JSW Steel Limited (JSWSTEEL)
Large CapMetals stocks · Large cap · NSE
JSW Steel Limited is a major Indian steel producer with a focus on sustainable growth, cost leadership, and value-added products. The company is expanding its capacity, leveraging joint ventures, and undergoing digital transformation to serve India's growing steel demand and enhance its financial profile.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +10% YoY · PAT +113% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹47,364 Cr | +9.8% | -7.5% |
| EBITDA | ₹9,285 Cr | +24.2% | +9.7% |
| Operating margin | 20.0% | +300 bps | +300 bps |
| PAT | ₹4,696 Cr | +112.6% | -75.6% |
| PAT margin | 9.9% | +479 bps | -2769 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 sees consolidated crude steel production up 3% YoY, sales up 4% YoY, and India capacity utilization at 94%. Significant deleveraging post JSW JFE JV improves Net Debt/EBITDA to 1.46x and Net Debt/Equity to 0.42x.
The company demonstrates strong operational performance with high capacity utilization and growth in key segments like Flats and VASP. Strategic deleveraging through the JSW JFE JV has significantly strengthened the balance sheet, aligning with stated financial targets. Project execution and ramp-up of new capacities are critical for future growth.
Domestic Sales by Customer Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
India's Steel Demand Growth
India is in a 'Nation-Building Phase' with a long runway of steel demand growth outpacing Real GDP Growth.
Value-Added and Special Products (VASP)
VASP sales up 8% YoY, comprising 61% of total sales. Record Q1 sales to Auto (+18%) and Renewables (+24%) YoY.
JSW JFE Steel Ltd. Joint Venture
JV transaction completed with JFE's second tranche investment. Plan to expand to 10mtpa by 2030, potential to 15mtpa.
JSW One Digital Marketplace
GMV of ₹5,919 crore in Q1 FY27, YoY growth of 51%. Steel volumes up 36% YoY, Credit up 49% YoY.
Vijayanagar BF-3 Upgradation & Expansion
Expanded from 3.0mtpa to 4.5mtpa, commissioned in June 2026 and ramping up well.
Dolvi Phase-III Expansion
Expansion from 10mtpa to 15mtpa, scheduled to be commissioned by Sep'27.
JSW Utkal Greenfield Project
5mtpa project with two 8mtpa Pellet Plants by FY28, and 5mtpa Blast Furnace, 6mtpa SMS, 6mtpa HSM-2 by FY30.
JVML Vijayanagar Phase-II Expansion
5mtpa expansion, equipment ordering in progress, to be commissioned by FY30.
Strong Domestic Demand
India remains the fastest growing major economy. RBI's FY27 GDP growth projection at 6.6%.
Auto Industry Growth
Strong growth momentum in Auto industry continues with double-digit growth in domestic PV and CV sales.
Public Capex Outlook
Healthy public capex outlook with continued traction in Commercial RE, Energy, Data Centres, Defence, Maritime.
Deleveraging and Credit Rating Upgrades
Deleveraging of ~₹37,000 crore completed. Fitch upgraded from BB to BB+ (Positive Outlook), CARE from AA to AA+.
Higher Imports
Higher imports pushed India back into net importer status in Q1 FY27.
Geopolitical Uncertainties
Global growth outlook stable, but geopolitical uncertainties remain. War impact moderated but re-emerging risks are a monitorable.
Elevated Raw Material Prices
Raw material prices continue to remain elevated (Iron Ore 62% Fe, HCC Premium LV FOB Aus., HCC CFR China).
Rural Demand Risk
Below-normal monsoon is a key risk to rural demand, despite healthy Rabi output.
Fluctuations in Earnings
Future growth prospects involve risks and uncertainties that could cause actual results to differ materially.
Intense Competition
Intense competition within the Steel industry, including factors affecting cost advantage.
Project Execution and Cost Overruns
Time and cost overruns on fixed-price, fixed-time frame contracts and ability to commission mines within contemplated time and costs.
Reduced Demand for Steel
Risk of reduced demand for steel, impacting financial performance.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial due to the de-consolidation of BPSL and the presentation of FY26 on a Proforma basis for comparability. QoQ is also relevant for assessing sequential momentum, utilization ramp-up post BF-3 commissioning, and changes in input costs and realizations in the Metals sector.
Consolidated Crude Steel Production
6.59mt in Q1 FY27, up 3% YoY and 2% QoQ. Excl. BF-3, production was up 15%.
Consolidated Steel Sales
6.25mt in Q1 FY27, up 4% YoY but down 12% QoQ. Flats sales up 9% YoY, VASP sales up 8% YoY.
India Capacity Utilisation
94% in Q1 FY27 (excl. Vijayanagar BF-3 under shutdown) vs. 88% in Q1 FY26.
Adjusted EBITDA
₹9,373 crore in Q1 FY27, up from ₹7,106 crore in Q1 FY26 PF and ₹8,643 crore in Q4 FY26 PF.
Capacity Targets
Maintain FY31 India target of 50mtpa (+JVs). Target of 62mtpa (+JVs) by FY32, delivering 13% CAGR of total capacity.
VASP Sales Share
Maintain >50% share of VASP in total sales, underpinned by raw material security and strong balance sheet.
FY27 Capex Expectation
Capex spend for FY27 expected at ₹22,000-24,000 crore.
FY27 Volume Guidance
Guidance of Total Consolidated Volumes for FY27: Production 29.75mt & Sales 28.6mt.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Capacity Utilisation | 94% (excl. Vijayanagar BF-3) | Sustained high utilization rates and successful ramp-up of BF-3 and other new capacities. |
| Net Debt to EBITDA | 1.46x | Maintenance of leverage ratios below stated caps (3.00x) amidst ongoing capex and market volatility. |
| VASP Sales as % of Total Sales | 61% | Continued growth and maintenance of >50% share, indicating product mix improvement and premiumization. |
| Domestic Steel Demand vs. Imports | India is a net importer in Q1 FY27 | Trends in domestic demand growth and the impact of imports on pricing and sales volumes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
72Bullishfull bull SMA stack · SMA20 +3.0% / mo · MACD − · near 52W high · sector +2.7pp vs Nifty (3M)
Technical chart
JSWSTEELdaily · 1Y · AUTO+6.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~2.9% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 6.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 13.5%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -33.5%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 75th percentile within Metals. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 75th pctile, median 70 · Large: 56th pctile, median 73
112 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 13.5%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 1%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.90
- P/B
- 3.24
- EV/EBITDA
- 10.49
- Market Cap
- 324023.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 11.00%
- ROA
- 10.38%
- Dividend Y
- 0.54%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.99
- Interest Coverage
- 3.62×
- Altman Z
- 2.88
- Book Value
- 409.00
Cash Flow
- FCF Yield
- 13.49%
- FCF Positive Y
- 10/5
- OCF
- 25152.00 Cr
- EPS TTM
- 101.35
Shareholding
- Promoter Hold
- 44.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Metals, ranked by similarity
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.