JSW Steel Limited

BSE:500228 Stock Report

Market Cap: ₹3.1t

JSW Steel Future Growth

Future criteria checks 0/6

JSW Steel's earnings are forecast to decline at 7% per annum while its annual revenue is expected to grow at 7.8% per year. EPS is expected to decline by 7.3% per annum. Return on equity is forecast to be 14.2% in 3 years.

Key information

-7.0%

Earnings growth rate

-7.29%

EPS growth rate

Metals and Mining earnings growth16.4%
Revenue growth rate7.8%
Future return on equity14.25%
Analyst coverage

Good

Last updated21 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Jul 07

500228: Greenfield Odisha Expansion Will Support Future Margin And Output Upside

Analysts have raised their price target on JSW Steel from ₹1,525 to about ₹1,630, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What’s in the News for JSW Steel JSW Steel has scheduled a board meeting on Jul 17, 2026 to consider the unaudited standalone and consolidated financial results for the quarter ended Jun 30, 2026.
Narrative Update • Jun 23

500228: Greenfield Expansion And Joint Venture Projects Will Shape A Balanced Outlook

Analysts have nudged their price target for JSW Steel up slightly from ₹1,361.60 to ₹1,371.29, reflecting refreshed assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News for JSW Steel JSW Steel reported consolidated crude steel production of 2.293 million tonnes for May 2026 against 1.996 million tonnes a year earlier, according to its latest monthly operating update.
Narrative Update • Jun 08

500228: Elevated P/E Will Limit Returns Despite Mozambique Coking Coal Expansion

Analysts have lifted their JSW Steel fair value estimate from ₹979.76 to ₹1,101.68, citing updated assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the change. What's in the News On May 14, 2026, the board recommended a final dividend of ₹7.10 per equity share of face value ₹1 for FY 2026, subject to shareholder approval at the 32nd AGM.
Narrative Update • May 25

500228: Resource Security Projects And Joint Ventures Will Support A Balanced Outlook

Analysts have lifted their price target for JSW Steel from ₹1,249.58 to ₹1,361.60, reflecting updated views on fair value, discount rate, revenue growth, profit margin expectations, and a higher assumed future P/E multiple. What's in the News JSW Steel reported consolidated crude steel production of 2.118 million tonnes for April 2026, compared with 2.140 million tonnes a year earlier, with prior year figures adjusted to exclude the steel business of Bhushan Power and Steel that was transferred to the JSW JFE Steel joint venture in March 2026 (company announcement).
Narrative Update • May 02

500228: Elevated P/E Will Constrain Returns Despite New Joint Venture Initiatives

Analysts now place JSW Steel's fair value at about ₹980, compared with roughly ₹961 earlier. This reflects updated views on discount rate, revenue growth, profit margin and future P/E assumptions.
Narrative Update • Apr 17

500228: Backward Integration Coal Project Will Support Future Margin And Output Upside

Analysts have nudged their price target on JSW Steel up from ₹1,420 to ₹1,525, reflecting updated assumptions on revenue growth, discount rate, profit margins and forward P/E expectations. What's in the News Board meeting on April 17, 2026 to consider a Share Subscription and Joint Venture Agreement with POSCO Co., Ltd and POSCO India Private Limited, through which Saffron Resources Private Limited would become a 50:50 joint venture between JSW Steel and the POSCO Group (Board Meeting).
Narrative Update • Apr 03

500228: Resource Security Plans And Steady Volumes Will Support A Balanced Outlook

Analysts have raised their price target for JSW Steel to ₹1,249.58 from ₹1,214.94, citing updated assumptions for revenue growth, profit margins, and a slightly higher future P/E ratio. What's in the News Board meeting scheduled for May 14, 2026, to review audited financial results for the quarter and year ended March 31, 2026.
Narrative Update • Mar 20

500228: Backward Integration Coal Project Will Reshape Asset Base And Support Bullish Outlook

Analysts have kept their price target for JSW Steel steady at ₹1,420, pointing to revised assumptions for discount rate, revenue growth, profit margin and future P/E as the key drivers behind this unchanged view. What's in the News JSW Steel announced the Minas de Revuboè coking coal mining project in Mozambique, giving the company access to premium hard coking coal reserves of 850 mt with potential to produce 250 mt of usable coking coal, as part of its backward integration for a key steelmaking input.
Narrative Update • Mar 06

500228: Cautious Steel Volume Outlook Will Limit Upside Despite Higher P/E

Analysts have lifted their fair value estimate for JSW Steel from ₹884.53 to ₹960.68, citing updated assumptions on discount rates, profit margins and future P/E that support a higher price target while using more conservative revenue growth inputs. What's in the News JSW Steel reported consolidated crude steel production of 2.475 million tons for January 2026, compared with 2.518 million tons in the same month a year earlier (Announcement of Operating Results).
Narrative Update • Feb 20

