NSE: JSWSTEEL · BSE: 500228
JSW STEEL LIMITED
Manufactures crude steel in India and the United States, with Indian operations accounting for the bulk of output. As of FY26 it is India's largest steel producer by capacity, with stated targets to grow further. FY26 consolidated revenue was Rs 1,85,470 crore with an EBITDA margin of 26.1%. In Q1 FY27 consolidated PAT was Rs 4,696 crore. Cost structure is dominated by raw materials, principally iron ore and coking coal, consuming 47.9% of revenue, while other operating expenses take 29.0% and depreciation 5.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Indian steel operations, US steel operations in Ohio. Asset-heavy, cyclical steel manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,46,371 | 1,65,960 | 1,75,006 | 1,68,824 | 1,85,470 |
| EBITDA (ex other income) | 38,266 | 19,138 | 28,825 | 22,415 | 47,180 |
| margin % | 26.1 | 11.5 | 16.5 | 13.3 | 25.4 |
| Owners' profit | 20,665 | 4,144 | 8,812 | 3,504 | 22,316 |
| EPS, as reported (₹) | 85.96 | 17.25 | 36.34 | 14.36 | 91.43 |
| ROE % · ROCE % | 30.6 · 24.3 | 6.2 · 9.0 | 11.2 · 13.4 | 4.3 · 7.7 | 24.2 · 19.4 |
| Debt / equity (x) | 1.02 | 1.17 | 1.07 | 1.18 | 0.91 |
| Cash from operations | 26,270 | 23,323 | 12,078 | 20,899 | 25,152 |
| Capex | (10,091) | (14,324) | (15,801) | (12,694) | (14,654) |
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 | 39,684 | 41,378 | 44,819 | 43,147 | 45,152 | 45,991 | 51,180 | 47,364 |
| Profit before tax | 851 | 1,172 | 1,973 | 3,172 | 2,432 | 1,574 | 22,547 | 6,258 |
| Net profit | 404 | 719 | 1,501 | 2,209 | 1,646 | 2,410 | 19,243 | 4,696 |
| EPS (₹) | 1.80 | 2.94 | 6.15 | 8.95 | 6.66 | 8.76 | 67.07 | 19.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED ◆ | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.2 | 14.2 | 5 of 11 | 60% |
| P/B | 2.9 | 2.0 | 11 of 11 | 0% |
| ROCE | 14.8 | 8.1 | 4 of 11 | 70% |
| ROE | 24.2 | 10.5 | 2 of 11 | 90% |
| Debt / Equity | 0.9 | 0.4 | 10 of 11 | 10% |
| EBITDA margin | 21.3 | 15.1 | 3 of 11 | 80% |
| Revenue growth | 9.8 | 9.8 | 6 of 11 | 50% |
| Profit growth | 112.6 | 18.8 | 2 of 11 | 90% |
| Market cap | 302853 | 16029 | 1 of 11 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · JSW Steel Q2 profit jumps as revenue rises 21 percent year on year | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 31% on record sales and lower debt | investor communications | medium | — | — |
| 23 Oct 2026 · JSW Steel approves 5 MTPA Sambalpur expansion and UAE subsidiary | strategic transactions | medium | — | — |
| 23 Oct 2026 · JSW Steel approves 5 MTPA Sambalpur expansion and UAE subsidiary | capex operations | high | — | — |
| 23 Oct 2026 · JSW Steel approves 5 million tonne Sambalpur expansion and UAE unit | capex operations | high | — | — |
| 23 Oct 2026 · Q2 revenue rises 20.7%; standalone profit rises 40.5%, comparatives restated | results | high | — | — |
| 18 Oct 2026 · JSW Steel gets court relief in Jajang iron ore mine demand cases | compliance | minimal | — | — |
| 17 Oct 2026 · NCLT sanctions Piombino Steel merger with JSW Steel | strategic transactions | high | — | — |
| 12 Oct 2026 · Compliance certificate for quarter ended September 30, 2026 filed with exchanges | compliance | minimal | — | — |
| 9 Oct 2026 · JSW Steel to host Q2 FY27 analyst call on October 23 after board meeting | board shareholder meetings | 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.