Ferrous Metals
Valuation | |
|---|---|
| Market Cap | 63.76 kCr |
| Price/Earnings (Trailing) | 22.87 |
| Price/Sales (Trailing) | 0.58 |
| EV/EBITDA | 8.42 |
| Price/Free Cashflow | 14.25 |
| MarketCap/EBT | 19.19 |
| Enterprise Value | 97.18 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -0.80% |
| Price Change 1M | 4.7% |
| Price Change 6M | 25.2% |
| Price Change 1Y | 50.9% |
| 3Y Cumulative Return | 21.6% |
| 5Y Cumulative Return | 19.1% |
| 7Y Cumulative Return | 19.1% |
| 10Y Cumulative Return | 14.2% |
| Revenue (TTM) |
| 1.1 LCr |
| Rev. Growth (Yr) | 11.4% |
| Earnings (TTM) | 2.79 kCr |
| Earnings Growth (Yr) | 163.6% |
Profitability | |
|---|---|
| Operating Margin | 3% |
| EBT Margin | 3% |
| Return on Equity | 4.39% |
| Return on Assets | 1.91% |
| Free Cashflow Yield | 7.02% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -5.38 kCr |
| Cash Flow from Operations (TTM) | 10.02 kCr |
| Cash Flow from Financing (TTM) | -4.42 kCr |
| Cash & Equivalents | 246.41 Cr |
| Free Cash Flow (TTM) | 3.8 kCr |
| Free Cash Flow/Share (TTM) | 9.2 |
Balance Sheet | |
|---|---|
| Total Assets | 1.34 LCr |
| Total Liabilities | 75.89 kCr |
| Shareholder Equity | 58.28 kCr |
| Current Assets | 39.28 kCr |
| Current Liabilities | 46.43 kCr |
| Net PPE | 64.17 kCr |
| Inventory | 27.87 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.25 |
| Debt/Equity | 0.58 |
| Interest Coverage | 0.28 |
| Interest/Cashflow Ops | 4.72 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 1.6 |
| Dividend Yield | 1.04% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Balance Sheet: Strong Balance Sheet.
Size: It is among the top 200 market size companies of india.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Past Returns: Outperforming stock! In past three years, the stock has provided 21.6% return compared to 13% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
No major cons observed.
Balance Sheet: Strong Balance Sheet.
Size: It is among the top 200 market size companies of india.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Past Returns: Outperforming stock! In past three years, the stock has provided 21.6% return compared to 13% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 1.04% |
| Dividend/Share (TTM) | 1.6 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 6.75 |
Financial Health | |
|---|---|
| Current Ratio | 0.85 |
| Debt/Equity | 0.58 |
Technical Indicators | |
|---|---|
| RSI (14d) | 57.53 |
| RSI (5d) | 46.21 |
| RSI (21d) | 55.27 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated May 5, 2025
SAIL's stock price has dropped by 2.91% over the past month and is down 31.17% over the last year, indicating significant underperformance compared to competitors.
Despite the safeguard duty, analysts warn of risks such as global oversupply and muted domestic demand, which could impact SAIL's earnings growth in the long term.
SAIL has been underperforming in the short term compared to rivals like JSW Steel, suggesting caution for investors looking at the stock.
Summary of Steel Authority of India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management's outlook for Steel Authority of India Limited (SAIL) indicates optimism for the second half of FY26, driven by an expected improvement in demand post-monsoon and holiday seasons. Dr. Ashok Kumar Panda highlighted that steel demand remains robust, with consumption growing by over 8% year-on-year in H1 FY26, despite rising production levels causing some pricing pressures.
Key forward-looking points provided by management include:
Production and Sales Estimates: SAIL aims for production and sales volume growth in FY27 greater than 5% compared to FY26, largely due to de-bottlenecking efforts at various plants.
Revenue Growth: Revenue from operations was reported at Rs. 52,625 crores in H1 FY26, an 8% increase from Rs. 48,672 crores in H1 FY25. EBITDA for the period stood at Rs. 5,754 crores.
