NSE: JSWHL · BSE: 532642
JSW HOLDINGS LIMITED
Acts as a Core Investment Company (CIC) within the JSW Group, holding equity in group firms and extending loans to them. In FY26, standalone revenue of Rs 179.45 crore came from interest income of Rs 11,971.03 lakh and dividend income of Rs 5,193.76 lakh. The 25th AGM agenda for August 6, 2026 includes shareholder approval to extend loans up to Rs 2,000 crore to six JSW Group related parties and to pledge up to 10 crore JSW Steel shares as security for related-party borrowings. The operating set-up is minimal — 3 permanent employees per the FY26 BRSR filing — so employee cost at 5.8% of revenue and other opex at 2.0% of revenue are the only material cost lines, leaving an EBITDA margin of 90.82%. Net worth of Rs 3,198 crore sits against total assets of Rs 37,202.63 crore, reflecting the carrying value of its group-firm investments. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income, Dividend income. Asset-heavy holding and investment company; concentration risk tied entirely to JSW Group firms
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 186 | 407 | 170 | 248 | 179 |
| EBITDA (ex other income) | 180 | 401 | 157 | 234 | 163 |
| margin % | 96.9 | 98.5 | 92.9 | 94.3 | 90.8 |
| Owners' profit | 152 | 0 | 156 | 196 | 147 |
| EPS, as reported (₹) | 136.66 | 298.72 | 140.18 | 176.45 | 132.14 |
| ROE % · ROCE % | 0.8 · — | 1.7 · — | 0.6 · — | 0.6 · — | 0.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 130 | 278 | 30 | 169 | 140 |
| Capex | 0 | 0 | 0 | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 162 | 29 | 29 | 30 | 84 | 33 | 33 | 35 |
| Profit before tax | 158 | 26 | 26 | 26 | 80 | 26 | 30 | 29 |
| Net profit | 118 | 14 | 10 | 34 | 67 | 32 | 14 | 25 |
| EPS (₹) | 107.80 | 12.51 | 8.76 | 30.47 | 60.52 | 28.94 | 12.21 | 22.11 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED ◆ | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 90.6 | 19.9 | 47 of 51 | 8% |
| P/B | 0.4 | 0.6 | 24 of 63 | 63% |
| ROE | 0.4 | 1.3 | 43 of 65 | 34% |
| EBITDA margin | 84.0 | 61.6 | 23 of 62 | 64% |
| Revenue growth | 15.0 | 13.6 | 28 of 56 | 51% |
| Profit growth | (27.4) | 10.7 | 43 of 66 | 35% |
| Market cap | 12440 | 273 | 8 of 68 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · JSW Holdings board meeting on Oct 29 to consider Q2 FY27 results | results | low | — | — |
| 13 Oct 2026 · Reg 74(5) certificate for Q2 FY27 submitted to exchanges | compliance | minimal | — | — |
| 12 Oct 2026 · JSW Holdings: No material info behind share volume spike | compliance | minimal | — | — |
| 12 Oct 2026 · BSE seeks clarification from JSW Holdings on volume movement | compliance | low | — | — |
| 9 Oct 2026 · JSW Holdings says no material info behind sudden volume surge | regulatory legal | medium | — | — |
| 9 Oct 2026 · NSE seeks clarification from JSW Holdings on unusual trading volume | regulatory legal | medium | — | — |
| 1 Oct 2026 · JSW Holdings clarifies on unusual rise in trading volume | regulatory legal | medium | — | — |
| 30 Sept 2026 · NSE flags unusual trading volume; awaits company response | regulatory legal | medium | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · JSW Holdings clarifies no material info behind trading volume surge | regulatory legal | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.