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The market asks roughly as much of JSW Steel as of Tata Steel.
At current prices, buyers of JSW Steel are assuming about 16% growth against 9% in its own record; for Tata Steel it is 6% against 0%. 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 1.8 times Tata Steel on the stock market.
- Record: JSW Steel has grown revenue faster: JSW Steel compounded at about 13% a year (FY2018–FY2026) and Tata Steel at about 7% (FY2018–FY2026).
- What to watch: steel spreads at JSW Steel; indian margins at Tata Steel.
| JSW Steel | Tata Steel | |
|---|---|---|
| Price | ₹1,348 | ₹187 |
| Market cap | ₹4.11L Cr | ₹2.33L Cr |
| P/E | 14.5 | 20.1 |
| P/B | 4.11 | 2.28 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
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.
One company, two steel businesses
Tata Steel, founded in 1907 at Jamshedpur, is one of India's two largest steelmakers. Its Indian plants — Jamshedpur, Kalinganagar and Angul, the last acquired with Bhushan Steel in 2018 — have their own iron-ore mines, which makes them among the lowest-cost producers in the world.
02The records side by side
JSW Steel has grown revenue faster: JSW Steel compounded at about 13% a year (FY2018–FY2026) and Tata Steel at about 7% (FY2018–FY2026). By revenue the two are of broadly similar size. JSW Steel kept 13.8% of revenue as net profit in FY2026; Tata Steel kept 4.7% of revenue as net profit in FY2026. JSW Steel was profitable in every year shown; Tata Steel reported a net loss in FY2024.
Full ten-year tables and charts are on each company's page: JSW Steel · Tata 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
- 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.
- Indian marginsCaptive iron ore gives the Indian business a cost advantage that drives most of the value.
- European lossesEvery year Europe loses less money adds directly to group value.
05What could go wrong
- A downturn in steel pricesSteel profits can fall by half or more in a weak year.
- Coking coal costsMost coking coal is imported and its price is volatile.
- The steel cycleSteel prices can fall sharply when global demand weakens.
- EuropeDecarbonisation costs and weak demand could keep European losses going.
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 JSW Steel or Tata 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, JSW Steel trades at 14.5 times earnings and 4.11 times book value, and Tata Steel at 20.1 times earnings and 2.28 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 JSW Steel and Tata Steel?
JSW Steel, the flagship of Sajjan Jindal's JSW group, is one of India's two largest steel producers. Tata Steel, founded in 1907 at Jamshedpur, is one of India's two largest steelmakers.
Are JSW Steel and Tata 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 JSW Steel and Tata Steel?
Worked backwards from the share price, JSW Steel needs about 16% growth and Tata Steel about 6% growth, against 9% and 0% in their own records.