Declared Dividend • May 16
Dividend of ₹7.10 announced Shareholders will receive a dividend of ₹7.10. Ex-date: 7th July 2026 Payment date: 23rd August 2026 Dividend yield will be 0.6%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 14% over the next 3 years. However, it would need to fall by 91% to increase the payout ratio to a potentially unsustainable range. New Risk • May 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 15
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹91.43 (up from ₹14.37 in FY 2025). Revenue: ₹1.87t (up 11% from FY 2025). Net income: ₹223.2b (up ₹188.1b from FY 2025). Profit margin: 12% (up from 2.1% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 144%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 23% per year. Announcement • May 14
JSW Steel Limited, Annual General Meeting, Jul 24, 2026 JSW Steel Limited, Annual General Meeting, Jul 24, 2026. Announcement • Mar 27
JSW Steel Limited to Report Q4, 2026 Results on May 14, 2026 JSW Steel Limited announced that they will report Q4, 2026 results on May 14, 2026 Announcement • Mar 16
JSW Steel Limited Announces Minas De Revuboè Coking Coal Mining Project in Mozambique JSW Steel Limited announced its coking coal mining project, Minas de Revuboè (MdR), located in the Moatize coal basin, Tete Province, Mozambique. The MdR project, located in the Moatize coal basin of the Tete Province, Mozambique, grants JSW Steel access to substantial reserves of premium hard coking coal which is a key raw material in steelmaking. MdR has 850 mt of reserves, and the potential to yield 250 mt of usable coking coal. JSW Steel will develop the mine in phases, with the first phase expected to be developed over the next 2.5 years to produce 2.4 mtpa prime hard coking coal. MdR is located approximately 10 km north of Tete city, 450 km north of Beira Port, and 900 km south-west of Nacala Port. This project represents a transformative step in JSW Steel's backward integration strategy and is expected to provide long-term supply assurance for one of the most critical and cost-intensive inputs in steel manufacturing. India's domestic premium coking coal resources remain limited, making captive overseas sourcing a strategic imperative. Through the MdR project, JSW Steel is expecting to mitigate exposure to coking coal price volatility and optimise its cost structure over the long term. Securing premium-quality hard coking coal is critical not only from a productivity standpoint but also for reducing carbon emissions intensity in steelmaking. MdR's high-grade coal profile is expected to contribute directly to JSW Steel's sustainability objectives alongside its broader decarbonisation roadmap. Reported Earnings • Jan 24
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹8.76 (up from ₹2.94 in 3Q 2025). Revenue: ₹459.9b (up 11% from 3Q 2025). Net income: ₹21.4b (up 198% from 3Q 2025). Profit margin: 4.7% (up from 1.7% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 75%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Jan 24
JSW Steel Limited Maintains Production and Sales Guidance for the Fiscal Year 2026 JSW Steel Limited maintained production and sales guidance for Fiscal Year 2026. For the period, the company maintained guidance of 30.5 million tonne for production and 29.2 million tonne for sales. Announcement • Dec 22
JSW Steel Limited to Report Q3, 2026 Results on Jan 23, 2026 JSW Steel Limited announced that they will report Q3, 2026 results on Jan 23, 2026 Announcement • Dec 03
JSW Steel Limited (BSE:500228) entered into scheme of amalgamation to acquire remaining 17.35% stake in Piombino Steel Limited from JSW Shipping & Logistics Private Limited for INR 75.9 billion. JSW Steel Limited (BSE:500228) entered into scheme of amalgamation to acquire remaining 17.35% stake in Piombino Steel Limited from JSW Shipping & Logistics Private Limited for INR 75.9 billion on December 3, 2025. The consideration consists of common equity of JSW Steel Limited at a ratio of 0.064103 per common equity of Piombino Steel Limited. As at the time of announcement, JSW Steel holds a 82.65% stake representing a 4,857,364,000 share and JSW Shipping & Logistics holds a 17.35% stake representing 1,020,000,000 share in Piombino Steel. Piombino Steel shall cease to exist upon the effectiveness of Scheme.
