NSE:SAIL Research Reports - SOIC x StockScans

Steel Authority of India Limited (SAIL) is India’s state-owned steel backbone - the country’s second-largest producer, making roughly 20 million tonnes of steel a year for the railways, bridges, expressways, defence projects and construction that physically build the nation. Incorporated in 1973 and run as a Maharatna enterprise under the Ministry of Steel, it grew by planting five massive integrated steel plants in regions that were economically backward at the time, turning them into industrial anchors. The recurring approach that explains everything else is vertical control: SAIL owns the iron ore mines, the blast furnaces, the rolling mills, the research labs, the engineering teams and the pan-India distribution network - so it captures value from the raw mineral to the finished beam or rail, and it keeps doing that at greater scale and with better grades each year.

Business segments

Five integrated steel plants, each a distinct operating engine with its own product speciality, together with three smaller alloy and special-steel units - all fed by captive mines and moved to market through the country’s largest steel distribution network.

1. Bhilai Steel Plant: the rail and structural backbone of Indian infrastructure

Bhilai is the plant that supplies the rails on which Indian trains run and the heavy structurals that frame the country’s expressways and bridges - it is the single largest contributor to SAIL’s output.

India’s rail factory - Bhilai produces the full range of railway products, including 260-metre welded rail panels and UTS-90 rails, and it is the sole domestic producer of forged steel wheels for Indian Railways; in FY25 alone it supplied 11.55 lakh tonnes of rails.
Long products lead the mix - about two-thirds of Bhilai’s output is long products (rails, structurals, bars and rods), with flats making up under a quarter and the rest sold as semi-finished steel, making it the plant most geared toward construction and government infrastructure orders.
Fed by captive Chhattisgarh mines - Bhilai draws iron ore from the Dalli, Rajhara and Rowghat groups of mines in Chhattisgarh, so its raw-material security is tied directly to local captive reserves.

2. Bokaro Steel Plant: the flat-steel engine for automotive and consumer industry

Bokaro is SAIL’s flat-products powerhouse - it makes the hot-rolled and cold-rolled coils that become car bodies, LPG cylinders, pipes and galvanised roofing sheets.

Over 90% flats - flats account for 91.5% of Bokaro’s product mix, the highest proportion of any SAIL plant, with the balance as semi-finished steel; this makes it the go-to source for customers who need wide, thin steel.
New slab caster replaced old ingot casting - a modern slab caster commissioned in the steel melting shop phased out the obsolete ingot route, improving yield and letting Bokaro produce cleaner, higher-grade flat steel.
Brownfield expansion on the drawing board - SAIL’s in-house engineering arm has already prepared the pre-feasibility report to lift Bokaro’s crude-steel capacity from 4.66 Mtpa to 7.16 Mtpa, using the land already available at the site.

3. Rourkela Steel Plant: the 100%-flats specialist with a hot-strip mill

Rourkela produces only flat steel - plates, hot-rolled coils and sheets - and houses a 3.2 Mtpa hot-strip mill that widened SAIL’s ability to serve the automotive, pipeline and solar-energy sectors.

Pure flat-steel portfolio - every tonne of saleable steel from Rourkela is a flat product, so the plant is entirely focused on the grades and dimensions that industries such as oil and gas, automotive and renewable energy demand.
Hot-strip mill as a differentiator - the 3.2 Mtpa hot-strip mill, commissioned as part of the modernisation programme, gave Rourkela the capacity to roll wider and thinner coils, including high-tensile HRC developed for the solar industry.
Captive power from a joint venture - a 250 MW thermal plant at Rourkela was commissioned by NSPCL, the 50:50 joint venture between SAIL and NTPC, giving the plant a dedicated, reliable power source.

4. IISCO Steel Plant: the modern long-products mill in Bengal

IISCO is the newest of the five integrated plants, producing mainly long products - bars, rods and structurals - with a quarter of its output as semi-finished steel.

Three-quarters longs - 76.8% of IISCO’s saleable steel is long products, serving the construction and engineering sectors in eastern India, with the rest sold as semis for further processing elsewhere.
Part of a combined leadership - IISCO and Durgapur Steel Plant share a single Director in-charge on SAIL’s Board, reflecting their geographic proximity in West Bengal and the operational coordination between the two plants.

5. Durgapur Steel Plant: the semi-finished and long-products workhorse

Durgapur splits its output almost evenly between long products and semi-finished steel, acting as both a finished-goods supplier and a source of intermediate feed for other units.

No flats at all - Durgapur’s mix is 54.7% longs and 45.3% semis, with zero flat products, so it complements the flat-steel plants by focusing entirely on bars, rods, structurals and billets.
Semi-finished steel as a balancing item - nearly half of Durgapur’s output leaves the plant as semis, which can be rolled into finished products elsewhere in SAIL or sold to external re-rollers, giving the plant flexibility when demand patterns shift.

6. Alloy and special-steel plants: the niche high-margin layer

Three smaller plants - Alloy Steels Plant, Salem Steel Plant and Visvesvaraya Iron & Steel Plant - produce application-specific grades for defence, aerospace, nuclear and automotive customers, contributing 9% of SAIL’s sales value.

