JSW Steel

₹810.8 11.2 | 1.4%

WEBSITE BSE:500228 NSE : JSWSL 01 Dec, 16:07

Market Cap ₹198277 Cr.

Stock P/E 24.6

P/B 2.7

Current Price ₹810.8

Book Value ₹ 302.2

Face Value 1

52W High ₹840

Dividend Yield 0.42%

52W Low ₹ 649.8

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).

JSW Steel Share Price

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Peer Comparison

JSW Steel Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	28902	32503	38071	46895	38086	41778	39134	46962	42213	44584
Other Income	198	946	154	233	189	188	188	465	331	237
Total Income	29100	33449	38225	47128	38275	41966	39322	47427	42544	44821
Total Expenditure	18628	22086	28939	37711	33777	40026	34587	39023	35167	36698
Operating Profit	10472	11363	9286	9417	4498	1940	4735	8404	7377	8123
Interest	993	936	1283	1756	1422	1523	1819	2138	1963	2084
Depreciation	1183	1239	1764	1815	1778	1805	1882	2009	1900	2019
Exceptional Income / Expenses	0	0	0	-741	0	591	0	0	0	589
Profit Before Tax	8296	9188	6239	5105	1298	-797	1034	4257	3514	4609
Provision for Tax	2719	2612	1745	1731	442	62	504	508	1052	1812
Profit After Tax	5577	6576	4494	3374	856	-859	530	3749	2462	2797
Adjustments	327	594	-137	-140	-18	11	-40	-85	-124	-37
Profit After Adjustments	5904	7170	4357	3234	838	-848	490	3664	2338	2760
Adjusted Earnings Per Share	24.5	29.9	18.2	10.7	3.5	-2.8	2	12.2	9.7	9

JSW Steel Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	38210	51220	52972	41546	55604	71933	84757	73326	79839	146371	165960	172893
Other Income	70	86	258	635	153	167	204	546	696	1531	1030	1221
Total Income	38279	51305	53230	42181	55757	72100	84961	73872	80535	147902	166990	174114
Total Expenditure	31706	42054	43716	35599	43431	57139	65805	61453	59802	107364	147413	145475
Operating Profit	6574	9251	9514	6581	12326	14961	19156	12419	20733	40538	19577	28639
Interest	1967	3048	3493	3601	3768	3701	3917	4265	3957	4968	6902	8004
Depreciation	2237	3183	3434	3323	3430	3387	4041	4246	4679	6001	7474	7810
Exceptional Income / Expenses	-369	-1713	-47	-2125	0	-264	0	-805	-83	-741	591	589
Profit Before Tax	1999	1308	2539	-2468	5128	7651	11198	3013	12015	29745	5655	13414
Provision for Tax	845	920	819	-1966	1674	1538	3644	-906	4142	8807	1516	3876
Profit After Tax	1154	388	1720	-501	3454	6113	7554	3919	7873	20938	4139	9538
Adjustments	-191	64	77	166	69	101	85	111	38	-273	5	-286
Profit After Adjustments	963	452	1797	-335	3523	6214	7639	4030	7911	20665	4144	9252
Adjusted Earnings Per Share	4.2	1.8	7.3	-1.4	14.7	25.8	31.8	16.8	32.8	86.1	17.3	32.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	13%	31%	18%	16%
Operating Profit CAGR	-52%	16%	6%	12%
PAT CAGR	-80%	2%	-8%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	9%	31%	21%	24%
ROE Average	6%	21%	20%	14%
ROCE Average	9%	17%	16%	13%

JSW Steel Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	17344	21938	23054	18965	22647	27998	34795	36599	45610	67297	65695
Minority's Interest	197	167	98	-195	-246	-464	-450	-575	-619	1238	1344
Borrowings	17393	26703	33677	35469	32416	31723	29656	44673	49731	57929	61966
Other Non-Current Liabilities	3914	3093	3571	2181	3628	3749	8788	7435	9142	12470	11571
Total Current Liabilities	18665	25739	25255	25486	29560	28964	42008	43688	43299	57551	69963
Total Liabilities	57513	77640	85654	81907	88005	91970	114797	131820	147163	196485	210539
Fixed Assets	34717	47046	52176	56140	58730	57848	62644	61861	64658	99700	104366
Other Non-Current Assets	10862	15144	14340	11030	7999	10930	18598	33481	46653	31411	38023
Total Current Assets	11934	15450	18817	14737	21265	23189	33543	36469	35844	65366	68146
Total Assets	57513	77640	85654	81907	88005	91970	114797	131820	147163	196485	210539

JSW Steel Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	683	302	579	944	833	917	582	5581	3966	11943	8808
Cash Flow from Operating Activities	5844	2594	7876	6897	7888	12379	14633	12785	18831	26270	23323
Cash Flow from Investing Activities	-5433	-5671	-7370	-3854	-5094	-4529	-11448	-19586	-9827	-15987	-10711
Cash Flow from Financing Activities	-791	3300	-169	-3151	-2710	-8185	1753	5189	-1444	-14657	-5977
Net Cash Inflow / Outflow	-380	223	337	-108	84	-335	4938	-1612	7560	-4374	6635
Closing Cash & Cash Equivalent	302	579	913	833	917	582	5581	3966	11943	8808	15424