For the period ending March 31, 2025, Piombino Steel Limited reported total revenue of INR 6.05 billion and net income of INR 18.6 billion. As of March 31, 2025, Piombino Steel Limited reported total assets of INR 107.65 billion and total common equity of INR 67.32 billion.
The Scheme is subject to the necessary statutory and regulatory approvals of the shareholders / the creditors of the JSW Steel and other parties to the Scheme, as may be directed by the National Company Law Tribunal, Mumbai Bench, the BSE Limited and the National Stock Exchange of India Limited (collectively referred to as the “Stock Exchanges”), Securities and Exchange Board of India, and and any other regulatory approvals, permissions, consents, sanctions, exemption as may be required under applicable laws, regulations, guidelines in relation to the Scheme. Board of Directors of JSW Steel has approved the Scheme of amalgamation. Announcement • Nov 12
JSW Steel Reportedly Plans to Sell 50% in Bhushan Power JSW Steel Limited (BSE:500228) is looking at options to sell a 50% stake in Bhushan Power and Steel (Bhushan Power & Steel Limited), the distressed asset that it acquired in 2019. Japanese steelmaker JFE Steel Corp. (JFE Steel Corporation) has emerged as the frontrunner for acquiring this stake, sources aware of the development said. JFE Steel held a 15% stake in JSW Steel Ltd. at the end of the September quarter. The country's largest steelmaker's plan comes just weeks after the Supreme Court cleared the resolution plan for Bhushan Power, after rejecting the resolution plan earlier in May and ordering the liquidation of Bhushan Power. A 50% stake in the company is likely to be valued around INR 1,500,000 million - INR 1,600,000 million, the sources said. The deal, which has been in the works for more than a year now, is likely to be completed by December. The deal was put on hold in the interim because of the Supreme Court's ruling for Bhushan Power, said the sources cited above. "JSW Steel's strategy includes evaluating various opportunities, both organic and inorganic, in India and overseas - including potential collaborations aimed at enhancing scale, efficiency, and global competitiveness," a spokesperson for JSW Steel Ltd. said in response to a query sent by ET. "However, we would not like to comment on speculation," the person said. A query to JFE Steel Corp. did not get a response till the time of going to the press. After raising its capacity to 4.5 million tonnes, from 2.75 million tonnes at the time of acquisition, JSW Steel Ltd. planned to further increase this to 5 million tonnes through debottlenecking by September of 2027. "Debt reduction could be the only reason why the company may want to sell this stake, but that too is not very typical of the company," said a city-based analyst who did not wish to be named. Announcement • Oct 17
JSW Steel Limited Approves Strategic Reorganization of the Company’s U.S. Operations JSW Steel Limited announced that its Board of Directors at its meeting held on October 17, 2025 has approved a strategic reorganization of the Company’s U.S. operations as part of its ongoing efforts to consolidate and simplify the overall group structure. The Company has established its footprint in the US steel manufacturing sector through investments in multiple entities currently housed under Periama Holdings LLC and Acero Junction Holdings Inc. The Baytown operations housed under Periama comprising of the 1.2 MNTPA plate mill and 0.55 MNTPA pipe operations at Baytown, Texas along with certain coking coal assets in West Virginia are held through Periama, which is a wholly owned subsidiary of JSW Steel (Netherlands) B.V. JSW Netherlands is a wholly owned subsidiary of JSW Steel. The Ohio operations housed under Acero comprising of the 1.5 MNTPA Electric Arc Furnace and 2.8 MNTPA slab caster is held directly by JSW Steel. Hence, to simplify the group structure, consolidate both Baytown and Acero business verticals, optimize financial and operational outcomes, it is proposed to consolidate all business operation into single holding company in US. The Plan is expected to reduce the number of legal entities, simplify compliances and create a unified holding structure for US business. The above restructuring and consolidation exercise does not entail any sale of the Company’s overseas investments and the Company continues to have the same economic interests in the Netherland company and its operations in US. The Plan involves steps as envisaged between existing wholly owned subsidiaries of the Company, and hence, there is no benefit to the promoter/promoter group/group companies. In the Present Structure, JSW Ohio is held by JSW Steel through 100% Subsidiary Acero. Post the restructuring, Acero will cease to exist and JSW Ohio and other US Operating entities will be held through Single US Holding Company, which in turn will be held by the Company through JSW Netherlands. This reorganisation is subject to regulatory and other approvals. The Board Meeting commenced at 10.00 am and concluded at 02.35 pm. Announcement • Sep 25
