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One of India's largest steel producers, making flat and long steel products with growing capacity and captive iron-ore mines.
One of India's largest steel producers, making flat and long steel products with growing capacity and captive iron-ore mines.
Sells steel at prices that follow the domestic market and imports, with flat products going to carmakers and appliance makers and long products to builders. Part of the JSW Group led by Sajjan Jindal, it grew by taking over distressed steelmakers such as Bhushan Power and Steel in 2021 and by adding capacity at its large plant at Vijayanagar in Karnataka.
In one line: India's Nucor/U.S. Steel.
Moat: narrow (scale, cost advantage). Among the largest and lowest-cost Indian steelmakers, with scale capacity expansion underway.
Headquarters: Mumbai, India · Founded: 1982 · Employees: 45,328
Size JSW Steel (JSWSTEEL.NS) is an India Materials company (Steel) with a market value of $35.1B, the 27th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,357 on 6 Nov 2026.
Performance Over six months the shares gained 5.7%, against -4.1% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 17 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +8.3%); the operating margin is 13.0% (peer median 9.2%).
Valuation It trades at 18.5× forward earnings against a peer median of 12.9× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points below its cost of capital (14.0% WACC).
Credit JSW Steel has 1 bond outstanding ($500M), rated Baa3 by the agencies.
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.99T | ₹1.83T | ₹1.67T | ₹1.73T | ₹1.64T |
| Revenue growth | — | +9% | -4% | +6% | — |
| Gross profit | ₹552B | ₹332B | ₹256B | ₹320B | ₹233B |
| EBITDA | ₹346B | ₹302B | ₹217B | ₹269B | ₹189B |
| Net income | ₹284B | ₹223B | ₹35.0B | ₹88.1B | ₹41.4B |
| Free cash flow | n/a | ₹22.7B | ₹540M | -₹109B | ₹22.6B |
| Capital expenditure | n/a | ₹147B | ₹127B | ₹158B | ₹148B |
| Total debt | ₹698B | ₹993B | ₹988B | ₹880B | ₹809B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JSW Steel JSWSTEEL.NS | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% |
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% |
| Jindal Steel JINDALSTEL.NS | $12.6B | -7% | +26% | 10% | 21.2× | n/a |
| Steel Authority of India SAIL.NS | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
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.
| Measure | JSWSTEEL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | -1.8% | highest of 17 |
| 6-month return | +5.7% | -4.1% | 4th highest of 17 |
| Distance from 52-week high | -0.9% | -19.2% | highest of 17 |
| Revenue growth (TTM) | +14.1% | +8.3% | 7th highest of 17 |
| Operating margin | 13.0% | 9.2% | 6th highest of 17 |
| Forward P/E | 18.5× | 12.9× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 21.1% | 7.4% | most demanding of 11 |
| Growth delivered (Del g) | +18.4% | +7.7% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | +2.8 pp | -2.1 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -2.1 pp | +1.6 pp | 7th lowest of 17 |
| EV / EBITDA | 11.0× | 9.6× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.4× | 1.0× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
JSW Steel has 1 bond outstanding with $500M face value. The agencies rate it Baa3.