JSWSTEEL
JSW Steel share price & financials
- Price
- ₹1,287.7
- Market cap
- ₹3.1L Cr
- Sector
- Metals & Mining
- Calls analysed
- 7
JSW Steel Q1 FY27
What went well
- Consolidated revenues of ₹47,364 crores reported, indicating strong top-line performance.
- Adjusted EBITDA of ₹9,373 crores with a 20% margin demonstrates robust profitability.
- Consolidated steel sales grew 4% YoY to 6.25 million tonnes, driven by strong Flats sales (up 9% YoY) and hot rolled sales (up 18% YoY).
What to watch
- Longs sales impacted by labor availability due to state elections and diesel availability issues due to Middle East conflict.
- Retail sales experienced pressure due to channel destocking and higher imports.
What JSW Steel does
JSW Steel is India's largest steelmaker, producing flat products (hot- and cold-rolled, galvanised/galvalume, electrical, colour-coated and tin plate) and long products (TMT bars, wires and special alloy steel) for infrastructure, automotive, energy, railways and defence customers. It operates integrated and downstream plants across India plus overseas plate and pipe operations, backed by captive iron ore mines and captive power generation. The company reaches end-users through a large retail and branded-store network and also runs the JSW One digital B2B platform.
Segments
- Flat products
- Long products
- Overseas operations
- Market position
- India's largest steelmaker
- Consolidated installed steel capacity
- 35.7 MTPA
- Manufacturing units
- 16 domestic + 3 international
- Downstream flat products capacity
- ~13.5 MTPA
- Captive power plant capacity
- ~2,000 MW
- Captive iron ore mines
- 23
Guidance record · Q1 FY27
what the last two calls moved 30 tracked 6 delivered 6 missed 18 open- Net Debt to EBITDA Comfort Level delivered said Q4 FY26 Promised: below 2.5x Q1 FY27: Net debt to EBITDA leverage dropped to 1.46x, well below the comfort level of 2.5x.
- Q1 FY27 Coking Coal Cost Change missed said Q4 FY26 Promised: higher by $12 to $15 per ton Q1 FY27: Actual coking coal price increase was ~$17 per ton in Q1, which is higher than the guided range of $12 to $15 per ton.
- India Capacity by FY31 revised up said Q3 FY26 Promised: 50+ million tonnes Q4 FY26: Guidance revised upwards and timeline extended. New target is 62 million tonnes by FY32 for JSW standalone.
All 30 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.8%, net profit up 112.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39,684 | 41,378 | 44,819 | 43,147 | 45,152 +14% | 45,991 +11% | 51,180 +14% | 47,364 +10% |
| EBITDA | 5,375 | 5,579 | 6,135 | 7,476 | 7,027 +31% | 6,379 +14% | 8,464 +38% | 9,285 +24% |
| Net profit | 404 | 719 | 1,501 | 2,209 | 1,646 +307% | 2,410 +235% | 19,243 +1182% | 4,696 +113% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +14.9% 1Y
1Y: ₹1,101.2 on 10 Sept 2025 → ₹1,265. High ₹1,341 (26 Aug 2026), low ₹1,079.3 (17 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +1.3%
- 17 Jul
- Q4 FY26
- +1.7%
- 14 May
- Q3 FY26
- −1.2%
- 23 Jan
- Q2 FY26
- −0.8%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.8% a year over 3 years, FY23 to FY26. Operating margin widened to 15.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹166.0k Cr | ₹175.0k Cr | ₹168.8k Cr | ₹185.5k Cr |
| Operating profit | ₹18.4k Cr | ₹28.1k Cr | ₹22.6k Cr | ₹29.3k Cr |
| Operating margin | 11.1% | 16.0% | 13.4% | 15.8% |
| Interest | ₹6.9k Cr | ₹8.1k Cr | ₹8.4k Cr | ₹9.1k Cr |
| Depreciation | ₹7.5k Cr | ₹8.2k Cr | ₹9.3k Cr | ₹9.6k Cr |
| Net profit | ₹4.1k Cr | ₹9.0k Cr | ₹3.5k Cr | ₹25.5k Cr |
| Net margin | 2.5% | 5.1% | 2.1% | 13.8% |
| Cash from operations | ₹23.3k Cr | ₹12.1k Cr | ₹20.9k Cr | ₹25.2k Cr |
| Free cash flow | ₹8.6k Cr | ₹-3.5k Cr | ₹8.3k Cr | ₹10.6k Cr |
| ROCE | 8.0% | 13.0% | 8.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹302 Cr | ₹301 Cr | ₹301 Cr | ₹305 Cr | ₹305 Cr | ₹305 Cr |
| Reserves | ₹45.3k Cr | ₹67.0k Cr | ₹65.4k Cr | ₹77.4k Cr | ₹82.6k Cr | ₹99.7k Cr |
| Borrowings | ₹66.7k Cr | ₹72.2k Cr | ₹80.9k Cr | ₹88.0k Cr | ₹101.1k Cr | ₹99.3k Cr |
| Other liabilities | ₹34.8k Cr | ₹57.0k Cr | ₹64.0k Cr | ₹62.2k Cr | ₹66.4k Cr | ₹70.3k Cr |
| Total liabilities | ₹147.2k Cr | ₹196.5k Cr | ₹210.5k Cr | ₹227.9k Cr | ₹250.4k Cr | ₹269.7k Cr |
| Fixed assets | ₹64.9k Cr | ₹99.9k Cr | ₹104.5k Cr | ₹112.5k Cr | ₹126.3k Cr | ₹117.1k Cr |
| Capital work in progress | ₹32.6k Cr | ₹16.9k Cr | ₹22.2k Cr | ₹29.7k Cr | ₹20.5k Cr | ₹22.3k Cr |
| Investments | ₹7.4k Cr | ₹4.9k Cr | ₹4.8k Cr | ₹7.2k Cr | ₹15.6k Cr | ₹10.2k Cr |
| Other assets | ₹42.3k Cr | ₹74.8k Cr | ₹79.1k Cr | ₹78.5k Cr | ₹88.0k Cr | ₹120.0k Cr |
| Total assets | ₹147.2k Cr | ₹196.5k Cr | ₹210.5k Cr | ₹227.9k Cr | ₹250.4k Cr | ₹269.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −1.02 pp while DIIs added +0.56 pp. The shareholder count shrank 1% to 6,10,616.