Debt Reduction Goals: Management emphasized ongoing efforts to reduce borrowings, which decreased by over Rs. 3,000 crores in H1 FY26. Current total borrowings as of September 30 are Rs. 33,663 crores (IndAS basis).
Price and Margin Expectations: The EBITDA margin for H1 FY26 was marked at 11.01%. Management anticipates margin improvement in the latter half of the financial year, targeting a margin recovery toward 14-15% in Q4.
Cost Management: Coal and coking coal prices are expected to rise, estimated to reach around Rs. 18,000-18,100 per ton in Q3 FY26, potentially impacting margins.
CAPEX Plans: For FY26, SAIL has targeted CAPEX exceeding Rs. 7,500 crores, with further expansion in the pipeline due to ongoing de-bottlenecking projects and IISCO expansion initiatives.
Overall, SAIL is positioned to navigate current market dynamics while focusing on efficiency improvements and cost control measures to enhance profitability.
Understand Steel Authority of India ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| LICI ASM NON PAR | 9.18% |
| MIRAE ASSET ARBITRAGE FUND | 1.96% |
| SBI ARBITRAGE OPPORTUNITIES FUND | 1.49% |
| QUALIFIED FOREIGN INVESTORS | 0% |
Distribution across major stakeholders
Detailed comparison of Steel Authority of India against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | JSW Steel | 3.01 LCr | 1.8 LCr | +4.10% | +31.60% | 40.28 | 1.67 | - | - |
| TATASTEEL | TATA STEEL | 2.41 LCr |
Comprehensive comparison against sector averages
SAIL metrics compared to Ferrous
| Category | SAIL | Ferrous |
|---|---|---|
| PE | 22.87 | 36.28 |
| PS | 0.58 | 1.29 |
| Growth | 8 % | 4.5 % |
Steel Authority of India is an established iron and steel manufacturing company, operating under the stock ticker SAIL.
With a market capitalization of Rs. 48,232.2 Crores, the company has a significant presence both within India and internationally. It specializes in a wide array of iron and steel products, catering to various sectors.
The product portfolio includes:
Railway products such as:
Other offerings include:
Steel Authority of India serves a diverse clientele, including government organizations, public sector undertakings (PSUs), private companies, distributors, and resellers.
Founded in 1954 and based in New Delhi, India, the company has a trailing 12 months revenue of Rs. 102,012.4 Crores. Steel Authority of India also provides dividends to its investors, with a dividend yield of 1.78% per year. In the past year, it distributed a dividend of Rs. 2 per share. Over the last three years, the company has experienced a revenue growth of 5.5%.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
SAIL vs Ferrous (2021 - 2026)
Ashok Kumar Panda has been appointed as the new Director of Finance at SAIL, bringing over three decades of experience and a history of implementing cost optimization initiatives.
The Indian government has imposed a 12% safeguard duty on flat steel imports from China and Vietnam, which is expected to protect local producers like SAIL and reduce imports by up to 50%.
The imposition of the safeguard duty is seen as a move to restore fair competition in the steel sector and support the long-term sustainability of domestic producers, including SAIL.
Analyst / Investor Meet • 02 Feb 2026 Audio Recording link of analyst meet |
Newspaper Publication • 31 Jan 2026 Newspaper Publication |
Investor Presentation • 30 Jan 2026 investor presentation |
Analyst / Investor Meet • 27 Jan 2026 Intimation of Schedule of Analyst and Institution Investor Meet |
Change in Directorate • 25 Dec 2025 Change in composition of SAIL Board as on 24 december 2025 |
Earnings Call Transcript • 03 Nov 2025 Analyst Meet Transcript |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Here are the key questions and respective answers from the Q&A section of the earnings transcript:
Question: Any specific reason why realization trends have been better than what we have seen with the steel pricing trend during the quarter? Has inventory liquidation had any impact on this?
Answer: Yes, even though sales prices fell in Quarter 2, we saw a rise in realizations due to a significant increase in sales volume, which was about 16% over H1. This boost in sales has contributed to improving our realizations, alongside reducing inventory levels.
Question: What is the inventory for finished steel now?
