JSW Holdings Limited

Financial Services — Asset Management · NSE

₹11,349.00+₹127.00 (+1.13%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of JSW Holdings Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

JSW Holdings Limited engages in investing and financing activities in India. The company grants loans; and provides securities, as well as invests in securities. JSW Holdings Limited was incorporated in 2001 and is based in Mumbai, India.

IndustryAsset Management

SectorFinancial Services

Employees3

Annual revenue₹179 Cr

How does it make money?

Turns over ₹179 Cr a year. Of every ₹100 of sales, about ₹82 reaches shareholders as profit, with ₹94 left at the operating level before interest, tax and depreciation. Each of its 3 employees supports ₹59.81 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹59.81 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -56% while net margin moved +0% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-56%

Margin effect+0%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 23.9% a year
✗ Profit has declined at 23.8% a year
✗ Profit fell 27.4% in the latest year

Quality vs. Valuation

Company Quality

59/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

39/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

91.7x

3Y Median

85.6x

40 monthly readings · mean 76.8x · range 14.9x–166.1x

Sector Median

17.0x

median of 4 sector peers

🟡Currently trading close to its 3y median of 85.6x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 440% above the peer median of 17.0x.

vs. its own history

Fair

85.6x median over 40 months · +7%

vs. sector peers

Expensive

17.0x median of 4 peers · +440%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

75.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 watch

🟡Profit is decliningFinancial
Net profit is down 56% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 5.0 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 98.5% to 93.6%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 440% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 92%✓ 93.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 0.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 85.6x✓ 91.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹12,596 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

91.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.38x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹123.76

Profitable

Profitable on a per-share basis

ROE

0.4%

Weak

Weak capital efficiency

ROCE

0.4%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

15.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-27.4%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹140 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

83.7%

Good

Healthy core-business profitability

Net Margin

74.6%

Good

Strong bottom-line conversion

Current Ratio

16.39

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

11239.1 / 11425.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

60.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹407 Cr	₹170 Cr	₹248 Cr	₹179 Cr	-23.9%
EBITDA	₹401 Cr	₹157 Cr	₹234 Cr	₹168 Cr	-25.2%
EBITDA Margin	98.5%	92.9%	94.4%	93.6%	—
PAT (Net Profit)	₹331 Cr	₹156 Cr	₹196 Cr	₹147 Cr	-23.8%
EPS	₹298.65	₹140.15	₹176.43	₹132.12	-23.8%
ROE	1.7%	0.6%	0.6%	0.4%	—
ROCE	1.8%	0.5%	0.7%	0.4%	—
Free Cash Flow	₹298 Cr	₹115 Cr	₹169 Cr	₹140 Cr	-22.3%

🔴 Revenue has shrunk at 23.9% a year over 3 years.

🔴 EBITDA has shrunk at 25.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 98.5% to 93.6% over 3 years (-5.0 pts).

🔴 PAT (Net Profit) has shrunk at 23.8% a year over 3 years.

🔴 EPS has shrunk at 23.8% a year over 3 years.

🔴 ROE has fallen from 1.7% to 0.4% over 3 years (-1.3 pts).

🔴 ROCE has fallen from 1.8% to 0.4% over 3 years (-1.4 pts).

🔴 Free Cash Flow has shrunk at 22.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹37,203 Cr

Total Liabilities

₹4,191 Cr

Total Debt

—

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹140 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.7%

Insider Holding

66.3%

Corporate Actions

Next Earnings

05 Nov 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive1 mixed4 general

JSW Holdings Q4 Profit Surges 39% to ₹13.5 Cr as Revenue Hits ₹33.1 Cr

Sahi, 29 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

JSW Holdings Share Price Target 2026: Rs 15,000 Analyst Forecast

Univest, 23 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

JSW Holdings seeks approval for ₹2,000 crore loans at AGM

scanx.trade, 08 Jul

JSW Holdings - 6 high-priced stocks fall up to 40% in FY26; here’s FII and MF exposure

The Economic Times, 20 Mar

JSW Holdings Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Compare with JSW Holdings

Equitymaster, 01 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingProfitability · Valuation · Risk

WeakGrowth

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