JSW Steel Limited to Report Q2, 2026 Results on Oct 17, 2025 JSW Steel Limited announced that they will report Q2, 2026 results on Oct 17, 2025 Announcement • Aug 04
BlueScope Leads International Steel Consortium to Review Options for Whyalla Steelworks BlueScope Steel Limited (ASX:BSL) announced that it will lead an international consortium with Japanese, Indian and Korean steelmakers to participate in the Whyalla Steelworks sale process. BlueScope has entered into a Collaboration Agreement with Nippon Steel Corporation (TSE:5401), JSW Steel Limited (BSE:500228) and POSCO Holdings Inc. (KOSE:A005490) (`the Agreement') to form a consortium, collectively representing market capitalisation of AUD 115 billion, and total steelmaking capacity of approximately 130 million tonnes. BlueScope will leverage its detailed knowledge of the Australian steel industry and Whyalla assets as the consortium assesses potential options, opportunity and capital requirements. The consortium has identified Whyalla as a prospective location for future production of lower emissions iron in Australia for both domestic and export markets, with the potential to play an important role in the decarbonisation of the global steelmaking industry. The consortium has submitted a non-binding and indicative expression of interest that outlines possible options for the Whyalla assets. Should the consortium be invited to participate in the next phase of the sale process, the consortium will jointly conduct due diligence and engage with the South Australian and Federal governments regarding the announced funding support to maintain a sustainable steel industry in the region. Any decision to make an offer to acquire and develop expanded operations at Whyalla would be subject to due diligence and the consortium members' return on investment hurdles. There is no obligation under the Agreement for any of the consortium members to make an offer to acquire the Whyalla Steelworks. Announcement • Jul 18
JSW Steel Reportedly Nears Stake Acquisition in Coronado's Coal Mine Indian multinational steel manufacturer JSW Steel Limited (BSE:500228) is believed to be closing in on a deal to buy a stake in the flagship mine of Coronado Global Resources Inc. (ASX:CRN), as the miner's future hangs in the balance. DataRoom understands that Coronado directors and members of management have flown to the US for the meeting with bond holders, to whom they are appealing for permission for their plans to proceed with an asset sale selldown. Market experts expect that the appeal being put forward to the lending group relates to a request to retain some of the proceeds from the asset sale for operations rather than handing it all over to the lenders after the group has breached debt covenants. It is understood that the meetings will be followed by a site visit by Coronado CEO Douglas Thompson to the company's flagship Curragh coal mine in Queensland next week. DataRoom understands that JSW is the most likely candidate to emerge as a part owner of Coronado's Curragh metallurgical and thermal coal mine. The company, 51% owned by Energy and Minerals Group, confirmed last month that it had engaged in talks with certain counterparties about a potential sale of a minority interest in certain assets. Several miners have been in talks with Coronado, including groups such as New Hope Coal, Whitehaven and Indonesian miners such as BUMA, Sinar Mas and Golden Energy Resources. Coronado's future continues to hang in the balance, with its market value at $259 million and its share price at 16c, with the coal price having fallen below USD 200 a tonne, where it can profitably mine coal from Curragh. It has refinanced a USD 150 million asset-based loan with Oaktree Capital Management, and had reached a deal with the Queensland government-owned coal-fired power station operator Stanwell, where Stanwell would provide a USD 150 million upfront payment for 800,000 tonnes of thermal coal for five years from 2027. But sources believe that in about three months Coronado would be in a position where it was breaching its debt covenants on the Oaktree loan, paving the way for the opportunistic private equity fund to gain control over the group's future. Reported Earnings • Jul 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹14.37 (down from ₹36.34 in FY 2024). Revenue: ₹1.69t (down 3.5% from FY 2024). Net income: ₹35.0b (down 60% from FY 2024). Profit margin: 2.1% (down from 5.0% in FY 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to ₹1,060. The fair value is estimated to be ₹862, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 44% per annum over the same time period. Upcoming Dividend • Jul 01