Steel for aircraft carriers and space programmes - these plants supply DMR-grade plates and billets for the Indian Navy (including the entirety of the specialty steel for INS Vikrant) and special alloy steels for space exploration, making them strategically vital even though they are individually loss-making.
Import substitution in stainless steel - Salem Steel Plant developed super-duplex stainless steel in SS 32205 grade, a product that was mainly imported until SAIL began making it domestically, and it is now working to raise its cold-rolling mill yield from 83-84% toward 90%.
Fed with imported slabs to fill spare capacity - Salem’s cold-rolling and sendzimir mills have more capacity than its steel melting shop, so SAIL plans to use imported stainless-steel slabs to ramp up production and improve plant utilisation.

Raw materials and mining: the captive iron-ore advantage

SAIL is 100% self-sufficient in iron ore - it mines everything it needs from its own reserves of about 3.7 billion tonnes, which is the structural moat that insulates it from market ore prices.

38 million tonnes a year from captive mines - in FY26, SAIL mined 38.07 MT of iron ore from mines in Jharkhand, Odisha and Chhattisgarh, including the giant Chiria deposit which alone holds 1.6 billion tonnes, roughly 42% of the company’s total resource.
Coking coal is the Achilles’ heel - more than 95% of coking coal is imported from Australia, the US and New Zealand, and in FY22 the surge in coal prices added over ₹12,000 crore to the cost of sales; SAIL responds by tweaking the blast-furnace recipe - cutting the coke rate, injecting more coal dust, and taking action to explore new coal-producing countries like Russia and Kazakhstan.
Old low-grade stock is being monetised - the company has permission to sell up to 25% of its previous year’s mineral production in the open market and is working on a pellet-and-beneficiation plant in Goa to process and move about 3-3.5 million tonnes of old iron-ore fines that have been lying at its mines.

Marketing and distribution: the largest steel network in India

SAIL moves nearly 20 million tonnes of steel a year through 35 stockyards, 35 branch offices and over 4,800 dealers - a two-tier system that reaches both the factory gate and the house-builder.

Retail is a deliberate push - 28.82 lakh tonnes were sold through the retail channel in FY25, up from 22.86 lakh tonnes in FY24, driven by the branded ‘SAIL SeQR’ TMT bar and a rural outreach programme called “Gaon ki Ore” that ran 400 workshops in FY24.
Digital and direct - customers can order SAIL SeQR bars online through the ‘SAIL Suraksha’ portal, while an AI chatbot (“SAIL Sarathi”) and a WhatsApp business channel handle queries; for large government buyers, invoicing is often done at provisional prices until a final price is negotiated later.

Group structure and partners

SAIL is a single listed Maharatna public-sector enterprise with two active subsidiaries, a web of joint ventures that supply it with power, coal and e-commerce, and a Board that puts plant CEOs in the boardroom.

Plant chiefs on the Board - since September 2020, the CEOs of Bhilai, Bokaro, Rourkela and IISCO/Durgapur sit as functional Directors, so operational decisions at the plant level have a direct line to the top.
Power and coal through joint ventures - NSPCL (a 50:50 JV with NTPC) runs a 250 MW thermal plant at Rourkela; GEDCOL-SAIL Power Co. is building a 10 MW small hydro project at Mandira Dam; and International Coal Ventures Private Limited (ICVL) operates coking-coal assets in Mozambique to diversify supply away from Australian imports.
Subsidiaries are small and focused - SAIL Refractory Company Limited runs the Salem refractory unit acquired in 2011, while Chhattisgarh Mega Steel Limited, a special-purpose vehicle for an ultra-mega steel project, has not taken off.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	29,712	23,349	27,959	23,998	24,675	24,490	29,316	25,922	26,704	27,371	30,813	26,246
Growth YoY Revenue Growth YoY%	13.2	-6.8	-4.0	-1.5	-16.9	4.9	4.9	8.0	8.2	11.8	5.1	1.3
Expenses ExpensesCr	25,837	21,206	24,476	21,778	21,762	22,460	25,832	23,153	24,176	25,077	26,405	22,093
Operating Profit Operating ProfitCr	3,875	2,142	3,483	2,220	2,913	2,030	3,484	2,769	2,528	2,294	4,409	4,153
OPM OPM%	13.0	9.2	12.5	9.3	11.8	8.3	11.9	10.7	9.5	8.4	14.3	15.8
Other Income Other IncomeCr	-174	355	-43	-28	322	393	362	235	-34	248	202	87
Interest Expense Interest ExpenseCr	605	614	642	691	758	680	664	595	484	547	532	493
Depreciation DepreciationCr	1,327	1,321	1,356	1,402	1,304	1,421	1,524	1,441	1,453	1,516	1,577	1,560
PBT PBTCr	1,770	563	1,441	98	1,173	323	1,657	968	556	480	2,502	2,187
Tax TaxCr	464	140	316	16	276	181	406	223	137	106	666	543
PAT PATCr	1,306	423	1,126	82	897	142	1,251	745	419	374	1,835	1,644
Growth YoY PAT Growth YoY%	496.4	-22.0	-2.9	-61.5	-31.3	-66.5	11.1	810.5	-53.3	163.6	46.7	120.8
NPM NPM%	4.4	1.8	4.0	0.3	3.6	0.6	4.3	2.9	1.6	1.4	6.0	6.3
EPS EPS₹	3.2	1.0	2.7	0.2	2.2	0.3	3.0	1.8	1.0	0.9	4.4	4.0

