Mines iron ore and manganese ore, makes steel through its Arjas Steel subsidiary, and produces ferroalloys and coke. Steel is the largest revenue segment at 59.0% of FY26 segment revenue, contributing ₹3,141.09 crore against an EBIT of ₹202.33 crore after consolidation of Arjas Steel acquired in November 2024. The Mining segment, at 31.1% of segment revenue, generated ₹1,656.66 crore but contributed the bulk of segment profit with an EBIT of ₹862.74 crore. Ferroalloys (7.1% of segment revenue) and Coke and energy (2.7%) are smaller lines. Materials are the biggest cost line at 40.2% of revenue, followed by other operating expenses at 28.2%. The company became standalone net debt-free in March 2026 after prepaying ₹423 crore of NCDs ahead of maturity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (59%), Mining (31%), Ferroalloys (7%), Coke and energy (3%). Cyclical, vertically integrated from iron and manganese ore mining to steel manufacturing
| ₹ crore · consolidated | FY19 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 702 | 2,126 | 1,252 | 3,135 | 5,088 |
| EBITDA (ex other income) | 224 | 392 | 320 | 785 | 1,177 |
| margin % | 31.9 | 18.5 | 25.6 | 25.0 | 23.1 |
| Owners' profit | 146 | 0 | 239 | 470 | 657 |
| EPS, as reported (₹) | 167.42 | 101.23 | 14.78 | 29.02 | 13.51 |
| ROE % · ROCE % | 20.9 · 32.4 | 14.0 · 18.3 | 11.1 · 15.0 | 17.9 · 18.1 | 20.1 · 26.2 |
| Debt / equity (x) | 0.00 | 0.11 | 0.06 | 0.72 | 0.30 |
| Cash from operations | — | 142 | 153 | 841 | 1,143 |
| Capex | — | (187) | (103) | (88) | (155) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260 | 952 | 1,321 | 1,135 | 1,232 | 1,209 | 1,511 | 1,375 |
| Profit before tax | 43 | 180 | 204 | 209 | 175 | 147 | 297 | 281 |
| Net profit | 32 | 137 | 157 | 167 | 139 | 116 | 236 | 228 |
| EPS (₹) | 1.98 | 8.48 | 9.64 | 10.28 | 2.85 | 2.38 | 4.85 | 4.67 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mining | 1,657 | 31.1 |
| Ferroalloys | 377 | 7.1 |
| Coke and energy | 142 | 2.7 |
| Steel | 3,141 | 59.0 |
| Unallocable | 3 | 0.1 |
| Total, before eliminations | 5,320 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,08,660 | 12.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Subsidiary gets Rs 12 lakh customs penalty; no material impact claimed | regulatory legal | high | — | — |
| 28 Aug 2026 · Sandur Manganese renames two material subsidiaries | business updates | medium | — | — |
| 21 Aug 2026 · All 8 resolutions pass at 72nd AGM; Rs 0.50 dividend and director appointments approved | board shareholder meetings | low | — | — |
| 21 Aug 2026 · SMIORE incorporates Royal Sandur Hospitality as wholly owned subsidiary | strategic transactions | medium | — | — |
| 19 Aug 2026 · Sandur Manganese 72nd AGM: record production, net debt free, dividend | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Sandur Manganese sets up wholly owned subsidiary in education sector | strategic transactions | low | — | — |
| 11 Aug 2026 · Special window for physical shares dematerialisation - newspaper notice | compliance | minimal | — | — |
| 7 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 6 Aug 2026 · SMIORE Q1FY27 Investor Presentation: Mining Volumes Strong, Margins Improve | investor communications | medium | — | — |
| 6 Aug 2026 · Board approves two new wholly owned subsidiaries for Sandur Manganese | strategic transactions | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 2.93 |
| 7.5 |
| 24.2 |
| 14.8 |
| 18.4 |
| 21.3 |
| TATA STEEL LIMITED | 2,28,494 | 20.7 | 2.20 | 9.0 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,14,044 | 41.9 | 2.20 | 14.7 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 73,936 | 17.3 | 1.23 | 8.7 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 62,273 | 19.2 | 3.13 | 11.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 18,448 | 16.3 | 2.47 | 10.3 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 12,824 | 141.2 | 0.97 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L ◆ | 9,255 | 12.9 | 2.83 | 8.2 | 20.1 | 20.9 | — | 26.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.9 | 16.3 | 4 of 11 | 70% |
| P/B | 2.8 | 2.2 | 9 of 11 | 20% |
| ROCE | 20.9 | 8.1 | 2 of 11 | 90% |
| ROE | 20.1 | 10.5 | 3 of 11 | 80% |
| Debt / Equity | 0.3 | 0.4 | 3 of 11 | 80% |
| EBITDA margin | 26.1 | 15.1 | 2 of 11 | 90% |
| Revenue growth | 21.1 | 9.8 | 2 of 11 | 90% |
| Profit growth | 36.4 | 18.8 | 5 of 11 | 60% |
| Market cap | 9255 | 18448 | 8 of 11 | 30% |
| 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 |
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.
