# JSW Steel (JSWSTEEL.NSE)

Canonical: https://gigainvestors.com/s/JSWSTEEL.NSE

Analysis as of: 2026-10-16T07:33:23.948Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,200.40 per share; close as of 2026-10-15.

Estimated value: low INR 539.27 per share, central INR 689.70 per share, high INR 766.32 per share. Buy at or below the central value INR 689.70 per share. Valuation as of 2026-10-16T07:33:23.948Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.18×

- FY2020: 0.10×

- FY2021: 0.19×

- FY2022: 0.23×

- FY2023: 0.07×

- FY2024: 0.11×

- FY2025: 0.08×

- FY2026: 0.11×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 6.3%

- Conservative return floor, median: 9.1%

- Conservative return floor, second lowest: 6.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 19.0%

- FY2023: 6.3%

- FY2024: 8.6%

- FY2025: 5.5%

- FY2026: 10.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 532B

- Net income, five-year total: INR 594B

- Return on incremental invested capital: 23.9%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 6.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.98×

- FY2023: 0.87×

- FY2024: 0.88×

- FY2025: -0.07×

- FY2026: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 14.57 to 36.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: INR 2.29T

- Cumulative retained earnings: INR 720B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.0%

- Per-share value change: INR 21.60

- Per-share value, starting three-year median: INR 14.57

- Per-share value, ending three-year median: INR 36.17

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 888B

- ROIC, last three-year median: 8.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 14.57

- FY2018: INR 25.71

- FY2019: INR 31.60

- FY2020: INR 16.67

- FY2021: INR 32.73

- FY2022: INR 85.49

- FY2023: INR 17.14

- FY2024: INR 36.17

- FY2025: INR 14.32

- FY2026: INR 91.25

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.0%

- FY2018: -6.7%

- FY2019: -6.1%

- FY2020: -6.6%

- FY2021: -7.4%

- FY2022: -2.9%

- FY2023: -9.1%

- FY2024: -1.4%

- FY2025: -7.2%

- FY2026: -1.1%

## Holders

## Price story

Price needs cash profits to grow 15.2% a year for ten years · sales +9.9%

Story as of 2026-10-16T09:59:55.982Z; price observation 2026-10-15.

Price needs cash profits to grow 15.2% a year for ten years

### Sales · FY2025–2026

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 556B 

- FY2018: INR 719B 

- FY2019: INR 848B 

- FY2020: INR 733B 

- FY2021: INR 798B 

- FY2022: INR 1.46T 

- FY2023: INR 1.66T 

- FY2024: INR 1.75T 

- FY2025: INR 1.69T 

- FY2026: INR 1.85T 

### Gross margin · FY2026

gross margin 37.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 33.4% 

- FY2024: 35.7% 

- FY2025: 34.9% 

- FY2026: 37.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in iron & steel; annual sales are INR 1.9 trillion.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2026: revenue 1854700000000; grossProfit 691780000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.9% to 37.3% during 2024–26; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); FY2024: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); FY2025: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); FY2026: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); 10-year return on capital observations [[2022,0.18994280188802937],[2023,0.0628505210739369],[2024,0.08634499435756891],[2025,0.05539323220536757],[2026,0.10700390719332248]]; median 0.08634499435756891. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 29.6% of cash earnings; earns 23.9% on new investment.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2017: growth capex 10050000000; upkeep 34300000000; owner earnings 35230000000. Growth capex / owner earnings = 0.2852682372977576.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2018: growth capex 13490000000; upkeep 33870000000; owner earnings 62140000000. Growth capex / owner earnings = 0.21709044093981333.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2019: growth capex 61650000000; upkeep 40410000000; owner earnings 76390000000. Growth capex / owner earnings = 0.8070428066500851.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2021: growth capex 55481773758.588646; upkeep 54178226241.411354; owner earnings 71721773758.58865. Growth capex / owner earnings = 0.7735694594689905.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2022: growth capex 40900000000; upkeep 60010000000; cash acquisitions 5620000000; owner earnings 202480000000. Growth capex plus acquisitions / owner earnings = 0.2297510865270644.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2023: growth capex 73100000000; upkeep 74740000000; cash acquisitions 0; owner earnings 36200000000. Growth capex plus acquisitions / owner earnings = 2.0193370165745854.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2024: growth capex 65387484067.20953; upkeep 92622515932.79047; cash acquisitions 6300000000; owner earnings 77217484067.20953. Growth capex plus acquisitions / owner earnings = 0.9283840950426884.

- Source: https://www.screener.in/company/JSWSTEEL/consolidated/ (filed 2026-10-16T07:33:23.948Z); FY2026: growth capex 50530000000; upkeep 96010000000; cash acquisitions 14110000000; owner earnings 218520000000. Growth capex plus acquisitions / owner earnings = 0.29580816401244736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); Incremental return on capital 0.23889255745784277, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); Dividend observations: [[2017,2180000000],[2018,6550000000],[2019,9330000000],[2020,11950000000],[2021,4830000000],[2022,15710000000],[2023,41940000000],[2024,8220000000],[2025,17850000000],[2026,6850000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 15.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.948Z); Ten-year compound average after fade. Initial solved rate 0.20730995741200614. Price 1200.4; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -9.037074626865671 → FY2026 89.35270657823982. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 172.90 per share

