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JSW Steel (JSWSTEEL) INR

JSW Steel manufactures and sells a wide range of iron and steel products, including flat and long steel, coated sheets, and specialty steel, for industrial and construction use in India and internationally. It also engages in related trading, real estate, and production of steel-derived goods.

At a glance: strengths & risks
✓Revenue growing (+10% y/y, Q1 2026)✓Profit growing (+113% y/y, Q1 2026)✓Margins improving (18%→21%, Q1 2026)

Sector: Steel

IN_JSWSTEEL

Price chart

1 229.2 INRDay -2.83%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1 229.2 INR · -2.83%
Market cap
3005.9 bn INR

Growth

Δ revenue y/y
9.9%
Δ EBITDA y/y
23.9%

Multiples

P/E (LTM)
12.1x
3y avg: 36.7x
P/B (FY)
3.0x
P/E (ann.)
16.2x
EV/EBITDA (LTM)
10.8x
3y avg: 12.6x
EV/EBITDA (ann.)
10.0x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
3.5%

Liquidity

Daily turnover (listing)
1.3 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL466.6
y/y 9.9%
72.5
y/y 43.8%
21.4
y/y -15.8%
93.8
y/y 23.9%
46.5
y/y 113.0%
———
y/y —
1054.8
y/y 29.2%
18.1%≈ 760.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK492.1
y/y 15.6%
96.1
y/y 116.3%
38.3
y/y —
134.4
y/y —
163.7
y/y 989.2%
——2696.8
y/y 12.0%
1000.5
y/y 25.9%
24.1%760.6Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL452.2
y/y 9.3%
41.3
y/y 27.5%
23.6
y/y —
65.0
y/y —
21.4
y/y 198.3%
———
y/y —
851.5
y/y 4.1%
3.3%≈ 647.8Yahoo Finance
2025-09-30Q3 2025 (3M)OK451.5
y/y 13.8%
45.6
y/y 43.9%
8.8
y/y —
54.4
y/y —
16.2
y/y 269.7%
——2504.3
y/y 7.4%
851.5
y/y 4.1%
7.8%647.8stockanalysis.com
2025-06-30Q2 2025 (3M)PARTIAL424.6
y/y -1.1%
50.4
y/y 52.7%
25.4
y/y —
75.8
y/y —
21.8
y/y 158.5%
———
y/y —
816.7
y/y 2.4%
10.8%≈ 1053.8Yahoo Finance
2025-03-31Q1 2025 (3M)OK425.7
y/y —
44.4
y/y —
—
y/y 13.9%
—
y/y -18.1%
15.0
y/y —
——2407.4
y/y 5.5%
795.0
y/y 2.4%
4.3%1053.8Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL413.8
y/y -1.3%
32.4
y/y -36.7%
—
y/y —
—
y/y —
7.2
y/y -70.3%
———
y/y —
817.6
y/y 8.4%
1.2%≈ 672.6stockanalysis.com
2024-09-30Q3 2024 (3M)OK396.8
y/y -11.0%
31.7
y/y -46.0%
—
y/y —
—
y/y —
4.4
y/y -84.1%
——2331.7
y/y 8.0%
817.6
y/y 8.4%
2.2%672.6stockanalysis.com
2024-06-30Q2 2024 (3M)PARTIAL429.4
y/y —
33.0
y/y —
—
y/y —
—
y/y —
8.4
y/y —
———
y/y —
797.8
y/y —
4.3%≈ 977.4stockanalysis.com
2024-03-31FY 2024 (12M)OK—
y/y 5.5%
—
y/y 55.8%
—
y/y 9.3%
—
y/y 38.9%
—
y/y 112.6%
——2282.0
y/y 8.1%
776.7
y/y 18.2%
11.5%977.4Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL419.4
y/y —
51.2
y/y —
—
y/y —
—
y/y —
24.1
y/y —
———
y/y —
754.0
y/y —
4.3%≈ 472.0stockanalysis.com
2023-09-30Q3 2023 (3M)OK445.8
y/y —
58.7
y/y —
—
y/y —
—
y/y —
27.6
y/y —
——2159.4
y/y —
754.0
y/y —
15.6%472.0stockanalysis.com
2023-03-31FY 2023 (12M)OK1636.5
y/y —
131.6
y/y —
74.7
y/y —
206.3
y/y —
41.4
y/y —
233.2-147.82110.8
y/y —
657.0
y/y —
—891.7Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0100 000200 000300 000400 000500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

0250 000500 000750 0001 000 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.37x of reported net profit; after capex, 0.78x.
year20222023202420252026
cash flow / profit1.27x5.63x1.37x5.96x1.13x
accruals, % of assets—-9.1%-1.4%-7.2%-1.1%
net debt / EBITDA 2.3x · capex 1.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +9% vs -3% the year before — a +12.8 pp move. 3-year CAGR +4%.
revenue growth by year: 2024 +5% · 2025 -3% · 2026 +9%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Steel. Each peer is shown as it trades and re-priced onto this company's market (India) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia24.18.4x8.4x
NLMKRussia6.12.4x11.0x
MMKRussia3.42.6x11.8x
Gerdauglobal10.06.8x14.4x
POSCO HoldingsKorea18.67.6x15.7x
SeverstalRussia7.66.3x29.0x
Steel Dynamicsglobal35.214.3x30.4x
Nucor Corporationglobal59.115.5x33.0x
RusalRussia5.510.6x49.4x
TMK (pipe)Russia0.915.9x73.8x
Cleveland-Cliffsglobal6.650.8x108.1x
Group median8.4x29.0x
Group average12.8x35.0x
This companyIndia31.710.8x10.8x

Group median 8.4x as traded, 29.0x adjusted; this company 10.8x — a 63% discount.

Group average 12.8x as traded, 35.0x adjusted; against the average this company is at a 69% discount.

At the adjusted group median the market cap would be +210% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-077.1 INREx-dividend: 7.1 INR per sharePaidYahoo Finance (ex-div)
2025-07-082.8 INREx-dividend: 2.8 INR per sharePaidYahoo Finance (ex-div)
2024-07-097.3 INREx-dividend: 7.3 INR per sharePaidYahoo Finance (ex-div)
2023-07-113.4 INREx-dividend: 3.4 INR per sharePaidYahoo Finance (ex-div)
2022-07-0417.35 INREx-dividend: 17.35 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of JSW Steel (JSWSTEEL) — from primary filings.

Frequently asked questions

What is JSW Steel (JSWSTEEL)'s P/E ratio?
JSW Steel (JSWSTEEL) trades at a P/E of 12.1x (price to trailing 12-month earnings).
What is JSW Steel (JSWSTEEL)'s EV/EBITDA?
JSW Steel (JSWSTEEL) trades at 10.8x EV/EBITDA.
What is JSW Steel (JSWSTEEL)'s P/B ratio?
JSW Steel (JSWSTEEL) trades at a P/B of 3.0x.
What is JSW Steel (JSWSTEEL)'s dividend yield?
JSW Steel (JSWSTEEL)'s trailing 12-month dividend yield is 0.6%.
What is JSW Steel (JSWSTEEL)'s return on equity (ROE)?
JSW Steel (JSWSTEEL)'s ROE is 18.1%.
What is JSW Steel (JSWSTEEL)'s market capitalization?
JSW Steel (JSWSTEEL)'s market cap is 3005.9 bn INR.

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