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

29,712

23,349

27,959

23,998

24,675

24,490

29,316

25,922

26,704

27,371

30,813

26,246

Growth YoY

Revenue Growth YoY%

13.2

-6.8

-4.0

-1.5

-16.9

4.9

8.0

8.2

11.8

5.1

1.3

Expenses

ExpensesCr

25,837

21,206

24,476

21,778

21,762

22,460

25,832

23,153

24,176

25,077

26,405

22,093

Operating Profit

Operating ProfitCr

3,875

2,142

3,483

2,220

2,913

2,030

3,484

2,769

2,528

2,294

4,409

4,153

OPM

OPM%

13.0

9.2

12.5

9.3

11.8

8.3

11.9

10.7

9.5

8.4

14.3

15.8

Other Income

Other IncomeCr

-174

355

-43

-28

322

393

362

235

-34

248

202

Interest Expense

Interest ExpenseCr

605

614

642

691

758

680

664

595

484

547

532

493

Depreciation

DepreciationCr

1,327

1,321

1,356

1,402

1,304

1,421

1,524

1,441

1,453

1,516

1,577

1,560

PBT

PBTCr

1,770

563

1,441

1,173

323

1,657

968

556

480

2,502

2,187

Tax

TaxCr

464

140

316

276

181

406

223

137

106

666

543

PAT

PATCr

1,306

423

1,126

897

142

1,251

745

419

374

1,835

1,644

Growth YoY

PAT Growth YoY%

496.4

-22.0

-2.9

-61.5

-31.3

-66.5

11.1

810.5

-53.3

163.6

46.7

120.8

NPM

NPM%

4.4

1.8

4.0

0.3

3.6

0.6

4.3

2.9

1.6

1.4

6.0

6.3

EPS

EPS₹

3.2

1.0

2.7

0.2

2.2

0.3

3.0

1.8

1.0

0.9

4.4

4.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	29,712	23,349	27,959	23,998	24,675	24,490	29,316	25,922	26,704	27,371	30,813	26,246
Growth YoY Revenue Growth YoY%	13.2	-6.8	-4.0	-1.5	-16.9	4.9	4.9	8.0	8.2	11.8	5.1	1.3
Expenses ExpensesCr	25,837	21,206	24,476	21,778	21,762	22,460	25,832	23,153	24,176	25,077	26,405	22,093
Operating Profit Operating ProfitCr	3,875	2,142	3,483	2,220	2,913	2,030	3,484	2,769	2,528	2,294	4,409	4,153
OPM OPM%	13.0	9.2	12.5	9.3	11.8	8.3	11.9	10.7	9.5	8.4	14.3	15.8
Other Income Other IncomeCr	-174	355	-43	-28	322	393	362	235	-34	248	202	87
Interest Expense Interest ExpenseCr	605	614	642	691	758	680	664	595	484	547	532	493
Depreciation DepreciationCr	1,327	1,321	1,356	1,402	1,304	1,421	1,524	1,441	1,453	1,516	1,577	1,560
PBT PBTCr	1,770	563	1,441	98	1,173	323	1,657	968	556	480	2,502	2,187
Tax TaxCr	464	140	316	16	276	181	406	223	137	106	666	543
PAT PATCr	1,306	423	1,126	82	897	142	1,251	745	419	374	1,835	1,644
Growth YoY PAT Growth YoY%	496.4	-22.0	-2.9	-61.5	-31.3	-66.5	11.1	810.5	-53.3	163.6	46.7	120.8
NPM NPM%	4.4	1.8	4.0	0.3	3.6	0.6	4.3	2.9	1.6	1.4	6.0	6.3
EPS EPS₹	3.2	1.0	2.7	0.2	2.2	0.3	3.0	1.8	1.0	0.9	4.4	4.0

