JSW Holdings (NSE:JSWHL) Cyclically Adjusted PB Ratio: (As of Sep. 12, 2026)

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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:JSWHL JSW Holdings Ltd NSE:JSWHL
74 GF Score
Price ₹11,449.00
GF Value ₹11,761.08
Valuation Fairly Valued
! 5 Warning Signs
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What is JSW Holdings Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


JSW Holdings  (NSE:JSWHL) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


JSW Holdings Cyclically Adjusted PB Ratio Related Terms


JSW Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for JSW Holdings's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

JSW Holdings Cyclically Adjusted PB Ratio Chart

JSW Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.75 0.52 0.76 1.82 0.71

JSW Holdings Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 1.13 0.00 0.71 0.00

NSE:JSWHL vs BLK, BX, KKR: Cyclically Adjusted PB Ratio Comparison

For the Asset Management subindustry, JSW Holdings's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


JSW Holdings Cyclically Adjusted PB Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, JSW Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where JSW Holdings's Cyclically Adjusted PB Ratio falls into.


NSE:JSWHL
74GF Score
JSW Holdings Ltd NSE:JSWHL
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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JSW Holdings Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

JSW Holdings's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, JSW Holdings's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0/167.3573*167.3573
=0.000

Current CPI (Jun. 2026) = 167.3573.

JSW Holdings Quarterly Data

Book Value per Share CPI Adj_Book
201512 0.000 102.901 0.000
201603 718.469 102.518 1,172.874
201606 0.000 105.961 0.000
201609 738.079 105.961 1,165.738
201612 0.000 105.196 0.000
201703 5,008.079 105.196 7,967.400
201803 7,436.638 109.786 11,336.337
201806 0.000 111.317 0.000
201809 0.000 115.142 0.000
201812 0.000 115.142 0.000
201903 7,487.867 118.202 10,601.751
201906 0.000 120.880 0.000
201909 6,016.683 123.175 8,174.839
201912 0.000 126.235 0.000
202003 6,425.933 124.705 8,623.760
202006 0.000 127.000 0.000
202009 7,253.004 130.118 9,328.795
202012 0.000 130.889 0.000
202103 11,386.183 131.771 14,461.210
202106 0.000 134.084 0.000
202109 16,656.729 135.847 20,520.329
202112 0.000 138.161 0.000
202203 17,986.607 138.822 21,683.842
202206 0.000 142.347 0.000
202209 16,132.022 144.661 18,663.011
202212 0.000 145.763 0.000
202303 17,491.123 146.865 19,931.741
202306 0.000 150.280 0.000
202309 20,783.861 151.492 22,960.492
202312 0.000 152.924 0.000
202403 22,920.414 153.035 25,065.581
202406 0.000 155.789 0.000
202409 29,665.077 157.882 31,445.389
202412 0.000 158.323 0.000
202503 28,212.695 157.552 29,968.578
202506 0.000 159.755 0.000
202509 30,259.503 162.289 31,204.472
202512 0.000 163.281 0.000
202603 29,745.427 164.272 30,304.022
202606 0.000 167.357 0.000

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is JSW Holdings (NSE:JSWHL) Overvalued in 2026?

Based on GuruFocus' analysis, JSW Holdings stock appears to be undervalued. The current stock price of ₹11,449.00 is trading 2.7% below its estimated GF Value™ of ₹11,761.08. GuruFocus considers JSW Holdings to be Fairly Valued.

Key valuation signals for NSE:JSWHL:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ₹11,761.08 vs. price of ₹11,449.00 (2.7% below fair value)
  • GF Score™: 74/100 with 5 warning signs

No single metric tells the full story. See the NSE:JSWHL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


JSW Holdings Business Description

Other Exchanges 532642:India
Address JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai, MH, IND, 400 051
JSW Holdings Ltd is a conglomerate company with businesses in steel, energy, infrastructure, and cement. Its primary business segment is Investing and Financing. It derives revenue from Interest Income, Dividend Income, and Pledge Fees. Product offering under Steel includes Hot Rolled, Cold Rolled, Color Coated Products, Galvanized, Galvalume, Avante Steel Doors, and Light Steel Building solutions. The infrastructure business develops seaports and terminals, shipyards, townships, port-based special economic zone, industrial clusters, and last-mile connectivity projects.
74GF Score

Get the complete analysis for NSE:JSWHL

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹11,449.00
Price
₹11,761.08
GF Value