JSW Holdings Ltd

₹ 11,167 -1.75%

13 Nov - close price

About

JSW Holdings Ltd is a core investment company (CIC) and is primarily engaged in the business of investing and financing.^[1]

Key Points

Business Overview:^[1]^[2]
JSW Holdings is a Core Investment Company (CIC) that holds equity investments and lends
to JSW Group companies. It earns income through dividends, interest, share pledge
fees and management advisory fees.
It is classified as an Unregistered CIC
under RBI rules, since it does not access
public funds. The CIC framework requires
at least 90% of investments, loans and advances to be in Group Companies.

Website BSE NSE

Market Cap ₹ 12,395 Cr.
Current Price ₹ 11,167
High / Low ₹ 22,839 / 10,460
Stock P/E 66.6
Book Value ₹ 31,264
Dividend Yield 0.00 %
ROCE 0.53 %
ROE 0.40 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.36 times its book value
Company is expected to give good quarter
Market value of investments Rs.20,886 Cr. is more than the Market Cap Rs.12,395 Cr.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 0.52% over last 3 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.

Peer comparison

Financial Services Financial Services Finance Investment Company

Part of BSE 400 MidSmallCap Index BSE Diversified Financials Revenue Growth BSE 500 BSE Financial Services BSE 250 SmallCap Index BSE 1000 Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	89	27	27	27	162	29	29	30	84	33	33	35	167
YoY Sales growth	-74%	+5%	+10%	+4%	+82%	+7%	+9%	+10%	-48%	+12%	+12%	+15%	+99%
	3	3	3	3	4	3	4	4	4	4	3	6	5
Operating Profit	86	25	24	24	158	26	26	26	80	29	30	29	162
OPM %	97%	90%	87%	88%	98%	89%	87%	88%	96%	89%	91%	84%	97%
	0	0	0	0	0	0	0	0	0	-3	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	86	25	24	24	158	26	26	26	80	26	30	29	162
Tax %	26%	26%	18%	25%	25%	25%	26%	25%	25%	26%	25%	26%	25%
	64	18	19	18	118	19	19	20	60	20	23	21	121
EPS in Rs	57.47	16.42	17.50	16.17	106.55	17.48	17.18	17.72	53.70	17.68	20.44	19.34	108.70
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	49	50	63	89	107	121	93	186	407	170	248	179	267
Sales growth	+14%	+2%	+26%	+40%	+21%	+13%	-23%	+101%	+119%	-58%	+46%	-28%	+55%
	3	4	4	5	5	6	5	6	6	12	14	14	17
Operating Profit	46	47	59	84	102	115	88	180	401	157	234	165	250
OPM %	94%	93%	94%	95%	95%	95%	95%	97%	99%	93%	94%	92%	94%
	0	0	0	0	0	0	0	0	0	0	0	-2	-2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	46	47	59	84	102	115	88	180	401	157	234	163	247
Tax %	21%	22%	20%	19%	14%	10%	25%	25%	25%	25%	25%	25%
	37	37	47	68	88	104	66	135	300	119	175	122	184
EPS in Rs	33.07	32.98	42.69	61.25	79.12	93.75	59.20	121.27	269.93	106.90	157.39	109.54	166.16
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	14%
5 Years:	14%
3 Years:	-24%
TTM:	55%

Compounded Profit Growth
10 Years:	13%
5 Years:	13%
3 Years:	-26%
TTM:	58%

Stock Price CAGR
10 Years:	24%
5 Years:	20%
3 Years:	34%
1 Year:	-35%

Return on Equity
10 Years:	1%
5 Years:	1%
3 Years:	1%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	750	786	834	8,103	8,168	7,052	12,496	19,660	18,982	24,463	30,441	31,970	34,690
	0	0	0	0	0	0	0	0	0	0	0	0	0
	2	2	2	743	718	600	1,443	2,802	2,629	3,816	3,955	4,191	4,630
Total Liabilities	763	799	847	8,858	8,897	7,663	13,950	22,473	21,622	28,290	34,407	36,172	39,332
	0	0	0	0	0	0	0	0	0	0	0	0	0
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	533	543	517	8,502	8,511	7,230	13,451	21,836	20,685	27,231	33,187	34,819	37,840
	229	256	330	356	387	433	499	637	938	1,060	1,220	1,353	1,492
Total Assets	763	799	847	8,858	8,897	7,663	13,950	22,473	21,622	28,290	34,407	36,172	39,332

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	37	36	32	66	89	103	67	130	298	115	169	140
	-38	-25	-43	-58	-87	-108	-72	-131	-298	-112	-170	-140
	0	0	0	0	0	0	0	0	0	0	0	-1
Net Cash Flow	-1	11	-11	8	2	-4	-5	-1	1	3	-1	-1
Free Cash Flow	37	36	32	66	89	103	67	130	298	115	169	140
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	101%	98%	74%	98%	101%	100%	102%	98%	100%	98%	98%	110%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	2	2	13	16	8	3	10	6	2	4	0	4
Inventory Days
Days Payable
Cash Conversion Cycle	2	2	13	16	8	3	10	6	2	4	0	4
Working Capital Days	1,224	454	74	48	36	35	42	32	14	37	-3	-6
ROCE %	6%	6%	7%	2%	1%	2%	1%	1%	2%	1%	1%	1%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Book Value per Share (Standalone)
INR

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x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx
xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx
xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	x,xxx,xxx.xx	x,xxx,xxx.xx
xx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx	xxx,xxx,xxx
xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	x,xxx,xxx	x	x,xxx,xxx
	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	x,xxx,xxx.xx	x,xxx,xxx.xx	x,xxx,xxx.xx	x,xxx,xxx.xx	x,xxx,xxx.xx

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Dividend Income from JSW Steel
INR Lakhs

Interest Income from Loans
INR Lakhs

Loan Book to Group Companies
INR Lakhs

Market Capitalization
INR Lakhs

Number of JSW Steel Equity Shares Held
shares

Pledged Shares of JSW Steel
shares

Fair Value of Investment in JSW Steel
INR Lakhs

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%	66.28%
	22.38%	21.42%	21.51%	21.71%	22.28%	22.63%	22.61%	22.64%	22.88%	22.65%	22.28%	22.21%
	0.04%	0.09%	0.11%	0.11%	0.11%	0.21%	0.31%	0.26%	0.12%	0.09%	0.18%	0.21%
	11.28%	12.18%	12.09%	11.89%	11.32%	10.86%	10.79%	10.80%	10.70%	10.97%	11.24%	11.29%
	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%
No. of Shareholders	20,116	21,673	21,870	21,931	24,726	22,550	23,908	24,754	23,928	25,929	28,192	29,384

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	61.42%	61.42%	61.42%	61.42%	61.42%	66.26%	66.28%	66.28%	66.28%	66.28%	66.28%
	15.06%	22.91%	25.05%	26.04%	26.64%	22.36%	22.38%	21.42%	22.63%	22.65%	22.21%
	7.12%	0.08%	0.16%	0.11%	0.06%	0.06%	0.04%	0.09%	0.21%	0.09%	0.21%
	16.29%	15.39%	13.09%	12.15%	11.60%	11.26%	11.28%	12.18%	10.86%	10.97%	11.29%
	0.11%	0.20%	0.28%	0.28%	0.28%	0.05%	0.02%	0.02%	0.01%	0.01%	0.00%
No. of Shareholders	22,483	20,771	19,399	18,612	18,134	19,103	19,300	21,673	22,550	25,929	29,384

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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JSW Holdings Ltd

JSW Holdings Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports