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JSW Steel Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty 50 · Nifty 100 · Nifty Metal · Nifty Commodities · Nifty Housing · Nifty 200 · +3 more

₹1,352.10-0.09% today
Market cap
₹3.30L Cr
P/E
21.04
ROE
10.24%
PEG
0.60
Price to sales
1.66
Debt to equity
0.62
52W high / low
₹1,357 / ₹1,079
Sales growth (5Y)
18.36%
EBITDA margin
17.21%
Net profit margin
5.66%
Promoter holding
44.29%
Sales (last year)
₹1.99L Cr

Guidance scorecard · Q2 FY27 call

What JSW Steel's management guided
and where it ranks in Ferrous Metals

#6of 10 in
Ferrous Metals
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • India steel consumption is expected to grow at a healthy rate of 7% to 9%, providing strong demand for future capacity growth.
  • Domestic steel demand growth is supported by public and private capex, manufacturing expansion, and a robust automotive sector.
  • JSW Steel aims to maintain 90% focus on the domestic market, expecting Indian demand to grow steadily.
  • Capacity expansions like the BF-3 blast furnace ramp-up at Vijayanagar (completed and lit) will increase production volumes in coming quarters.
  • Exports may rise to Europe and other markets, with Europe expected to remain a high-priced import market due to CBAM, though exports are currently a smaller percentage.
  • JSW Steel expects quarter-on-quarter volume improvements, especially in Q2 FY27, with recovery from seasonal impacts and project normalizations.

2 more points from JSW Steel's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what JSW Steel said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Ongoing capacity expansions: Dolvi Phase-III capacity addition (targeted by September 2027) adds around 2 million tonnes, including debottlenecking.
  • Ground-breaking for 1 million tonne EAF and structural project at Kadapa, Andhra Pradesh, with commissioning targeted for FY29.
  • Downstream capacity additions of about 0.44 million tonnes at Vijayanagar, Khopoli, and Rajpura.
  • Enhancement of Khopoli plant for wider range of high-strength and value-added coated steel products.
  • Adding rail capability to the 1 million tonne structural mill at Raigarh.

2 more points from JSW Steel's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what JSW Steel said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what JSW Steel said on the order book →

Full Q1 FY27 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jindal SteelGood growth
    2
  2. Strong growth
    1
  3. Jai Balaji IndustriesGood growth
    3
See all potential multibaggersWhere does JSW Steel rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹57 Cr9.1
2Jindal Steel20–40%Flat₹1.19L Cr36.8
3Jai Balaji Industries20–40%Flat₹6,207 Cr31.5
420–40%Flat₹6,020 Cr10.5
510–20%Up 0–2%₹6,548 Cr16.5
6JSW SteelThis stock10–20%Flat₹3.30L Cr21.0

Sign up free to see every company in the sector ranking and track JSW Steel.

Pro shows every company guiding 40%+ revenue growth →Full Ferrous Metals ranking

JSW Steel announcements

All announcements →

Financials of JSW Steel

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

JSW Steel

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +44.81%44.81%44.81%44.84%44.85%44.84%45.31%45.31%45.31%45.31%44.29%44.29%
FIIs +26.33%26.06%25.52%25.66%25.59%25.78%25.42%25.56%25.38%25.38%25.92%26.23%
DIIs +9.48%9.81%10.52%10.53%10.59%10.52%10.93%10.87%11.06%11.16%11.49%11.34%
Government +0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%0.51%
Public +18.47%18.44%18.30%18.22%18.24%18.16%17.59%17.62%17.56%17.47%17.62%17.50%
Others +0.41%0.37%0.34%0.24%0.23%0.20%0.24%0.12%0.20%0.19%0.18%0.15%
No. of Shareholders6,41,5826,71,7796,35,6806,32,2496,35,8906,21,9326,17,3396,10,3036,05,3016,03,2746,10,6166,20,717

Financials of JSW Steel

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +44,58441,94046,26942,94339,68441,37844,81943,14745,15245,99151,18047,36454,486
YoY Sales growth+7%+7%-1%+2%-11%-1%-3%+0%+14%+11%+14%+10%+21%
Expenses +36,72234,77640,24337,44534,30935,79938,68435,67138,12539,61242,71638,07944,366
Operating Profit7,8627,1646,0265,4985,3755,5796,1357,4767,0276,3798,4649,28510,120
OPM %18%17%13%13%14%13%14%17%16%14%17%20%19%
Other Income +826194242164-18950186350284-25618,229724733
Interest2,0841,9962,0622,0732,1302,1152,0942,2172,4132,3042,1681,7121,602
Depreciation2,0192,0592,1942,2092,2672,3362,4972,5372,5542,3622,1482,1372,200
Profit before tax4,5853,3032,0121,3807891,1781,7303,0722,3441,45722,3776,1607,051
Tax %40%26%34%37%49%39%13%28%30%-65%14%24%24%
Net Profit +2,7732,4501,3228674047191,5012,2091,6462,41019,2434,6965,359
EPS in Rs11.299.885.313.461.802.936.158.936.648.7566.9419.0221.59

