Jsw Cement Ltd. (JSWCEMENT.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

-269.0%

-₹208.02

vs ₹123.09 price

Levered DCF

₹8.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.77

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-18.53×	-17.45×	218.01×	141.82×	60.86×	55.75×	87.47×	144.62×
P/B	2.14×	0.85×	7.89×	8.48×	6.98×	7.89×	9.44×	10.64×
P/S	2.15×	0.35×	3.33×	3.42×	3.26×	3.73×	4.92×	5.29×
EV / EBITDA	-222.61×	12.22×	27.92×	31.65×	20.89×	21.14×	28.48×	37.58×
Gross margin	75.0%	70.7%	74.0%	69.1%	44.1%	60.8%	62.6%	57.5%
Operating margin	14.1%	9.6%	14.2%	7.8%	10.0%	33.1%	31.8%	26.6%
Net margin	-11.6%	-2.0%	1.5%	2.4%	5.4%	6.7%	5.6%	3.7%
Current ratio	0.72×	0.65×	0.68×	0.85×	1.1×	0.63×	0.63×	0.82×
Debt / equity	0.68×	2.79×	2.54×	2.46×	2.37×	1.86×	2.08×	1.88×
Interest coverage	2.43×	1.28×	2×	1.52×	1.48×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.5%	-4.8%	3.6%	6.0%	11.5%	14.2%	10.8%	7.4%
Return on invested capital	7.9%	5.8%	2.5%	4.5%	3.6%	15.6%	13.0%	12.0%
Return on assets	-5.2%	-1.0%	0.8%	1.3%	2.6%	3.7%	2.7%	1.9%
Free cash flow yield	-5.6%	-20.8%	2.4%	-5.0%	-4.7%	1.0%	1.2%	-1.3%
Earnings yield	-5.4%	-5.7%	0.5%	0.7%	1.6%	1.8%	1.1%	0.7%
Enterprise value	₹180.4B	₹84.9B	₹255.8B	₹250.3B	₹197.5B	₹177.1B	₹174.9B	₹169.2B
Net debt / EBITDA	-49.59×	9.35×	6.7×	7.07×	5.15×	3.94×	5.02×	5.58×
Cash conversion cycle (days)	-128	-100	-104	-40	46	-77	-57	-88