JSW Steel (JSWSTEEL) · mywealthgrid

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About

India's largest steel producer by capacity with aggressive brownfield expansion strategy. Trading at 12.56x PE with ₹3,11,150 Cr market cap; ROE of 24.86% reflects strong capital efficiency. Recent quarters show consolidated OPM ranging 12.83–19.81%, indicating cyclical margin volatility.

Founded: 1982
Face value: ₹1

Market cap

₹3,02,085 Cr

P/E

12.2×

P/B

3.0×

Dividend yield

0.8%

ROE

24.9%

ROCE

11.3%

Debt / equity

0.95

OPM

16.1%

EPS (TTM)

₹101.2

Book value

₹408.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compressed from 19.81% (Jun 2026) to 12.83% (Dec 2025) within a year, reflecting high cyclical exposure to raw-material and input-cost volatility
D/E of 0.95 provides limited cushion in cyclical industry; verify debt-servicing capacity and refinancing risk if margins stay compressed
Consolidated EPS swung from 3.1 (Dec 2025) to 67.07 (Mar 2026), indicating high earnings volatility; verify drivers (one-time items, subsidiaries, operational)
Verify sustainability of OPM recovery to 19.81% (Jun 2026) against raw-material inflation and domestic demand trends

Generated analysis · source review pending

Growth drivers

EPS rebounded to 19.05 in Jun 2026 from 3.1 in Dec 2025, with consolidated OPM improving to 19.81% from 12.83% in Dec 2025; verify whether this reflects demand recovery or temporary input-cost relief
Positioned for brownfield expansion per company description; verify capex plans, ramp timelines, and incremental margin contribution from new capacity
D/E ratio of 0.95 provides borrowing capacity to fund growth without distress

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,233.0-3.1%1Y

Quick read

rule-based

Pros

+Profit CAGR of 23% over the last 5 years
+Revenue CAGR of 18.4% over the last 5 years

Cons

−Low dividend payout of 9.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 40
Growth: 66
Valuation: 82

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Enterprises LimitedADANIENTADANIENT	₹3,66,438 Cr	₹4,80,139 Cr	₹1,11,431 Cr	₹15,698 Cr	13.9%	₹7,445 Cr	9.9%	5.8%	14.2%	35
JSW SteelJSWSTEELJSWSTEEL	₹3,02,085 Cr	₹3,97,617 Cr	₹1,89,687 Cr	₹31,628 Cr	16.1%	₹24,783 Cr	13.8%	11.3%	24.9%	91
Hindustan Zinc LimitedHINDZINCHINDZINC	₹2,34,525 Cr	₹2,42,777 Cr	₹46,820 Cr	₹26,255 Cr	54%	₹17,067 Cr	33.9%	71.2%	76.9%	-16
Tata SteelTATASTEELTATASTEEL	₹2,22,144 Cr	₹3,14,526 Cr	₹2,39,756 Cr	₹36,189 Cr	14.8%	₹11,035 Cr	4.7%	12%	11.2%	56
Hindalco IndustriesHINDALCOHINDALCO	₹2,11,916 Cr	₹3,08,575 Cr	₹2,95,537 Cr	₹40,910 Cr	12.7%	₹16,400 Cr	4.9%	13.4%	10.3%	65
Vedanta Aluminium Metal LimitedVAMLVAML	₹1,57,491 Cr	₹1,57,491 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	—	—	—
Jindal Steel LimitedJINDALSTELJINDALSTEL	₹1,12,262 Cr	₹1,34,300 Cr	₹56,413 Cr	₹9,314 Cr	18.2%	₹2,718 Cr	6.3%	9.2%	6.9%	1
Lloyds Metals And Energy LimitedLLOYDSMELLOYDSME	₹1,00,016 Cr	₹1,20,397 Cr	₹22,084 Cr	₹8,129 Cr	35.9%	₹4,766 Cr	22.4%	31.1%	36.3%	31
VedantaVEDLVEDL	₹98,562 Cr	₹1,25,557 Cr	₹1,12,051 Cr	₹34,323 Cr	29.6%	₹19,679 Cr	32%	12.2%	38.3%	-16
Steel Authority Of India LimitedSAILSAIL	₹72,070 Cr	₹1,03,998 Cr	₹1,11,135 Cr	₹13,384 Cr	10.8%	₹4,272 Cr	3%	7.6%	5.7%	105
Nmdc LimitedNMDCNMDC	₹65,622 Cr	₹71,496 Cr	₹32,127 Cr	₹9,249 Cr	28.9%	₹7,459 Cr	23.2%	32.4%	24.9%	226
National Aluminium Company LimitedNATIONALUMNATIONALUM	₹61,508 Cr	₹61,508 Cr	₹19,338 Cr	₹9,162 Cr	44.5%	₹6,751 Cr	32.5%	36.8%	29.4%	152

