JSW Infrastructure Limited (JSWINFRA.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

-37.2%

₹205.03

vs ₹326.40 price

Levered DCF

₹148.03

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.06

Safe 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	32.9×	43.65×	41.11×	38.18×	100.83×	113.17×	4.96×	3.59×
P/B	4.61×	6.77×	5.92×	7.08×	0.29×	0.33×	0.37×	0.33×
P/S	9.35×	14.68×	12.63×	8.96×	0.42×	0.6×	0.81×	0.87×
EV / EBITDA	19.23×	26.51×	23.71×	21.91×	4.97×	5.49×	6.22×	4.68×
Gross margin	41.5%	62.9%	66.5%	62.8%	69.2%	67.5%	63.9%	63.7%
Operating margin	37.1%	38.7%	41.1%	39.6%	35.5%	34.9%	63.8%	63.7%
Net margin	28.4%	33.6%	30.7%	23.4%	14.6%	18.5%	16.4%	24.3%
Current ratio	2.27×	3.02×	7.4×	3.91×	2.58×	1.44×	1.69×	2.68×
Debt / equity	0.63×	0.52×	0.59×	1.14×	1.45×	1.45×	1.25×	0.71×
Interest coverage	5.58×	5.09×	5.35×	4.43×	2.29×	2.18×	0×	0×
Dividend yield	0.3%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.0%	7.7%	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	14.0%	15.5%	14.4%	18.5%	10.0%	10.1%	7.5%	9.2%
Return on invested capital	8.7%	9.2%	9.3%	13.0%	7.0%	5.1%	9.8%	12.5%
Return on assets	7.5%	8.9%	8.4%	7.8%	3.5%	3.5%	2.8%	4.6%
Free cash flow yield	-1.0%	0.0%	3.3%	5.4%	70.1%	-77.5%	-42.4%	-23.4%
Earnings yield	3.0%	2.3%	2.4%	2.6%	34.4%	30.8%	20.2%	27.9%
Enterprise value	₹546.9B	₹700.6B	₹515.5B	₹322.3B	₹51.6B	₹49.9B	₹39.8B	₹29.5B
Net debt / EBITDA	1.61×	1.68×	1.86×	2.68×	4.05×	4.45×	4.75×	3.16×
Cash conversion cycle (days)	46	19	2	-15	88	148	93	197