JSW INFRASTRUCTURE LIMITED (JSWINFRA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹339.25 latest close · +4.0% over the last 90 sessions

₹339.25 month-end · +25.5% over 12 months

₹339.25 month-end · +61.2% over 3 years

₹339.25 month-end · +100.1% since Oct '23

52-week range ₹233.42 to ₹375.50 · 1-year volatility 33.7%

Was the rally earned?

1 year3 years

+26%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 35.6x to 49.1x); per-share earnings took off 11 points.
The share count rose 6%.

Net profit growth-4 ptsNet profit fell about 4%, which lowers the price.

P/E change+36 ptsThe P/E rose from 35.6x to 49.1x, which lifts the price.

Share count change-6 ptsShare count rose 6%, which lowers the price.

+61%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 71 points, but investors now pay less per rupee of profit (P/E 53.0x to 49.1x), which took 10 points back.
The share count rose 19%.

Net profit growth+94 ptsNet profit rose about 107%, which lifts the price.

P/E change-10 ptsThe P/E fell from 53.0x to 49.1x, which lowers the price.

Share count change-22 ptsShare count rose 19%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

How rough has the ride been?

Maximum drawdown-36.9%recovered 2026-09

1-year volatility33.7%annualised

Beta vs sector index0.843-year daily, correlation 0.52

Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-36.9% (2024-07 peak to 2025-02 low, recovered 2026-09)

-17.9% (2024-02 peak to 2024-03 low, recovered 2024-05)

Most recent volume spikes

2026-09-22: 6.5x the 50-day median, price +5.1% that day

2026-09-18: 9.7x the 50-day median, price +6.6% that day

2026-07-13: 6.1x the 50-day median, price +6.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

49.1xP/E todayWithin its usual range

Against its own history58th percentile

CheapestMedian 46.5xDearest

Usual range 35.5x to 62.2x since 2023-10.

Against Industrial Services49.1x vs 14.0x

This company

49.1x

Sector median

14.0x

250% above the Industrial Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianIndustrial Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Industrial Services is valued

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE43rd▲ 7 pts vs a year ago
Op. margin92ndflat vs a year ago
Revenue growth58th▼ 3 pts vs a year ago
EPS growth33rd▼ 47 pts vs a year ago
Debt/equity ↓31st▼ 10 pts vs a year ago
Cash cycle ↓58thflat vs a year ago
P/E ↓10th▼ 3 pts vs a year ago
12M momentum88th▲ 20 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What is the price implying?

~30%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 70.1x, a holder earning 12%/yr needs earnings to grow about 30.2%/yr for 10 years, then trade at 15x.

Delivered22.7%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+7.5 ptsimplied minus delivered

Rank378thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	31.9%	33.1%	34.2%
15x	29.0%	30.2%	31.4%
20x	25.5%	26.6%	27.7%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 30.2%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Industrial Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹339.25
P/E: 49.1x
ROCE: 14.0%
Market Cap: ₹79070 cr
Revenue (TTM): ₹5583 cr
P/S: 14.2x
P/B: 7.3x
ROE: 14.8%
Operating Margin: 47.0%
Debt / Equity: 0.6x
Promoter Holding: 73.9%
12M Momentum: 25.5%

52-week range

₹233.42₹375.50

74% of the way from its 52-week low to its high

Price risk

1Y volatility

33.7%

Beta vs sector

1-year daily

0.82

Balance sheet & cash

Interest cover

operating profit ÷ interest

5.3x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.40x

Share count, 1Y

+0.5%

Are profits backed by cash?