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

29,712

23,349

27,959

23,998

24,675

24,490

29,316

25,922

26,704

27,371

30,813

26,246

Growth YoY

Revenue Growth YoY%

13.2

-6.8

-4.0

-1.5

-16.9

4.9

8.0

8.2

11.8

5.1

1.3

Expenses

ExpensesCr

25,837

21,206

24,476

21,778

21,762

22,460

25,832

23,153

24,176

25,077

26,405

22,093

Operating Profit

Operating ProfitCr

3,875

2,142

3,483

2,220

2,913

2,030

3,484

2,769

2,528

2,294

4,409

4,153

OPM

OPM%

13.0

9.2

12.5

9.3

11.8

8.3

11.9

10.7

9.5

8.4

14.3

15.8

Other Income

Other IncomeCr

-174

355

-43

-28

322

393

362

235

-34

248

202

Interest Expense

Interest ExpenseCr

605

614

642

691

758

680

664

595

484

547

532

493

Depreciation

DepreciationCr

1,327

1,321

1,356

1,402

1,304

1,421

1,524

1,441

1,453

1,516

1,577

1,560

PBT

PBTCr

1,770

563

1,441

1,173

323

1,657

968

556

480

2,502

2,187

Tax

TaxCr

464

140

316

276

181

406

223

137

106

666

543

PAT

PATCr

1,306

423

1,126

897

142

1,251

745

419

374

1,835

1,644

Growth YoY

PAT Growth YoY%

496.4

-22.0

-2.9

-61.5

-31.3

-66.5

11.1

810.5

-53.3

163.6

46.7

120.8

NPM

NPM%

4.4

1.8

4.0

0.3

3.6

0.6

4.3

2.9

1.6

1.4

6.0

6.3

EPS

EPS₹

3.2

1.0

2.7

0.2

2.2

0.3

3.0

1.8

1.0

0.9

4.4

4.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	38,793	44,210	57,496	66,973	61,664	69,114	1,03,477	1,04,448	1,05,378	1,02,479	1,10,811	1,11,135
Growth Revenue Growth%	-15.9	14.0	30.1	16.5	-7.9	12.1	49.7	0.9	0.9	-2.8	8.1	6.5
Expenses ExpensesCr	41,696	44,143	52,861	57,212	51,448	56,375	82,135	96,408	94,229	91,833	98,811	97,751
Operating Profit Operating ProfitCr	-2,903	67	4,636	9,762	10,216	12,739	21,342	8,039	11,149	10,646	12,000	13,384
OPM OPM%	-7.5	0.1	8.1	14.6	16.6	18.4	20.6	7.7	10.6	10.4	10.8	12.0
Other Income Other IncomeCr	493	427	726	328	328	1,387	923	1,854	665	1,049	651	503
Interest Expense Interest ExpenseCr	2,300	2,528	2,823	3,155	3,487	2,817	1,698	2,037	2,474	2,793	2,158	2,057
Depreciation DepreciationCr	2,404	2,682	3,066	3,385	3,756	4,103	4,275	4,964	5,278	5,651	5,988	6,107
PBT PBTCr	-7,114	-4,716	-527	3,549	3,302	7,206	16,292	2,892	4,062	3,252	4,506	5,724
Tax TaxCr	-2,938	-1,960	-245	1,201	1,181	3,058	4,048	716	995	880	1,133	1,452
PAT PATCr	-4,177	-2,756	-281	2,349	2,121	4,148	12,243	2,177	3,067	2,372	3,373	4,272
Growth PAT Growth%	-315.4	34.0	89.8	934.6	-9.7	95.6	195.2	-82.2	40.9	-22.7	42.2	40.8
NPM NPM%	-10.8	-6.2	-0.5	3.5	3.4	6.0	11.8	2.1	2.9	2.3	3.0	3.8
EPS EPS₹	-10.1	-6.7	-0.7	5.7	5.1	10.0	29.6	5.3	7.4	5.7	8.2	10.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

38,793

44,210

57,496

66,973

61,664

69,114

1,03,477

1,04,448

1,05,378

1,02,479

1,10,811

1,11,135

Growth

Revenue Growth%

-15.9

14.0

30.1

16.5

-7.9

12.1

49.7

0.9

-2.8

8.1

6.5

Expenses

ExpensesCr

41,696

44,143

52,861

57,212

51,448

56,375

82,135

96,408

94,229

91,833

98,811

97,751

Operating Profit

Operating ProfitCr

-2,903

4,636

9,762

10,216

12,739

21,342

8,039

11,149

10,646

12,000

13,384

OPM

OPM%

-7.5

0.1

8.1

14.6

16.6

18.4

20.6

7.7

10.6

10.4

10.8

12.0

Other Income

Other IncomeCr

493

427

726

328

1,387

923

1,854

665

1,049

651

503

Interest Expense

Interest ExpenseCr

2,300

2,528

2,823

3,155

3,487

2,817

1,698

2,037

2,474

2,793

2,158

2,057

Depreciation

DepreciationCr

2,404

2,682

3,066

3,385

3,756

4,103

4,275

4,964

5,278

5,651

5,988

6,107

PBT

PBTCr

-7,114

-4,716

-527

3,549

3,302

7,206

16,292

2,892

4,062

3,252

4,506

5,724

Tax

TaxCr

-2,938

-1,960

-245

1,201

1,181

3,058

4,048

716

995

880

1,133

1,452

PAT

PATCr

-4,177

-2,756

-281

2,349

2,121

4,148

12,243

2,177

3,067

2,372

3,373

4,272

Growth

PAT Growth%

-315.4

34.0

89.8

934.6

-9.7

95.6

195.2

-82.2

40.9

-22.7

42.2

40.8

NPM

NPM%

-10.8

-6.2

-0.5

3.5

3.4

6.0

11.8

2.1

2.9

2.3

3.0

3.8

EPS

EPS₹

-10.1

-6.7

-0.7

5.7

5.1

10.0

29.6

5.3

7.4

5.7

8.2

10.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	38,793	44,210	57,496	66,973	61,664	69,114	1,03,477	1,04,448	1,05,378	1,02,479	1,10,811	1,11,135
Growth Revenue Growth%	-15.9	14.0	30.1	16.5	-7.9	12.1	49.7	0.9	0.9	-2.8	8.1	6.5
Expenses ExpensesCr	41,696	44,143	52,861	57,212	51,448	56,375	82,135	96,408	94,229	91,833	98,811	97,751
Operating Profit Operating ProfitCr	-2,903	67	4,636	9,762	10,216	12,739	21,342	8,039	11,149	10,646	12,000	13,384
OPM OPM%	-7.5	0.1	8.1	14.6	16.6	18.4	20.6	7.7	10.6	10.4	10.8	12.0
Other Income Other IncomeCr	493	427	726	328	328	1,387	923	1,854	665	1,049	651	503
Interest Expense Interest ExpenseCr	2,300	2,528	2,823	3,155	3,487	2,817	1,698	2,037	2,474	2,793	2,158	2,057
Depreciation DepreciationCr	2,404	2,682	3,066	3,385	3,756	4,103	4,275	4,964	5,278	5,651	5,988	6,107
PBT PBTCr	-7,114	-4,716	-527	3,549	3,302	7,206	16,292	2,892	4,062	3,252	4,506	5,724
Tax TaxCr	-2,938	-1,960	-245	1,201	1,181	3,058	4,048	716	995	880	1,133	1,452
PAT PATCr	-4,177	-2,756	-281	2,349	2,121	4,148	12,243	2,177	3,067	2,372	3,373	4,272
Growth PAT Growth%	-315.4	34.0	89.8	934.6	-9.7	95.6	195.2	-82.2	40.9	-22.7	42.2	40.8
NPM NPM%	-10.8	-6.2	-0.5	3.5	3.4	6.0	11.8	2.1	2.9	2.3	3.0	3.8
EPS EPS₹	-10.1	-6.7	-0.7	5.7	5.1	10.0	29.6	5.3	7.4	5.7	8.2	10.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

