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Swing Capital

JSW Steel Ltd

NSE: JSWSTEEL BSE: 500228Metal

JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products.[1] It is the flagship business of the diversified, US$ 23 billion JSW Group.The Group has interests in energy, infrastructure, cement, paints, sports, and venture capital.[2]

₹1,297
52W: ₹962 — ₹1320
PE 46.4 · Book ₹350 · +271% vs book
Market Cap₹3,17,078 Cr
Stock P/E46.4Price to Earnings
ROCE10.4%Return on Capital
ROE8.27%Return on Equity
Div. Yield0.22%Face Value ₹1

Weaknesses

  • −Stock is trading at 3.65 times its book value
  • −Company has a low return on equity of 9.52% over last 3 years.
  • −Dividend payout has been low at 14.1% of profits over last 3 years

Shareholding Pattern

Promoters45.31%
FIIs25.38%
DIIs11.16%
Public17.47%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.81%44.84%▲0.044.85%▲0.044.84%▼0.045.31%▲0.545.31%45.31%45.31%
FIIs25.52%25.66%▲0.125.59%▼0.125.78%▲0.225.42%▼0.425.56%▲0.125.38%▼0.225.38%
DIIs10.52%10.53%▲0.010.59%▲0.110.52%▼0.110.93%▲0.410.87%▼0.111.06%▲0.211.16%▲0.1
Public18.3%18.22%▼0.118.24%▲0.018.16%▼0.117.59%▼0.617.62%▲0.017.56%▼0.117.47%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales33,31035,34132,65430,77831,79932,47131,61332,85932,12736,248
Expenses27,53130,89928,37926,13727,40227,40326,02827,95228,00630,670
Operating Profit5,7794,4424,2754,6414,3975,0685,5854,9074,1215,578
OPM %17%13%13%15%14%16%18%15%13%15%
Net Profit2,4161,0071,2051,2991,2862,0472,1781,4937572,094
EPS ₹9.884.124.935.315.268.378.916.113.18.56

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,32,847Cr, up 4% YoY. OPM at 15%.

Debt Position

Borrowings at ₹70,809Cr. Debt-to-equity ratio: 0.83x. Moderate leverage.

Capex Cycle

CWIP at ₹13,878Cr (17% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.16% (+1.57pp change). FIIs: 25.38% (-0.60pp change). Promoters hold 45.31%.

Margin & Efficiency

ROCE declining from 12% (Mar 2015) to 10% (Mar 2026). Working capital days: -15.

Valuation

PE 46.4x with 10.4% ROCE. Price is 271% above book value of ₹350. Dividend yield: 0.22%.

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