Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 17 Oct - NCLT sanctioned Piombino Steel amalgamation into JSW Steel; effective on ROC filing; ratio 10:156.
Source: Bse
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.
₹1,222.9
-18.40 · -1.48%
Market cap ₹2,86,272 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result17 Jul, 08:10 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -5.2% / mo · MACD +
Stock trend: 39
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JSWSTEELD candles · FIT view-4.7%Latest close ₹1222.90 on 2026-10-21
Bar
-1.8%
RSI
47
MACD hist
2.98
52W pos
54%
2026-10-21O ₹1245.00H ₹1260.90L ₹1216.10C ₹1222.90Vol 12.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JSWSTEELNifty MetalNifty 500
- JSWSTEEL
- -3.5%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- +3.0 pp
Chart stats
21 Oct 2026- From 52W high
- -9.5%
- 52W range position
- 54%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.72x
- Avg traded value
- ₹214 Cr
- 20D price channel
- ₹1,158 - ₹1,304
₹1,351
₹1,073.2 - ₹1,351
₹30.6
Latest completed session
20-session average
27.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +9.8% · PAT +112.6% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-23.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +10% YoY · PAT +113% YoY · margin expansion · operating leverage
Filed 17 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 23.80
- P/B
- 2.88
- EV/EBITDA
- 9.55
- Market Cap
- 286272.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 11.00%
- ROA
- 10.38%
- Dividend Y
- 0.60%
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
- 2.75
- Book Value
- 409.00
Cash Flow
- FCF Yield
- 15.27%
- FCF Positive Y
- 10/5
- OCF
- 25152.00 Cr
- EPS TTM
- 101.35
Shareholding
- Promoter Hold
- 44.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 47.4k-7.5% vs prev
Net Profit
₹ CrLatest: 4,696-75.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
-3.6%
3M return
-3.5%
6M return
-2.7%
1Y return
+1.2%
RS 1D
-3
RS 20D
+5
Sector rank
#11
Industry rank
#12
Stage evidence
- Price is within 2.5% of the 30-week proxy.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 113.47-0.56%
RS vs Nifty 500113
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation10/30
Growth10/25
Quality3/20
Balance Sheet3/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 15.3%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -23.3%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
23.8
PB
2.9
EV/EBITDA
9.6
ROE
10.2%
ROCE
11.0%
FCF Yield
15.3%
Debt/Equity
1.0
MoS
-23.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 41
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-23.3%
Previous: -25.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
41
41
41
41
41
41
41
41
41
41
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹965.75
-26.6% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹992.22
-23.3% MoS
PEG
4.96
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TATASTEEL
Large
Tata Steel Limited
Steel
match 95
39
18.4
11.7%
-1%
WATCHLIST
JINDALSTEL
Large
JINDAL STEEL LIMITED
Steel
match 90
26
34.1
8.2%
-385%
OVERVALUED
SAIL
Mid
Steel Authority of India Limited
Steel
match 84
42
14.6
6.6%
-140%
WATCHLIST
MUKANDLTD
Small
Mukand Limited
Steel
match 77
56
4.2
5.6%
+89%
FAIR VALUE
JAIBALAJI
Micro
Jai Balaji Industries Limited
Steel
match 76
66
20.4
30.7%
+37%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-18T00:41:21.070Z
Management commentary snapshot
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.
Current business mix
Domestic Sales by Customer Segment (Q1 FY27)
Latest issuer-disclosed distribution across 4 reported categories.
Retail36.0%
Construction & Infra30.0%
Auto18.0%
Industrial16.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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+.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
117 docs text-extracted · 23 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Metals: 75th pctile, median 70 · Large: 55th pctile, median 73
Evidence depth
Financial-only
117 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
82
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 15.3%.
- ▸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.
Continue researching JSW Steel Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Oct - Newspaper Advertisement regarding notice of loss of share certificate
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Oct - JSW Steel Q2 FY27 consolidated crude steel production rose 10% QoQ to 7.27 million tonnes.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 3 Sep - Ind-Ra upgrades JSW Steel and NCDs to IND AA+ Stable on September 2, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Sep - Intimation of Newspaper Publication with respect to Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep - Newspaper Publication regarding Petition Hearing Date before the Hon''ble NCLT in connection with the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep - Newspaper Advertisement for notice of loss of share certificate
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Investor Presentation 12 Aug - A new investor presentation unploaded on Company''s website.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 17 Jul - Board appoints Deloitte Haskins & Sells LLP as statutory auditor for 5 years from AGM 2027.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jul - Intimation of schedule of Conference Call with Analyst post Q1 Financial Results.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.