JSWSTEEL · Iron & Steel · INE019A01038
Analyst mean 2.38 · 34 analysts · 73% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is only 90% of trailing profit. Worth watching whether the gap is working-capital timing or something structural.
Operating cash flow ₹25,152 cr vs trailing net profit ₹27,995 cr. A persistent gap below 1.0 can be benign (growth working capital) or a tell (profit not converting to cash).
Both revenue and profit grew over the last year (12.2% and 479.2%) — growth is translating to the bottom line.
Trailing revenue ₹189,687 cr, trailing profit ₹27,995 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 5.1% to 9.9% year-on-year — the business is keeping more of each rupee.
Quarter net margin 9.9% vs 5.1% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹10,610 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.
Other income is 59% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Trailing other income ₹18,981 cr against pre-tax profit ₹32,338 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39,684 | 41,378 | 44,819 | 43,147 | 45,152 | 45,991 | 51,180 | 47,364 |
| Expenses | 34,309 | 35,799 | 38,684 | 35,671 | 38,125 | 39,612 | 42,716 | 38,079 |
| Other Income | -189 | 50 | 186 | 350 | 284 | -256 | 18,229 | 724 |
| Depreciation | 2,267 | 2,336 | 2,497 | 2,537 | 2,554 | 2,362 | 2,148 | 2,137 |
| Profit before tax | 789 | 1,178 | 1,730 | 3,072 | 2,344 | 1,457 | 22,377 | 6,160 |
| Net Profit | 404 | 719 | 1,501 | 2,209 | 1,646 | 2,410 | 19,243 | 4,696 |
| EPS | 1.80 | 2.93 | 6.15 | 8.93 | 6.64 | 8.75 | 66.94 | 19.02 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 302 | 301 | 301 | 305 | 305 | 305 |
| Reserves | 45,308 | 66,996 | 65,394 | 77,364 | 79,191 | 99,748 |
| Borrowings | 66,727 | 72,237 | 80,853 | 87,984 | 98,752 | 99,310 |
| Fixed Assets | 64,917 | 99,880 | 104,452 | 112,461 | 124,466 | 117,129 |
| CWIP | 32,566 | 16,905 | 22,166 | 29,676 | 21,007 | 22,315 |
| Investments | 7,427 | 4,940 | 4,806 | 7,246 | 15,217 | 10,218 |
| Total Assets | 147,163 | 196,485 | 210,539 | 227,898 | 240,445 | 269,658 |