Jindal Stainless Limited (JSL.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

+22.1%

₹827.25

vs ₹677.75 price

Levered DCF

₹1,333.91

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.94

Grey zone

Rating

A-

Overall 4 / 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	18.34×	18.95×	21.84×	11.29×	5.36×	7.86×	16.28×	14.12×
P/B	2.96×	2.85×	4.13×	2×	1.68×	1.04×	0.43×	0.78×
P/S	1.36×	1.21×	1.54×	0.67×	0.5×	0.27×	0.09×	0.15×
EV / EBITDA	10.75×	11.8×	14.21×	7.78×	3.79×	4.57×	4.48×	5.46×
Gross margin	17.5%	31.2%	30.3%	31.1%	34.5%	35.5%	33.4%	31.9%
Operating margin	10.5%	28.9%	28.6%	29.5%	32.8%	33.9%	31.6%	30.2%
Net margin	7.4%	6.4%	7.0%	5.9%	9.4%	3.4%	0.6%	1.1%
Current ratio	1.24×	1.27×	1.47×	1.38×	1.38×	1.02×	0.83×	0.85×
Debt / equity	0.38×	0.38×	0.42×	0.33×	0.41×	1.01×	1.46×	1.69×
Interest coverage	7.92×	18.6×	19.89×	32.43×	31.21×	8.61×	6.99×	6.43×
Dividend yield	0.4%	0.5%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	7.7%	9.8%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.1%	15.0%	18.9%	17.7%	31.3%	13.1%	2.6%	5.5%
Return on invested capital	11.6%	34.2%	37.3%	45.8%	67.1%	34.7%	24.8%	36.4%
Return on assets	7.8%	6.9%	8.8%	7.8%	20.7%	3.9%	0.7%	1.3%
Free cash flow yield	0.9%	6.0%	5.6%	6.0%	1.9%	34.1%	84.4%	60.3%
Earnings yield	5.5%	5.3%	4.6%	8.9%	18.7%	12.5%	6.1%	7.1%
Enterprise value	₹631B	₹532.7B	₹640.9B	₹273.5B	₹203B	₹65B	₹51.1B	₹63.6B
Net debt / EBITDA	0.77×	1.28×	1.07×	0.99×	0.71×	2.22×	3.46×	3.74×
Cash conversion cycle (days)	45	41	43	50	27	36	25	25