38,793

44,210

57,496

66,973

61,664

69,114

1,03,477

1,04,448

1,05,378

1,02,479

1,10,811

1,11,135

Growth

Revenue Growth%

-15.9

14.0

30.1

16.5

-7.9

12.1

49.7

0.9

-2.8

8.1

6.5

Expenses

ExpensesCr

41,696

44,143

52,861

57,212

51,448

56,375

82,135

96,408

94,229

91,833

98,811

97,751

Operating Profit

Operating ProfitCr

-2,903

4,636

9,762

10,216

12,739

21,342

8,039

11,149

10,646

12,000

13,384

OPM

OPM%

-7.5

0.1

8.1

14.6

16.6

18.4

20.6

7.7

10.6

10.4

10.8

12.0

Other Income

Other IncomeCr

493

427

726

328

1,387

923

1,854

665

1,049

651

503

Interest Expense

Interest ExpenseCr

2,300

2,528

2,823

3,155

3,487

2,817

1,698

2,037

2,474

2,793

2,158

2,057

Depreciation

DepreciationCr

2,404

2,682

3,066

3,385

3,756

4,103

4,275

4,964

5,278

5,651

5,988

6,107

PBT

PBTCr

-7,114

-4,716

-527

3,549

3,302

7,206

16,292

2,892

4,062

3,252

4,506

5,724

Tax

TaxCr

-2,938

-1,960

-245

1,201

1,181

3,058

4,048

716

995

880

1,133

1,452

PAT

PATCr

-4,177

-2,756

-281

2,349

2,121

4,148

12,243

2,177

3,067

2,372

3,373

4,272

Growth

PAT Growth%

-315.4

34.0

89.8

934.6

-9.7

95.6

195.2

-82.2

40.9

-22.7

42.2

40.8

NPM

NPM%

-10.8

-6.2

-0.5

3.5

3.4

6.0

11.8

2.1

2.9

2.3

3.0

3.8

EPS

EPS₹

-10.1

-6.7

-0.7

5.7

5.1

10.0

29.6

5.3

7.4

5.7

8.2

10.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131
Reserves ReservesCr	36,021	32,912	32,816	35,516	37,380	41,276	50,081	50,616	52,971	54,775	56,225
Current Liabilities Current LiabilitiesCr	38,689	46,365	43,419	41,617	44,965	45,070	39,343	49,334	53,464	46,060	43,620
Non Current Liabilities Non Current LiabilitiesCr	22,462	24,208	35,076	36,689	40,453	27,342	26,555	26,400	30,143	31,405	31,920
Total Liabilities Total LiabilitiesCr	1,01,302	1,07,615	1,15,441	1,17,952	1,26,928	1,17,819	1,20,109	1,30,481	1,40,709	1,36,371	1,35,896
Current Assets Current AssetsCr	24,269	25,676	29,749	32,382	41,098	30,740	28,826	37,961	48,123	41,885	35,915
Non Current Assets Non Current AssetsCr	77,033	81,939	85,692	85,571	85,829	87,079	91,283	92,520	92,586	94,486	99,981
Total Assets Total AssetsCr	1,01,302	1,07,615	1,15,441	1,17,952	1,26,928	1,17,819	1,20,109	1,30,481	1,40,709	1,36,371	1,35,896