JSW Steel Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.19	1.75	7.32	-1.4	14.68	25.78	31.83	16.79	32.83	86.1	17.27
CEPS(Rs)	15.2	14.77	21.32	11.76	28.68	39.42	48.31	34.02	52.08	112.25	48.39
DPS(Rs)	1	1.1	1.1	0.75	2.25	3.2	4.1	2	6.5	17.35	3.4
Book NAV/Share(Rs)	76.21	87.34	90.63	78.81	94.05	115.75	144.35	151.73	188.51	279.15	271.78
Core EBITDA Margin(%)	15.64	16.53	16.1	12.93	20.11	20.21	22.36	16.19	25.1	26.65	11.18
EBIT Margin(%)	9.54	7.86	10.49	2.47	14.7	15.51	17.83	9.93	20.01	23.72	7.57
Pre Tax Margin(%)	4.81	2.36	4.42	-5.37	8.47	10.45	13.21	4.11	15.05	20.32	3.41
PAT Margin (%)	2.78	0.7	2.99	-1.09	5.71	8.35	8.91	5.34	9.86	14.3	2.49
Cash Profit Margin (%)	8.16	6.44	8.96	6.14	11.37	12.98	13.68	11.14	15.72	18.4	7
ROA(%)	2.07	0.57	2.11	-0.6	4.07	6.79	7.31	3.18	5.64	12.19	2.03
ROE(%)	6.91	2.04	7.99	-2.46	16.65	24.22	24.16	11.03	19.24	37.25	6.26
ROCE(%)	10.53	9.13	10.27	1.86	13.95	16.97	20.21	8.12	15.42	28.08	8.91
Receivable days	15.66	14.48	15.21	20.75	20.73	22.07	25.55	29.03	20.55	14.89	16.05
Inventory Days	49.53	44.94	60.83	76.73	59.44	59.8	58.44	70.49	64.05	59.89	73.59
Payable days	35.34	36.36	42.5	56.92	48.51	50.3	54.24	66.21	84.25	65.45	52.47
PER(x)	16	59.03	12.4	0	12.78	11.17	9.2	8.72	14.25	8.51	39.85
Price/Book(x)	0.88	1.19	1	1.62	1.99	2.49	2.03	0.97	2.48	2.62	2.53
Dividend Yield(%)	1.49	1.06	1.21	0.59	1.2	1.11	1.4	1.37	1.39	2.37	0.49
EV/Net Sales(x)	0.91	1.17	1.11	1.73	1.57	1.5	1.32	1.14	2.06	1.56	1.35
EV/Core EBITDA(x)	5.31	6.47	6.18	10.92	7.08	7.2	5.82	6.74	7.93	5.63	11.4
Net Sales Growth(%)	11.18	34.05	3.42	-21.57	33.84	29.37	17.83	-13.49	8.88	83.33	13.38
EBIT Growth(%)	15.97	9.81	38.48	-81.21	684.81	27.61	33.15	-51.85	119.46	117.34	-63.83
PAT Growth(%)	-22.71	-66.38	343.26	-129.16	788.8	76.98	23.57	-48.12	100.89	165.95	-80.23
EPS Growth(%)	83.45	-58.15	317.09	-119.11	1149.71	75.65	23.44	-47.24	95.49	162.31	-79.95
Debt/Equity(x)	1.23	1.58	1.67	2.23	1.93	1.41	1.37	1.66	1.42	1.04	1.21
Current Ratio(x)	0.64	0.6	0.75	0.58	0.72	0.8	0.8	0.83	0.83	1.14	0.97
Quick Ratio(x)	0.34	0.28	0.31	0.25	0.33	0.37	0.45	0.52	0.5	0.55	0.5
Interest Cover(x)	2.02	1.43	1.73	0.31	2.36	3.07	3.86	1.71	4.04	6.99	1.82
Total Debt/Mcap(x)	1.43	1.39	1.73	1.36	0.96	0.57	0.67	1.71	0.57	0.4	0.47

JSW Steel Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	44.07	44.09	44.71	45.01	45.02	45.19	45.19	45.4	45.4	44.8
FII	0	12.17	11.21	11.58	10.61	10.75	26.03	26	25.98	26.13
DII	20.6	8.57	8.88	8.45	9.58	9.76	9.86	9.99	10.11	10.02
Public	35.33	35.17	35.19	34.96	34.79	34.3	18.92	18.6	18.5	19.06
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	106.53	106.57	108.08	108.81	108.81	109.24	109.24	109.75	109.75	109.54
FII	0	29.43	27.1	28	25.64	25.98	62.92	62.86	62.8	63.89
DII	49.8	20.71	21.48	20.42	23.16	23.59	23.83	24.16	24.45	24.51
Public	85.39	85.02	85.06	84.5	84.1	82.92	45.73	44.96	44.73	46.6
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	244.55

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Debtor days have improved from 65.45 to 52.47days.

Cons

Promoter holding is low: 44.8%.
The company has delivered a poor profit growth of -7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.