500228: Reorganization Moves And Steady Output Will Shape A Balanced Outlook

Analysts have raised their JSW Steel price target from ₹1,183.06 to ₹1,214.94 after updating assumptions on discount rate, revenue growth, profit margin and future P/E, reflecting a refreshed view of the company’s valuation inputs. What's in the News Reported consolidated crude steel production of 2.475 million tons for January 2026 compared with 2.518 million tons in January 2025, giving investors a fresh monthly read on operating activity (Announcement of Operating Results).
Narrative Update • Feb 06

500228: Future Joint Venture Moves Will Reshape Asset Portfolio And Support Bullish Outlook

Analysts have lifted their price target on JSW Steel from ₹1,270 to ₹1,420, citing adjustments to the discount rate, revenue growth, profit margin assumptions and a slightly lower future P/E multiple in their updated models. What's in the News JSW Steel maintained its production and sales guidance for FY 2026 at 30.5 million tonnes and 29.2 million tonnes respectively, signalling no change in its stated operating targets for the period (Corporate Guidance).
Narrative Update • Jan 22

500228: Reorganization And Steel Output Will Shape A Measured Outlook

Narrative Update on JSW Steel Analysts have made a small upward adjustment to their fair value estimate for JSW Steel to ₹1,183 from about ₹1,182, reflecting updated assumptions around revenue growth, margins, discount rate and future P/E expectations. What's in the News Board meeting scheduled for January 23, 2026 to consider the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company announcement).
Narrative Update • Jan 08

500228: Reorganization And Output Trends Will Shape A Balanced Outlook

Analysts have nudged their fair value estimate for JSW Steel slightly higher from ₹1,178.42 to ₹1,182.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for January 23, 2026, to consider the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
Narrative Update • Dec 21

500228: Rising Discount Rate May Pressure Steel Production Upside

Analysts have raised their price target on JSW Steel from approximately ₹789.36 to ₹884.53 per share, reflecting higher expected future valuation multiples despite slightly more conservative assumptions for revenue growth and profit margins. What's in the News Board meeting scheduled on December 3, 2025 to consider the amalgamation of Piombino Steel Limited with JSW Steel under Sections 230 to 232 of the Companies Act, 2013 (Board Meeting) JSW Steel is exploring the sale of a 50% stake in Bhushan Power and Steel, with JFE Steel Corp.
Narrative Update • Dec 07

500228: Reorganization And Potential Asset Sale Will Shape Balanced Outlook

Analysts have nudged their price target for JSW Steel slightly higher to reflect an updated fair value of ₹1,178 per share from about ₹1,170, citing a modest improvement in long term profit margin expectations and a slightly richer forward PE multiple that more than offset slightly lower revenue growth assumptions and a marginally higher discount rate. What's in the News The board will consider amalgamating Piombino Steel Limited with JSW Steel on December 3, 2025, under Sections 230 to 232 of the Companies Act, 2013, a move that could simplify the domestic corporate structure (company filing).
Narrative Update • Nov 22

500228: Group Reorganization And Joint Ventures Will Shape Near-Term Performance

Narrative Update on JSW Steel: Analyst Price Target Revision Analysts have raised their fair value estimate for JSW Steel from ₹1,159.89 to ₹1,170.33. This reflects a modest upward revision driven by expectations of slightly higher revenue growth and an improved long-term outlook.
Narrative Update • Nov 08

500228: Group Reorganization And Joint Ventures Will Shape Near-Term Performance

Analysts have raised their price target for JSW Steel from ₹1,148.09 to ₹1,159.89. This reflects modest improvements in projected revenue growth and profit margins.
Narrative Update • Oct 25

U.S. Reorganization And New Partnerships Will Drive Long-Term Steel Demand

Analysts have raised their price target for JSW Steel by approximately ₹50 to ₹1,148, based on updated estimates for fair value and slight adjustments in expected growth and profitability metrics. What's in the News JSW Steel has approved a strategic reorganization of its U.S. operations to consolidate business verticals under a single holding company.
Narrative Update • Oct 11

Government Spending And Capacity Expansion Will Fuel Steel Consumption

Analysts have revised their price target for JSW Steel upward by approximately ₹20. They cite improved profit margin projections and adjusted discount rates as key factors in their updated valuation.
Narrative Update • Sep 27

