JSW Holdings Limited (JSWHL) AI Stock Analysis

• Market Cap: ₹196.99B
• Dividend Yield: N/A
• Average Volume (3M): 314.00
• Price to Earnings (P/E): 137.9
• Beta (1Y): 1.08
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 3
• Sector: Financial
• Sector Strength: 70
• Industry: Conglomerates
• EPS (TTM): 28.95
• Shares Outstanding: 11,099,625
• 10 Day Avg. Volume: 293
• 30 Day Avg. Volume: 314
• PEG Ratio: 5.13
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 104.61
• P/FCF Ratio: 153.54
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: ₹19,079.00 ▼(-4.38% Downside)

The score is primarily supported by low financial risk from near-zero leverage and generally solid cash conversion. It is held back by volatile revenue/free cash flow and low ROE, while technical signals are mixed and valuation is a major headwind due to the very high P/E and lack of dividend yield data.

Positive Factors

Very conservative balance sheet

Near-zero leverage materially lowers financial risk and provides the company durable flexibility to fund investments, absorb shocks, or support subsidiaries without needing external debt. Over 2-6 months this underpins solvency and strategic optionality in capital allocation.

Solid cash generation and conversion

Consistent positive operating cash flow and strong cash conversion mean the business can internally fund financing activities and investment programs, reducing refinancing risk and supporting liquidity. This durable cash profile aids resilience and operational continuity.

High reported operating and net margins

Sustained high margins indicate an efficient investment-driven earnings profile that generates surplus earnings versus operating costs. Over months this provides a cushion against cyclical downturns and supports re-investment or transfers to group companies.

Negative Factors

Volatile revenue and free cash flow

Large year-to-year swings in revenue and free cash flow reduce visibility into recurring earnings and complicate budgeting and dividend planning. Structurally, this makes forecastable cash returns and steady capital deployment harder to sustain over the medium term.

Low returns on equity

Very low ROE implies the substantial equity base is not translating into attractive shareholder returns, signaling potential capital allocation inefficiency. Persistently low ROE erodes long-term investor value and limits the company's ability to compound equity profitably.

Earnings dependent on investee performance

A primary earnings stream is dividends and gains from associate holdings, so income is structurally exposed to investee profitability, dividend policies, and market valuations. This external dependence raises persistent execution and cash-flow risk over months.

JSW Holdings Limited Business Overview & Revenue Model

Company Description

JSW Holdings Limited, a non-banking financial company, primarily engages in investing and financing activities. It invests in equity shares and other companies. The company was formerly known as Jindal South West Holdings Limited and changed its name to JSW Holdings Limited in 2013. JSW Holdings Limited was incorporated in 2001 and is based in Mumbai, India.

How the Company Makes Money

JSW Holdings Limited Financial Statement Overview

Summary

Strong overall financial profile supported by a very conservative balance sheet with near-zero leverage and generally solid cash conversion. Offsetting factors include volatile revenue/free cash flow patterns and low returns on equity, which reduce earnings quality/visibility despite high reported margins.

Income Statement

Profitability is exceptionally strong, with consistently very high operating and net margins across the period, indicating a largely investment/other-income-driven earnings profile. Growth, however, is volatile: revenue swings sharply year to year (notably the drop in 2024 versus 2023 and the rebound in 2025), which reduces visibility and makes forward earnings quality more sensitive to income fluctuations.

Balance Sheet

The balance sheet is very conservatively financed with effectively no leverage (debt-to-equity near zero across years), which materially lowers financial risk and provides flexibility. The main weakness is low returns on equity (roughly ~0.6% to ~1.7% in the provided years), suggesting the large equity base is not translating into strong shareholder returns despite high accounting margins.

Cash Flow

Cash generation appears solid, with positive operating cash flow each year and free cash flow generally matching net income (and operating cash flow to net income very strong in the data), indicating strong cash conversion. The key drawback is variability in free cash flow (including a year where free cash flow is reported as zero in 2022 and a large decline in 2024 versus 2023), which points to uneven cash realization or timing effects.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.51B	2.48B	1.70B	4.07B	1.86B	928.12M
Gross Profit	2.51B	2.48B	1.70B	4.07B	1.86B	928.12M
EBITDA	2.37B	2.34B	1.57B	4.01B	1.80B	877.99M
Net Income	1.77B	1.96B	1.56B	3.31B	1.52B	752.15M
Balance Sheet
Total Assets	0.00	352.65B	292.51B	220.39B	227.56B	140.45B
Cash, Cash Equivalents and Short-Term Investments	34.14M	34.14M	40.81M	11.44M	3.21M	10.98M
Total Debt	0.00	0.00	0.00	26.82M	26.55M	0.00
Total Liabilities	-313.10B	39.55B	38.16B	26.29B	28.02B	14.43B
Stockholders Equity	313.10B	313.10B	254.35B	194.10B	199.54B	126.02B
Cash Flow
Free Cash Flow	0.00	1.69B	1.15B	2.98B	0.00	672.22M
Operating Cash Flow	0.00	1.69B	1.15B	2.98B	1.30B	672.51M
Investing Cash Flow	0.00	-1.70B	-1.12B	-2.98B	-1.31B	-720.89M
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00

JSW Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NAM.INDIA	76 Outperform	₹559.78B	38.69	―	2.14%	9.15%	0.43%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
JSWHL	65 Neutral	₹196.99B	137.90	―	―	―	―
SUMMITSEC	64 Neutral	₹19.33B	15.69	―	―	―	―
BIRLAMONEY	63 Neutral	₹7.06B	14.39	―	―	-6.37%	-24.10%
TATAINVEST	61 Neutral	₹314.85B	77.25	―	0.04%	-18.73%	-4.53%
KICL	57 Neutral	₹20.52B	45.94	―	―	―	―