 2025) and net profit was Rs 4,696 Cr.

What is the 52-week high and low of JSW Steel Ltd?

The 52-week high is Rs 1,351.00 and the 52-week low is Rs 1,073.20.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03