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	45,977	60,536	71,503	84,757	73,326	79,839	1,46,371	1,65,960	1,75,006	1,68,824	1,85,470
COGS	22,547	28,263	39,025	43,206	38,730	32,508	59,270	93,334	91,667	89,998	96,591
Gross profit	23,430	32,273	32,478	41,551	34,596	47,331	87,101	72,626	83,339	78,826	88,879
	17,029	20,099	17,642	22,629	22,813	27,189	47,177	54,216	55,275	56,233	59,533
	6,401	12,174	14,836	18,922	11,783	20,142	39,924	18,410	28,064	22,593	29,346
OPM %	13.9%	20.1%	20.8%	22.3%	16.1%	25.2%	27.3%	11.1%	16%	13.4%	15.8%
Depreciation	3,323	3,430	3,387	4,041	4,246	4,679	6,001	7,474	8,172	9,309	9,601
Interest	3,601	3,768	3,701	3,917	4,265	3,957	4,968	6,902	8,105	8,412	9,102
	2,306	152	-97	204	-259	509	790	1,621	1,593	205	18,607
Profit before tax	-2,468	5,128	7,651	11,168	3,013	12,015	29,745	5,655	13,380	5,077	29,250
Tax	-1,966	1,674	1,538	3,644	-906	4,142	8,807	1,516	4,407	1,586	3,742
Tax %	-79.7%	32.6%	20.1%	32.6%	-30.1%	34.5%	29.6%	26.8%	32.9%	31.2%	12.8%
	-501	3,454	6,113	7,524	3,919	7,873	20,938	4,139	8,973	3,491	25,508
PAT margin %	-1.1%	5.7%	8.6%	8.9%	5.3%	9.9%	14.3%	2.5%	5.1%	2.1%	13.8%
EPS (₹)	-1.4	—	25.9	31.8	16.8	32.9	86	17.3	36.3	14.4	91.4
EPS adjusted (₹)	-1.1	11.7	20.6	25.4	13.4	26.2	68.7	13.8	28.9	11.5	73.2
	—	—	12.4%	12.9%	11.9%	19.8%	20.2%	19.7%	20.1%	19.5%	7.8%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	300	301	302	301	301	302	301	301	305	305	305
Reserves	20,120	22,346	27,696	34,494	36,298	45,308	66,996	65,394	77,364	79,191	99,748
Minority interest	—	—	—	—	—	—	1,238	1,344	2,107	2,170	5,422
	37,610	37,297	33,900	35,989	52,998	64,383	69,975	78,572	85,575	95,957	95,532
	27,666	28,145	30,120	44,130	42,223	37,170	57,975	65,467	62,847	63,119	68,669
Total equity & liabilities	85,696	88,089	92,018	1,14,914	1,31,820	1,47,163	1,96,485	2,11,078	2,28,198	2,40,742	2,69,676
	54,418	58,730	57,848	62,644	58,390	60,842	99,700	99,667	1,07,844	1,19,466	1,12,141
CWIP	8,190	4,081	5,629	11,540	26,857	32,433	16,756	21,921	29,216	20,478	21,892
Investments	0	1,366	1,469	1,894	1,259	7,427	5,120	10,340	7,386	15,380	10,284
	23,087	23,912	27,072	38,836	45,314	46,461	74,909	79,150	83,752	85,418	1,25,359
Total assets	85,696	88,089	92,018	1,14,914	1,31,820	1,47,163	1,96,485	2,11,078	2,28,198	2,40,742	2,69,676