- Promoters
- 44.3%
- FIIs
- 25.9%
- DIIs
- 11.5%
- Government
- 0.5%
- Public
- 17.6%
- Others
- 0.2%
Since Jun 2025
- Promoters −1.02 pp
- DIIs +0.56 pp
- FIIs +0.50 pp
How it drifted, 12 quarters
Over this window DIIs went from 9.5% to 11.5% — +2.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 44.8%, FIIs 26.1%, DIIs 9.5%, Government 0.5%, Public 18.6%, Others 0.4%.Dec '23: Promoters 44.8%, FIIs 26.3%, DIIs 9.5%, Government 0.5%, Public 18.5%, Others 0.4%.Mar '24: Promoters 44.8%, FIIs 26.1%, DIIs 9.8%, Government 0.5%, Public 18.4%, Others 0.4%.Jun '24: Promoters 44.8%, FIIs 25.5%, DIIs 10.5%, Government 0.5%, Public 18.3%, Others 0.3%.Sep '24: Promoters 44.8%, FIIs 25.7%, DIIs 10.5%, Government 0.5%, Public 18.2%, Others 0.2%.Dec '24: Promoters 44.9%, FIIs 25.6%, DIIs 10.6%, Government 0.5%, Public 18.2%, Others 0.2%.Mar '25: Promoters 44.8%, FIIs 25.8%, DIIs 10.5%, Government 0.5%, Public 18.2%, Others 0.2%.Jun '25: Promoters 45.3%, FIIs 25.4%, DIIs 10.9%, Government 0.5%, Public 17.6%, Others 0.2%.Sep '25: Promoters 45.3%, FIIs 25.6%, DIIs 10.9%, Government 0.5%, Public 17.6%, Others 0.1%.Dec '25: Promoters 45.3%, FIIs 25.4%, DIIs 11.1%, Government 0.5%, Public 17.6%, Others 0.2%.Mar '26: Promoters 45.3%, FIIs 25.4%, DIIs 11.2%, Government 0.5%, Public 17.5%, Others 0.2%.Jun '26: Promoters 44.3%, FIIs 25.9%, DIIs 11.5%, Government 0.5%, Public 17.6%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Life Insurance Corporation Of India Insurer newly disclosed 4.94% held
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund newly disclosed 1.05% held
- Gqg Partners Emerging Markets Equity Fund Global fund house newly disclosed 1.02% held
- SBI Arbitrage Opportunities Fund Mutual fund +0.52 pp 1.68% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of JSW Steel above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jfe Steel International Europe B.V. Corporate | 15.00% | unchanged |
| Jsw Techno Projects Management Ltd | 10.82% | unchanged |
| Jsw Holdings Limited | 7.42% | unchanged |
| Vividh Finvest Private Limited | 5.86% | unchanged |
| Life Insurance Corporation Of India Insurer | 4.94% | newly disclosed |
| Sahyog Holdings Private Limited | 4.58% | unchanged |
| Siddeshwari Tradex Private Limited | 3.46% | unchanged |
| Jtpm Metal Traders Limited | 3.40% | unchanged |
| Virtuous Tradecorp Private Limited | 2.47% | unchanged |
| Gagandeep Credit Capital Pvt Ltd | 2.03% | unchanged |
| Nalwa Sons Investments Ltd | 1.86% | unchanged |
| Jsw Energy Limited | 1.84% | −1.02 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JSWSTEEL
Filings to Aug 2026
1 new, 13 added, 10 trimmed, 1 sold out — net −11.92 L shares (−1.6%).
- Held by funds
- ₹9.3k Cr
- 35 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹2.4k Cr · 1.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹2.4k Cr | +0.96 L | Aug '21 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.6k Cr | −7.54 L | Oct '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹751 Cr | −0.28 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹747 Cr | +1.15 L | Jan '19 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹599 Cr | +1.15 L | May '23 |
| SBI Large Cap Fund SBI Mutual Fund | ₹405 Cr | held | May '26 |
| SBI Midcap Fund SBI Mutual Fund | ₹392 Cr | held | May '26 |
| SBI Contra Fund SBI Mutual Fund | ₹379 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
13 added, 10 trimmed — net −11.92 L shares (−1.6%)
- Funds are sitting on
- +31%
- vs est. average cost
- Held by funds
- ₹9.3k Cr
- 35 schemes · ≈ 3.0% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹2.4k Cr · 1.1% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 13y 6m · since Mar '13
Shares held by these funds +103%
Aug '23 7.20 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse JSW Steel
Guides on how to read this kind of business and the numbers that matter.