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Prices as of 8 Oct 2026 close · Not investment advice

JSW Holdings Limited

NSE: JSWHLInvestment Company

Share price

₹11,158.00

-1.01% close of 8 Oct 2026

Market cap ₹12,274 CrP/E 88.2

Business score

How strong the business is, in one number. The parts behind it are in Pro.

54

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹12,274 Cr

P/E ratio

88.2

P/B ratio

0.4

ROCE

0.6%

ROE

0.5%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹22,165.0052-week low ₹10,655.00

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step up at Sep 2023 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step up at Sep 2023 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

At 88.2× earnings it costs 3.7× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 24.0×, across 5 companies. It is against its own five-year median of 56.4×, the 70th percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
JSW Holdings Limited — this one-23%/yr88.2×—
Jio Financial Services Limited293%/yr64.9×—
Aditya Birla Capital Limited-7%/yr24.0×—
Tata Investment Corporation Limited20%/yr72.1×₹3.6
Cholamandalam Financial Holdings Limited24%/yr9.8×₹0.41
TVS Holdings Limited40%/yr11.6×₹0.29

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Investment Company), it ranks 26 of 38 on returns, 14 of 34 on growth, 7 of 39 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 0.6% on capital, ahead of 32% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹852 crore of cash from the business, spent ₹0 crore on plant and equipment, and returned ₹1 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 10 years, about 87 arrived as cash. Its cash comes back faster than it used to: it went from being waiting 32 days for its cash to paid 6 days before it paid its own suppliers.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

Not enough filed accounts to run these checks yet.

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Announced 6 Aug 2026 · Consolidated · Unaudited

Revenue

₹35 Cr

Revenue vs last year

+15.3%

Revenue vs last quarter

+4.8%

Net profit

₹25 Cr

Profit vs last year

-27.8%

Profit vs last quarter

+75.3%

Net margin

70.9%

EPS

₹22.11

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹12,274 Cr
Prev close
₹11,158.00
52w High
₹22,790
52w Low
₹10,530
Enterprise value
₹12,271 Cr
Beta
0.9
Price CAGR 1y
-28.0%
Price CAGR 3y
33.0%
Price CAGR 5y
19.0%
Price CAGR 10y
24.0%

Ratios

Return on assets
0.4%
PEG ratio
-3.9
P/E ratio
88.2
P/B ratio
0.4
EV / EBITDA
77.2
Industry P/E
22.9
ROCE
0.6%
ROCE 5y average
1.2%
ROE
0.5%
Debt / Equity
0.0
Interest coverage
—
Dividend yield
0.0%
ROE 3y average
1.0%
ROE last year
0.0%

Annual P&L

Annual revenue
₹179 Cr
Annual profit
₹147 Cr
Operating margin
92.0%
Net profit margin
82.1%
EBITDA margin
92.2%
Sales growth 3y
-24.0%
Sales growth 5y
14.0%
Profit growth 3y
-23.0%
Profit growth 5y
15.0%
EPS
₹132
Sales growth TTM
-27.0%
Profit growth TTM
-21.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹35 Cr
Profit latest quarter
₹25 Cr
YoY quarterly sales growth
15.0%
YoY quarterly profit growth
-26.5%
OPM latest quarter
83.6%

Balance Sheet

Book Value
₹30,010
Face Value
₹10.0
Total debt
₹0 Cr
Total cash
₹3 Cr
Borrowings
₹0 Cr
Reserves / Equity
3000.0

Cash Flow

Operating cash flow
₹140 Cr
Free cash flow
₹140 Cr
FCF yield
1.1%
Net cash flow
-₹1 Cr

Shareholding

Promoter holding
66.3%
FII holding
22.3%
DII holding
0.2%
Public holding
11.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Jio Financial216.4469.21,42,9180.28830.3174.42,004.5227.31.9
Aditya Birla Cap372.1025.31,01,8760.001,223.940.112,179.528.28.7
Tata Inv.Corpn.615.3072.331,1310.55143.5-1.9151.74.31.6
Chola Financial1,402.709.926,3400.091,789.039.311,113.619.69.8
TVS Holdings11,735.0011.923,7420.731,173.681.917,076.234.016.9
Mah. Scooters12,242.0050.213,9911.803.3-90.65.4-81.51.1
JSW Holdings11,272.0089.912,5120.0024.5-27.434.615.00.6
Tsf Investments409.6018.79,0972.72125.0-22.8305.670.93.4
Median450.0525.39980.0010.914.210.122.31.6

Competes with: 3P Land Holdings Limited, Aditya Birla Capital Limited, BEML Land Assets Limited, BLB Limited, Blue Chip India Limited, Cholamandalam Financial Holdings Limited, DCM Financial Services Limited, EL CID Investments Limited, GKW Limited, Hexa Tradex Limited, Industrial & Prudential Investment Company Limited, Industrial Investment Trust Limited, Jindal Photo Limited, Jindal Poly Investment and Finance Company Limited, Jio Financial Services Limited, Kalyani Investment Company Limited, Lakshmi Finance & Industrial Corporation Limited, Maharashtra Scooters Limited, Mask Investments Limited, Nagreeka Capital & Infrastructure Limited, Nahar Capital and Financial Services Limited, Nalwa Sons Investments Limited, Oswal Greentech Limited, PNB Gilts Limited, Paras Petrofils Limited, Pilani Investment and Industries Corporation Limited, Religare Enterprises Limited, SIL Investments Limited, Shipping Corporation of India Land and Assets Limited, Stel Holdings Limited, Summit Securities Limited, TSF INVESTMENTS LIMITED, TVS Holdings Limited, Tata Investment Corporation Limited, VLS Finance Limited, Vardhman Holdings Limited, Welspun Investments and Commercials Limited, Williamson Magor & Company Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales268927272716229293084333335
Expenses33333434444126
Material Cost000000
Change in Inventories000000
Purchases of Stock-in-Trade000000
Employee Cost3.042.922.562.712.244.55
Other Expenses0.830.801.060.880.861.13
Operating Profit238625242415826262680292129
OPM %89979087889889878896896384
Other Income00000000140-303
Exceptional items (within Other Income)000-2.710.270
Interest0000000000000
Depreciation0000000000000
Profit before tax238625242415826264080262132
Tax %26262618252525261625263624
Net Profit246335335312014103467321425
EPS in Rs2257313047108138.763061291222
Diluted EPS in Rs8.763061291222

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales638910712193186407170248179184
Expenses455656612141425
Material Cost00
Change in Inventories00
Purchases of Stock-in-Trade00
Employee Cost1010
Other Expenses3.823.60
Operating Profit598410211588180401157234165159
OPM %9495959595979993949286
Other Income0000000021231
Exceptional items (within Other Income)0-2.44
Interest00000000000
Depreciation0000000000.010
Profit before tax598410211588180401157255188160
Tax %20191410252525252322
Net Profit487010010675152332156196147137
EPS in Rs4363909668137299140176132124
Diluted EPS in Rs176132
Dividend Payout %0000000000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
—
5 years
14%
3 years
-24%
TTM
-27%

Compounded profit growth

10 years
—
5 years
15%
3 years
-23%
TTM
-21%

Stock price CAGR

10 years
24%
5 years
19%
3 years
33%
1 year
-28%

Return on equity

10 years
1%
5 years
1%
3 years
1%
Last year
0%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital11111111111111111111
Reserves8478,2448,2767,10112,59119,94319,39925,42431,29933,000
Borrowings0000000000
Other Liabilities27437186001,4432,8022,6293,8163,9554,191
Minority Interest0
Total Liabilities8608,9989,0057,71214,04522,75622,03929,25135,26537,203
Fixed Assets0000000000
CWIP0000000000
Investments5318,6428,6197,27913,54622,11921,10228,19134,04535,849
Other Assets3303563874334996379381,0601,2201,353
Total Assets8608,9989,0057,71214,04522,75622,03929,25135,26537,203

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity32668910367130298115169140
Cash from Investing Activity-43-58-87-108-72-131-298-112-170-140
Cash from Financing Activity000000000-1
Net Cash Flow-1182-4-5-113-1-1
Free Cash Flow32668910367130298115169140

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1316831062404
Cash Conversion Cycle1316831062404
Working Capital Days7448363542321437-3-6
ROCE %212112111

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters666666666666666666666666
FIIs222221222222232323232322
DIIs0.040.040.090.110.110.110.210.310.260.120.090.18
Public111112121211111111111111
Others0.020.010.020.020.010.010.010.010.010.010.010.01
No. of Shareholders19,67720,11621,67321,87021,93124,72622,55023,90824,75423,92825,92928,192

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -31.7% (₹16,332.00 → ₹11,158.00)Brick size ₹318.18 (fixed)Bricks 95
₹15,000₹20,000₹11,158Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹11,158.00 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

-3.00inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

1,342cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

566cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

59,81,74,333inr

2026-03-31

News

News and filings about JSW Holdings Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Financial Services
Industry
Investment Company
Classification
Financial Services › Investment Company
ISIN
INE824G01012

News impact

Big market events that reach JSW Holdings Limited, and how the effect spreads.

