---
title: "ESL Steel (ELECTROSL) Financials & Shareholding"
symbol: "ELECTROSL"
company: "ESL Steel Ltd"
canonical: "https://tapetide.com/stocks/ELECTROSL"
generated_at: "2026-11-05T01:44:19.591Z"
---

# ESL Steel (ELECTROSL)

Canonical page: https://tapetide.com/stocks/ELECTROSL

## Key Facts

- **Revenue, Sep 2018 quarter:** ₹1,099 Cr, against ₹787 Cr in Sep 2017 (+39.64% year on year)
- **Net profit, Sep 2018 quarter:** -₹86 Cr, against -₹297 Cr in Sep 2017
- **Promoter holding:** 90.00% in Sep 2018, unchanged from Jun 2018

## Company

- **In the F&O segment:** No

## Key Insights

### Strengths

- Company is expected to give good quarter

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -18.4% over last 3 years.

## Growth Rate

Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure.

| Metric | Window | Growth | What it compares |
| --- | --- | ---: | --- |
| Revenue | 10Y | 11.15% | compounded annual rate, Mar 2016 to Mar 2026 |
| Revenue | 5Y | Irregular period | compounded annual rate, Mar 2021 to Mar 2026. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. |
| Revenue | 3Y | -2.15% | compounded annual rate, Mar 2023 to Mar 2026 |
| Revenue | 1Y | -8.25% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Net profit | 10Y | Loss widened | compounded annual rate, Mar 2016 to Mar 2026: -₹368 Cr to -₹1,168 Cr. A loss at both ends, larger at the end. |
| Net profit | 5Y | Irregular period | compounded annual rate, Mar 2021 to Mar 2026. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. |
| Net profit | 3Y | Loss widened | compounded annual rate, Mar 2023 to Mar 2026: -₹558 Cr to -₹1,168 Cr. A loss at both ends, larger at the end. |
| Net profit | 1Y | Loss widened | fiscal year to Mar 2026 vs the year to Mar 2025: -₹266 Cr to -₹1,168 Cr. A loss at both ends, larger at the end. |
| Operating cash flow | 10Y | -10.42% | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating cash flow | 5Y | Irregular period | compounded annual rate, Mar 2021 to Mar 2026. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. |
| Operating cash flow | 3Y | -36.85% | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating cash flow | 1Y | -72.85% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Operating margin | 10Y | +10.26 pp | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating margin | 5Y | Irregular period | compounded annual rate, Mar 2021 to Mar 2026. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. |
| Operating margin | 3Y | -1.22 pp | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating margin | 1Y | -3.09 pp | fiscal year to Mar 2026 vs the year to Mar 2025 |

Trailing twelve months: The latest quarterly results are more than a year old.

## Financial Statements

### Quarterly Results

Results for the period ended Dec 2018 were due by 14 Feb 2019 and are not in this table yet.

Figures in ₹ crore unless the row name gives another unit.

| Item | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 594 | 615 | 859 | 784 | 557 | 464 | 676 | 707 | 787 | 848 | 1,149 | 1,022 | 1,099 |
| Expenses | 614 | 667 | 972 | 716 | 656 | 513 | 632 | 746 | 726 | 780 | 1,002 | 1,717 | 1,033 |
| Operating Profit | -20 | -51 | -112 | 68 | -99 | -49 | 44 | -39 | 61 | 69 | 147 | -696 | 66 |
| OPM % | -3.4% | -8% | -13% | 9% | -18% | -11% | 7% | -5% | 8% | 8% | 13% | -68% | 6% |
| Other Income | 2 | 1 | 563 | 25 | 58 | 38 | 60 | 197 | 46 | 9 | -5,304 | 1,737 | 17 |
| Interest | 135 | 131 | 134 | 243 | 324 | 283 | 280 | 281 | 283 | 285 | -58 | 36 | 89 |
| Depreciation | 51 | 51 | 51 | 121 | 121 | 119 | 118 | 120 | 121 | 120 | 173 | 77 | 79 |
| Profit before tax | -204 | -232 | 265 | -271 | -486 | -413 | -293 | -242 | -297 | -328 | -5,272 | 928 | -86 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit | -204 | -232 | 265 | -271 | -486 | -413 | -293 | -242 | -297 | -328 | -5,272 | 928 | -86 |
| EPS in Rs | -0.84 | -0.96 | 1.1 | -1.12 | -2.02 | -1.72 | -1.22 | -1.01 | -1.23 | -1.36 | -21.88 | 4.73 | -0.44 |

