JSW Steel

₹664.7 2.6 | 0.4%

WEBSITE BSE:500228 NSE : JSWSL 23 Mar, 16:01

Market Cap ₹160515 Cr.

Stock P/E 49.5

P/B 2.6

Current Price ₹664.7

Book Value ₹ 258.5

Face Value 1

52W High ₹790

Dividend Yield 2.61%

52W Low ₹ 520.1

Edit Ratio

JSW Steel Research see more...

Equity Research Report: JSW Steel

JSW Steel sinks after subdued Q4FY22 report card and export duty; what’s next?

Overview Inc. Year: 1994Industry: Steel & Iron Products

JSW Steel Limited is a holding company. The Company is engaged within the business of manufacturing and distribution of iron and metal merchandise. Its product portfolio in flat and long steel merchandise consists of hot rolled coils, sheets and plates; cold rolled coils and sheets; galvanized and galvalume merchandise; tinplate's; non-grain orientated electric metallic; pre-painted galvanized and galvalume merchandise; thermo-mechanically handled (TMT) bars; cord rods; rails; grinding balls, and unique metal bars. Its color lined and roofing merchandise are available under JSW Radiance, JSW Colouron+, JSW Everglow and JSW Pragati+ manufacturers. Its alloy-based sheets are to be had underneath JSW Vishwas and JSW Vishwas+ brands. Its tinplate product is available underneath JSW Platina logo. Its TMT bars is to be had underneath JSW Neosteel logo. It operates over three iron and steel production plants across Vijayanagar (Karnataka), Dolvi (Maharashtra) and Salem (Tamil Nadu).

Quarterly Price

Quarterly Monthly

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Peer Comparison

JSW Steel Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	19264	21859	26934	28902	32503	38071	46895	38086	41778	39134
Other Income	152	147	161	198	946	154	233	189	188	188
Total Income	19416	22006	27095	29100	33449	38225	47128	38275	41966	39322
Total Expenditure	14850	15913	18494	18628	22086	28939	37711	33777	40026	34587
Operating Profit	4566	6093	8601	10472	11363	9286	9417	4498	1940	4735
Interest	959	977	1005	993	936	1283	1756	1422	1523	1819
Depreciation	1149	1230	1253	1183	1239	1764	1815	1778	1805	1882
Exceptional Income / Expenses	0	0	-83	0	0	0	-741	0	591	0
Profit Before Tax	2458	3886	6260	8296	9188	6239	5105	1298	-797	1034
Provision for Tax	910	1212	2081	2719	2612	1745	1731	442	62	504
Profit After Tax	1548	2674	4179	5577	6576	4494	3374	856	-859	530
Adjustments	45	7	19	327	594	-137	-140	-18	11	-40
Profit After Adjustments	1593	2681	4198	5904	7170	4357	3234	838	-848	490
Adjusted Earnings Per Share	6.6	11.1	17.4	24.5	29.9	18.2	10.7	3.5	-2.8	2

JSW Steel Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	34368	38210	51220	52972	41546	55604	71933	84757	73326	79839	146371	165893
Other Income	77	70	86	258	635	153	167	204	546	696	1531	798
Total Income	34445	38279	51305	53230	42181	55757	72100	84961	73872	80535	147902	166691
Total Expenditure	28266	31706	42054	43716	35599	43431	57139	65805	61453	59802	107364	146101
Operating Profit	6179	6574	9251	9514	6581	12326	14961	19156	12419	20733	40538	20590
Interest	1427	1967	3048	3493	3601	3768	3701	3917	4265	3957	4968	6520
Depreciation	1933	2237	3183	3434	3323	3430	3387	4041	4246	4679	6001	7280
Exceptional Income / Expenses	-825	-369	-1713	-47	-2125	0	-264	0	-805	-83	-741	-150
Profit Before Tax	1993	1999	1308	2539	-2468	5128	7651	11198	3013	12015	29745	6640
Provision for Tax	500	845	920	819	-1966	1674	1538	3644	-906	4142	8807	2739
Profit After Tax	1493	1154	388	1720	-501	3454	6113	7554	3919	7873	20938	3901
Adjustments	-956	-191	64	77	166	69	101	85	111	38	-273	-187
Profit After Adjustments	538	963	452	1797	-335	3523	6214	7639	4030	7911	20665	3714
Adjusted Earnings Per Share	2.3	4.2	1.8	7.3	-1.4	14.7	25.8	31.8	16.8	32.8	86.1	13.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	83%	20%	21%	16%
Operating Profit CAGR	96%	28%	27%	21%
PAT CAGR	166%	40%	43%	30%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-6%	66%	18%	27%
ROE Average	37%	23%	23%	14%
ROCE Average	28%	17%	18%	13%

JSW Steel Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	16750	17344	21938	23054	18965	22647	27998	34795	36599	45610	67297
Minority's Interest	218	197	167	98	-195	-246	-464	-450	-575	-619	1238
Borrowings	12889	17393	26703	33677	35469	32416	31723	29656	44673	49731	57929
Other Non-Current Liabilities	3232	3914	3093	3571	2181	3628	3749	8788	7435	9142	12470
Total Current Liabilities	20834	18665	25739	25255	25486	29560	28964	42008	43688	43299	57551
Total Liabilities	53922	57513	77640	85654	81907	88005	91970	114797	131820	147163	196485
Fixed Assets	33812	34717	47046	52176	56140	58730	57848	62644	61861	64658	99700
Other Non-Current Assets	7550	10862	15144	14340	11030	7999	10930	18598	33481	46653	31411
Total Current Assets	12561	11934	15450	18817	14737	21265	23189	33543	36469	35844	65366
Total Assets	53922	57513	77640	85654	81907	88005	91970	114797	131820	147163	196485

