JSW Holdings Limited (JSWHL.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

-75.8%

₹2,637.19

vs ₹10,887.00 price

Levered DCF

₹1,829.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.69

Distress zone

Rating

C+

Overall 2 / 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	89.01×	132.53×	51.54×	12.85×	30.04×	56.63×	15.02×	32.03×
P/B	0.4×	0.83×	0.32×	0.22×	0.23×	0.34×	0.22×	0.39×
P/S	72.74×	104.61×	47.29×	10.47×	24.46×	45.9×	13.22×	29.85×
EV / EBITDA	78.89×	110.87×	50.88×	10.63×	25.26×	48.51×	13.82×	31.33×
Gross margin	99.0%	99.7%	99.8%	99.7%	99.8%	99.8%	195.2%	194.8%
Operating margin	93.2%	95.0%	93.7%	98.5%	97.4%	95.5%	96.2%	95.7%
Net margin	81.7%	78.9%	91.7%	81.5%	81.5%	81.0%	88.0%	93.2%
Current ratio	513.57×	32.02×	153.67×	19.72×	213×	151.05×	106.57×	196.5×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.4%	0.6%	0.6%	1.7%	0.8%	0.6%	1.5%	1.2%
Return on invested capital	0.4%	0.5%	0.4%	1.4%	0.6%	0.5%	1.4%	1.0%
Return on assets	0.4%	0.6%	0.5%	1.5%	0.7%	0.5%	1.4%	1.1%
Free cash flow yield	1.1%	0.7%	1.4%	7.0%	0.0%	1.6%	6.5%	2.8%
Earnings yield	1.1%	0.8%	1.9%	7.8%	3.3%	1.8%	6.7%	3.1%
Enterprise value	₹130.5B	₹259.5B	₹80.1B	₹42.6B	₹45.6B	₹42.6B	₹16B	₹32B
Net debt / EBITDA	-0.02×	-0.01×	-0.03×	0×	0.01×	-0.01×	-0.03×	-0.08×
Cash conversion cycle (days)	2,691	-272	-1,740	5,085	192,373	17,462	1,280	3