JSW Steel logo

JSW Steel financials and balance sheet

NSE: JSWSTEELBSE: 500228Ferrous MetalsLarge Cap

Formerly Jindal Vijayanagar Steel
Last close ₹1,185.50down ₹34.50 (2.83%)BSE ₹1,187.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,220.00.

52-week range of traded prices to 23 Oct 2026
₹1,073.20Low, 18 Dec 2025₹1,351.00High, 27 Aug 2026
Market cap
₹2,89,909 Cr26th largest listed
P/E
11.7
P/E without one-offs
39.1
P/B
2.9
Dividend yield
0.60%
ROE
27.6%
ROE without one-offs
8.3%
ROCE
11.2%
Debt to equity
0.91
Volume, NSE
22,78,71649.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.JSW Steel annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
Peak revenue ₹1,85,470 Cr, year to Mar 2026

Operating and net margin, per cent

  • Operating margin
  • Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

  1. Revenue1,85,470
  2. Materials and goods−96,591
  3. Employee costs−5,285
  4. Other expenses−53,773
  5. Operating profit29,821
  6. Depreciation−9,601
  7. Other income+1,248
  8. One-off items+17,359
  9. Finance costs−9,102
  10. Profit before tax29,725
  11. Tax−3,742
  12. Joint ventures−475
  13. Net profit25,508

What the company owns

  • Plant, investments and other assets₹1,84,144 Cr
  • Cash and bank₹40,989 Cr
  • Inventory₹32,765 Cr
  • Receivables₹11,260 Cr
  • Current investments₹518 Cr

What pays for it: net worth and liabilities

  • Net worth₹1,05,475 Cr
  • Borrowings₹95,532 Cr
  • Other liabilities₹54,003 Cr
  • Owed to suppliers₹14,666 Cr

Profit and loss

Consolidated, ₹ crore, years to March.JSW Steel quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 25 MayMar 2020Filed 23 MayMar 2021Filed 22 MayMar 2022Filed 28 MayMar 2023Filed 22 MayMar 2024Filed 18 MayMar 2025Filed 12 JunMar 2026Filed 14 May
Revenue from operations60,53671,50384,75773,32679,8391,46,3711,65,9601,75,0061,68,8241,85,470
48,36256,70965,80561,45359,6981,07,3641,47,4131,46,7701,45,9201,55,649
Materials and goods bought28,26339,02543,20638,73032,50859,27093,33491,66789,99896,591
Employee costs––2,4892,8392,5063,4933,9154,5914,7985,285
Other expenses––20,11019,88424,68444,60150,16450,51251,12453,773
Operating profit before depreciation12,17414,79418,95211,87320,14139,00718,54728,23622,90429,821
Operating margin20.1%20.7%22.4%16.2%25.2%26.6%11.2%16.1%13.6%16.1%
Materials, % of revenue––51.0%52.8%40.7%40.5%56.2%52.4%53.3%52.1%
Employee costs, % of revenue––2.9%3.9%3.1%2.4%2.4%2.6%2.8%2.8%
Other expenses, % of revenue––23.7%27.1%30.9%30.5%30.2%28.9%30.3%29.0%
Depreciation and amortisation3,4303,3874,0414,2464,6796,0017,4748,1729,3099,601
Operating profit after depreciation8,74411,40714,9117,62715,46233,00611,07320,06413,59520,220
Other income1521672045465921,5311,0301,0046941,248
Finance costs3,7683,7013,9174,2653,9574,9686,9028,1058,4129,102
Profit before one-off items and tax5,1287,87311,1983,90812,09729,5695,20112,9635,87712,366
One-off items0−2640−805−83−741591589−48917,359
Profit before tax5,1287,60911,1983,10312,01428,8285,79213,5525,38829,725
1,6741,5383,644−9064,1428,8071,5164,4071,5863,742
Share of profit of joint ventures and associates2242−30−901917−137−172−311−475
3,4676,1137,5243,9197,87320,9384,1398,9733,49125,508
Other comprehensive income––−50−1,1217881,916−1,9042,07750−848
Total comprehensive income––7,4742,7988,66122,8542,23511,0503,54124,660
Net margin5.7%8.5%8.9%5.3%9.9%14.3%2.5%5.1%2.1%13.8%
Net margin without joint ventures and associates5.7%8.5%8.9%5.5%9.9%13.7%2.6%5.2%2.3%14.0%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Filed 25 MayMar 2020Filed 23 MayMar 2021Filed 22 MayMar 2022Filed 28 MayMar 2023Filed 22 MayMar 2024Filed 18 MayMar 2025Filed 12 JunMar 2026Filed 14 MaySep 2026Half yearFiled 23 Oct
34,34536,02446,14568,53567,03979,77681,6661,05,4751,13,475
34,79536,59946,76467,29765,69577,66979,4961,00,0531,13,306
Share capital301301302301301305305305305
Reserves34,49436,29846,46266,99665,39477,36479,19199,7481,13,001
Belonging to outside owners of subsidiaries−450−575−6191,2381,3442,1072,1705,422169
35,98952,99851,73069,97578,57285,57595,95795,53266,251
42,00843,68843,29957,55169,96366,06560,62669,37068,143
38,56152,10858,87370,39974,07682,35798,45094,82470,865
Liabilities going with businesses held for sale–––––––7151
1,14,9141,31,8201,48,3171,96,4852,11,0782,28,1982,40,7422,69,6762,52,634
81,35995,2511,12,4651,31,1111,42,9281,63,6641,70,0061,66,2411,74,367
33,54336,56935,85265,36668,14664,53370,7071,03,35477,648
Net debt29,72040,99338,90952,58457,85373,22476,85354,02544,934
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ croreMar 2021Filed 22 MayMar 2022Filed 28 MayMar 2023Filed 22 MayMar 2024Filed 18 MayMar 2025Filed 12 JunMar 2026Filed 14 MaySep 2026Half yearFiled 23 Oct
18,78926,27023,32312,07820,89925,15217,672
20,71931,64923,96114,85722,87228,37719,229
1,264−7,2643,105−13,615−681−3,708−952
Receivables72−1,884317−154−866−3,686−872
Inventories−335−15,593704−3,2842,609−3,176−3,292
Payables1,30613,0134,965−7,235−1,0964,0532,023
Other working capital221−2,800−2,881−2,942−1,328−8991,189
Tax paid−1,930−5,379−638−2,779−1,973−3,225−1,557
Capital spending9,25810,09114,32415,80112,69414,65410,604
Free cash flow9,53116,1798,999−3,7238,20510,4987,068
−7,699−14,745−10,711−14,638−16,99718,602−14,678
−3,110−14,657−5,977−4,827−262−16,111−35,379
Dividends paid4831,5714,1948221,7856851,736
Shares bought back0000000
Shares issued0000000
Net change in cash7,980−3,1326,635−7,3873,64027,643−32,385
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Consolidated, ₹ per share, years to March.JSW Steel dividend history