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49%	47.2%	59.3%	59.5%	43.8%	47.6%	46.7%	47.9%
EBITDA margin %	22.4%	16.2%	25.2%	26.7%	11.2%	16.1%	13.6%	16.1%
EBIT margin %	17.6%	10.4%	19.4%	22.5%	6.7%	11.5%	8.1%	10.9%
PAT margin %	8.9%	5.3%	9.9%	14.3%	2.5%	5.1%	2.1%	13.8%
Working capital
Receivable days	31	22	21	19	16	16	18	22
Inventory days	123	130	160	208	130	151	142	124
Payable days	0	169	171	190	149	133	132	55
NWC days	153	-17	9	36	-4	33	28	91
Leverage
Current ratio	0.8	0.83	0.83	1.14	0.97	0.98	1.17	1.49
Debt to EBITDA	1.9	4.46	3.2	1.79	4.24	3.03	4.19	3.2
Debt to equity	1.03	1.45	1.41	1.04	1.2	1.1	1.21	0.95
Interest coverage	3.9	1.9	4.1	7	1.8	2.6	1.7	2.4
Asset turnover	0.74	0.56	0.54	0.74	0.79	0.77	0.7	0.69
Return ratios
Return on assets %	6.5%	3%	5.3%	10.7%	2%	3.9%	1.5%	9.5%
Return on capital employed %	22.2%	10.2%	16.7%	28.4%	8.6%	13.9%	8.4%	11.3%
Return on equity %	21.6%	10.7%	17.3%	31.1%	6.3%	11.6%	4.4%	25.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.8%	44.81%	44.81%	44.81%	44.84%	44.85%	44.84%	45.31%	45.32%	45.32%	45.32%	44.29%
	26.13%	26.33%	26.06%	25.52%	25.66%	25.59%	25.78%	25.43%	25.55%	25.38%	25.38%	25.92%
	9.51%	9.48%	9.82%	10.53%	10.54%	10.59%	10.52%	10.92%	10.87%	11.05%	11.15%	11.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.51%	0.51%	0.51%	0.51%
	19.13%	18.98%	18.95%	18.81%	18.72%	18.75%	18.66%	18.1%	17.63%	17.55%	17.45%	17.6%
No. of shareholders	—	—	—	—	—	—	—	—	6,10,303	6,05,301	6,03,274	6,10,616

Promoter holding down 0.51 percentage points since Sep 2023.

16 disclosures

Person	Deal	Shares	Value	Holding	Filed
JSW Steel Employees Welfare Trust ? JSWSL OPJ Samruddhi Plan 2021 A/cOther	SellOff Market	4,334	₹4,334	0.12% → 0.12%	10 Nov 20257(2)
JSW Steel Employees Welfare Trust ? OPJ ESOP Plan 2021 A/cOther	SellMarket Sale	1,040	₹12.46 L

48 deals · 31 Aug 2021 – 18 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 May 2026	JSW ENERGY LIMITED	Block	NSE	Sell	2,50,00,000	₹1,260.00	₹3,150.00 Cr
18 May 2026	JSW ENERGY LIMITED	Bulk	NSE	Sell	2,50,00,000	₹1,260.00	₹3,150.00 Cr
18 May 2026	GQG PARTNERS EMERGING MARKETS EQUITY FUND	Block	NSE	Buy	1,50,00,000	₹1,260.00	₹1,890.00 Cr
18 May 2026	SBI MUTUAL FUND	Block	NSE	Buy	1,00,00,000	₹1,260.00	₹1,260.00 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES TWELVE	Block	NSE	Sell	15,16,106	₹1,175.50	₹178.22 Cr
18 Nov 2025	GQG PARTNERS EMERGING MARKETS EQUITY CIT	Block	NSE	Buy	15,16,106	₹1,175.50	₹178.22 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	38,19,621	₹812.20	₹310.23 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	38,19,621	₹812.20	₹310.23 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	9,90,510	₹719.00	₹71.22 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	9,90,510	₹719.00	₹71.22 Cr

1–10 of 48

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Mr. Sajjan JindalExecutive Director-Chairperson related to Promoter-MD
Mr. Jayant AcharyaExecutive Director
Mr. Gajraj Singh RathoreExecutive Director
Mr. Arun Sitaram MaheshwariExecutive Director
Mrs. Nirupama RaoNon-Executive - Independent Director
Ms. Fiona Jane Mary PaulusNon-Executive - Independent Director
Mrs. Khushboo Goel ChowdharyNon-Executive - Nominee Director
Mr. Hiroyuki OgawaNon-Executive - Nominee Director
Mr. Marcel FasswaldNon-Executive - Independent Director
Mr. Sushil Kumar RoongtaNon-Executive - Independent Director
Mr. Shyamal MukherjeeNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,253.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,265.8	-12.8	-1%	₹1,265.8	59,780	+248	2,230	675
23 Nov 2026	₹1,271.8	-15.7	-1.2%	₹1,271.8	836	+15	45	675
29 Dec 2026	₹1,291.3	0	0%	₹1,273.2	0	0	0	675

