JSW Steel Ltd

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]

See full details
  • Market Cap 167,477 Cr.
  • Current Price 693
  • High / Low 776 / 300
  • Stock P/E 11.6
  • Book Value 194
  • Dividend Yield 0.94 %
  • ROCE 15.5 %
  • ROE 19.0 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 18.64%

Cons

  • Stock is trading at 3.58 times its book value
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Steel Industry: Steel - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
21,552 20,318 22,368 19,812 17,572 18,055 17,887 11,782 19,264 21,859 26,934 28,902
16,648 15,833 17,961 16,115 14,856 15,631 14,941 10,494 14,850 15,918 18,494 18,628
Operating Profit 4,904 4,485 4,407 3,697 2,716 2,424 2,946 1,288 4,414 5,941 8,440 10,274
OPM % 23% 22% 20% 19% 15% 13% 16% 11% 23% 27% 31% 36%
Other Income 56 37 53 141 156 127 -683 132 199 147 90 521
Interest 963 1,021 1,046 1,042 1,127 1,060 1,036 1,016 959 977 1,005 993
Depreciation 974 1,078 1,084 1,026 1,057 1,055 1,108 1,047 1,149 1,230 1,253 1,183
Profit before tax 3,023 2,423 2,330 1,770 688 436 119 -643 2,505 3,881 6,272 8,619
Tax % 31% 34% 36% 43% -269% 57% -58% 9% 36% 31% 33% 32%
Net Profit 2,126 1,624 1,523 1,028 2,560 211 231 -561 1,593 2,681 4,198 5,904
EPS in Rs 8.80 6.72 6.30 4.25 10.59 0.87 0.96 -2.32 6.59 11.09 17.37 24.42

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
18,957 24,106 34,368 38,210 51,220 52,972 41,546 55,604 71,933 84,757 73,326 79,839 96,959
14,891 19,237 27,571 31,698 42,051 43,608 35,124 43,296 57,017 65,827 61,513 59,661 67,890
Operating Profit 4,066 4,869 6,797 6,512 9,169 9,364 6,422 12,308 14,916 18,930 11,813 20,178 29,069
OPM % 21% 20% 20% 17% 18% 18% 15% 22% 21% 22% 16% 25% 30%
Other Income 547 189 -1,444 -307 -1,630 103 -1,966 18 -177 196 -289 473 957
Interest 1,115 1,060 1,427 1,967 3,048 3,493 3,601 3,768 3,701 3,917 4,265 3,957 3,934
Depreciation 1,299 1,560 1,933 2,237 3,183 3,434 3,323 3,430 3,387 4,041 4,246 4,679 4,815
Profit before tax 2,200 2,438 1,993 1,999 1,308 2,539 -2,468 5,128 7,651 11,168 3,013 12,015 21,277
Tax % 29% 32% 25% 42% 70% 32% 80% 33% 20% 33% -30% 34%
Net Profit 1,598 1,754 538 963 452 1,797 -335 3,523 6,214 7,639 4,030 7,911 14,376
EPS in Rs 8.54 7.86 2.41 4.32 1.87 7.43 -1.39 14.57 25.71 31.60 16.67 32.73 59.47
Dividend Payout % 15% 20% 40% 30% 74% 19% -67% 19% 16% 16% 15% 25%
Compounded Sales Growth
10 Years:13%
5 Years:14%
3 Years:4%
TTM:48%
Compounded Profit Growth
10 Years:16%
5 Years:48%
3 Years:8%
TTM:489%
Stock Price CAGR
10 Years:28%
5 Years:31%
3 Years:24%
1 Year:123%
Return on Equity
10 Years:14%
5 Years:19%
3 Years:18%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
527 563 563 563 1,067 1,067 301 301 510 321 325 328
Reserves 8,730 15,437 16,186 16,781 20,871 21,987 18,665 22,346 27,696 34,494 36,298 46,462
Borrowings 16,173 16,476 19,909 21,346 34,762 37,990 42,204 43,334 39,185 47,376 61,399 62,366
10,255 13,691 17,543 19,102 21,704 25,374 20,737 22,024 24,787 32,626 33,822 39,187
Total Liabilities 35,406 45,888 53,922 57,513 77,640 85,654 81,907 88,005 91,970 114,797 131,820 148,317
22,352 26,904 33,812 34,717 47,046 52,176 56,140 58,730 57,848 62,644 62,085 64,917
CWIP 6,956 6,023 2,832 5,898 9,400 8,265 7,271 4,363 5,950 11,889 27,191 32,566
Investments 628 2,914 2,090 1,750 663 599 1,195 1,366 1,469 1,894 1,259 8,581
5,470 10,048 15,189 15,148 20,531 24,613 17,302 23,546 26,703 38,370 41,285 42,253
Total Assets 35,406 45,888 53,922 57,513 77,640 85,654 81,907 88,005 91,970 114,797 131,820 148,317

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3,346 2,830 3,512 5,844 2,594 7,876 6,897 7,888 12,379 14,633 12,785 18,789
-2,932 -7,633 -4,101 -5,433 -5,618 -7,372 -3,857 -5,094 -4,529 -11,387 -19,589 -7,702
-561 5,096 698 -791 3,300 -169 -3,151 -2,710 -8,185 1,753 5,189 -3,110
Net Cash Flow -147 293 110 -380 276 334 -111 84 -335 4,999 -1,615 7,977

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 13 14 16 20 16 17 24 27 24 31 22 21
Inventory Days 93 109 97 83 98 136 135 147 118 123 130 160
Days Payable 55 35 37 38 43 41 59 50 65 50 77 77
Cash Conversion Cycle 51 89 76 66 72 111 99 125 77 104 76 103
Working Capital Days -56 -50 -48 -44 -21 -28 -44 6 3 13 -21 -44
ROCE % 13% 12% 14% 11% 13% 10% 5% 14% 18% 20% 9% 16%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
42.32 42.55 42.66 42.27 42.40 42.33 42.71 43.07 44.07 44.07 44.07 44.07
19.80 19.63 18.58 18.98 17.89 17.64 17.13 15.35 13.34 13.31 12.69 12.93
16.89 2.59 2.87 3.25 3.78 4.11 4.39 4.93 5.84 6.29 7.11 7.16
0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51
19.92 34.08 34.74 34.36 34.87 34.79 34.65 35.54 35.69 35.31 35.15 34.92
0.56 0.64 0.64 0.63 0.55 0.62 0.61 0.61 0.54 0.50 0.47 0.41

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