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

4,131

Reserves

ReservesCr

36,021

32,912

32,816

35,516

37,380

41,276

50,081

50,616

52,971

54,775

56,225

Current Liabilities

Current LiabilitiesCr

38,689

46,365

43,419

41,617

44,965

45,070

39,343

49,334

53,464

46,060

43,620

Non Current Liabilities

Non Current LiabilitiesCr

22,462

24,208

35,076

36,689

40,453

27,342

26,555

26,400

30,143

31,405

31,920

Total Liabilities

Total LiabilitiesCr

1,01,302

1,07,615

1,15,441

1,17,952

1,26,928

1,17,819

1,20,109

1,30,481

1,40,709

1,36,371

1,35,896

Current Assets

Current AssetsCr

24,269

25,676

29,749

32,382

41,098

30,740

28,826

37,961

48,123

41,885

35,915

Non Current Assets

Non Current AssetsCr

77,033

81,939

85,692

85,571

85,829

87,079

91,283

92,520

92,586

94,486

99,981

Total Assets

Total AssetsCr

1,01,302

1,07,615

1,15,441

1,17,952

1,26,928

1,17,819

1,20,109

1,30,481

1,40,709

1,36,371

1,35,896

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131
Reserves ReservesCr	36,021	32,912	32,816	35,516	37,380	41,276	50,081	50,616	52,971	54,775	56,225
Current Liabilities Current LiabilitiesCr	38,689	46,365	43,419	41,617	44,965	45,070	39,343	49,334	53,464	46,060	43,620
Non Current Liabilities Non Current LiabilitiesCr	22,462	24,208	35,076	36,689	40,453	27,342	26,555	26,400	30,143	31,405	31,920
Total Liabilities Total LiabilitiesCr	1,01,302	1,07,615	1,15,441	1,17,952	1,26,928	1,17,819	1,20,109	1,30,481	1,40,709	1,36,371	1,35,896
Current Assets Current AssetsCr	24,269	25,676	29,749	32,382	41,098	30,740	28,826	37,961	48,123	41,885	35,915
Non Current Assets Non Current AssetsCr	77,033	81,939	85,692	85,571	85,829	87,079	91,283	92,520	92,586	94,486	99,981
Total Assets Total AssetsCr	1,01,302	1,07,615	1,15,441	1,17,952	1,26,928	1,17,819	1,20,109	1,30,481	1,40,709	1,36,371	1,35,896

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

4,131

Reserves

ReservesCr

36,021

32,912

32,816

35,516

37,380

41,276

50,081

50,616

52,971

54,775

56,225

Current Liabilities

Current LiabilitiesCr

38,689

46,365

43,419

41,617

44,965

45,070

39,343

49,334

53,464

46,060

43,620

Non Current Liabilities

Non Current LiabilitiesCr

22,462

24,208

35,076

36,689

40,453

27,342

26,555

26,400

30,143

31,405

31,920

Total Liabilities

Total LiabilitiesCr

1,01,302

1,07,615

1,15,441

1,17,952

1,26,928

1,17,819

1,20,109

1,30,481

1,40,709

1,36,371

1,35,896

Current Assets

Current AssetsCr

24,269

25,676

29,749

32,382

41,098

30,740

28,826

37,961

48,123

41,885

35,915

Non Current Assets

Non Current AssetsCr

77,033

81,939

85,692

85,571

85,829

87,079

91,283

92,520

92,586

94,486

99,981

Total Assets

Total AssetsCr

1,01,302

1,07,615

1,15,441

1,17,952

1,26,928

1,17,819

1,20,109

1,30,481

1,40,709

1,36,371

1,35,896

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4,043	2,160	6,164	7,215	-618	23,430	30,987	-5,290	2,911	9,914	19,039
Investing Cash Flow Investing Cash FlowCr	-4,805	-5,467	-6,480	-3,694	-4,261	-3,295	-3,976	-3,371	-4,261	-5,269	-7,899
Financing Cash Flow Financing Cash FlowCr	743	3,302	269	-3,549	5,003	-19,808	-27,398	8,587	1,362	-4,424	-11,403
Net Cash Flow Net Cash FlowCr	-20	-5	-47	-28	125	328	-387	-74	12	222	-263
Free Cash Flow Free Cash FlowCr	-2,450	-3,267	-441	3,335	-4,999	20,019	27,557	-8,812	-1,297	4,537	10,942
CFO To PAT CFO To PAT%	-96.8	-78.4	-2,190.3	307.2	-29.1	564.8	253.1	-243.1	94.9	418.0	564.5
CFO To EBITDA CFO To EBITDA%	-139.3	3,219.7	133.0	73.9	-6.0	183.9	145.2	-65.8	26.1	93.1	158.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

4,043

2,160

6,164

7,215

-618

23,430

30,987

-5,290

2,911

9,914

19,039

Investing Cash Flow

Investing Cash FlowCr

-4,805

-5,467

-6,480

-3,694

-4,261

-3,295

-3,976

-3,371

-4,261

-5,269

-7,899

Financing Cash Flow

Financing Cash FlowCr

743

3,302

269

-3,549

5,003

-19,808

-27,398

8,587

1,362

-4,424

-11,403

Net Cash Flow

Net Cash FlowCr

-20

-5

-47

-28

125

328

-387

-74

222

-263

Free Cash Flow

Free Cash FlowCr

-2,450

-3,267

-441

3,335

-4,999

20,019

27,557

-8,812

-1,297

4,537

10,942

CFO To PAT

CFO To PAT%

-96.8

-78.4

-2,190.3

307.2

-29.1

564.8

253.1

-243.1

94.9

418.0

564.5

CFO To EBITDA

CFO To EBITDA%

-139.3

3,219.7

133.0

73.9

-6.0

183.9

145.2

-65.8

26.1

93.1

158.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	4,043	2,160	6,164	7,215	-618	23,430	30,987	-5,290	2,911	9,914	19,039
Investing Cash Flow Investing Cash FlowCr	-4,805	-5,467	-6,480	-3,694	-4,261	-3,295	-3,976	-3,371	-4,261	-5,269	-7,899
Financing Cash Flow Financing Cash FlowCr	743	3,302	269	-3,549	5,003	-19,808	-27,398	8,587	1,362	-4,424	-11,403
Net Cash Flow Net Cash FlowCr	-20	-5	-47	-28	125	328	-387	-74	12	222	-263
Free Cash Flow Free Cash FlowCr	-2,450	-3,267	-441	3,335	-4,999	20,019	27,557	-8,812	-1,297	4,537	10,942
CFO To PAT CFO To PAT%	-96.8	-78.4	-2,190.3	307.2	-29.1	564.8	253.1	-243.1	94.9	418.0	564.5
CFO To EBITDA CFO To EBITDA%	-139.3	3,219.7	133.0	73.9	-6.0	183.9	145.2	-65.8	26.1	93.1	158.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