Who it hits first

  • India's central bank (RBI) sold a net Rs 1 trillion of government bonds this financial year, its first net sale in ten years, pulling cash from banks.
  • Sales may double to Rs 2 trillion by December, pointing to tighter money and higher bond yields.
  • Banks, lenders, and money apps face higher funding costs and softer loan and fee growth.

Who may gain

  • Future buyers of government bonds gain higher yields as RBI supply pushes prices down.
  • Savers may gain if banks lift deposit rates to keep cash.
  • No tracked Financial Services firm benefits; all ten signalled names face pressure.

Along the supply chain

Downstream

Downstream, banks, NBFCs like Piramal Finance, insurers, and fintechs pass tighter money to borrowers, who face costlier credit.

Upstream

Upstream, the RBI as the source of cash is pulling back, selling bonds and draining the liquidity banks rely on to lend.

Where demand moves

Business

Business demand softens as costlier loans slow borrowing for homes, cars, and working capital, trimming lender volumes.

Capital

Capital flows out of rate-sensitive financial shares into safer bonds as yields rise, with foreign and local funds cautious until December clarity.

How it spreads across sectors

Consumer Durables

Mildly negative as costlier loans slow purchases of homes, cars, and appliances, though not yet in signals.

Financial Services

Negative as Rs 1 trillion sales drain liquidity and lift yields, squeezing lenders, insurers, and fintechs on funding and volumes.

A pattern seen before

Cascade chain

  • RBI sells Rs 1T bonds → banking liquidity drains
  • Liquidity drain → bond yields rise, funding costs up
  • Higher rates → NBFC, Real Estate and Auto loan growth slows
  • Costlier credit → Consumer Durables demand softens

Pattern name

RBI Rate Cascade

Patterns

  • RBI Rate Cascade
  • Rupee Cascade

Sectors queried

  • Auto
  • Banking
  • Consumer Durables
  • IT Services
  • Infrastructure
  • NBFC
  • Oil & Gas
  • Pharma
  • Real Estate

When it plays out

Immediate

1-7 days: bond yields firm and financial shares stay soft as traders price the Rs 1 trillion drain.

Medium term

1-6 months: if sales double by December, pressure extends; a pause steadies lenders.

Short term

1-4 weeks: bank funding costs and loan growth prints show how tight money has turned.

Who it hits first

  • Mumbai steel prices jumped to a 4-year high, with flat steel for cars and appliances (HRC) at Rs 63,900 a tonne, up Rs 1,200, and smooth steel sheet (CRC) at Rs 73,500, up Rs 1,300.
  • Tata Steel, JSW Steel and Steel Authority of India, the big steelmakers, can charge more right away, so their sales and profits should rise.
  • Tata Motors, its truck and car units, Steel Strips Wheels and Voltas, which buy lots of steel, now face higher costs that squeeze their profits.

Who may gain

  • Tata Steel (steelmaker)
  • JSW Steel (steelmaker)
  • Steel Authority of India (government steelmaker)
  • Tata Power (power supplier to Tata Steel)
  • JSW Energy (power supplier to JSW Steel)
  • JSW Infrastructure (ports and transport for JSW Steel)

Along the supply chain

Downstream

Builders, car makers like Maruti and Mahindra, and home goods makers like Voltas pay more for steel wire and sheets, which may lift vehicle and appliance prices or cut their margins.

Upstream

Iron ore, coal and power providers such as NMDC, Coal India, Tata Power and JSW Energy should see steady orders as steel plants run hard to meet strong demand.

Where demand moves

Business

Car, truck and appliance makers need the same steel but must pay more, so cash moves from buyers like Tata Motors to sellers like Tata Steel.

Capital

Investors are likely to buy steelmaker shares on hopes of higher earnings and go careful on car and appliance shares until those firms can raise prices.

How it spreads across sectors

Automobile and Auto Components

Higher steel sheet costs squeeze car, truck and parts makers until they raise prices.

Capital Goods

Machine and truck builders pay more for steel inputs, pressuring margins.