Upcoming dividend of ₹2.80 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 24 August 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.7%). Announcement • Jun 27
JSW Steel Limited to Report Q1, 2026 Results on Jul 18, 2025 JSW Steel Limited announced that they will report Q1, 2026 results on Jul 18, 2025 Declared Dividend • May 26
Dividend of ₹2.80 announced Shareholders will receive a dividend of ₹2.80. Ex-date: 8th July 2025 Payment date: 24th August 2025 Dividend yield will be 0.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 222% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹14.36 (down from ₹36.34 in FY 2024). Revenue: ₹1.69t (down 3.5% from FY 2024). Net income: ₹35.0b (down 60% from FY 2024). Profit margin: 2.1% (down from 5.0% in FY 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • May 23
JSW Steel Limited, Annual General Meeting, Jul 25, 2025 JSW Steel Limited, Annual General Meeting, Jul 25, 2025. Announcement • Mar 27
JSW Steel Limited to Report Q4, 2025 Results on May 23, 2025 JSW Steel Limited announced that they will report Q4, 2025 results on May 23, 2025 Announcement • Mar 19
Top Business Groups Reportedly Line Up for JAL JSW Steel Limited (BSE:500228), Dalmia Bharat Limited (NSEI:DALBHARAT), Jindal Power Limited, Vedanta Limited (NSEI:VEDL, GMR Energy Limited, Welspun Corp. Limited (BSE:532144) and Torrent Power Limited(NSEI:TORNTPOWER) are among the top business groups that have submitted expressions of interest (EoIs) for Jaiprakash Associates Limited (BSE:532532) (JAL), which will go under the hammer in a court-monitored insolvency proceeding, according to people aware of the matter. The Adani Group (Adani Enterprises Limited (BSE:512599)) is also expected to submit an EoI before the final deadline of March 25 as is another large Delhi-based industrial house, they said. Kotak Alternate Asset Managers Limited is also in the fray. The assets may be worth over $2 billion or INR 173.00 billion as per sources familiar with preliminary discussions on their valuation. The EoIs are the first stage in the bidding process as lenders look to find a new owner for JAL. Participants at the EoI stage may not necessarily submit bids, said the people cited. A National Company Law Tribunal (NCLT) bench last week instructed Bhuvan Madan, the company’s Deloitte-backed resolution professional, to invite resolution plans that would take into account all of JAL’s assets and not parts of the portfolio separately. The earlier plan had been to market the company in a piecemeal manner to potential buyers and invite interest for individual assets that were partitioned into separate clusters. That plan was struck down by NCLT. Dalmia Bharat, Jindal Power, Welspun, Torrent, Adani, GMR and Kotak Alternate Assets did not respond to ET’s queries. JSW, Vedanta and JAL’s resolution professional declined to comment. Buy Or Sell Opportunity • Jan 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to ₹919. The fair value is estimated to be ₹1,164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 47%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 392% in the next 2 years. Reported Earnings • Jan 25
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹2.94 (down from ₹9.92 in 3Q 2024). Revenue: ₹413.8b (down 1.3% from 3Q 2024). Net income: ₹7.17b (down 70% from 3Q 2024). Profit margin: 1.7% (down from 5.8% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jan 24
JSW Steel Limited Appoints Manoj Prasad Singh as Company Secretary and Compliance Officer JSW Steel Limited announced that the Board at its meeting held on January 24, 2025, has after taking into account the recommendations of the Nomination and Remuneration Committee, appointed Mr. Manoj Prasad Singh (Membership No. FCS 4231) as Company Secretary of the Company (in the Interim Capacity) & Compliance Officer and Key Managerial Person (KMP) with immediate effect. Date of Appointment is January 24, 2025. Terms of appointment is as per the HR policy of the Company in force from time to time. Mr. Manoj Prasad Singh has over 28 years of experience in Company Secretary function across various reputed organisations. He has rich exposure in listed companies in handling large Boards, Mergers and Acquisitions, Takeovers, IPO, Listings, Joint Ventures, FDI and shareholder services. Prior to joining the Company as Dy. Company Secretary in September 2022, he was Company Secretary of GE T&D India Limited. During his career he has worked with General Electric, Alstom, Cairn India, Avantha Power and LNJ Bhilwara Group. Mr. Manoj has immense exposure in handling Boards, Shareholders, Companies Act and Securities law compliances, Governance, Compliance Management Systems and Corporate Social Responsibility activities. He is a fellow member of the Institute of Company Secretaries of India (ICSI), Law Graduate from University of Delhi, executive MBA from Faculty of Management Studies(FMS), University of Delhi and Diploma in Corporate Governance (ICSI). Announcement • Dec 23
JSW Steel Limited to Report Q3, 2025 Results on Jan 24, 2025 JSW Steel Limited announced that they will report Q3, 2025 results at 9:15 AM, Indian Standard Time on Jan 24, 2025 Announcement • Dec 11
JSW Steel Limited Announces Resignation of Company Secretary, Effective December 23, 2024 JSW Steel Limited announced that Mr. Lancy Varghese, Company Secretary, has vide his letter dated December 10, 2024, tendered his resignation to pursue an alternate career opportunity outside the JSW group, and the same has been accepted by the Company. The effective date of his resignation is December 23, 2024 (last working day). Reported Earnings • Oct 26
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ₹1.80 (down from ₹11.38 in 2Q 2024). Revenue: ₹396.8b (down 11% from 2Q 2024). Net income: ₹4.39b (down 84% from 2Q 2024). Profit margin: 1.1% (down from 6.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Oct 12
JSW Steel Limited Announces Change of Nominee Director JSW Steel Limited at the Board Meeting held October 11, 2024, Smt. Khushboo Goel Chowdhary, IAS (Din No. 03313434) was appointed on the Board of Company in place of Dr. Sateesha B.C, IAS (Din No.08379733), as the Nominee Director of Karnataka State Industrial and Infrastructure Development Corporation Limited (KSIIDC), pursuant to the change in nomination made by KSIIDC vide its letter No. CSD/633/2024-25 dated August 26, 2024. It is affirmed that Smt. Khushboo Goel Chowdhary, IAS is not debarred to be appointed as Director by virtue of any SEBI order or by any such other authority. Smt Khushboo Goel Chowdhary, 41 years aged, is an officer belonging to 2008 batch of the Indian Administration Services. She holds Master's in Public Administration from Harvard Kennedy School, Harvard University; Master's in Business Administration from Faculty of Management Studies, Delhi University and a Master's in Public Policy from Indira Gandhi National Open University. She has over a decade of experience in various high-impact administrative roles in Government. As Deputy Commissioner, Yadgir, she was instrumental in maintaining law and order, implementing social security programs and managing disaster response. As Deputy Secretary, Department of Personnel and Training, Government of India, she successfully led the analysis and Management of vigilance, prosecution and disciplinary matters for Indian Administrative Officers, among others. As Managing Director HESCOM, she was responsible for efficient distribution of power across the region, balancing both technical and financial responsibilities. She has also held various other postings in public transport urban sector, urban and revenue sector. Her experience extends beyond national borders, as she represented India at various International forums, including G-20, Anti-corruption working Groups, BRICS and the United Nations Convention against Corruption. These roles allowed her to contribute significantly to global discussions on governance and anti- corruption measures. She has also completed various specialized training programs including overseas training in governance and public procurement, courses in Micro Masters Program in Data, Economics and design of Policy (DEDP) of MIT which has added a global perspective to her extensive experience in Indian Administration. Announcement • Sep 26
JSW Steel Limited to Report Q2, 2025 Results on Oct 25, 2024 JSW Steel Limited announced that they will report Q2, 2025 results on Oct 25, 2024 Reported Earnings • Jul 06
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹36.34 (up from ₹17.25 in FY 2023). Revenue: ₹1.75t (up 5.5% from FY 2023). Net income: ₹88.1b (up 113% from FY 2023). Profit margin: 5.0% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jul 02
JSW Steel Limited, Annual General Meeting, Jul 26, 2024 JSW Steel Limited, Annual General Meeting, Jul 26, 2024, at 11:00 Indian Standard Time. Announcement • Jun 27
JSW Steel Limited to Report Q1, 2025 Results on Jul 19, 2024 JSW Steel Limited announced that they will report Q1, 2025 results on Jul 19, 2024 Announcement • Jun 18
JSW Steel Limited Appoints Tarun Jha as Head of Marketing JSW Steel Limited announced that Tarun Jha has taken on the role of Head of Marketing at JSW Steel, following his departure from Havas Worldwide India where he served as CEO. In 2023 Jha concluded his long tenure at Skoda Auto India, where he served as the Head of Marketing. His responsibilities at Skoda included overseeing brand and product strategy, communications, media, digital initiatives, customer experience, retail marketing, and events. His association with Skoda began in 2008, and he also spent three years at the company's headquarters in Prague, Czech Republic, as an International Marketing Consultant. In this role, Jha was instrumental in brand stewardship and consulting for markets across Asia-Pacific, the Middle-East, Africa, and Northern Europe. With over two decades of experience, Jha has built a formidable career in marketing. He has held key positions at prominent organizations including Mudra Communications, Ogilvy & Mather, and the Videocon Group. Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹36.34 (up from ₹17.25 in FY 2023). Revenue: ₹1.75t (up 5.5% from FY 2023). Net income: ₹88.1b (up 113% from FY 2023). Profit margin: 5.0% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to ₹879. The fair value is estimated to be ₹733, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Announcement • Mar 28
JSW Steel Limited to Report Q4, 2024 Results on May 17, 2024 JSW Steel Limited announced that they will report Q4, 2024 results on May 17, 2024 Announcement • Feb 20
JSW Steel Reportedly in Talks for $1 Billion Stake in Australia's Blackwater Coal Mine JSW Steel Limited (BSE:500228) is reportedly in talks to acquire a 20% stake in Australia's Blackwater coal mine, with the purchase expected to cost $1 billion. Media reports say the deal is expected to close by the end of this financial year, despite the companies being undecided on a final valuation. Reports in the Australian media value the operation — formerly owned by BHP Mitsubishi Alliance — at $2.5 billion. The current valuation is reportedly 78.1% of the total amount Whitehaven Coal paid for both the Blackwater and Daunia coal mines. Whitehaven is looking to sell a 20% stake in the mine it acquired just a few months ago, amid a pay dispute with workers. “Two parties – one from Japan and one from India – may be about to surface as buyers of a stake. While the identities are unknown, sources pointed to steel producer JSW Group of India or Nippon of Japan,” the Australian Mine Safety Journal reported. Reported Earnings • Jan 26
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: ₹9.92 (up from ₹2.04 in 3Q 2023). Revenue: ₹421.3b (up 7.7% from 3Q 2023). Net income: ₹24.2b (up 393% from 3Q 2023). Profit margin: 5.7% (up from 1.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 9.8%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Announcement • Jan 09
JSW Steel Limited Announces Change in Directorate JSW Steel Limited informed that Dr. Sateesha B.C., IAS has been appointed on the Board of Company in place of Dr. M.R. Ravi, IAS, as the Nominee Director of Karnataka State Industrial and Infrastructure Development Corporation Limited (KSIIDC), pursuant to the change in nomination made by Karnataka State Industrial and Infrastructure Development Corporation (KSIIDC) vide its letter No. CSD/1138/2023-24 dated December 13, 2023. Dr. Sateesha B. C., aged 49 years, Managing Director of KSIIDC, belongs to the 2012 batch of Indian Administrative Service. He holds a bachelor's degree in veterinary sciences from the University of Agriculture Sciences, Bengaluru. His experience in Administration spans from Sub-Division to District. His contribution in land acquisition for important projects are significant and crucial which includes Suvarna Vidhana Soudha in Belagavi and expansion of Airports in Belagavi & Hubballi. His stint in Commerce & Industries as Deputy Secretary (Mines) is remembered for handling difficult proposals effectively and efficiently. His tenures, in different capacities, in districts like Yadgir, Dharwad and Belagavi have further vitalized his ability as an agent of change. When he became the Deputy Commissioner of Raichur and Kodagu Districts, all the gained experience was put to use. Combination of working as CEO of Zilla Panchayat and Deputy Commissioner of two districts moulded him into an effective and efficient public administrator. His experience as SLAO, AC, ADC, Commissioner, Watershed Development Dept, Malnad Development Board, CEO and DC have come in handy for a Corporation like KSIIDC, which has undertaken crucial infrastructure projects. Date of appointment and cessation is 8th January, 2024. Announcement • Dec 22
JSW Steel Limited to Report Q3, 2024 Results on Jan 25, 2024 JSW Steel Limited announced that they will report Q3, 2024 results at 3:30 PM, Indian Standard Time on Jan 25, 2024 Reported Earnings • Oct 21
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ₹11.38 (up from ₹3.53 loss in 2Q 2023). Revenue: ₹445.8b (up 6.7% from 2Q 2023). Net income: ₹27.6b (up ₹36.1b from 2Q 2023). Profit margin: 6.2% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • Sep 27
JSW Steel Limited to Report Q2, 2024 Results on Oct 20, 2023 JSW Steel Limited announced that they will report Q2, 2024 results at 3:30 PM, Indian Standard Time on Oct 20, 2023 Announcement • Sep 23
JSW Steel Reportedly Slows Stake Buy in Teck's Coal Unit Amid India-Canada Diplomatic Row Amidst an escalating India-Canada diplomatic tensions, JSW Steel Limited (BSE:500228) is reportedly going slow on its plans to acquire coal unit of Canada's Teck Resources Limited (TSX:TECK.B). Given the current scenario, there has been some slowdown in discussions; but the deal has not been called off, sources in JSW told businessline. A wait and watch approach has been adopted to see how the situation pans out in the days to come, they added. Ties between the two countries deteriorated sharply after New Delhi and Ottawa expelled each other's diplomats in a dispute over the murder of a Sikh separatist leader in the Canadian province of British Columbia in June. Earlier this week, India suspended visa services to Canadian citizens. Announcement • Aug 18
JSW Steel Reportedly May Pick Majority Stake in Teck Coal Unit JSW Steel Limited (BSE:500228) is looking to form a consortium to bid for a majority stake in Teck Resources Limited (TSX:TECK.B)’s steelmaking coal business, people with knowledge of the matter said, potentially rivalling an $8 billion offer from commodities giant Glencore plc (LSE:GLEN). Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd., the people said. That’s a marked shift in approach from July, when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business. A deal could value the coal business at more than $8 billion and JSW has been sounding out banks about financing for a potential offer, according to the people. Deliberations are ongoing and there’s no certainty an agreement will be reached, they said, asking not to be identified discussing confidential information. Representatives for JSW and Teck declined to comment. Any JSW consortium could yet face competition for the coal asset from Glencore, which in June proposed buying the business for about $8 billion as an alternative to a full takeover of Vancouver-based Teck. Announcement • Jul 25
JSW Steel Limited Announces Cessation of Punita Kumar Sinha as Independent Director JSW Steel Limited announced that, Dr. (Mrs.) Punita Kumar Sinha (DIN 05229262), has completed her second term of 5 years as an Independent Director of the Company on 23rd July 2023 and consequently has ceased to be an Independent Director of the Company from July 24, 2023. Announcement • Jul 23
JSW Steel Limited Announces Appointment of Mr. Swayam Saurabh as Chief Financial Officer, Designate JSW Steel Limited announced that at its board meeting held on July 21, 2023, has approved the appointment of Mr. Swayam Saurabh as the Chief Financial Officer, Designate. Mr. Swayam will transition into the role of Chief Financial Officer in due course. Mr. Swayam, aged 45 years, is a qualified Chartered Accountant and a B.Com Graduate from Banaras Hindu University. With a career spanning more than two decades, Mr. Swayam has rich experience across industries and geographies and brings deep business understanding. He has a penchant for driving cost efficiencies, financial & process controls, digitalisation and automation and has driven significant transformation in his prior roles. He is passionate about mentoring and developing teams. He joins JSW Steel from Arvind Limited where he worked as the Chief Financial Officer. Previously, he has worked in senior leadership roles at Royal Philips, Hindustan Zinc, Ola, Asian Paints and Larsen & Toubro. Announcement • Jul 16
JSW Steel Reportedly Considering Bid for Stake in Teck Coal Unit JSW Steel Limited (BSE:500228) is considering a bid for as much as a 20% stake in Teck Resources Limited (TSX:TECK.B)’s steelmaking coal business, people with knowledge of the matter said. JSW has expressed preliminary interest, said the people, who asked not to be named because the information is confidential. Mumbai-based JSW also is in discussions with banks over potential financing for the acquisition, which may total about $2 billion, they said. Reported Earnings • Jul 08
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹17.25 (down from ₹85.96 in FY 2022). Revenue: ₹1.66t (up 13% from FY 2022). Net income: ₹41.4b (down 80% from FY 2022). Profit margin: 2.5% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 07
JSW Steel Limited, Annual General Meeting, Jul 28, 2023 JSW Steel Limited, Annual General Meeting, Jul 28, 2023, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2023, together with the Reports of the Board of Directors and the Auditors thereon and the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2023; to declare dividend on the equity shares of the Company for the financial year ended March 31, 2023; and to consider other matters. Announcement • Jun 28
JSW Steel Limited to Report Q1, 2024 Results on Jul 21, 2023 JSW Steel Limited announced that they will report Q1, 2024 results on Jul 21, 2023 Announcement • May 25
JSW Steel to Acquire National Steel and Agro JSW Steel Limited (BSE:500228) will acquire flat-steel producer National Steel and Agro Industries Limited (NSEI:NATNLSTEEL) (NSAIL) through the bankruptcy court for a cash consideration of INR 6.21 billion through its wholly-owned subsidiary JSW Steel Coated Products Limited, the company informed stock exchanges. The steelmaker had got the approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for its resolution plan last week, and the acquisition will be completed within 30 days of the effective date as in the resolution plan. This buyout is seen bringing synergy in terms of operations, procurement, marketing and sales for JSW Steel, it said. In accordance with the resolution plan, shares of National Steel and Agro will now be delisted from the exchanges. Announcement • May 21
JSW Steel Limited Announces Change in Directorate JSW Steel Limited announced the appointment of Mr. Jayant Acharya, as a Wholetime Director of the Company, designated as Director (Commercial & Marketing) of the Company for a period of five years, i.e., from 07th May, 2019 to 06th May 2024 was approved by the Board in its meeting held on 24 May 2019 and by the members at their 25th Annual General Meeting held on 25 July 2019. He was subsequently elevated and redesignated as Dy. Managing Director w.e.f. April 01, 2022. Mr.Seshagiri Rao, Jt.Managing Director & Group CFO on 05.04.2023, based on the recommendations of the Nomination and Remuneration Committee and the change in role of Mr. Jayant Acharya, the Board of Directors has elevated and redesignated Mr. Jayant Acharya as the Jt. Managing Director & CEO of the Company w.e.f May 19, 2023, from his current position as Dy. Managing Director. Reported Earnings • May 21
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹17.25 (down from ₹85.96 in FY 2022). Revenue: ₹1.66t (up 13% from FY 2022). Net income: ₹41.4b (down 80% from FY 2022). Profit margin: 2.5% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 25
Price target increased by 8.2% to ₹654 Up from ₹605, the current price target is an average from 30 analysts. New target price is 9.8% below last closing price of ₹725. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₹16.87 for next year compared to ₹85.96 last year. Reported Earnings • Jan 22
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: ₹2.04 (down from ₹18.14 in 3Q 2022). Revenue: ₹391.3b (up 2.8% from 3Q 2022). Net income: ₹4.90b (down 89% from 3Q 2022). Profit margin: 1.3% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 40% per year. Announcement • Dec 22
JSW Steel Limited to Report Q3, 2023 Results on Jan 20, 2023 JSW Steel Limited announced that they will report Q3, 2023 results on Jan 20, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Harsh Mariwala was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Oct 22
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: ₹3.53 loss per share (down from ₹29.79 profit in 2Q 2022). Revenue: ₹419.7b (up 29% from 2Q 2022). Net loss: ₹8.48b (down 112% from profit in 2Q 2022). Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. 