4,043

2,160

6,164

7,215

-618

23,430

30,987

-5,290

2,911

9,914

19,039

Investing Cash Flow

Investing Cash FlowCr

-4,805

-5,467

-6,480

-3,694

-4,261

-3,295

-3,976

-3,371

-4,261

-5,269

-7,899

Financing Cash Flow

Financing Cash FlowCr

743

3,302

269

-3,549

5,003

-19,808

-27,398

8,587

1,362

-4,424

-11,403

Net Cash Flow

Net Cash FlowCr

-20

-5

-47

-28

125

328

-387

-74

222

-263

Free Cash Flow

Free Cash FlowCr

-2,450

-3,267

-441

3,335

-4,999

20,019

27,557

-8,812

-1,297

4,537

10,942

CFO To PAT

CFO To PAT%

-96.8

-78.4

-2,190.3

307.2

-29.1

564.8

253.1

-243.1

94.9

418.0

564.5

CFO To EBITDA

CFO To EBITDA%

-139.3

3,219.7

133.0

73.9

-6.0

183.9

145.2

-65.8

26.1

93.1

158.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17,761	25,279	28,996	22,181	9,521	32,569	40,706	34,275	55,411	47,439	62,516	69,793
Price To Earnings Price To Earnings				9.4	4.5	7.8	3.3	15.8	18.1	20.0	18.5	16.3
Price To Sales Price To Sales	0.5	0.6	0.5	0.3	0.1	0.5	0.4	0.3	0.5	0.5	0.6	0.6
Price To Book Price To Book	0.4	0.7	0.8	0.6	0.2	0.7	0.8	0.6	1.0	0.8	1.0	1.2
EV To EBITDA EV To EBITDA	-17.4	951.0	15.3	6.5	5.9	5.5	2.7	8.0	8.2	7.8	7.8	7.6
Profitability Ratios Profitability Ratios
GPM GPM%	28.5	29.3	33.0	38.1	41.3	43.3	45.3	30.2	32.7	33.3	33.9	33.9
OPM OPM%	-7.5	0.1	8.1	14.6	16.6	18.4	20.6	7.7	10.6	10.4	10.8	12.0
NPM NPM%	-10.8	-6.2	-0.5	3.5	3.4	6.0	11.8	2.1	2.9	2.3	3.0	3.8
ROCE ROCE%	-6.6	-2.9	2.9	8.3	7.3	12.1	25.2	5.8	7.0	6.3	7.2	7.2
ROE ROE%	-10.4	-7.4	-0.8	5.9	5.1	9.1	22.6	4.0	5.4	4.0	5.6	5.6
ROA ROA%	-4.1	-2.6	-0.2	2.0	1.7	3.5	10.2	1.7	2.2	1.7	2.5	2.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

17,761

25,279

28,996

22,181

9,521

32,569

40,706

34,275

55,411

47,439

62,516

69,793

Price To Earnings

9.4

4.5

7.8

3.3

15.8

18.1

20.0

18.5

16.3

Price To Sales

0.5

0.6

0.5

0.3

0.1

0.5

0.4

0.3

0.5

0.6

Price To Book

0.4

0.7

0.8

0.6

0.2

0.7

0.8

0.6

1.0

0.8

1.0

1.2

EV To EBITDA

-17.4

951.0

15.3

6.5

5.9

5.5

2.7

8.0

8.2

7.8

7.6

Profitability Ratios

GPM

GPM%

28.5

29.3

33.0

38.1

41.3

43.3

45.3

30.2

32.7

33.3

33.9

OPM

OPM%

-7.5

0.1

8.1

14.6

16.6

18.4

20.6

7.7

10.6

10.4

10.8

12.0

NPM

NPM%

-10.8

-6.2

-0.5

3.5

3.4

6.0

11.8

2.1

2.9

2.3

3.0

3.8

ROCE

ROCE%

-6.6

-2.9

2.9

8.3

7.3

12.1

25.2

5.8

7.0

6.3

7.2

ROE

ROE%

-10.4

-7.4

-0.8

5.9

5.1

9.1

22.6

4.0

5.4

4.0

5.6

ROA

ROA%

-4.1

-2.6

-0.2

2.0

1.7

3.5

10.2

1.7

2.2

1.7

2.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	17,761	25,279	28,996	22,181	9,521	32,569	40,706	34,275	55,411	47,439	62,516	69,793
Price To Earnings Price To Earnings				9.4	4.5	7.8	3.3	15.8	18.1	20.0	18.5	16.3
Price To Sales Price To Sales	0.5	0.6	0.5	0.3	0.1	0.5	0.4	0.3	0.5	0.5	0.6	0.6
Price To Book Price To Book	0.4	0.7	0.8	0.6	0.2	0.7	0.8	0.6	1.0	0.8	1.0	1.2
EV To EBITDA EV To EBITDA	-17.4	951.0	15.3	6.5	5.9	5.5	2.7	8.0	8.2	7.8	7.8	7.6
Profitability Ratios Profitability Ratios
GPM GPM%	28.5	29.3	33.0	38.1	41.3	43.3	45.3	30.2	32.7	33.3	33.9	33.9
OPM OPM%	-7.5	0.1	8.1	14.6	16.6	18.4	20.6	7.7	10.6	10.4	10.8	12.0
NPM NPM%	-10.8	-6.2	-0.5	3.5	3.4	6.0	11.8	2.1	2.9	2.3	3.0	3.8
ROCE ROCE%	-6.6	-2.9	2.9	8.3	7.3	12.1	25.2	5.8	7.0	6.3	7.2	7.2
ROE ROE%	-10.4	-7.4	-0.8	5.9	5.1	9.1	22.6	4.0	5.4	4.0	5.6	5.6
ROA ROA%	-4.1	-2.6	-0.2	2.0	1.7	3.5	10.2	1.7	2.2	1.7	2.5	2.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

