JSW Steel Limited (JSWSTEEL.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

+51.0%

₹1,991.22

vs ₹1,318.50 price

Levered DCF

₹883.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.8

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	12.28×	73.76×	24.11×	40.15×	8.57×	14.23×	8.77×	9.25×
P/B	2.74×	3.25×	2.73×	2.53×	2.63×	2.48×	0.97×	2.03×
P/S	1.48×	1.53×	1.21×	1×	1.21×	1.42×	0.49×	0.83×
EV / EBITDA	6.93×	15.62×	10.05×	12.48×	6.07×	8.35×	7.29×	5.76×
Gross margin	27.4%	39.7%	40.5%	38.0%	48.9%	49.0%	44.2%	47.6%
Operating margin	10.9%	36.8%	37.8%	35.6%	46.4%	45.8%	40.2%	44.5%
Net margin	12.0%	2.1%	5.0%	2.5%	14.1%	9.9%	5.5%	9.0%
Current ratio	1.49×	1.17×	0.98×	0.97×	1.14×	0.83×	0.84×	0.8×
Debt / equity	0.99×	1.5×	1.13×	1.62×	1.07×	1.46×	1.68×	1.36×
Interest coverage	2.22×	7.72×	8.33×	8.97×	15.1×	9.5×	7.07×	10.07×
Dividend yield	0.3%	0.7%	0.4%	2.5%	0.9%	0.4%	3.4%	1.3%
Payout ratio	3.1%	50.9%	9.3%	101.2%	7.6%	6.1%	29.7%	12.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.3%	4.4%	11.3%	6.3%	30.7%	17.3%	11.0%	22.0%
Return on invested capital	8.0%	19.9%	24.6%	23.5%	31.5%	20.1%	28.4%	28.0%
Return on assets	8.3%	1.5%	3.9%	2.0%	10.5%	5.4%	3.1%	6.6%
Free cash flow yield	0.8%	3.2%	-1.8%	5.1%	9.1%	6.9%	-0.1%	6.3%
Earnings yield	8.1%	1.4%	4.1%	2.5%	11.7%	7.0%	11.4%	10.8%
Enterprise value	₹3.3T	₹3.7T	₹2.9T	₹2.6T	₹2.4T	₹1.7T	₹927.8B	₹1.1T
Net debt / EBITDA	1.22×	4.61×	2.64×	4.42×	1.6×	2.71×	4.51×	2.14×
Cash conversion cycle (days)	18	101	39	91	32	33	-46	24