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← CockpitCompetitor Analysis › JSWHL.NS JSW Holdings LimitedOpen in the cockpit ↗

JSW Holdings LimitedJSWHL.NSCompetitor analysis, valuation and peers

India · INR·Financials›Investment Banks/Brokers

JSW Group's investment holding company, holding equity stakes in JSW Steel, JSW Energy and other group companies.

Momentum weak 34
Mkt cap
$1.29B
US dollars, full cap
Free float
34%
of shares outstanding
$/day
$799,535
20-day average traded
Fwd P/E
n/m
no positive forecast
ROIC−WACC
n/a
WACC 17.7%
Hurdle
n/a
no reverse DCF
Close · INR₹10,954
1D-0.8%
1W+0.5%
1M-2.8%
3M-9.3%
6M-15.7%
YTD-46.0%
1Y-35.0%
ATR %4.2%
Beta0.94
52w lowhigh51.9% off high

What JSW does

JSW Group's investment holding company, holding equity stakes in JSW Steel, JSW Energy and other group companies.

Income is mainly dividends and gains on its stakes in group companies, so earnings depend on what JSW Steel and JSW Energy pay out, and it is valued largely by the worth of those holdings less a holding-company discount.

Products and services

  • Stake in JSW Steel
  • Stake in JSW Energy

Where it sits in the supply chain

  • Financial holding company
  • Diversified holding
  • Steel and energy group stakes

What could go right

  • Performance of JSW Steel and JSW Energy stakes

What could go wrong

  • Holding-company discount to NAV
  • Concentration in one industrial group

Moat: none. Value derives entirely from its listed JSW Group holdings, not an independent operating moat.

Headquarters: Mumbai, India · Founded: 1994 · Employees: 3

Named competitors

JSW at a glance

Size JSW (JSWHL.NS) is an India Financials company (Investment Banks/Brokers) with a market value of $1.29B, the 521st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹10,954 on 6 Nov 2026.

Performance Over six months the shares fell 15.7%, against -7.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.

Growth Revenue grew 55.1% over the last twelve months (peer median +15.0%); the operating margin is 94.3% (peer median 28.2%).

Relative performance

9010011 May 202611 Aug 20266 Nov 2026Peer median 92JSWHL.NS 84
Six months, rebased to 100: JSW against the median of its 20 peers (local-currency closes).

JSW financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue₹2.67B₹1.79B₹2.48B₹1.70B₹4.07B
Revenue growth—-28%+46%-58%—
Gross profit₹2.65B₹1.79B₹2.48B₹1.69B₹4.07B
EBITDA₹2.52B₹1.67B₹2.36B₹1.59B₹4.02B
Net income₹2.01B₹1.47B₹1.96B₹1.56B₹3.31B
Free cash flown/a₹1.40B₹1.69B₹1.15B₹2.98B
Capital expendituren/a₹186,000₹0₹0₹0
Total debt₹0₹0₹0₹0₹0

Quarterly statements and history in the cockpit →

JSW competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-40%-20%0%+20%-20%-10%0%+10%14282127EDELWEISS86090029610863IIFLCAPS8616JMFINANCILFLOWAMTDGOLDCF6023GPWIEX862802908511TOPJSWHL.NS6-month return →1-month return →
Up and to the right = strong over both horizons. JSW is the large dot.

JSW competitors and peer comparison

Head to head with its named competitors (JSWHL.NS vs BAJAJHLDNG.NS vs TATAINVEST.NS)
CompanyMarket cap6M returnRevenue growthOp. marginEV / SalesReq g
JSW JSWHL.NS$1.29B-16%+55%94%n/an/a
Bajaj Holdings & Investment BAJAJHLDNG.NS$13.0B+4%-14%80%n/an/a
Tata Investment TATAINVEST.NS$3.06B-22%+18%89%n/an/a

How JSW compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

JSW against its 20 peers (data as of 6 Nov 2026)
MeasureJSWHL.NSPeer medianRank in peer set
1-month return-2.8%-6.8%9th highest of 21
6-month return-15.7%-7.8%10th lowest of 21
Distance from 52-week high-51.9%-25.3%4th lowest of 21
Revenue growth (TTM)+55.1%+15.0%5th highest of 21
Operating margin94.3%28.2%highest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginEV / SalesReq gDelivered g
JSW JSWHL.NSIndia$1.29B-16%+55%94%n/an/an/a
Bright Smart Securities & Commodities 1428.HKHong Kong$1.28B-51%-2%67%n/an/an/a
Nihon M&A Center 2127.TJapan$1.28B-7%+5%36%n/an/an/a
Edelweiss Financial Services EDELWEISS.NSIndia$1.28B+6%+16%11%n/an/an/a
Okasan Securities 8609.TJapan$1.33B+5%+36%29%n/an/an/a
Ruida Futures 002961.SZChina$1.22B-21%-51%82%n/an/an/a
OSL 0863.HKHong Kong$1.19B-20%+12,274%-2%n/an/an/a
IIFL Capital Services IIFLCAPS.NSIndia$1.17B0%+8%25%n/an/an/a
Tokai Tokyo Financial 8616.TJapan$1.14B+2%+16%18%n/an/an/a
JM Financial JMFINANCIL.NSIndia$1.13B-22%+1%32%n/an/an/a
Flow Traders FLOW.ASNetherlands$1.13B-20%-4%43%n/an/an/a
AMTD IDEA Group Sponsored ADR AMTDUnited States$1.50B-52%+14%27%n/an/an/a
Gold.com GOLDUnited States$1.09B-17%+132%1%n/an/an/a
Canaccord Genuity CF.TOCanada$1.08B+17%+32%12%n/an/an/a
Yuanta Futures 6023.TWOTaiwan$1.07B-9%+10%-22%n/an/an/a
Gielda Papierow Wartosciowych w Warszawie GPW.WAPoland$1.04B+19%+22%34%n/an/an/a
Indian Energy Exchange IEX.NSIndia$1.03B-18%+13%80%n/an/an/a
Matsui Securities 8628.TJapan$1.61B+7%+47%47%n/an/an/a
GoFintech Quantum Innovation 0290.HKHong Kong$1.62B-82%+108%26%n/an/an/a
Japan Securities Finance 8511.TJapan$1.02B-6%+73%82%n/an/an/a
TOP Financial TOPUnited States$1.64B+93%-41%-14%n/an/an/a

Questions

Who are JSW's main competitors?
Named competitors: Bajaj Holdings & Investment (BAJAJHLDNG.NS), Tata Investment Corporation (TATAINVEST.NS). The cockpit's measured peer set (industry) also includes Bright Smart Securities & Commodities (1428.HK), Nihon M&A Center (2127.T), Edelweiss Financial Services (EDELWEISS.NS), Okasan Securities (8609.T), Ruida Futures (002961.SZ), OSL (0863.HK).
How has JSW stock performed?
Over six months to 6 Nov 2026 the shares returned -15.7% against -7.8% for the median peer; over one year -35.0%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.