5 of 6checks within range1 near a threshold

Other income reliance13%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate18%Within range

Median quarterly effective tax rate over about 2.5 years: 18.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.40xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.40x (cash from operations ₹5,925 cr, net profit ₹4,229 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+6 daysWithin range

Debtor days are above the median of the previous three fiscal years by 6 days (72 vs 66). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress30% of fixed assetsNear threshold

Capital work-in-progress is 30% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, promoters trimmed 11.7 pts; FIIs added 7.6 pts; DIIs added 5.1 pts.
The number of shareholders rose from 2.1 lakh to 4.3 lakh (+108%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters85.6%73.9%-11.7 pts

FIIs3.6%11.2%+7.6 pts

DIIs4.1%9.2%+5.1 pts

Public and others3.4%5.4%+2.0 pts

Number of shareholders

4.3 lakhshareholders+108% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−15.0%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like JSW INFRASTRUCTURE LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −25% to −6% vs the market, against −1% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −13.6%, 80% range −20.3% to −10.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median

−15.0%

All companies' median

−1.4%

Beat the market

18% vs 49%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TORNTPHARM Health Technology	Sep 2020	46x	15%	+68%	−7%	−33%
INDHOTEL Consumer Services	May 2025	61x	15%	+38%	−14%	−17%
ADANIPORTS Transportation	Feb 2021	37x	12%	+98%	−4%	−13%
VBL Consumer Non-Durables	Aug 2022	97x	17%	+83%	−1%	+59%
MEDANTA Health Services	Jan 2024	94x	17%	+159%	0%	−16%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
BHARTIHEXA Communications	Oct 2025	68x	17%	+32%	−6%	−7%
AARTIIND Process Industries	May 2020	34x	18%	+5%	−14%	−1%
PHOENIXLTD Finance	Feb 2020	31x	11%	+37%	−8%	−30%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to JSW INFRASTRUCTURE LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MANKIND PHARMAMANKIND

Health Technology

78%similar

ROCEmarket cap

ADANI PORT AND SPECIAL ECONOADANIPORTS

Transportation

70%similar

ROCEoperating margin

TORRENT PHARMACEUTICALSTORNTPHARM

Health Technology

70%similar

EPS growthROCE

ADANI POWERADANIPOWER

Utilities

66%similar

operating marginvolatility

MOTILAL OSWAL FINANCIAL SERVICMOTILALOFS

Finance

66%similar

market capoperating margin

LARSEN AND TOUBROLT

Industrial Services

38%similar

ROCEEPS growth

WELSPUN ENTERPRISESWELENT

Industrial Services

28%similar

debt/equityrevenue

SEAMECSEAMECLTD

Industrial Services

25%similar

operating marginpromoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

24 events since Feb '24

2026
SepPromoterPromoter holding fell 9.7 pts to 73.9%.
SepResultsYear-on-year EPS growth turned negative.
SepPriceRegained the 2024-07 peak, 19 months after the low.
SepInstitutionsFII + DII holding rose 11.1 pts over 2 quarters to 20.4%.
SepPriceVolume reached 9.7x its 50-day median on 2026-09-18; price +6.6% that day.
JunPeer rankSlipped to the 3rd quartile of Industrial Services on EPS growth (from the 2nd quartile).
JunPriceVolume reached 18.8x its 50-day median on 2026-06-24; price +7.4% that day.
JanPriceVolume reached 10.9x its 50-day median on 2026-01-19; price +5.8% that day.