Answer: As of September 30, our finished steel inventory stands at 1.9 million tons. Importantly, in-process stock has decreased significantly from 1.3 million tons to 0.7 million tons, contributing to an overall reduction in inventory from 2.72 million tons to 2.69 million tons.
Question: Any update on iron ore sales?
Answer: We have been actively selling from our Bolani mines, achieving sales of approximately 0.3 million tons. We're also dispatching about 60,000 to 70,000 tons of dump iron ore fines per month and have auctioned one million tons of dump fines, looking for customer participation.
Question: Can you quantify your guidance for FY26 and FY27 based on expected sales volume, considering minimal capacity expansion?
Answer: We expect a reduction in sellable steel inventory in Q3 and Q4, anticipating production and sales volume to increase. For FY26-27, we target sales volume growth between 5% to 7%, driven by ongoing de-bottlenecking efforts across our plants.
Question: Do you expect the momentum of reducing borrowings to continue?
Answer: Yes, we aim to further decrease borrowings throughout FY26, targeting a lower debt-to-equity ratio to accommodate any future CAPEX for IISCO expansion, which will begin in FY26-27.
Question: Can you provide guidance on coal costs for Q3?
Answer: As of October, the imported coal price is around Rs.17,300, which is expected to rise to Rs.18,000 to Rs.18,100 in Q3, given that demand is likely to pick up, leading to higher coal costs.
Question: What are the NMDC volume and revenue contributions for this quarter?
Answer: NMDC's contribution in Quarter 2 was approximately 3 lakh tons, translating into revenues of around Rs.1,500 crores. Our previous guidance of 18.5 million tons remains intact for FY26.
Question: Why is there a reduction in operating profit margins (OPM) QoQ and YoY?
Answer: The OPM's decline in Q2 results from reduced sales prices, along with capital repairs affecting production in Bokaro. We expect margin improvement in Q3 and Q4 as these repairs conclude and production stabilizes.
These responses encapsulate the main inquiries and elaborate on the company's current position and future expectations during the earnings call.
Distribution across major institutional holders
| 2.23 LCr |
| +5.50% |
| +46.40% |
| 35.34 |
| 1.08 |
| - |
| - |
| JINDALSTEL | Jindal Steel & Power | 1.17 LCr | 50.32 kCr | +6.40% | +42.30% | 58.87 | 2.33 | - | - |
| JSL | Jindal Stainless | 66.72 kCr | 42.17 kCr | -5.40% | +36.00% | 22.66 | 1.58 | - | - |
| VISAKAIND | Visaka Industries | 547.81 Cr | 1.62 kCr | -12.00% | -24.90% | 11.65 | 0.34 | - | - |
| Total Expenses |
| 3.9% |
| 27,140 |
| 26,114 |
| 25,189 |
| 28,021 |
| 24,560 |
| 23,824 |
| Profit Before exceptional items and Tax | -49.1% | 406 | 796 | 895 | 1,593 | 163 | 1,018 |
| Exceptional items before tax | 99.7% | 0 | -338.44 | 0 | -29.41 | 29 | 0 |
| Total profit before tax | -11.4% | 406 | 458 | 895 | 1,564 | 191 | 1,018 |
| Current tax | 16.8% | 231 | 198 | 285 | 355 | 146 | 316 |
| Deferred tax | -104.2% | -124.86 | -60.63 | -61.49 | 51 | 35 | -39.39 |
| Total tax | -22.8% | 106 | 137 | 223 | 406 | 181 | 276 |
| Total profit (loss) for period | -10.8% | 374 | 419 | 745 | 1,251 | 142 | 897 |
| Other comp. income net of taxes | -969.8% | -181.66 | 22 | -118 | -149.79 | 42 | -15.3 |
| Total Comprehensive Income | -56.5% | 192 | 440 | 627 | 1,101 | 184 | 882 |
| Earnings Per Share, Basic | -1000% | 0.91 | 1.01 | 1.8 | 3.03 | 0.34 | 2.17 |
| Earnings Per Share, Diluted | -1000% | 0.91 | 1.01 | 1.8 | 3.03 | 0.34 | 2.17 |
| -0.8% |
| 11,659 |
| 11,748 |
| 12,054 |
| 12,846 |
| 10,446 |
| 8,781 |
| Finance costs | 12.9% | 2,793 | 2,474 | 2,037 | 1,698 | 2,817 | 3,487 |
| Depreciation and Amortization | 7.1% | 5,650 | 5,277 | 4,963 | 4,274 | 4,102 | 3,755 |
| Other expenses | 3.8% | 29,288 | 28,229 | 27,439 | 26,813 | 18,531 | 19,023 |
| Total Expenses | -1.7% | 100,291 | 101,994 | 103,423 | 88,123 | 63,301 | 58,703 |
| Profit Before exceptional items and Tax | -26.7% | 3,321 | 4,529 | 2,379 | 16,392 | 6,821 | 3,942 |
| Exceptional items before tax | 62.7% | -312.64 | -840.84 | 258 | -353.41 | 58 | -771.76 |
| Total profit before tax | -18.4% | 3,009 | 3,688 | 2,637 | 16,039 | 6,879 | 3,171 |
| Current tax | 34.5% | 815 | 606 | 118 | 0 | 12 | 75 |
| Deferred tax | -87.1% | 46 | 349 | 615 | 4,024 | 3,017 | 1,074 |
| Total tax | -9.9% | 861 | 955 | 734 | 4,024 | 3,029 | 1,149 |
| Total profit (loss) for period | -21.4% | 2,148 | 2,733 | 1,903 | 12,015 | 3,850 | 2,022 |
| Other comp. income net of taxes | -96.7% | -241.3 | -122.17 | -438.61 | -64.45 | 281 | -115.71 |
| Total Comprehensive Income | -27% | 1,907 | 2,611 | 1,464 | 11,951 | 4,131 | 1,906 |
| Earnings Per Share, Basic | -25.3% | 5.2 | 6.62 | 4.61 | 29.09 | 9.32 | 4.89 |
| Earnings Per Share, Diluted | -25.3% | 5.2 | 6.62 | 4.61 | 29.09 | 9.32 | 4.89 |
| Debt equity ratio | 0% | 066 | 067 | 059 | 033 | 087 | 0.0136 |
| Debt service coverage ratio | 0.6% | 0.0268 | 0.0208 | 0.0152 | 0.0153 | 036 | 06 |
| Interest service coverage ratio | -0.7% | 0.0195 | 0.0264 | 0.0205 | 0.09 | 0.0286 | 0.0183 |
| 22.7% |
| 8,842 |
| 7,206 |
| 6,443 |
| 6,141 |
| 5,539 |
| 4,891 |
| Investment property | -50% | 0.94 | 0.96 | 0.98 | 0.99 | 4,970 | 4,911 |
| Non-current investments | 2.8% | 1,809 | 1,759 | 1,736 | 1,694 | 1,732 | 1,673 |
| Loans, non-current | 10.4% | 1,050 | 951 | 998 | 877 | 726 | 655 |
| Total non-current financial assets | 1.4% | 3,379 | 3,332 | 3,225 | 3,016 | 2,858 | 2,698 |
| Total non-current assets | 1.4% | 92,508 | 91,225 | 90,232 | 89,650 | 89,677 | 89,952 |
| Total assets | - | - | 132,470 | - | - | - | - |
| Total assets | - | - | 132,918 | - | - | - | - |
| Total assets | -0.9% | 131,660 | 132,918 | 136,426 | 137,532 | 126,644 | 127,715 |
| Borrowings, non-current | -11.1% | 14,799 | 16,654 | 14,368 | 14,803 | 8,240 | 6,113 |
| Total non-current financial liabilities | -10.3% | 16,233 | 18,093 | 15,788 | 16,214 | 14,400 | 12,239 |
