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JSW Steel Limited · Research view

JSW Steel Limited

NSE: JSWSTEELBSE: 500228ISIN INE019A01038Face value ₹1consolidated
₹1,230
−3.02% · 2026-10-01 · 52-wk ₹1,079–₹1,341
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Cash conversion trending down

Cash conversion (CFO ÷ profit) has averaged 2.77× over the last 3 profit-making years versus 3.44× before that.

Importance 64 / 95 · cash quality

StrengthTalking point

More profitable than peers

ROE of 27.3% is well above the iron and steel median of 9.0%.

Importance 63 / 95 · profitability

WatchTalking point

Volatile earnings

Profit has swung sharply over 4 years (from ₹3,491 to ₹25,508) — one year is a weak guide to the earnings power.

Importance 61 / 95 · growth

WatchTalking point

Stock has run ahead of the business

Over 4 years the stock returned 16.4% a year while profit compounded at 5.1% a year.

Net profit5.1%/yrShare price16.4%/yr

Importance 55 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Metals & Mining › Ferrous Metals › Iron & Steel.

Market cap
₹3.00 L cr
FY2026 revenue
₹1,85,470 cr
FY2026 net profit
₹25,508 cr
Net worth
₹1,05,475 cr
Total debt
₹95,532 cr
EPS (basic)
₹91.43
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 4 iron & steel.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr05010015020001530REVENUENET PROFIT1.46L20,938FY221.66L4,139FY231.75L8,973FY241.69L3,491FY251.85L25,508FY26
RevenueNet profit
Watch

Profit has swung sharply over 4 years (from ₹3,491 to ₹25,508) — one year is a weak guide to the earnings power.

Rule EARNINGS_VOLATILE

Revenue growth per year
+6.1%over 4 years
Revenue growth
+9.9%vs last year
Net profit growth
+630.7%vs last year
Change in net profit since FY22
+22%

Reported net profit grew 630.7% (FY2025 → FY2026), but pre-tax profit was ₹29,725 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue has compounded at 6.1% a year over 4 years (₹1,46,371 → ₹1,85,470) — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹4,696 cr, up 112.6% from ₹2,209 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 112.6% while revenue grew 9.8% vs the same quarter last year — a gap of 102.8 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 EBIT was ₹7,970 cr, up 47.9% from ₹5,389 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr01530456001020REVENUENET PROFIT40k404Q2 '2541k719Q3 '2545k1,501Q4 '2543k2,209Q1 '2645k1,646Q2 '2646k2,410Q3 '2651k19,243Q4 '2647k4,696Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY2539,684—404—1.0%
Q3 FY2541,378−1.3%719−70.7%1.7%
Q4 FY2544,819−3.1%1,501+13.5%3.3%
Q1 FY2643,147+0.5%2,209+154.8%5.1%
Q2 FY2645,152+13.8%1,646+307.4%3.6%
Q3 FY2645,991+11.1%2,410+235.2%5.2%
Q4 FY2651,180+14.2%19,243+1182.0%37.6%
Q1 FY2747,364+9.8%4,696+112.6%9.9%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹1,89,687 crTTM
EBITDA
₹33,250 crTTM
EBIT
₹24,049 crTTM
PBT
₹32,811 crTTM
Net profit
₹27,995 crTTM

C. Corporate actions

7 Jul 2026DividendFinal Dividend - Rs. - 7.1000 — ₹7.10/share
8 Jul 2025DividendFinal Dividend - Rs. - 2.8000 — ₹2.80/share
9 Jul 2024DividendFinal Dividend - Rs. - 7.3000 — ₹7.30/share
11 Jul 2023DividendFinal Dividend - Rs. - 3.4000 — ₹3.40/share
4 Jul 2022DividendFinal Dividend - Rs. - 17.3500 — ₹17.35/share
5 Jul 2021DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
6 Jul 2020DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
8 Jul 2019DividendDividend - Rs. - 4.1000 — ₹4.10/share
6 Jul 2018DividendDividend - Rs. - 3.2000 — ₹3.20/share
12 Jun 2017DividendDividend - Rs. - 2.2500 — ₹2.25/share
4 Jan 2017Stock splitStock Split From Rs.10/- to Rs.1/- — 10:1
4 Jul 2016DividendDividend - Rs. - 7.5000 — ₹7.50/share
6 Jul 2015DividendDividend - Rs. - 11.0000 — ₹11.00/share
7 Jul 2014DividendDividend - Rs. - 11.0000 — ₹11.00/share
15 Jul 2013DividendDividend - Rs. - 10.0000 — ₹10.00/share
12 Jul 2012DividendDividend - Rs. - 7.5000 — ₹7.50/share
11 Jul 2011DividendDividend - Rs. - 12.2500 — ₹12.25/share
14 Jun 2010DividendDividend - Rs. - 9.5000 — ₹9.50/share
29 Jun 2009DividendDividend - Rs. - 1.0000 — ₹1.00/share
21 May 2008DividendDividend - Rs. - 14.0000 — ₹14.00/share
21 Feb 2005DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
21 Feb 2005Scheme of arrangementScheme of Arrangement
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
0%5%10%15%20%25%30%16.8%13.7%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 27.3% is well above the iron and steel median of 9.0%.

Rule ROE_ABOVE_PEER_MEDIAN

EBITDA margin now
16.8%
5-year range
11.8–27.7%
ROE FY2026
27.3%
ROCE FY2026
11.3%

ROE rose from 4.3% to 27.3%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹29,725) — the operating return moved less than this.