17,761

25,279

28,996

22,181

9,521

32,569

40,706

34,275

55,411

47,439

62,516

69,793

Price To Earnings

9.4

4.5

7.8

3.3

15.8

18.1

20.0

18.5

16.3

Price To Sales

0.5

0.6

0.5

0.3

0.1

0.5

0.4

0.3

0.5

0.6

Price To Book

0.4

0.7

0.8

0.6

0.2

0.7

0.8

0.6

1.0

0.8

1.0

1.2

EV To EBITDA

-17.4

951.0

15.3

6.5

5.9

5.5

2.7

8.0

8.2

7.8

7.6

Profitability Ratios

GPM

GPM%

28.5

29.3

33.0

38.1

41.3

43.3

45.3

30.2

32.7

33.3

33.9

OPM

OPM%

-7.5

0.1

8.1

14.6

16.6

18.4

20.6

7.7

10.6

10.4

10.8

12.0

NPM

NPM%

-10.8

-6.2

-0.5

3.5

3.4

6.0

11.8

2.1

2.9

2.3

3.0

3.8

ROCE

ROCE%

-6.6

-2.9

2.9

8.3

7.3

12.1

25.2

5.8

7.0

6.3

7.2

ROE

ROE%

-10.4

-7.4

-0.8

5.9

5.1

9.1

22.6

4.0

5.4

4.0

5.6

ROA

ROA%

-4.1

-2.6

-0.2

2.0

1.7

3.5

10.2

1.7

2.2

1.7

2.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

	JSWSTEEL	TATASTEEL	SAIL	NSLNISP	VISL	MUKANDLTD	BLEL
Market CapitalizationMkt CapCr	3,03,554	2,17,263	69,793	11,772	11,301	2,370	2,009
Close PriceClose₹	1,241.30	174.04	168.97	40.17	28.90	164.00	475.00
IndustryIndustry	Steel	Steel	Steel	Steel	Steel	Steel	Steel
Price To EarningsPE	12.22	19.67	16.34	129.58		3.75
Price To SalesPS	1.60	0.91	0.63	0.84	0.83	0.46	3.76
RevenueRevenueCr	1,89,687	2,39,756	1,11,135	13,938	13,587	5,121	534
Revenue Growth TTMRev Gr TTM%	12.2%	10.5%	6.5%	41.6%		7.6%
PAT Growth TTMPAT Gr TTM%	479.3%	164.3%	40.8%	104.7%		689.3%

Market CapitalizationMkt CapCr

3,03,554

2,17,263

69,793

11,772

11,301

2,370

2,009

Close PriceClose₹

1,241.30

174.04

168.97

40.17

28.90

164.00

475.00

IndustryIndustry

Steel

Price To EarningsPE

12.22

19.67

16.34

129.58

3.75

Price To SalesPS

1.60

0.91

0.63

0.84

0.83

0.46

3.76

RevenueRevenueCr

1,89,687

2,39,756

1,11,135

13,938

13,587

5,121

534

Revenue Growth TTMRev Gr TTM%

12.2%

10.5%

6.5%

41.6%

7.6%

PAT Growth TTMPAT Gr TTM%

479.3%

164.3%

40.8%

104.7%

689.3%

	JSWSTEEL	TATASTEEL	SAIL	NSLNISP	VISL	MUKANDLTD	BLEL
Market CapitalizationMkt CapCr	3,03,554	2,17,263	69,793	11,772	11,301	2,370	2,009
Close PriceClose₹	1,241.30	174.04	168.97	40.17	28.90	164.00	475.00
IndustryIndustry	Steel	Steel	Steel	Steel	Steel	Steel	Steel
Price To EarningsPE	12.22	19.67	16.34	129.58		3.75
Price To SalesPS	1.60	0.91	0.63	0.84	0.83	0.46	3.76
RevenueRevenueCr	1,89,687	2,39,756	1,11,135	13,938	13,587	5,121	534
Revenue Growth TTMRev Gr TTM%	12.2%	10.5%	6.5%	41.6%		7.6%
PAT Growth TTMPAT Gr TTM%	479.3%	164.3%	40.8%	104.7%		689.3%

Market CapitalizationMkt CapCr

3,03,554

2,17,263

69,793

11,772

11,301

2,370

2,009

Close PriceClose₹

1,241.30

174.04

168.97

40.17

28.90

164.00

475.00

IndustryIndustry

Steel

Price To EarningsPE

12.22

19.67

16.34

129.58

3.75

Price To SalesPS

1.60

0.91

0.63

0.84

0.83

0.46

3.76

RevenueRevenueCr

1,89,687

2,39,756

1,11,135

13,938

13,587

5,121

534

Revenue Growth TTMRev Gr TTM%

12.2%

10.5%

6.5%

41.6%

7.6%

PAT Growth TTMPAT Gr TTM%

479.3%

164.3%

40.8%

104.7%

689.3%

Steel Authority of India Ltd

Steel Authority of India Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison