Jindal Steel & Power Limited (JINDALSTEL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-100.8%

-₹8.82

vs ₹1,105.80 price

Levered DCF

₹178.39

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.32

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	33.61×	32.39×	14.68×	17.44×	6.58×	5.7×	-29.46×	-10.74×
P/B	2.22×	1.93×	1.97×	1.42×	1.51×	1.1×	0.26×	0.55×
P/S	2.13×	1.83×	1.74×	1.04×	1.05×	1.01×	0.27×	0.45×
EV / EBITDA	14.46×	13.02×	9.88×	6.51×	4×	4.2×	6.64×	6.81×
Gross margin	44.2%	51.9%	55.5%	53.2%	59.4%	68.1%	63.5%	59.1%
Operating margin	12.2%	49.4%	52.8%	51.0%	57.6%	65.7%	60.5%	55.8%
Net margin	6.3%	5.7%	11.9%	6.0%	11.3%	10.5%	-0.4%	-4.2%
Current ratio	1.25×	1.06×	1.11×	1×	1.17×	1.05×	0.69×	0.67×
Debt / equity	0.44×	0.39×	0.37×	0.34×	0.38×	0.94×	1.18×	1.23×
Interest coverage	4.28×	16.13×	17.89×	16.87×	14.76×	8.02×	4.82×	5.05×
Dividend yield	0.2%	0.2%	0.2%	0.4%	0.2%	0.0%	0.0%	0.0%
Payout ratio	6.1%	7.1%	3.4%	6.4%	1.7%	0.1%	-1.6%	-0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.6%	6.0%	13.4%	8.2%	16.1%	11.4%	-0.3%	-5.1%
Return on invested capital	6.0%	22.0%	36.7%	32.3%	37.2%	26.2%	24.4%	24.3%
Return on assets	3.4%	3.3%	7.5%	4.6%	7.5%	4.7%	-0.1%	-1.8%
Free cash flow yield	-3.9%	0.2%	-2.9%	1.5%	24.3%	31.7%	94.3%	43.0%
Earnings yield	3.0%	3.1%	6.8%	5.8%	10.7%	10.4%	-1.3%	-9.3%
Enterprise value	₹1.3T	₹1.1T	₹1T	₹637.6B	₹638.5B	₹590B	₹457.4B	₹570.4B
Net debt / EBITDA	2.03×	1.92×	1.3×	0.9×	0.63×	1.71×	5.43×	4.7×
Cash conversion cycle (days)	3	9	51	26	47	95	73	62