- 2016-12: INR 162.75 per share

- 2017-01: INR 198.15 per share

- 2017-02: INR 186.95 per share

- 2017-03: INR 188.20 per share

- 2017-04: INR 199.00 per share

- 2017-05: INR 193.85 per share

- 2017-06: INR 203.40 per share

- 2017-07: INR 221.25 per share

- 2017-08: INR 254.40 per share

- 2017-09: INR 248.45 per share

- 2017-10: INR 258.45 per share

- 2017-11: INR 254.85 per share

- 2017-12: INR 269.80 per share

- 2018-01: INR 289.95 per share

- 2018-02: INR 312.20 per share

- 2018-03: INR 288.15 per share

- 2018-04: INR 325.00 per share

- 2018-05: INR 331.90 per share

- 2018-06: INR 326.80 per share

- 2018-07: INR 330.40 per share

- 2018-08: INR 396.35 per share

- 2018-09: INR 381.65 per share

- 2018-10: INR 339.40 per share

- 2018-11: INR 314.25 per share

- 2018-12: INR 306.75 per share

- 2019-01: INR 274.60 per share

- 2019-02: INR 281.10 per share

- 2019-03: INR 293.05 per share

- 2019-04: INR 308.35 per share

- 2019-05: INR 271.70 per share

- 2019-06: INR 276.60 per share

- 2019-07: INR 237.45 per share

- 2019-08: INR 217.45 per share

- 2019-09: INR 229.95 per share

- 2019-10: INR 228.00 per share

- 2019-11: INR 261.55 per share

- 2019-12: INR 270.05 per share

- 2020-01: INR 250.70 per share

- 2020-02: INR 235.70 per share

- 2020-03: INR 146.25 per share

- 2020-04: INR 180.65 per share

- 2020-05: INR 184.20 per share

- 2020-06: INR 189.35 per share

- 2020-07: INR 220.25 per share

- 2020-08: INR 269.80 per share

- 2020-09: INR 277.75 per share

- 2020-10: INR 309.00 per share

- 2020-11: INR 350.20 per share

- 2020-12: INR 387.20 per share

- 2021-01: INR 366.85 per share

- 2021-02: INR 395.45 per share

- 2021-03: INR 468.45 per share

- 2021-04: INR 717.85 per share

- 2021-05: INR 710.90 per share

- 2021-06: INR 683.90 per share

- 2021-07: INR 736.95 per share

- 2021-08: INR 687.60 per share

- 2021-09: INR 668.30 per share

- 2021-10: INR 669.15 per share

- 2021-11: INR 608.40 per share

- 2021-12: INR 655.95 per share

- 2022-01: INR 628.95 per share

- 2022-02: INR 627.45 per share

- 2022-03: INR 732.65 per share

- 2022-04: INR 727.15 per share

- 2022-05: INR 551.25 per share

- 2022-06: INR 564.50 per share

- 2022-07: INR 629.60 per share

- 2022-08: INR 666.90 per share

- 2022-09: INR 631.65 per share

- 2022-10: INR 673.95 per share

- 2022-11: INR 743.40 per share

- 2022-12: INR 768.05 per share

- 2023-01: INR 716.45 per share

- 2023-02: INR 667.20 per share

- 2023-03: INR 688.10 per share

- 2023-04: INR 725.30 per share

- 2023-05: INR 696.30 per share

- 2023-06: INR 784.80 per share

- 2023-07: INR 816.75 per share

- 2023-08: INR 779.65 per share

- 2023-09: INR 779.60 per share

- 2023-10: INR 736.35 per share

- 2023-11: INR 801.10 per share

- 2023-12: INR 880.25 per share

- 2024-01: INR 818.65 per share

- 2024-02: INR 800.10 per share

- 2024-03: INR 830.20 per share

- 2024-04: INR 882.20 per share

- 2024-05: INR 880.55 per share

- 2024-06: INR 931.50 per share

- 2024-07: INR 928.25 per share

- 2024-08: INR 941.10 per share

- 2024-09: INR 1,030.05 per share

- 2024-10: INR 963.65 per share

- 2024-11: INR 966.00 per share

- 2024-12: INR 901.50 per share

- 2025-01: INR 945.00 per share

- 2025-02: INR 950.70 per share

- 2025-03: INR 1,063.20 per share

- 2025-04: INR 1,029.80 per share

- 2025-05: INR 993.50 per share

- 2025-06: INR 1,020.50 per share

- 2025-07: INR 1,048.30 per share

- 2025-08: INR 1,026.60 per share

- 2025-09: INR 1,142.70 per share

- 2025-10: INR 1,206.00 per share

- 2025-11: INR 1,160.30 per share

- 2025-12: INR 1,164.80 per share

- 2026-01: INR 1,214.40 per share

- 2026-02: INR 1,264.70 per share

- 2026-03: INR 1,122.50 per share

- 2026-04: INR 1,264.50 per share

- 2026-05: INR 1,278.00 per share

- 2026-06: INR 1,226.40 per share

- 2026-07: INR 1,270.00 per share

- 2026-08: INR 1,307.70 per share

- 2026-09: INR 1,253.40 per share

- 2026-10: INR 1,200.40 per share

## Annual estimated value (INR per share)

- FY2019: low INR 226.61 per share, central INR 250.46 per share, high INR 280.71 per share

- FY2020: low INR 223.55 per share, central INR 244.18 per share, high INR 270.35 per share

- FY2021: low INR 313.62 per share, central INR 344.25 per share, high INR 383.11 per share

- FY2022: low INR 569.20 per share, central INR 627.60 per share, high INR 701.67 per share

- FY2023: low INR 649.40 per share, central INR 715.60 per share, high INR 799.57 per share

- FY2024: low INR 333.12 per share, central INR 367.15 per share, high INR 410.31 per share

- FY2025: low INR 367.98 per share, central INR 462.62 per share, high INR 521.18 per share

- FY2026: low INR 539.27 per share, central INR 689.70 per share, high INR 766.32 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.558Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.