JSW Steel Ltd

₹ 667 0.42%
05 Aug - 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 161,265 Cr.
  • Current Price 667
  • High / Low 790 / 520
  • Stock P/E 10.0
  • Book Value 279
  • Dividend Yield 2.60 %
  • ROCE 28.2 %
  • ROE 37.6 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 43.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.3%
  • Company has been maintaining a healthy dividend payout of 21.7%

Cons

  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
19,812 17,572 18,055 17,887 11,782 19,264 21,859 26,934 28,902 32,503 38,071 46,895 38,086
16,115 14,856 15,631 14,941 10,494 14,850 15,918 18,494 18,628 22,086 28,939 37,742 33,794
Operating Profit 3,697 2,716 2,424 2,946 1,288 4,414 5,941 8,440 10,274 10,417 9,132 9,153 4,292
OPM % 19% 15% 13% 16% 11% 23% 27% 31% 36% 32% 24% 20% 11%
141 156 127 -683 132 199 147 90 521 1,549 176 -508 189
Interest 1,042 1,127 1,060 1,036 1,016 959 977 1,005 993 936 1,283 1,756 1,422
Depreciation 1,026 1,057 1,055 1,108 1,047 1,149 1,230 1,253 1,183 1,239 1,764 1,815 1,778
Profit before tax 1,770 688 436 119 -643 2,505 3,881 6,272 8,619 9,791 6,261 5,074 1,281
Tax % 43% -269% 57% -58% 9% 36% 31% 33% 32% 27% 28% 34% 34%
Net Profit 1,028 2,560 211 231 -561 1,593 2,681 4,198 5,904 7,170 4,357 3,234 838
EPS in Rs 4.25 10.59 0.87 0.96 -2.32 6.59 11.09 17.37 24.42 29.66 18.02 13.38 3.47

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
24,106 34,368 38,210 51,220 52,972 41,546 55,604 71,933 84,757 73,326 79,839 146,371 155,555
19,237 27,571 31,698 42,051 43,608 35,124 43,296 57,017 65,827 61,513 59,661 107,257 122,561
Operating Profit 4,869 6,797 6,512 9,169 9,364 6,422 12,308 14,916 18,930 11,813 20,178 39,114 32,994
OPM % 20% 20% 17% 18% 18% 15% 22% 21% 22% 16% 25% 27% 21%
189 -1,444 -307 -1,630 103 -1,966 18 -177 196 -289 473 1,600 1,406
Interest 1,060 1,427 1,967 3,048 3,493 3,601 3,768 3,701 3,917 4,265 3,957 4,968 5,397
Depreciation 1,560 1,933 2,237 3,183 3,434 3,323 3,430 3,387 4,041 4,246 4,679 6,001 6,596
Profit before tax 2,438 1,993 1,999 1,308 2,539 -2,468 5,128 7,651 11,168 3,013 12,015 29,745 22,407
Tax % 32% 25% 42% 70% 32% 80% 33% 20% 33% -30% 34% 30%
Net Profit 1,754 538 963 452 1,797 -335 3,523 6,214 7,639 4,030 7,911 20,665 15,599
EPS in Rs 7.86 2.41 4.32 1.87 7.43 -1.39 14.57 25.71 31.60 16.67 32.73 85.49 64.53
Dividend Payout % 20% 40% 30% 74% 19% -67% 19% 16% 16% 15% 25% 25%
Compounded Sales Growth
10 Years: 16%
5 Years: 21%
3 Years: 20%
TTM: 60%
Compounded Profit Growth
10 Years: 34%
5 Years: 43%
3 Years: 41%
TTM: 12%
Stock Price CAGR
10 Years: 25%
5 Years: 24%
3 Years: 45%
1 Year: -12%
Return on Equity
10 Years: 19%
5 Years: 25%
3 Years: 25%
Last Year: 38%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
563 563 563 1,067 1,067 301 301 510 321 325 328 330
Reserves 15,437 16,186 16,781 20,871 21,987 18,665 22,346 27,696 34,494 36,298 45,308 66,996
16,476 19,909 21,346 34,762 37,990 42,204 43,334 39,185 47,376 61,399 66,701 72,208
13,691 17,543 19,102 21,704 25,374 20,737 22,024 24,787 32,626 33,822 34,852 56,980
Total Liabilities 45,888 53,922 57,513 77,640 85,654 81,907 88,005 91,970 114,797 131,820 147,163 196,485
26,904 33,812 34,717 47,046 52,176 56,140 58,730 57,848 62,644 62,085 64,917 99,880
CWIP 6,023 2,832 5,898 9,400 8,265 7,271 4,363 5,950 11,889 27,191 32,566 16,905
Investments 2,914 2,090 1,750 663 599 1,195 1,366 1,469 1,894 1,259 7,427 4,940
10,048 15,189 15,148 20,531 24,613 17,302 23,546 26,703 38,370 41,285 42,253 74,760
Total Assets 45,888 53,922 57,513 77,640 85,654 81,907 88,005 91,970 114,797 131,820 147,163 196,485

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,830 3,512 5,844 2,594 7,876 6,897 7,888 12,379 14,633 12,785 18,831 26,270
-7,633 -4,101 -5,433 -5,618 -7,372 -3,857 -5,094 -4,529 -11,387 -19,589 -9,410 -14,748
5,096 698 -791 3,300 -169 -3,151 -2,710 -8,185 1,753 5,189 -1,444 -14,657
Net Cash Flow 293 110 -380 276 334 -111 84 -335 4,999 -1,615 7,977 -3,135

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 14 16 20 16 17 24 27 24 31 22 21 19
Inventory Days 109 97 83 98 136 135 147 118 123 130 160 208
Days Payable 35 37 38 43 41 59 50 65 50 77 77 88
Cash Conversion Cycle 89 76 66 72 111 99 125 77 104 76 103 138
Working Capital Days -91 -108 -66 -44 -49 -84 -34 -25 -36 -53 -62 -17
ROCE % 12% 14% 11% 13% 10% 5% 14% 18% 20% 9% 15% 28%

Shareholding Pattern

Numbers in percentages

44 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
42.40 42.33 42.71 43.07 44.07 44.07 44.07 44.07 44.09 44.72 45.01 45.02
17.89 17.64 17.13 15.35 13.34 13.31 12.69 12.93 12.17 11.21 11.58 10.61
3.78 4.11 4.39 4.93 5.84 6.29 7.11 7.16 8.06 8.38 7.94 9.07
0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51 0.51
34.87 34.79 34.65 35.54 35.69 35.31 35.15 34.92 34.80 34.85 34.65 34.14
0.55 0.62 0.61 0.61 0.54 0.50 0.47 0.41 0.37 0.33 0.31 0.65

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