### Profit & Loss

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 163 | 513 | 1,831 | 2,598 | 2,562 | 3,613 | 4,952 | 6,596 | 7,978 | 8,578 | 8,147 | 7,475 |
| Expenses | 248 | 566 | 1,818 | 2,805 | 2,519 | 3,378 | 5,203 | 6,031 | 7,698 | 8,344 | 7,709 | 7,304 |
| Operating Profit | -85 | -53 | 13 | -207 | 43 | 235 | -251 | 565 | 280 | 234 | 438 | 171 |
| OPM % | -52% | -10% | 0.7% | -8% | 1.7% | 7% | -5% | 9% | 3.5% | 2.7% | 5% | 2.3% |
| Other Income | -1 | 7 | 16 | 569 | 98 | -5,050 | 2,065 | 143 | 69 | 11 | 112 | -5 |
| Interest | 134 | 177 | 452 | 527 | 1,126 | 790 | 321 | 338 | 376 | 432 | 425 | 361 |
| Depreciation | 59 | 68 | 201 | 203 | 479 | 534 | 305 | 345 | 444 | 463 | 444 | 444 |
| Profit before tax | -280 | -291 | -624 | -368 | -1,463 | -6,139 | 1,188 | 24 | -471 | -649 | -318 | -639 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 491% | 19% | 49% | -16% | 83% |
| Net Profit | -280 | -291 | -624 | -368 | -1,463 | -6,139 | 1,188 | -95 | -558 | -968 | -266 | -1,168 |
| EPS in Rs | -1.28 | -1.33 | -2.59 | -1.53 | -6.07 | -25.48 | 6.06 | -0.48 | -2.84 | -4.93 | -1.36 | -5.96 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |

### Balance Sheet

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Equity Capital | 2,187 | 2,187 | 2,409 | 2,409 | 2,409 | 2,409 | 1,962 | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 |
| Reserves | -396 | -687 | -1,316 | -1,514 | -2,977 | -9,117 | 1,684 | 4,279 | 3,718 | 2,750 | 2,482 | 1,311 |
| Borrowings | 7,150 | 8,389 | 10,211 | 10,269 | 10,288 | 9,907 | 3,554 | 4,008 | 3,874 | 2,535 | 2,505 | 3,888 |
| Other Liabilities | 1,320 | 1,512 | 2,057 | 2,268 | 3,299 | 4,789 | 1,252 | 1,059 | 1,841 | 3,708 | 4,092 | 3,947 |
| Total Liabilities | 10,261 | 11,401 | 13,361 | 13,432 | 13,020 | 7,988 | 8,452 | 11,194 | 11,282 | 10,841 | 10,928 | 10,995 |
| Fixed Assets | 1,448 | 3,733 | 4,649 | 10,374 | 9,912 | 5,162 | 5,142 | 5,110 | 4,954 | 4,859 | 4,625 | 4,740 |
| CWIP | 8,170 | 6,760 | 6,819 | 1,751 | 1,799 | 919 | 911 | 806 | 1,299 | 1,700 | 2,232 | 2,688 |
| Investments | 0 | 176 | 40 | 0 | 0 | 0 | 627 | 180 | 20 | 20 | 21 | 181 |
| Other Assets | 643 | 732 | 1,853 | 1,307 | 1,309 | 1,907 | 1,772 | 5,098 | 5,009 | 4,262 | 4,050 | 3,386 |
| Total Assets | 10,261 | 11,401 | 13,361 | 13,432 | 13,020 | 7,988 | 8,452 | 11,194 | 11,282 | 10,841 | 10,928 | 10,995 |

### Cash Flow

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash from Operating Activity | 65 | -33 | -384 | 721 | 204 | 1,040 | 843 | 1,551 | 953 | 1,264 | 884 | 240 |
| Cash from Investing Activity | -560 | -459 | -590 | -765 | -68 | -649 | -207 | -743 | -39 | -407 | -397 | -344 |
| Cash from Financing Activity | 509 | 468 | 1,165 | -122 | -53 | -444 | -321 | -865 | -944 | -733 | -587 | 117 |
| Net Cash Flow | 13 | -23 | 191 | -165 | 84 | -54 | 315 | -57 | -29 | 124 | -101 | 14 |
| Free Cash Flow | -698 | -369 | -1,050 | -185 | 126 | 988 | 772 | 772 | 361 | 790 | 509 | -10 |
| CFO/OP | -77 | 60 | -2,971 | -348 | 472 | 443 | -337 | 275 | 343 | 539 | 203 | 171 |

### Ratios

| Item | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Debtor Days | 13 | 16 | 23 | 35 | 18 | 18 | 17 | 4 | 11 | 5 | 4 | 3 |
| Inventory Days | 456 | 322 | 224 | 151 | 175 | 143 | 108 | 103 | 113 | 89 | 89 | 77 |
| Days Payable | 417 | 131 | 68 | 75 | 93 | 181 | 107 | 26 | 53 | 119 | 137 | 142 |
| Cash Conversion Cycle | 52 | 207 | 180 | 111 | 100 | -20 | 18 | 81 | 71 | -25 | -44 | -63 |
| Working Capital Days | -1,032 | -676 | -124 | -157 | -314 | -364 | -6 | -41 | -63 | -124 | -173 | -211 |
| ROCE % | -2% | -1% | -2% | -1% | -3% | -2% | 11% | — | -1% | -2% | 1% | -3% |

## Shareholding Pattern

The latest pattern on file is for Sep 2018; it may not describe the holding today.