Consumer Durables

Appliance makers like Voltas face higher sheet costs for AC units.

Power

Power sellers to steel plants see steady demand as mills run hard.

Steel

Higher HRC and CRC prices lift sales value and earnings for steelmakers.

Commodity angle

Commodity

steel

Move series

Steel

Note

Steel prices jumped 3.809% to 1280 USD per short ton with Mumbai HRC at Rs 63,900; the 95.22 bps margin hit was used for Tata Motors while steelmakers with null bps were judged on higher selling prices.

Shock

price

Unit

USD/short ton

When it plays out

Immediate

In 1-7 days steel shares firm on price news while car and appliance shares wobble on cost worries.

Medium term

In 1-6 months if demand stays strong steel profits hold, but if buyers cut back or raw costs jump the gains fade.

Short term

In 1-4 weeks steelmakers report better takings while buyers try to pass costs on or trim orders.

Who it hits first

  • Banks build 60-day hold systems across crores of accounts — one-time plus small ongoing cost.
  • Wallet and merchant fintechs (Paytm, Mobikwik, Pine Labs) face user friction where holds bite.
  • Fraud losses fall over time, partly paying for the compliance spend.

Who may gain

  • Large tech-forward banks gain share as small fintechs stumble on compliance.
  • Fraud-prevention software vendors see bank demand (mostly unlisted/global).

Along the supply chain

Downstream

Merchants face occasional payout delays on flagged transactions; genuine users get faster fraud recovery.

Upstream

No direct supply-chain link — a compliance-economics event; banks and fintechs absorb system costs.

Where demand moves

Business

Mule-account money freezes; genuine users face occasional friction; compliance vendors gain orders.

Capital

Money trims small fintechs on friction fears; banks unaffected given immaterial cost.

How it spreads across sectors

Financial Services

Small compliance cost for banks; user-friction risk for wallet/merchant fintechs.

When it plays out

Immediate

Fintechs dip 1-3% on friction fears; banks flat.

Medium term

Lower fraud losses improve payment economics; compliant leaders gain share.

Short term

Final norms and implementation deadlines set compliance budgets; grievance data watched.

13 Sept, 04:28 IST · Market event · high impact

HDFC Bank submits two CEO candidates to RBI for approval

HDFC Bank has picked two possible successors for its top job and sent the names to the RBI, giving investors clarity on who runs India's biggest private bank next.

Financial Services

Who it hits first

  • HDFC Bank (HDFCBANK): succession uncertainty ends as two CEO names go to the RBI; stock impact likely ±1-2% per precedent

Who may gain

  • HDFC Bank shareholders via clarity; no competitor gains — peer read-across historically weak

Along the supply chain

Downstream

No downstream link — credit flow and rates are set by policy, not by the CEO's name.

Upstream

No upstream link — a bank CEO change does not alter vendor or IT spending.

Where demand moves

Business

No business-demand shift — depositors and borrowers do not switch banks on CEO news.

Capital

Mild rotation within private banks possible if RBI picks an outsider, but precedent shows peers barely move.

How it spreads across sectors

Financial Services

neutral — bank leadership news is stock-specific, with day-one peer moves under 1% historically

When it plays out

Immediate

RBI approval watch; stock flat to +1-2% on relief

Medium term

Strategy continuity vs change shows in loan growth and asset quality

Short term

New CEO's first commentary on growth and margins

Who it hits first

  • SRG Housing faces fraud probe and funding freeze risk
  • NHB scrutiny widens to small-HFC verification practices
  • Larger HFCs (HUDCO, REC, PFC) face sentiment contagion only

Who may gain

  • Large compliant HFCs gain share as small rivals face trust deficit
  • Audit and verification agencies gain compliance mandates

Along the supply chain

Downstream

Genuine SRG borrowers face service disruption; sector borrowers see tighter verification.

Upstream

No supply-chain link — a lending-fraud event at one small HFC.

Where demand moves

Business

SRG disbursements halt pending probe; lenders review small-HFC exposure; audit intensity rises sector-wide.

Capital

Money exits small HFCs on governance fear and rotates to large housing financiers.

How it spreads across sectors

Financial Services

small-HFC trust deficit; large lenders unaffected operationally

When it plays out

Immediate

SRG stock craters on fraud headlines; small HFCs soften.

Medium term

Resolution via takeover or run-down; sector verification norms tighten.

Short term

Watch NHB orders, auditor resignations, and management response.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Splits, bonuses & buybacks

  • daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.