EBITDA margin improved from 14.0% to 16.8% of revenue.

EBITDA margin has ranged from 11.8% to 27.7% over 4 years and sits at 16.8% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr06713320069kFY2267kFY2380kFY2482kFY251.05LFY26
Net worth (shareholders' funds)
Watch

Cash conversion (CFO ÷ profit) has averaged 2.77× over the last 3 profit-making years versus 3.44× before that.

Rule CASH_CONVERSION_DETERIORATING

Operating cash flow vs net profit₹ crore · FY22–FY26
0k10k20k30k26k21kFY2223k4kFY2312k9kFY2421k3kFY2525k26kFY26
Operating cash flowNet profit
Total debt
₹95,532 cr
Operating cash flow ÷ net profit
0.99×FY2026
Free cash flow
₹10,610 cr
Current ratio
1.49×

Operating cash flow has matched or exceeded reported profit in 4 of the last 5 profit-making years (latest 0.99×).

Free cash flow has been positive in 4 of the last 5 years.

Operating profit covers interest only 2.36× (FY2026).

Debt-to-equity fell from 1.17× to 0.91× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 4 iron & steel (FY2026, consolidated).

Revenue growth

JSWSTEEL · 1st of 4 · set median 7.5%

JSWSTEEL9.9%SAIL8.1%JINDALSTEL7.0%TATASTEEL6.2%

EBITDA margin

JSWSTEEL · 2nd of 4 · set median 16.1%

JINDALSTEL18.8%JSWSTEEL16.8%TATASTEEL15.4%SAIL11.6%

Return on equity

JSWSTEEL · 1st of 4 · set median 9.0%

JSWSTEEL27.3%TATASTEEL11.2%JINDALSTEL6.8%SAIL5.7%

P/E ratio

JSWSTEEL · 1st of 4 · set median 18.3×

JSWSTEEL10.7×SAIL16.8×TATASTEEL19.8×JINDALSTEL41.3×
Context

Trades at 10.72× earnings — 42% below the iron and steel median of 18.33×.

Rule PE_BELOW_PEERS

P / E
10.7×TTM to Jun 26
P / B
2.8×latest book
P / S
1.6×TTM sales
Earnings yield
9.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 11.8× · P/S 1.6× · ROE 27.3%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k₹1,2302020202120222023202420252026
Watch

Over 4 years the stock returned 16.4% a year while profit compounded at 5.1% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate
Net profit5.1%/yrShare price16.4%/yr
1-year return
+7.3%
3-year return
+57.8%
5-year return
+82.4%
From 52-wk high
−8.3%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹1,286
vs 200-day avg
Below₹1,234
RSI (14)
36.7neutral
MACD histogram
-5.5
From 52-wk high
−8.3%
From 52-wk low
+14.0%
30-day volatility
21.6%ann.
6-month return
+8.5%
RSI (14) · 0–10036.7 — neutral
0305070100OVERSOLDOVERBOUGHT36.7
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Cash conversion trending down
    Cash conversion (CFO ÷ profit) has averaged 2.77× over the last 3 profit-making years versus 3.44× before that.
    CASH_CONVERSION_DETERIORATING · conviction 64
  • Watch
    Volatile earnings
    Profit has swung sharply over 4 years (from ₹3,491 to ₹25,508) — one year is a weak guide to the earnings power.
    EARNINGS_VOLATILE · conviction 61
  • Watch
    Stock has run ahead of the business
    Over 4 years the stock returned 16.4% a year while profit compounded at 5.1% a year.
    STOCK_RAN_AHEAD · conviction 55
  • Watch
    Returns improving
    ROE rose from 4.3% to 27.3%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹29,725) — the operating return moved less than this.
    ROE_IMPROVED_YOY · conviction 49
  • Watch
    Reported profit carries a one-off
    FY2026 pre-tax profit includes a ₹17,359 exceptional gain (58.4% of PBT) — the underlying trend differs from the reported number.
    PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
  • Watch
    Profit growing
    Reported net profit grew 630.7% (FY2025 → FY2026), but pre-tax profit was ₹29,725 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
    PROFIT_GREW_YOY · conviction 47
  • Concern
    Thin interest cover
    Operating profit covers interest only 2.36× (FY2026).
    INTEREST_COVER_LOW · conviction 41
  • Watch
    Unusual tax rate
    Effective tax rate of 12.6% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
    EFFECTIVE_TAX_UNUSUAL · conviction 38
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue1,46,3711,65,9601,75,0061,68,8241,85,470
Total income1,47,9021,66,9901,76,0101,69,5181,86,718
EBITDA40,53819,57729,24023,59831,069
Profit before tax28,8285,79213,5525,38829,725
Net profit20,9384,1398,9733,49125,508
EPS (₹)86.017.336.314.491.4
Net worth68,53567,03979,77681,6661,05,475
Total debt69,97578,57285,57595,95795,532
Operating cash flow26,27023,32312,07820,89925,152
Free cash flow16,2229,034−3,4698,26410,610
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—13.45.5-3.59.9
Profit growth YoY—-80.2116.8-61.1630.7
Profitability
EBITDA margin %27.711.816.714.016.8
Net margin %14.22.55.12.113.7
Return on equity %30.66.112.24.327.3
Return on capital %24.98.513.68.311.3
Leverage & cash
Debt to equity1.021.171.071.170.91
Cash flow ÷ profit1.255.631.355.990.99
Current ratio1.140.970.981.171.49
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.