### Quarterly Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Promoters | 45.23% | 45.23% | 45.23% | 45.23% | 45.23% | 45.23% | 45.23% | 45.23% | 90.00% | 90.00% |
| FIIs | 0.75% | 1.45% | 3.05% | 4.03% | 4.04% | 4.01% | 2.92% | 0.04% | 0.09% | 0.09% |
| DIIs | 28.93% | 28.23% | 26.58% | 25.57% | 25.55% | 8.91% | 25.51% | 17.08% | 7.04% | 6.96% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public | 25.09% | 25.09% | 25.13% | 25.17% | 25.17% | 41.85% | 26.33% | 37.65% | 2.87% | 2.95% |
| Others | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| No. of Shareholders | 52,929 | 53,557 | 53,481 | 53,480 | 53,087 | 52,400 | 57,481 | 75,662 | 83,703 | 81,213 |

### Annual Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2017 | Mar 2018 | Sep 2018 |
| --- | ---: | ---: | ---: |
| Promoters | 45.23% | 45.23% | 90.00% |
| FIIs | 4.03% | 0.04% | 0.09% |
| DIIs | 25.57% | 17.08% | 6.96% |
| Government | 0.00% | 0.00% | 0.00% |
| Public | 25.17% | 37.65% | 2.95% |
| Others | 0.00% | 0.00% | 0.00% |
| No. of Shareholders | 53,480 | 75,662 | 81,213 |

## Documents

### Annual reports

| Year | Report |
| --- | --- |
| FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640318.pdf) |
| FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640317.pdf) |
| FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640316.pdf) |
| FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640315.pdf) |
| FY2014 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640314.pdf) |
| FY2013 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640313.pdf) |
| FY2012 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640312.pdf) |
| FY2011 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640311.pdf) |
| FY2010 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/533264/5332640310.pdf) |

### Credit ratings

| Date | Document |
| --- | --- |
| 16 Jul 2026 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_July%2016_%202026_RR_399226.html) |
| 18 Jun 2026 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_June%2018_%202026_RR_398204.html) |
| 24 Dec 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_December%2024_%202025_RR_385526.html) |
| 24 Oct 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_October%2024_%202025_RR_376404.html) |
| 18 Jul 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_July%2018_%202025_RR_373912.html) |
| 3 Jun 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_June%2003_%202025_RR_369415.html) |
| 5 Mar 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_March%2005_%202025_RR_364093.html) |
| 5 Dec 2024 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/ESLSteelLimited_December%2005_%202024_RR_357022.html) |

### Exchange filings

| Date | Document |
| --- | --- |
| 30 Nov 2018 | [Transfer Of Operations Of Share Transfer Agent From Karvy Computershare Private Limited To Karvy Fintech Private Limited](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/c7be69b9-9fbe-424e-8ebe-f7ad8f3b4879.pdf) |
| 31 Oct 2018 | [Announcement under Regulation 30 (LODR)-Resignation of Chief Executive Officer (CEO)](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/4b7c5568-d15c-4e2a-a675-443022c7ab99.pdf) |
| 30 Oct 2018 | [Outcome Of The Board Meeting Held On October 30, 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/b536f35b-5fc5-4729-a4b7-70abf6f6a5a7.pdf) |
| 22 Oct 2018 | [Board Meeting Intimation for Intimation Of Meeting Of The Board For Approving Un-Audited Financial Results For The Quarter/Half Year Ended 30Th September, 2018.](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/8e59139a-edd1-4817-913a-23fe8ce322c1.pdf) |
| 22 Oct 2018 | [Closure of Trading Window](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/10/6500eec3-168f-4531-bd18-21515fc48107.pdf) |

## Frequently Asked Questions about ESL Steel

### What does ESL Steel Ltd do?

Electrosteel Steels Is engaged in the manufacturing and supply of wire rods, TMT Bars, Ductile Iron (DI) Pipes, Billets and also deals in Pig Iron and Iron and Steel Scrap products generated while manufacturing these products.

## Company Information

Electrosteel Steels Is engaged in the manufacturing and supply of wire rods, TMT Bars, Ductile Iron (DI) Pipes, Billets and also deals in Pig Iron and Iron and Steel Scrap products generated while manufacturing these products.

- **Listed:** 8 Oct 2010
- **Face Value:** ₹10

---

Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time.

Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text.

For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Generated 5 Nov 2026, 07:14 IST.