₹ per shareMar 2017Mar 2018Mar 2019Filed 25 MayMar 2020Filed 23 MayMar 2021Filed 22 MayMar 2022Filed 28 MayMar 2023Filed 22 MayMar 2024Filed 18 MayMar 2025Filed 12 JunMar 2026Filed 14 May
Earnings per share₹14.66₹25.85₹31.77₹16.78₹32.91₹85.96₹17.25₹36.34₹14.36₹91.43
Diluted earnings per share₹14.58₹25.71₹31.60₹16.67₹32.73₹85.49₹17.14₹36.17₹14.32₹91.25
Dividend per share₹2.25₹3.20₹4.10₹2.00₹6.50₹17.35₹3.40₹7.30₹2.80₹7.10
Book value per share––₹144.98₹152.50₹194.04₹280.40₹273.73₹318.32₹325.80₹410.05
Dividend payout15.7%12.7%12.9%11.9%19.8%20.2%19.7%20.2%19.5%7.8%
Shareholder yield––––0.4%0.9%2.5%0.4%0.7%0.2%
Market cap at the year end (₹ crore)45,49269,65270,83735,3521,13,2351,77,0981,66,3292,03,0222,60,0012,74,502

Ratios

Consolidated, years to March.JSW Steel PE ratio and valuation

RatioMar 2017Mar 2018Mar 2019Filed 25 MayMar 2020Filed 23 MayMar 2021Filed 22 MayMar 2022Filed 28 MayMar 2023Filed 22 MayMar 2024Filed 18 MayMar 2025Filed 12 JunMar 2026Filed 14 May
Revenue growth44.6%18.1%18.5%−13.5%8.9%83.3%13.4%5.5%−3.5%9.9%
Operating profit growth100.5%21.5%28.1%−37.4%69.6%93.7%−52.5%52.2%−18.9%30.2%
Net profit growth–76.3%23.1%−47.9%100.9%165.9%−80.2%116.8%−61.1%630.7%
Earnings per share growth–76.3%22.9%−47.2%96.1%161.2%−79.9%110.7%−60.5%536.7%
––22.0%11.3%19.0%36.2%6.2%12.3%4.5%24.9%
–––−10.7 pts7.7 pts17.3 pts−30.0 pts6.1 pts−7.8 pts20.4 pts
From the net margin–––−8.6 pts9.1 pts8.1 pts−29.8 pts6.3 pts−7.2 pts21.4 pts
From asset turnover–––−2.6 pts−0.8 pts13.2 pts−0.3 pts−0.3 pts−0.5 pts0.2 pts
From borrowing–––0.5 pts−0.5 pts−4.0 pts0.1 pts0.0 pts−0.1 pts−1.2 pts
Return on capital employed––21.2%8.6%15.8%23.8%7.6%12.1%7.7%10.1%
Cash conversion––––238.7%125.5%563.5%134.6%598.7%98.6%
Interest cover2.33.13.81.83.96.61.62.51.62.2
Debt to equity––1.051.471.121.021.171.071.180.91
Receivable days––3122211916161822
Inventory days––123131160208130151142124
Payable days––13716917119014913313255
Cash conversion cycle, days––17−16936−4332891
Working capital days––−36−54−846−1291124
Asset turnover––0.740.590.570.850.810.800.720.73
Assets per rupee of net worth––3.303.463.363.023.063.062.982.84
Sales per rupee of plant––1.381.271.361.571.701.661.451.69
Capital spending to depreciation––––1.981.681.921.931.361.53
Plant being built, % of plant in use––18.7%46.5%55.1%18.0%22.4%27.8%17.5%20.0%
No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year
8.7%
Cash from operations against operating profit
84.3%
Measure10 years5 years3 years
Revenue growth, yearly rate16.0%18.4%3.8%
Profit growth, yearly rate–23.0%75.3%
Return on equity, average–16.8%13.9%
Return on capital employed, average–12.3%9.9%
Operating margin, average18.8%16.7%15.3%
Net margin, average7.6%7.5%7.0%
Asset turnover, average–0.780.75
Cash conversion cycle, days, average–3751
Interest cover, average2.92.92.1
Debt to equity, average–1.071.05