JSW Steel Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	573	683	302	579	944	833	917	582	5581	3966	11943
Cash Flow from Operating Activities	3512	5844	2594	7876	6897	7888	12379	14633	12785	18831	26270
Cash Flow from Investing Activities	-4101	-5433	-5671	-7370	-3854	-5094	-4529	-11448	-19586	-9827	-15987
Cash Flow from Financing Activities	698	-791	3300	-169	-3151	-2710	-8185	1753	5189	-1444	-14657
Net Cash Inflow / Outflow	110	-380	223	337	-108	84	-335	4938	-1612	7560	-4374
Closing Cash & Cash Equivalent	683	302	579	913	833	917	582	5581	3966	11943	8808

JSW Steel Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	2.28	4.19	1.75	7.32	-1.4	14.68	25.78	31.83	16.79	32.83	86.1
CEPS(Rs)	15.36	15.2	14.77	21.32	11.76	28.68	39.42	48.31	34.02	52.08	112.25
DPS(Rs)	0.75	1	1.1	1.1	0.75	2.25	3.2	4.1	2	6.5	17.35
Book NAV/Share(Rs)	73.46	76.21	87.34	90.63	78.81	94.05	115.75	144.35	151.73	188.51	279.15
Core EBITDA Margin(%)	16.51	15.64	16.53	16.1	12.93	20.11	20.21	22.36	16.19	25.1	26.65
EBIT Margin(%)	9.25	9.54	7.86	10.49	2.47	14.7	15.51	17.83	9.93	20.01	23.72
Pre Tax Margin(%)	5.39	4.81	2.36	4.42	-5.37	8.47	10.45	13.21	4.11	15.05	20.32
PAT Margin (%)	4.04	2.78	0.7	2.99	-1.09	5.71	8.35	8.91	5.34	9.86	14.3
Cash Profit Margin (%)	9.27	8.16	6.44	8.96	6.14	11.37	12.98	13.68	11.14	15.72	18.4
ROA(%)	2.99	2.07	0.57	2.11	-0.6	4.07	6.79	7.31	3.18	5.64	12.19
ROE(%)	9.32	6.91	2.04	7.99	-2.46	16.65	24.22	24.16	11.03	19.24	37.25
ROCE(%)	9.82	10.53	9.13	10.27	1.86	13.95	16.97	20.21	8.12	15.42	28.08
Receivable days	11.83	15.66	14.48	15.21	20.75	20.73	22.07	25.55	29.03	20.55	14.89
Inventory Days	50.35	49.53	44.94	60.83	76.73	59.44	59.8	58.44	70.49	64.05	59.89
Payable days	29.98	35.34	36.36	42.5	56.92	48.51	50.3	54.24	66.21	84.25	65.45
PER(x)	31.58	16	59.03	12.4	0	12.78	11.17	9.2	8.72	14.25	8.51
Price/Book(x)	0.98	0.88	1.19	1	1.62	1.99	2.49	2.03	0.97	2.48	2.62
Dividend Yield(%)	1.04	1.49	1.06	1.21	0.59	1.2	1.11	1.4	1.37	1.39	2.37
EV/Net Sales(x)	0.97	0.91	1.17	1.11	1.73	1.57	1.5	1.32	1.14	2.06	1.56
EV/Core EBITDA(x)	5.38	5.31	6.47	6.18	10.92	7.08	7.2	5.82	6.74	7.93	5.63
Net Sales Growth(%)	42.57	11.18	34.05	3.42	-21.57	33.84	29.37	17.83	-13.49	8.88	83.33
EBIT Growth(%)	-2.22	15.97	9.81	38.48	-81.21	684.81	27.61	33.15	-51.85	119.46	117.34
PAT Growth(%)	-10.01	-22.71	-66.38	343.26	-129.16	788.8	76.98	23.57	-48.12	100.89	165.95
EPS Growth(%)	-70.47	83.45	-58.15	317.09	-119.11	1149.71	75.65	23.44	-47.24	95.49	162.31
Debt/Equity(x)	1.19	1.23	1.58	1.67	2.23	1.93	1.41	1.37	1.66	1.42	1.04
Current Ratio(x)	0.6	0.64	0.6	0.75	0.58	0.72	0.8	0.8	0.83	0.83	1.14
Quick Ratio(x)	0.33	0.34	0.28	0.31	0.25	0.33	0.37	0.45	0.52	0.5	0.55
Interest Cover(x)	2.4	2.02	1.43	1.73	0.31	2.36	3.07	3.86	1.71	4.04	6.99
Total Debt/Mcap(x)	1.24	1.43	1.39	1.73	1.36	0.96	0.57	0.67	1.71	0.57	0.4

JSW Steel Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	44.07	44.07	44.07	44.07	44.09	44.71	45.01	45.02	45.19	45.19
FII	13.34	13.31	12.69	0	12.17	11.21	11.58	10.61	10.75	26.03
DII	6.36	6.8	7.62	20.6	8.57	8.88	8.45	9.58	9.76	9.86
Public	36.23	35.81	35.62	35.33	35.17	35.19	34.96	34.79	34.3	18.92
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	106.54	106.53	106.53	106.53	106.57	108.08	108.81	108.81	109.24	109.24
FII	32.24	32.18	30.68	0	29.43	27.1	28	25.64	25.98	62.92
DII	15.37	16.44	18.41	49.8	20.71	21.48	20.42	23.16	23.59	23.83
Public	87.58	86.57	86.1	85.39	85.02	85.06	84.5	84.1	82.92	45.73
Others	0	0	0	0	0	0	0	0	0	0
Total	241.72	241.72	241.72	241.72	241.72	241.72	241.72	241.72	241.72	241.72