Financials of JSW Steel

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +52,97241,54655,60471,93384,75773,32679,839146,371165,960175,006168,824185,470199,021
Sales growth+3%-22%+34%+29%+18%-13%+9%+83%+13%+5%-4%+10%+14%
Expenses +43,60835,12443,29657,01765,82761,51359,661107,257147,490146,849146,099156,006164,773
Operating Profit9,3646,42212,30814,91618,93011,81320,17839,11418,47028,15722,72529,46434,248
OPM %18%15%22%21%22%16%25%27%11%16%13%16%17%
Other Income +103-1,96618-177196-2894731,6001,5611,5007318,48919,430
Interest3,4933,6013,7683,7013,9174,2653,9574,9686,9028,1058,4129,1027,786
Depreciation3,4343,3233,4303,3874,0414,2464,6796,0017,4748,1729,3099,6018,847
Profit before tax2,539-2,4685,1287,65111,1683,01312,01529,7455,65513,3805,07729,25037,045
Tax %32%-80%33%20%33%-30%34%30%27%33%31%13%
Net Profit +1,722-4813,4676,1137,5243,9197,87320,9384,1398,9733,49125,50831,708
EPS in Rs7.43-1.3914.5725.7131.6016.6732.7385.4917.1436.0314.3391.26116.30
Dividend Payout %19%-67%19%16%16%15%25%25%25%25%24%10%

Financials of JSW Steel

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital303301301302301301302301301305305305305
Reserves21,98718,66522,34627,69634,49436,29845,30866,99665,39477,36479,19199,748113,001
Borrowings +38,75442,20443,33439,39347,39661,42366,72772,23780,85387,98498,75299,31069,820
Other Liabilities +24,61020,73722,02424,57932,60633,79834,82656,95163,99162,24562,19770,29569,508
Total Liabilities85,65481,90788,00591,970114,797131,820147,163196,485210,539227,898240,445269,658252,634
Fixed Assets +52,17656,14058,73057,84862,64462,08564,91799,880104,452112,461124,466117,129118,328
CWIP8,2657,2714,3635,95011,88927,19132,56616,90522,16629,67621,00722,31526,025
Investments5991,1951,3661,4691,8941,2597,4274,9404,8067,24615,21710,21813,443
Other Assets +24,61317,30223,54626,70338,37041,28542,25374,76079,11578,51579,755119,99694,838
Total Assets85,65481,90788,00591,970114,797131,820147,163196,485210,539227,898240,445269,658252,634

Financials of JSW Steel

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +7,8766,8977,88812,37914,63312,78518,83126,27023,32312,07820,89925,152
Cash from Investing Activity +-7,372-3,857-5,094-4,529-11,387-19,589-9,410-14,748-10,730-14,467-17,01218,560
Cash from Financing Activity +-169-3,151-2,710-8,1851,7535,189-1,444-14,657-5,977-5,005-262-16,111
Net Cash Flow334-11184-3354,999-1,6157,977-3,1356,616-7,3943,62527,601
Free Cash Flow1,3621,7363,4987,7034,471187,91616,2228,574-3,4698,26410,610
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit92%111%66%93%91%118%103%81%130%53%101%96%

Financials of JSW Steel

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days172427243122211916161822
Inventory Days136135147118123130160208130151142124
Days Payable175207172149137169171190149133132130
Cash Conversion Cycle-23-482-717-17936-4332816
Working Capital Days-58-105-66-36-63-96-93-24-50-29-19-15
ROCE %10%5%14%18%20%9%15%28%8%13%8%11%
62out of 100

Momentum score · price trend

62 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,935 stocks
Last 12 months+14.4%66%
Last 6 months+4.3%53%
Last 3 months+6.0%72%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,935 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For JSW Steel: 0.4 × 66 + 0.4 × 53 + 0.2 × 72 = 62.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 12 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What JSW Steel's management said in earlier quarters

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