JSWSTEEL

JSW Steel Limited

India's largest steelmaker by capacity — mining through value-added products, plus US and Italy

Commodities›Metals & Mining›Ferrous Metals›Iron & Steel

jsw.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1216.30
Market cap
2,96,956 Cr
Stock P/E
12.0
P/B
2.97
Dividend yield
0.2%
ROE (FY26)
21.2%
ROCE (FY26)
19.1%
Operating margin (FY26)
10.9%
Debt / equity (FY26)
0.95
OCF / EBITDA (FY26)
84.3%
OCF / EBITDA (3Y)
71.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

JSW Steel makes flat and long steel products, from hot rolled coils to plates and pipes, for customers in infrastructure, construction, automotive, industrial and electrical uses, with plants in India and subsidiaries in the US and Italy.

Company snapshot

1stBy market cap

Ranked among 13 companies in Iron & Steel.

What we see

Positives
  • ✓Return on equity of 21.2% — the company generates strong returns on shareholders' money.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales44,584 Cr41,940 Cr46,269 Cr42,943 Cr39,684 Cr41,378 Cr44,819 Cr43,147 Cr45,152 Cr45,991 Cr51,180 Cr47,364 Cr
Operating expenses (approx.)36,698 Cr34,760 Cr40,145 Cr37,433 Cr34,247 Cr35,799 Cr38,441 Cr35,571 Cr38,037 Cr39,495 Cr42,546 Cr37,981 Cr
EBITDA7,886 Cr7,180 Cr6,124 Cr5,510 Cr5,437 Cr5,579 Cr6,378 Cr7,576 Cr7,115 Cr6,496 Cr8,634 Cr9,383 Cr
OPM %17.7%17.1%13.2%12.8%13.7%13.5%14.2%17.6%15.8%14.1%16.9%19.8%
Other income237 Cr194 Cr242 Cr164 Cr153 Cr147 Cr230 Cr350 Cr284 Cr273 Cr341 Cr724 Cr
Interest2,084 Cr1,996 Cr2,062 Cr2,073 Cr2,130 Cr2,115 Cr2,094 Cr2,217 Cr2,413 Cr2,304 Cr2,168 Cr1,712 Cr
Depreciation2,019 Cr2,059 Cr2,194 Cr2,209 Cr2,267 Cr2,336 Cr2,497 Cr2,537 Cr2,554 Cr2,362 Cr2,148 Cr2,137 Cr
Profit before tax4,585 Cr3,303 Cr2,012 Cr1,380 Cr789 Cr1,178 Cr1,730 Cr3,072 Cr2,344 Cr1,457 Cr22,377 Cr6,160 Cr
Tax %39.5%25.8%34.3%37.2%48.8%39.0%13.2%28.1%29.8%-65.4%14.0%23.8%
Net profit2,773 Cr2,450 Cr1,322 Cr867 Cr404 Cr719 Cr1,501 Cr2,209 Cr1,646 Cr2,410 Cr19,243 Cr4,696 Cr
EPS (₹)₹11.38₹9.92₹5.33₹3.47₹1.80₹2.94₹6.15₹8.95₹6.66₹8.76₹67.07₹19.05

