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SME Scorecard · JSWSTEEL · as of Mar 2026

JSW Steel Ltd

Price
₹1,230
-2.35% · as of 07 Oct, 3:30 pm
Market cap
₹3,00,225 Cr
latest
P / E
24.9
trailing
52-week
1,073 – 1,351
low – high
Run the valuation reportFull data page
C
57/100
17 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
49
  1. Revenue CAGR, 3y
    ₹1,65,960 Cr (Mar 2023) → ₹1,85,470 Cr (Mar 2026).
    3.8%
    15
    Flag
  2. Profit CAGR, 3y
    Net profit ₹4,139 Cr (Mar 2023) → ₹25,508 Cr (Mar 2026).
    83.3%
    100
    Good
  3. Latest quarter revenue YoY
    Jun 2026: ₹47,364 Cr vs Jun 2025: ₹43,147 Cr.
    9.8%
    33
    Watch
Profitability
weight 25
55
  1. Return on equity
    Top-ratio ROE.
    10.2%
    41
    Watch
  2. Return on capital employed
    Top-ratio ROCE.
    11.0%
    44
    Watch
  3. Operating margin
    OPM for Mar 2026.
    16%
    53
    Good
  4. Margin trend
    OPM 11% (Mar 2023) → 16% (Mar 2026).
    +5.0 pp
    81
    Good
Balance sheet
weight 20
46
  1. Debt to equity
    Borrowings ₹99,310 Cr ÷ net worth ₹1,00,053 Cr (Mar 2026).
    1.0×
    50
    Watch
  2. Interest cover
    (PBT ₹29,250 Cr + interest ₹9,102 Cr) ÷ interest, Mar 2026.
    4.2×
    46
    Good
  3. Debt growth vs revenue growth, 3y
    Revenue CAGR 3.8% minus borrowings CAGR 7.1%.
    -3.3 pp
    42
    Watch
Cash conversion
weight 15
79
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹58,129 Cr ÷ net profit ₹37,972 Cr, cumulative.
    1.5×
    100
    Good
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹10,610 Cr · Mar 2025: ₹8,264 Cr · Mar 2024: ₹-3,469 Cr
    2 of 3
    67
    Watch
  3. Debtor days
    As of Mar 2026.
    22 days
    100
    Good
  4. Accounting flags
    earnings lean on other income.
    1 flag
    50
    Watch
Governance
weight 15
69
  1. Promoter holding
    Quarter ended Jun 2026.
    44.29%
    61
    Watch
  2. Promoter holding change
    44.79% (Sep 2023) → 44.29% (Jun 2026).
    -0.5 pp
    45
    Good
  3. Promoter pledge
    A pledge is only reported when one exists; none listed here, but this is not confirmation of zero.
    —
    —
    Not scored
  4. Institutional holding
    FII 25.92% + DII 11.49%, Jun 2026.
    37.41%
    100
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against JSW Steel: the market pays 24.9× earnings for 3.8% revenue CAGR over 3 years at a 16% operating margin, with promoters holding 44.29%. Debt to equity of 1.0× is the leverage bar peers will compare a new issue against.

Retail02
Two numbers and the flags

Grade C (57/100). ROE 10.2% and debt to equity 1.0× are the two numbers to remember. Watch: Revenue CAGR 3.8%; Latest quarter revenue YoY 9.8%; Return on equity 10.2%. Price sits 56% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 44.29%, institutions 37.41%, public 17.62% across 6,10,616 shareholders on a ₹3,00,225 Cr market cap. Leverage and cash items to size for: Debt to equity 1.0×; Debt growth vs revenue growth -3.3 pp; Free-cash-flow-positive years 2 of 3.

Institutional04
Diligence priorities

Diligence priorities: Free-cash-flow-positive years 2 of 3; Accounting flags 1 flag; Promoter holding 44.29%. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

This report has been prepared by Beacon Capital Advisors Private Limited ("BCAPL") for the exclusive use of its clients who have accepted BCAPL's terms and conditions. It is not an offer or solicitation to buy or sell any security and may not be reproduced, redistributed or published, in whole or in part, without BCAPL's written consent. It does not take into account the investment objectives, financial situation or particular needs of any recipient, who should exercise independent judgement and seek professional advice before investing.

The report is based on information obtained from public and other sources believed reliable, but BCAPL makes no representation as to its accuracy or completeness. Opinions, estimates, target prices and projections are as of the report date, rest on stated assumptions, and are subject to change without notice. They are not assurances of returns. Any investment made on the basis of this report is subject to market risk, and there is no recourse to claim losses incurred on such investments. Past performance is not indicative of future results.

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