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations1,07,72258,12925,152
Cash from investing−38,489−13,03318,602
Cash from financing−41,834−21,200−16,111
Capital spending67,56443,14914,654
Dividends paid9,0573,292685
Shares bought back000
Shares issued for cash000
Borrowings raised99,17664,18316,049
Borrowings repaid90,59056,78121,695

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––––695658
Altman Z-scorePublished threshold 1.81––2.031.281.932.662.102.372.382.83
Beneish M-scorePublished threshold −1.78––––−2.87−2.13−2.79−2.35−2.76−2.19
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets––––−2.305.46−4.165.25−0.18−7.15
Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––––2.081.813.391.53
Receivables growth less revenue growthOur threshold 0 percentage points–––−23.59−9.30−17.10−17.710.3515.0223.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––5.6618.8454.79−59.4015.91−5.74−13.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––0.61−2.231.570.280.210.845.12
Assets under construction, years of additionsOur threshold 2 years of additions–––67.145.610.421.791.870.989.44
Effective tax ratePublished threshold 17.16 per cent32.6520.2132.54−29.2034.4830.5526.1732.5229.4412.59
Tax charged less tax paid, % of profitOur threshold 10 percentage points–––––11.8915.1612.01−7.181.74
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
2 Sep 2026India Ratings and Research Private Limited (opens in a new tab)Issuer RatingIND AA+Review, UpgradeStable
2 Sep 2026India Ratings and Research Private Limited (opens in a new tab)Non-convertible debenturesIND AA+Review, OtherStable10,000
30 Jul 2026ICRA Limited (opens in a new tab)Commercial Paper[ICRA]A1+ / -Review, Re-affirm5,000
30 Jul 2026ICRA Limited (opens in a new tab)Fund-based-Term loan[ICRA]AA+Review, UpgradeStable16,270
30 Jul 2026ICRA Limited (opens in a new tab)Non Convertible Debentures[ICRA]AA+Review, UpgradeStable875
30 Jul 2026ICRA Limited (opens in a new tab)Non-fund based-Others[ICRA]A1+ / -Review, Re-affirm36,630.68
30 Jul 2026ICRA Limited (opens in a new tab)Fund-based-Others[ICRA]A1+ / -Review, Re-affirm3,599.66
30 Jul 2026ICRA Limited (opens in a new tab)Fund-based/Non-fund based-Others[ICRA]AA+ /[ICRA]A1+Review, UpgradeStable11,526.34
7 Jul 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesCARE AA+Review, UpgradeStable4,000
7 Jul 2026CARE Ratings Limited (opens in a new tab)Debentures-Non Convertible DebenturesWithdrawnReview, Other
7 Jul 2026CARE Ratings Limited (opens in a new tab)Non-fund-based - ST-BG/LCCARE A1+Review, Re-affirm33,658.66
7 Jul 2026CARE Ratings Limited (opens in a new tab)Commercial PaperCARE A1+Review, Re-affirm2,500
7 Jul 2026CARE Ratings Limited (opens in a new tab)Fund-based/Non-fund-based-LT/STCARE AA+ / CARE A1+Review, UpgradeStable14,177.34
7 Jul 2026CARE Ratings Limited (opens in a new tab)Term Loan-Long TermCARE AA+Review, UpgradeStable17,640.62
7 Jul 2026CARE Ratings Limited (opens in a new tab)Issuer RatingCARE AA+Review, UpgradeStable
7 Jul 2026CARE Ratings Limited (opens in a new tab)Fund-based - LT-Term LoanCARE AA+Review, UpgradeStable98
7 Jul 2026CARE Ratings Limited (opens in a new tab)Fund-based - LT-Cash CreditCARE AA+Review, UpgradeStable3,600.34
12 Dec 2025ICRA Limited (opens in a new tab)Unallocated limits-Unallocated limits[ICRA]AA Rating Watch with Positive Implications/[ICRA]A1+ Rating Watch with Positive ImplicationsReview, Other3,952.82
3 Oct 2025ICRA Limited (opens in a new tab)Unallocated-Unallocated[ICRA]AA /[ICRA]A1+Review, OtherStable8,372.07
3 Oct 2025ICRA Limited (opens in a new tab)Debt Securities (Other than Securitisation)[ICRA]AAReview, OtherStable1,750
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.