| Provisions, non-current | 2.2% | 6,232 | 6,095 | 5,619 | 5,724 | 5,627 | 5,604 |
| Total non-current liabilities | -5.9% | 29,257 | 31,103 | 29,401 | 29,976 | 28,499 | 26,270 |
| Borrowings, current | -7% | 18,864 | 20,280 | 26,882 | 21,512 | 17,250 | 19,549 |
| Total current financial liabilities | -0.7% | 40,163 | 40,427 | 45,946 | 47,361 | 38,890 | 44,393 |
| Provisions, current | 13.6% | 1,575 | 1,387 | 1,677 | 1,290 | 1,706 | 1,379 |
| Current tax liabilities | 274.1% | 551 | 148 | 526 | 209 | 130 | 0 |
| Total current liabilities | 0.6% | 46,430 | 46,159 | 52,528 | 53,425 | 44,887 | 49,305 |
| Total liabilities | - | - | 77,228 | - | - | - | - |
| Total liabilities | - | - | 77,262 | - | - | - | - |
| Total liabilities | -2% | 75,687 | 77,262 | 81,930 | 83,402 | 73,386 | 75,576 |
| Equity share capital | 0% | 4,131 | 4,131 | 4,131 | 4,131 | 4,131 | 4,131 |
| Total equity | 0.6% | 55,973 | 55,656 | 54,496 | 54,131 | 53,258 | 52,139 |
| Total equity and liabilities | -0.9% | 131,660 | 132,918 | 136,426 | 137,532 | 126,644 | 127,715 |
| - |
| 273 |
| 0 |
| 0 |
| 0 |
| - |
| - |
| Interest received | - | 172 | 0 | 0 | 0 | - | - |
| Income taxes paid (refund) | 591.3% | 637 | 93 | 420 | 84 | - | - |
| Other inflows (outflows) of cash | - | -94.45 | 0 | 0 | 0 | - | - |
| Net Cashflows From Operating Activities | 249.2% | 10,239 | 2,933 | -5,406.49 | 30,964 | - | - |
| Proceeds from sales of PPE | 67.9% | 844 | 503 | 400 | 236 | - | - |
| Purchase of property, plant and equipment | 32.2% | 6,428 | 4,863 | 4,315 | 3,852 | - | - |
| Dividends received | -100.6% | 0 | 169 | 420 | 193 | - | - |
| Interest received | -100.5% | 0 | 192 | 282 | 191 | - | - |
| Other inflows (outflows) of cash | 99.6% | 0 | -280.96 | -20.31 | -741.93 | - | - |
| Net Cashflows From Investing Activities | -30.4% | -5,583.8 | -4,280.28 | -3,233.54 | -3,974.66 | - | - |
| Proceeds from borrowings | -75% | 1,250 | 5,000 | 12,009 | 0 | - | - |
| Repayments of borrowings | 2931.3% | 2,032 | 68 | 0 | 22,409 | - | - |
| Payments of lease liabilities | 2.6% | 822 | 801 | 0 | 0 | - | - |
| Dividends paid | -33.4% | 413 | 620 | 1,342 | 3,067 | - | - |
| Interest paid | 9.7% | 2,366 | 2,157 | 2,080 | 1,922 | - | - |
| Net Cashflows from Financing Activities | -424.1% | -4,383.53 | 1,354 | 8,587 | -27,397.58 | - | - |
| Net change in cash and cash eq. | 4208.4% | 272 | 7.29 | -53.32 | -408.64 | - | - |
Analyst / Investor Meet • 30 Oct 2025 Link to Audio Recording of conference call held with Analysts & Investors on 29th October, 2025 |
Analysis of Steel Authority of India's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| Bhilai Steel Plant | 26.8% | 7.9 kCr |
| Bokaro Steel Plant | 21.7% | 6.4 kCr |
| Rourkela Steel Plant | 20.9% | 6.2 kCr |
| IISCO Steel Plant | 11.1% | 3.3 kCr |
| Durgapur Steel Plant | 9.8% | 2.9 kCr |
| Others | 7.1% | 2.1 kCr |
| Salem Steel Plant | 1.7% | 488.4 Cr |
| Alloy Steel Plant | 0.9% | 254.4 Cr |
| Total | 29.6 kCr |