JSW Steel Ltd

₹ 721 -0.46%
27 Jan - close price
About

JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products.[1]
The company aims to expand its crude steel capacity from 18 MnTPA in FY20 to 45 MnTPA within the next decade.[2]
In 2021, the company completed the acquisition of BPSL and became the largest steel producer in India.[3]
The company is the owner of single largest steel plant in India with a capacity of 12 MnTPA.[4]

Key Points

Product Portfolio
The company's diversified portfolio comprises products under hot-rolled, cold-rolled, galvanneal, galvanised/galvalume, pre-painted, tinplate, electrical steel, TMT bar, wire rod, special steel bar, round and bloom categories.[1]

  • Market Cap 174,366 Cr.
  • Current Price 721
  • High / Low 790 / 520
  • Stock P/E 33.5
  • Book Value 248
  • Dividend Yield 2.41 %
  • ROCE 26.8 %
  • ROE 31.2 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 36.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.0%

Cons

* 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

Sector: Steel Industry: Steel - Large

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
15,767 15,277 10,293 16,797 19,239 24,398 25,959 28,000 28,850 36,011 31,105 32,494 30,935
13,100 12,057 8,864 12,621 13,606 16,377 16,468 19,327 22,053 29,104 27,753 30,752 26,905
Operating Profit 2,667 3,220 1,429 4,176 5,633 8,021 9,491 8,673 6,797 6,907 3,352 1,742 4,030
OPM % 17% 21% 14% 25% 29% 33% 37% 31% 24% 19% 11% 5% 13%
135 -1,163 154 151 169 -191 200 919 394 -306 283 422 315
Interest 988 954 933 885 879 868 843 802 887 1,317 1,030 1,093 1,344
Depreciation 893 929 867 924 979 1,011 998 1,051 1,237 1,225 1,177 1,207 1,263
Profit before tax 921 174 -217 2,518 3,944 5,951 7,850 7,739 5,067 4,059 1,428 -136 1,738
Tax % 25% -39% 33% 33% 28% 32% 33% 30% 32% 35% 33% 33% 29%
Net Profit 691 242 -146 1,692 2,829 4,018 5,258 5,383 3,424 2,637 956 -91 1,234
EPS in Rs 2.86 1.00 -0.60 7.00 11.70 16.62 21.75 22.27 14.17 10.91 3.95 -0.38 5.11
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
23,367 32,123 35,492 45,298 46,087 36,707 52,290 66,464 77,187 64,262 70,727 118,820 130,545
18,589 26,492 29,181 36,511 37,216 30,338 40,612 52,569 58,668 51,716 51,438 86,890 114,514
Operating Profit 4,778 5,631 6,311 8,787 8,872 6,369 11,678 13,895 18,519 12,546 19,289 31,930 16,031
OPM % 20% 18% 18% 19% 19% 17% 22% 21% 24% 20% 27% 27% 12%
234 -642 -109 -1,366 70 -5,542 121 -175 398 -710 253 1,145 714
Interest 854 1,186 1,724 2,740 2,909 3,219 3,643 3,591 3,789 4,022 3,565 3,849 4,784
Depreciation 1,379 1,708 1,974 2,726 2,784 2,847 3,025 3,054 3,421 3,522 3,781 4,511 4,872
Profit before tax 2,779 2,095 2,504 1,955 3,249 -5,239 5,131 7,075 11,707 4,292 12,196 24,715 7,089
Tax % 28% 22% 28% 32% 33% 33% 30% 35% 31% -23% 31% 32%
Net Profit 2,011 1,626 1,801 1,335 2,166 -3,530 3,577 4,625 8,121 5,291 8,393 16,702 4,736
EPS in Rs 9.01 7.29 8.07 5.52 8.96 -14.60 14.80 19.13 33.60 21.89 34.72 69.10 19.59
Dividend Payout % 17% 13% 16% 25% 15% -6% 19% 21% 15% 11% 23% 31%
Compounded Sales Growth
10 Years: 14%
5 Years: 18%
3 Years: 15%
TTM: 22%
Compounded Profit Growth
10 Years: 24%
5 Years: 36%
3 Years: 29%
TTM: -72%
Stock Price CAGR
10 Years: 24%
5 Years: 20%
3 Years: 40%
1 Year: 15%
Return on Equity
10 Years: 19%
5 Years: 24%
3 Years: 24%
Last Year: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
563 563 563 1,067 1,067 301 301 497 301 301 302 301 301
Reserves 16,133 17,934 19,374 23,217 24,657 20,109 23,797 27,605 34,592 38,061 46,675 63,200 59,652
11,951 15,930 17,908 27,184 28,134 35,658 38,273 35,986 43,706 54,710 54,962 53,186 56,653
13,190 16,373 17,049 17,722 21,798 17,440 18,588 21,658 28,826 28,970 31,293 46,183 46,010
Total Liabilities 41,558 50,521 54,615 68,426 74,892 73,508 80,959 85,551 107,425 122,042 133,232 162,870 162,616
21,102 27,091 27,639 37,295 38,569 46,560 50,266 49,568 51,772 50,542 51,942 71,646 72,988
CWIP 5,708 2,504 5,075 6,857 7,790 6,439 3,027 3,392 10,443 24,141 29,042 12,599 11,869
Investments 4,099 4,413 4,636 4,381 4,197 4,764 5,050 4,878 5,397 5,999 12,458 18,028 20,064
10,649 16,514 17,266 19,893 24,336 15,744 22,616 27,713 39,813 41,360 39,790 60,597 57,695
Total Assets 41,558 50,521 54,615 68,426 74,892 73,508 80,959 85,551 107,425 122,042 133,232 162,870 162,616

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,043 2,139 3,925 5,274 8,466 5,670 8,561 12,174 15,578 14,110 17,557 23,335
-7,160 -3,928 -4,451 -4,687 -6,275 -5,033 -6,284 -6,134 -11,432 -19,092 -3,759 -17,652
5,279 1,968 124 -366 -1,805 -982 -2,030 -6,301 725 3,054 -6,115 -9,134
Net Cash Flow 162 179 -403 220 386 -345 247 -261 4,871 -1,928 7,683 -3,451

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 13 15 19 18 16 25 28 26 32 18 17 19
Inventory Days 106 91 78 84 120 123 121 98 100 105 139 158
Days Payable 153 162 151 135 175 201 152 136 121 146 158 183
Cash Conversion Cycle -35 -56 -54 -34 -39 -53 -3 -12 11 -23 -2 -6
Working Capital Days -63 -65 -17 -18 -23 -68 -33 -24 -39 -57 -31 -12
ROCE % 14% 13% 13% 14% 12% 7% 15% 17% 22% 11% 17% 27%

Shareholding Pattern

Numbers in percentages

53 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
42.71 43.07 44.07 44.07 44.07 44.07 44.09 44.72 45.01 45.02 45.20 45.20
17.13 15.35 13.34 13.31 12.69 12.93 12.17 11.21 11.58 10.61 10.75 26.04
4.39 4.93 5.84 6.29 7.11 7.16 8.06 8.38 7.94 9.07 9.25 9.34
0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51
34.65 35.54 35.69 35.31 35.15 34.92 34.80 34.85 34.65 34.14 33.70 18.35
0.61 0.61 0.54 0.50 0.47 0.41 0.37 0.33 0.31 0.65 0.60 0.57

* 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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