JSW HOLDINGS LIMITED — valuation model

JSW HOLDINGS LIMITEDJSWHLFinance

₹-12,424per share · Base Model Note

The horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Inputslive

Template

JSW HOLDINGS LIMITED is a lender: the loans it makes run through its cash flow, so free cash flow to the firm does not measure it. It is valued on the excess-return template: book equity earning your ROE over the cost of equity.

Explicit years, then flat

Excess returns are projected to FY31; after that they grow flat at the terminal rate.

These inputs are part of the Trader plan; on your plan they stay at the figures shown. See plans

Book equity today

0FY26 filed 33,01133,100

Return on equity

0FY26 as filed40

Dividend payout

0FY26 as filed100

Book equity earns your ROE; what is not paid out compounds the book.

Value per share, your model₹(12,424)implied P/B (0.42)× on FY26 book

Against CMP ₹11,209.00−210.8%close of 28 Oct 2026

Cost of equity12.46%risk-free + beta × equity risk premium

Book equity, FY26₹29,745per share · excess returns add ₹(42,169)

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity

₹ crore	FY27	FY28	FY29	FY30	FY31
Opening book equity	33,011	33,143	33,276	33,409	33,542
Net income at 0.4% ROE	132	133	133	134	134
Cost of equity charge at 12.46%	(4,114)	(4,131)	(4,147)	(4,164)	(4,180)
Excess return	(3,982)	(3,998)	(4,014)	(4,030)	(4,046)
Present value	(3,755)	(3,352)	(2,993)	(2,672)	(2,385)
Closing book equity	33,143	33,276	33,409	33,542	33,677

Book equity today	33,011
PV of 5 years of excess return	(15,157)
PV of the terminal excess return, 5% flat	(31,643)
add non-operating investments	0
Equity value	(13,788)
÷ 1.11 crore shares	₹(12,424)

ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.

Where the methods land · ₹ per share · the dashed line is the CMP

52-week rangetraded range, a fact not a value

₹10,530₹22,790

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	Excess return	ROE 0.4%	—	12.46%	5%	₹(12,424)	(210.8)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.