Show 16 earlier events

2025
DecPeer rankSlipped to the 2nd quartile of Industrial Services on EPS growth (from the top quartile).
OctValuationP/E fell below the 10th percentile of its own history to date (38.1x).
SepPromoterPromoter holding fell 2.0 pts to 83.6%.
SepPeer rankMoved into the top quartile of Industrial Services on EPS growth (from the 2nd quartile).
SepPriceVolume reached 10.9x its 50-day median on 2025-09-19; price +2.5% that day.
MayPriceVolume reached 26.3x its 50-day median on 2025-05-16; price -3.0% that day.
FebPriceFell 37% from the Jul 2024 peak to the Feb 2025 low.
FebPriceVolume reached 6.9x its 50-day median on 2025-02-21; price +8.8% that day.
2024
OctSharesShare count is up 13.9% over 12 months.
OctPriceVolume reached 8.0x its 50-day median on 2024-10-29; price +10.0% that day.
SepPriceVolume reached 7.8x its 50-day median on 2024-09-11; price +4.7% that day.
AugPeer rankSlipped to the 3rd quartile of Industrial Services on ROCE (from the 2nd quartile).
JunDebtDebt / equity fell below 1.0x (0.59x).
JunDividendStarted paying a dividend (payout 10% of profit).
JunPriceVolume reached 6.4x its 50-day median on 2024-06-21; price +2.3% that day.
FebPriceVolume reached 5.6x its 50-day median on 2024-02-23; price +7.8% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history38 months · 2023-10 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	49.1x	₹5583 cr	14.8%	14.0%	0.6x
2026-10	45.7x	₹5583 cr	14.4%	14.0%	0.6x
2026-09	51.6x	₹5583 cr	14.4%	14.0%	0.6x
2026-08	46.9x	₹5362 cr	14.7%	14.0%	0.6x
2026-07	43.1x	₹5362 cr	14.7%	14.0%	0.6x
2026-06	44.4x	₹5362 cr	14.7%	14.0%	0.6x
2026-05	35.8x	₹5123 cr	17.5%	14.0%	0.5x
2026-04	35.4x	₹5123 cr	17.5%	14.0%	0.5x
2026-03	31.3x	₹5123 cr	17.5%	14.0%	0.5x
2026-02	33.7x	₹4955 cr	17.2%	14.0%	0.5x
2026-01	34.2x	₹4955 cr	17.2%	14.0%	0.5x
2025-12	37.7x	₹4955 cr	17.2%	14.0%	0.5x
2025-11	35.6x	₹4690 cr	17.2%	14.0%	0.5x
2025-10	38.1x	₹4690 cr	17.2%	14.0%	0.5x
2025-09	41.5x	₹4690 cr	17.2%	14.0%	0.5x
2025-08	41.3x	₹4476 cr	16.3%	14.0%	0.5x
2025-07	42.6x	₹4476 cr	16.3%	14.0%	0.5x
2025-06	43.7x	₹4476 cr	16.3%	14.0%	0.5x
2025-05	46.2x	₹4289 cr	17.2%	16.0%	0.6x
2025-04	46.6x	₹4289 cr	17.2%	16.0%	0.6x
2025-03	50.8x	₹4289 cr	17.2%	16.0%	0.6x
2025-02	43.0x	₹4047 cr	16.2%	16.0%	0.6x
2025-01	46.5x	₹4047 cr	16.2%	16.0%	0.6x
2024-12	53.7x	₹4047 cr	16.2%	16.0%	0.6x
2024-11	58.1x	₹3894 cr	14.6%	16.0%	0.6x
2024-10	58.8x	₹3894 cr	14.6%	16.0%	0.6x
2024-09	64.4x	₹3894 cr	14.6%	16.0%	0.6x
2024-08	59.0x	₹3763 cr	15.0%	16.0%	0.6x
2024-07	61.6x	₹3763 cr	15.0%	16.0%	0.6x
2024-06	59.7x	₹3763 cr	15.0%	16.0%	0.6x
2024-05	71.3x	₹3195 cr	19.4%	17.0%	1.1x
2024-04	63.0x	₹3195 cr	19.4%	17.0%	1.1x
2024-03	61.8x	₹3195 cr	19.4%	17.0%	1.1x
2024-02	64.6x	₹3195 cr	19.4%	17.0%	1.1x
2024-01	54.2x	₹3195 cr	19.4%	17.0%	1.1x
2023-12	52.5x	₹3195 cr	19.4%	17.0%	1.1x
2023-11	53.0x	₹3195 cr	19.4%	17.0%	1.1x
2023-10	42.7x	₹3195 cr	19.4%	17.0%	1.1x

Methodology and data notes