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

37

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
9	0	0	₹99.3	1,180

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

141

across 20 fund houses

Held by these funds

3.13%

of the company's equity

All mutual funds

5.89%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

141 schemes · 20 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	1.82 Cr	2,379.11	1.11%	0.743%	+95,680
Arbitrage FundNEW	SBI Mutual Fund	57.46 L	751.44	1.59%	0.235%	—
ETF NIFTY 50 BEES	Nippon India Mutual Fund	57.09 L	746.59	1.11%	0.233%	+1.15 L
Nifty 50 ETF	ICICI Prudential Mutual Fund	37.88 L	495.3	1.11%	0.155%	+91,376
Large Cap Fund	SBI Mutual Fund	31 L	405.39	0.74%	0.127%	-0
Midcap Fund	SBI Mutual Fund	30 L	392.31	1.6%	0.122%	-0
Contra Fund	SBI Mutual Fund	29 L	379.23	0.8%	0.118%	-0
Arbitrage Fund	Nippon India Mutual Fund	24.75 L	323.6	1.85%	0.101%	-2.3 L

1–8 of 141

1 / 18

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

47 announcementsExport CSV

29 Sept 2026, 3:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49%	47.2%	59.3%	59.5%	43.8%	47.6%	46.7%	47.9%
EBITDA margin %	22.4%	16.2%	25.2%	26.7%	11.2%	16.1%	13.6%	16.1%
EBIT margin %	17.6%	10.4%	19.4%	22.5%	6.7%	11.5%	8.1%	10.9%
PAT margin %	8.9%	5.3%	9.9%	14.3%	2.5%	5.1%	2.1%	13.8%
Working capital
Receivable days	31	22	21	19	16	16	18	22
Inventory days	123	130	160	208	130	151	142	124
Payable days	0	169	171	190	149	133	132	55
NWC days	153	-17	9	36	-4	33	28	91
Leverage
Current ratio	0.8	0.83	0.83	1.14	0.97	0.98	1.17	1.49
Debt to EBITDA	1.9	4.46	3.2	1.79	4.24	3.03	4.19	3.2
Debt to equity	1.03	1.45	1.41	1.04	1.2	1.1	1.21	0.95
Interest coverage	3.9	1.9	4.1	7	1.8	2.6	1.7	2.4
Asset turnover	0.74	0.56	0.54	0.74	0.79	0.77	0.7	0.69
Return ratios
Return on assets %	6.5%	3%	5.3%	10.7%	2%	3.9%	1.5%	9.5%
Return on capital employed %	22.2%	10.2%	16.7%	28.4%	8.6%	13.9%	8.4%	11.3%
Return on equity %	21.6%	10.7%	17.3%	31.1%	6.3%	11.6%	4.4%	25.5%

Calls	Strike	Puts
9	0	0	₹99.3	1,180

Date	Category	Subject	Filing
29 Sept 2026, 3:40 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Sept 2026, 5:37 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:25 pm	Board Meeting	Board Meeting Intimation for Board Meeting To Consider, Inter Alia, The Un-Audited Standalone & Consolidated Financial Results Of Our Company For The Quarter & Half Year Ended September 30, 2026.	PDF
12 Sept 2026, 4:16 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
8 Sept 2026, 9:26 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
5 Sept 2026, 9:19 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
3 Sept 2026, 9:21 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
1 Sept 2026, 5:03 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,704	7,888	12,379	14,633	18,789	26,270	23,323	12,078	20,899	25,152
	-4,280	-5,094	-4,529	-11,448	-7,699	-14,745	-10,711	-14,638	-16,997	18,602
	-2,775	-2,710	-8,185	1,753	-3,110	-14,657	-5,977	-4,827	-262	-16,111
Net cash flow	-352	—	-335	4,938	7,980	-3,132	6,635	-7,387	3,640	27,643
Free cash flow	—	—	—	—	9,531	16,179	8,999	-3,723	8,205	10,498
CFO / Operating profit %	104.7%	64.8%	83.7%	77.2%	93.3%	67.4%	125.8%	42.8%	91.3%	84.3%

JSW Steel

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

37

Fund holders

Documents

Announcements

Events

Announcements

3

37

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

19

2

Compounded sales growth

Compounded profit growth

Return on equity

JSW Steel

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Option chain37

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Futures3

Option chain37

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends19

Board meetings2

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

37

3

37

1

19

2