Government Spending And Capacity Expansion Will Fuel Steel Consumption

The consensus price target for JSW Steel has been raised from ₹1056 to ₹1078, primarily reflecting a modest increase in its forward P/E multiple, while profit margins remained steady. What's in the News JSW Steel reported strong YoY production growth: August crude steel production up 17% and July up 19%, with Indian operations capacity utilization at 95% and 92.5%, respectively; Q1FY26 crude steel production increased from 6.35 to 7.26 million tonnes YoY.
Narrative Update • Sep 05

Government Spending And Capacity Expansion Will Fuel Steel Consumption

With both the discount rate and future P/E for JSW Steel remaining effectively unchanged, there has been no material revision in the fair value, with the consensus analyst price target stable at ₹1056. What's in the News JSW Steel finalized a joint venture with Andhra Pradesh Mineral Development Corporation to develop the Konijedu Marlapadu Integrated Iron Ore Project, aiming to mine and beneficiate low-grade iron ore (1.3 million tons/annum) and reduce imported ore dependence; project cost INR 10.75 billion, with JSW holding 89% equity.
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New Narrative • Nov 07

Calculated Moves In Steel And Renewables Set Stage For Future Growth Despite Global Challenges

Expansion plans and strategic acquisitions are expected to enhance market position and significantly boost revenues through increased production capabilities.

Earnings and Revenue Growth Forecasts

BSE:500228 - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/20292,347,322204,84476,750N/A20
3/31/20282,185,476180,96263,576N/A35
3/31/20272,014,718154,00249,847N/A36
6/30/20261,896,870247,830N/AN/AN/A
3/31/20261,854,700223,160104,980251,520N/A
12/31/20251,791,09074,490N/AN/AN/A
9/30/20251,744,96060,270156,150282,570N/A
6/30/20251,690,28048,430N/AN/AN/A
3/31/20251,688,24035,04082,050208,990N/A
12/31/20241,702,74033,000N/AN/AN/A
9/30/20241,708,36049,980-23,070125,070N/A
6/30/20241,757,36073,190N/AN/AN/A
3/31/20241,750,06088,120-37,230120,780N/A
12/31/20231,756,990111,770N/AN/AN/A
9/30/20231,728,93092,52046,420214,060N/A
6/30/20231,700,87056,440N/AN/AN/A
3/31/20231,659,60041,44085,390233,230N/A
12/31/20221,658,93037,140N/AN/AN/A
9/30/20221,648,30075,810142,560249,320N/A
6/30/20221,555,550155,990N/AN/AN/A
3/31/20221,463,710206,650161,790262,700N/A
12/31/20211,264,100216,290N/AN/AN/A
9/30/20211,101,980199,530106,380205,190N/A
6/30/2021969,590143,760N/AN/AN/A
3/31/2021798,39079,11078,650188,310N/A
12/31/2020705,45039,440N/AN/AN/A
9/30/2020667,60014,74016,940129,610N/A
6/30/2020648,30024,410N/AN/AN/A
3/31/2020728,60040,300N/A127,850N/A
12/31/2019773,41053,220N/AN/AN/A
9/30/2019796,04067,350N/A163,800N/A
6/30/2019840,50063,010N/AN/AN/A
3/31/2019847,57076,390N/A146,330N/A
12/31/2018818,79989,816N/A130,421N/A
9/30/2018799,63092,410N/AN/AN/A
6/30/2018756,51079,540N/AN/AN/A
3/31/2018719,33062,140N/A123,790N/A
12/31/2017673,90243,052N/A95,398N/A
9/30/2017621,85632,091N/AN/AN/A
6/30/2017585,95630,291N/AN/AN/A
3/31/2017556,04035,230N/A78,880N/A
12/31/2016498,89624,216N/A65,204N/A
9/30/2016445,3079,825N/AN/AN/A
6/30/2016421,1103,123N/AN/AN/A
3/31/2016415,462-3,354N/A68,973N/A
12/31/2015442,231-6,028N/AN/AN/A
9/30/2015483,0573,679N/AN/AN/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 500228's earnings are forecast to decline over the next 3 years (-7% per year).

Earnings vs Market: 500228's earnings are forecast to decline over the next 3 years (-7% per year).

High Growth Earnings: 500228's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 500228's revenue (7.8% per year) is forecast to grow slower than the Indian market (11.1% per year).

High Growth Revenue: 500228's revenue (7.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 500228's Return on Equity is forecast to be low in 3 years time (14.2%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/22 23:22
End of Day Share Price 2026/07/22 00:00
Earnings2026/06/30
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

JSW Steel Limited is covered by 64 analysts. 36 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Rajesh Majumdar360 ONE Capital Market Private Limited
null null360 ONE Capital Market Private Limited
Satyadeep JainAmbit Capital