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales60,536 Cr71,503 Cr84,757 Cr73,326 Cr79,839 Cr1,46,371 Cr1,65,960 Cr1,75,006 Cr1,68,824 Cr1,85,470 CrSign in free for the trailing twelve months
Operating expenses (approx.)48,362 Cr56,709 Cr65,805 Cr61,453 Cr59,698 Cr1,07,364 Cr1,47,413 Cr1,46,770 Cr1,45,920 Cr1,55,649 CrSign in free for the trailing twelve months
EBITDA12,174 Cr14,794 Cr18,952 Cr11,873 Cr20,141 Cr39,007 Cr18,547 Cr28,236 Cr22,904 Cr29,821 CrSign in free for the trailing twelve months
OPM %20.1%20.7%22.4%16.2%25.2%26.6%11.2%16.1%13.6%16.1%Sign in free for the trailing twelve months
Other income152 Cr167 Cr204 Cr546 Cr592 Cr1,531 Cr1,030 Cr1,004 Cr694 Cr1,248 CrSign in free for the trailing twelve months
Interest3,768 Cr3,701 Cr3,917 Cr4,265 Cr3,957 Cr4,968 Cr6,902 Cr8,105 Cr8,412 Cr9,102 CrSign in free for the trailing twelve months
Depreciation3,430 Cr3,387 Cr4,041 Cr4,246 Cr4,679 Cr6,001 Cr7,474 Cr8,172 Cr9,309 Cr9,601 CrSign in free for the trailing twelve months
Profit before tax5,141 Cr7,651 Cr11,168 Cr3,013 Cr12,015 Cr29,745 Cr5,655 Cr13,380 Cr5,077 Cr29,250 CrSign in free for the trailing twelve months
Tax %32.6%20.1%32.6%-30.1%34.5%29.6%26.8%32.9%31.2%12.8%Sign in free for the trailing twelve months
Net profit3,467 Cr6,113 Cr7,524 Cr3,919 Cr7,873 Cr20,938 Cr4,139 Cr8,973 Cr3,491 Cr25,508 CrSign in free for the trailing twelve months
EPS (₹)₹14.66₹25.85₹31.77₹16.78₹32.91₹85.96₹17.25₹36.34₹14.36₹91.43Sign in free for the trailing twelve months
Dividend payout %————6.1%7.5%101.3%9.2%51.1%2.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital301 Cr302 Cr301 Cr301 Cr302 Cr301 Cr301 Cr305 Cr305 Cr305 Cr
Reserves22,346 Cr27,696 Cr34,494 Cr36,298 Cr46,462 Cr66,996 Cr65,394 Cr77,364 Cr79,191 Cr99,748 Cr
Borrowings37,297 Cr33,900 Cr35,989 Cr52,998 Cr51,730 Cr69,975 Cr78,572 Cr85,575 Cr95,957 Cr95,532 Cr
Other liabilities28,391 Cr30,584 Cr44,580 Cr42,798 Cr50,442 Cr57,975 Cr65,467 Cr62,847 Cr63,119 Cr68,669 Cr
Total liabilities88,089 Cr92,018 Cr1,14,914 Cr1,31,820 Cr1,48,317 Cr1,96,485 Cr2,11,078 Cr2,28,198 Cr2,40,742 Cr2,69,676 Cr
Fixed assets (net)57,786 Cr57,054 Cr61,604 Cr57,758 Cr58,857 Cr92,952 Cr97,699 Cr1,05,123 Cr1,16,814 Cr1,09,532 Cr
CWIP4,081 Cr5,629 Cr11,540 Cr26,857 Cr32,433 Cr16,756 Cr21,921 Cr29,216 Cr20,478 Cr21,892 Cr
Investments1,114 Cr1,109 Cr1,894 Cr1,259 Cr8,840 Cr5,120 Cr10,340 Cr7,386 Cr15,380 Cr10,284 Cr
Loans & advances——561 Cr742 Cr622 Cr759 Cr717 Cr4 Cr2 Cr90 Cr
Inventories11,395 Cr12,594 Cr14,548 Cr13,864 Cr14,249 Cr33,787 Cr33,135 Cr37,815 Cr34,956 Cr32,765 Cr
Trade receivables4,149 Cr4,704 Cr7,160 Cr4,505 Cr4,486 Cr7,457 Cr7,134 Cr7,548 Cr8,415 Cr11,260 Cr
Cash & bank917 Cr582 Cr5,581 Cr3,966 Cr11,943 Cr8,808 Cr15,424 Cr8,030 Cr11,655 Cr39,256 Cr
Other assets8,647 Cr10,346 Cr12,026 Cr22,869 Cr16,887 Cr30,846 Cr24,708 Cr33,076 Cr33,042 Cr44,597 Cr
Total assets88,089 Cr92,018 Cr1,14,914 Cr1,31,820 Cr1,48,317 Cr1,96,485 Cr2,11,078 Cr2,28,198 Cr2,40,742 Cr2,69,676 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity7,888 Cr12,379 Cr14,633 Cr12,785 Cr18,789 Cr26,270 Cr23,323 Cr12,078 Cr20,899 Cr25,152 Cr
Cash from investing-5,094 Cr-4,529 Cr-11,448 Cr-19,586 Cr-7,699 Cr-14,745 Cr-10,711 Cr-14,638 Cr-16,997 Cr18,602 Cr
Cash from financing-2,710 Cr-8,185 Cr1,753 Cr5,189 Cr-3,110 Cr-14,657 Cr-5,977 Cr-4,827 Cr-262 Cr-16,111 Cr
Net cash flow84 Cr-335 Cr4,938 Cr-1,612 Cr7,977 Cr-3,135 Cr6,616 Cr-7,394 Cr3,625 Cr27,601 Cr
Free cash flow (OCF − Capex)3,453 Cr7,643 Cr4,427 Cr-25 Cr9,531 Cr16,179 Cr8,999 Cr-3,723 Cr8,205 Cr10,498 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.9%18.5%21.4%8.2%16.3%25.1%8.6%13.0%7.6%19.1%
ROE %15.7%22.2%22.2%11.2%17.1%30.2%6.2%11.0%4.3%21.2%
Debtor days25243122201916161822
Inventory days139118122130159197128147144134
Days payable16315013516817018014713013460
Cash conversion cycle1-717-16935-4332896
OCF / EBITDA %64.8%83.7%77.2%107.7%93.3%67.3%125.8%42.8%91.2%84.3%
OCF / EBITDA % (3 years)——76.0%87.2%90.7%81.4%88.0%71.9%80.8%71.8%
Debt / equity1.661.231.051.471.121.041.201.101.210.95
Current ratio0.720.800.800.840.831.140.970.981.171.49
Net debt / EBITDA2.99—1.604.131.981.573.402.753.681.89