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Today's prices ask more of JSW Steel than of Hindalco.
At current prices, buyers of Hindalco are assuming about 0% growth against 12% in its own record; for JSW Steel it is 16% against 9%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: JSW Steel is worth about 2.0 times Hindalco on the stock market.
- Record: On revenue the two have grown at much the same pace: Hindalco compounded at about 11% a year (FY2018–FY2026) and JSW Steel at about 13% (FY2018–FY2026).
- What to watch: aluminium prices at Hindalco; steel spreads at JSW Steel.
| Hindalco | JSW Steel | |
|---|---|---|
| Price | ₹944 | ₹1,348 |
| Market cap | ₹2.09L Cr | ₹4.11L Cr |
| P/E | 10.9 | 14.5 |
| P/B | 1.53 | 4.11 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
An aluminium giant on two continents
Hindalco Industries, the Aditya Birla group's metals company, is one of the world's largest aluminium producers. In India it mines bauxite, refines alumina and smelts aluminium using its own power, and also runs a copper smelter and refinery at Dahej.
One of India's two largest steelmakers
JSW Steel, the flagship of Sajjan Jindal's JSW group, is one of India's two largest steel producers. Its biggest plant is at Vijayanagar in Karnataka, with others at Dolvi in Maharashtra and in Odisha, Tamil Nadu and Chhattisgarh, and it bought Bhushan Power & Steel out of insolvency in 2021.
02The records side by side
On revenue the two have grown at much the same pace: Hindalco compounded at about 11% a year (FY2018–FY2026) and JSW Steel at about 13% (FY2018–FY2026). By revenue, Hindalco is about 1.5 times the size of JSW Steel. Hindalco kept 4.9% of revenue as net profit in FY2026; JSW Steel kept 13.8% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Hindalco · JSW Steel.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Aluminium pricesGlobal prices swing Indian smelting profits.
- Novelis spreadsNovelis earns a conversion margin, less exposed to metal prices.
- Steel spreadsThe gap between steel prices and raw-material costs drives profit far more than volumes do.
- Capacity expansionJSW keeps adding capacity; returns on that capex decide long-term value.
05What could go wrong
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Hindalco or JSW Steel better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Hindalco trades at 10.9 times earnings and 1.53 times book value, and JSW Steel at 14.5 times earnings and 4.11 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Hindalco and JSW Steel?
Hindalco Industries, the Aditya Birla group's metals company, is one of the world's largest aluminium producers. JSW Steel, the flagship of Sajjan Jindal's JSW group, is one of India's two largest steel producers.
Are Hindalco and JSW Steel valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Hindalco and JSW Steel?
Worked backwards from the share price, Hindalco needs about 0% growth and JSW Steel about 16% growth, against 12% and 9% in their own records.