Steel Authority of India logo

Steel Authority of India

SAIL NSE

Key Fundamentals

MidcapIron & SteelMetals & Mining
Market Cap
₹74,011 Cr
Volatility
Moderate
P/E Ratio
17.31
EBITDA
₹12,894 Cr
Return on Equity
5.59%
Debt to Equity
0.53
Book Value
₹146.12
EPS
₹9.38
52W High
₹209.7
52W Low
₹124

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 27.9%

Weaknesses

4
  • The company has delivered a poor sales growth of 9.90% over past five years.
  • Company has a low return on equity of 5.85% over last 3 years.
  • Contingent liabilities of Rs.43,331 Cr.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
8.08% higher than 3Y
Net Income Growth
42.2% higher than 3Y
Cash Flow Change
92.04% lower than 3Y
ROE
38.71% higher than 3Y
ROCE
7.92% higher than 3Y
EBITDA Margin (Avg.)
3.5% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Steel Authority of India Ltd (SAIL) is a state-owned steel producer with a market cap of ~Rs.74,011 Cr, trading at a P/E of 17.8x and P/B of 1.26x. TTM profit growth of 59% is notable, though 5-year compounded profit growth remains flat at -1%, and 3-year average ROE stands at a modest 6%. The company carries contingent liabilities of Rs.43,331 Cr, which represent a material overhang relative to its size.

Bull Case 7
  • TTM profit growth of 59% indicates a sharp earnings recovery, suggesting improved operational leverage or better realizations in recent quarters
  • Stock has delivered a 1-year CAGR of 39%, reflecting strong market re-rating and renewed investor interest in the commodity cycle
  • P/B ratio of 1.26x is modest for a large-cap steel PSU, implying the stock trades close to book value with limited downside from an asset-value perspective
  • 10-year compounded sales growth of 11% demonstrates the company's ability to grow its topline over a full business cycle
  • Healthy dividend payout ratio of 27.9% with a current dividend yield of 1.28%, providing a degree of income return to shareholders
  • 3-year stock CAGR of 25% has significantly outperformed broader market indices, reflecting sustained investor confidence
  • Market cap of Rs.74,011 Cr and government backing provide institutional stability and lower default risk compared to private-sector peers
Bear Case 8
  • Contingent liabilities of Rs.43,331 Cr are exceptionally large — roughly 58% of the current market cap — posing a significant financial risk if even a fraction materializes
  • 3-year average ROE of just 6% and last-year ROE of 7% reflect poor capital efficiency, well below the cost of equity for most investors
  • 5-year compounded profit growth of -1% shows the company has failed to deliver sustainable earnings growth over a medium-term horizon
  • 5-year compounded sales growth of only 10% (and 9.9% per known data) is weak for a commodity company operating in a growing economy like India
  • 3-year compounded sales growth of just 2% suggests recent topline stagnation despite inflationary tailwinds in steel prices
  • Potential capitalization of interest costs may be flattering reported profits, masking the true cost structure and understating expenses
  • As a cyclical commodity business, SAIL's P/E of 17.8x may appear optically low but could be near a cycle peak — commodity P/Es tend to be lowest when earnings are highest
  • 5-year stock CAGR of only 9% — despite the recent rally — highlights long periods of wealth destruction or stagnation for patient holders

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • LIC dumps 2% stake below 5% Sep 02

    LIC sold 8.26 crore SAIL shares between Apr 28 and Sep 1, reducing its stake from 6.625% to 4.625%, falling below the 5% SEBI disclosure threshold. This follows an earlier sale of 8.51 crore shares in Apr 2026, meaning LIC has cut its SAIL holding by over 4 percentage points from 8.687% this year.

  • Potential FPO dilution in FY27 Aug 17

    BSE sought clarification from SAIL on Aug 10 regarding news of a potential 5% FPO in FY27 to raise capex funds. Company response is still awaited, creating overhang uncertainty.

  • Sales volume dipped in Q1FY27 Aug 27

    SAIL sold 4.5 million tonnes in Q1FY27 versus 4.7 million tonnes in Q1FY26, a volume decline even as realisations improved 5.7% YoY to ₹58,323 per tonne.

  • Valuation discount to steel peers Aug 27

    SAIL trades at a standalone P/E of 16.4, an 18%-39.5% discount to Tata Steel (P/E 20) and JSW Steel (P/E 27.1), reflecting market skepticism about its ability to compete on growth.

Positives 6
  • Q1FY27 profit surges 138.8% Aug 27

    SAIL's net profit jumped 138.8% YoY to ₹1,636 crore in Q1FY27, with operating margin expanding 500 bps to 15.8% driven by higher realisations and cost control. Full-year FY26 net profit rose to ₹2,947 crore from ₹1,885 crore, with EPS improving to ₹8.17 from ₹5.74.

  • ₹2.35 final dividend declared Aug 21

    SAIL declared a final dividend of ₹2.35 per share (23.5% of face value) for FY26, up from ₹1.60 in FY25, with record date set for Sep 30 and AGM on Sep 24. This marks the sixth successive year of dividend payments.

  • Flat steel mix improving Aug 27

    Higher-value flat steel products now account for 52.7% of SAIL's production, up from 48.7% a year ago, benefiting from strong auto and appliance industry demand.

  • ESG progress in FY26 Sep 01

    SAIL's FY26 BRSR sustainability report highlights a 26% drop in water consumption and significant capex allocation towards green technology initiatives.

  • Analyst buy target at ₹205-211 Sep 03

    SR Wealth Research founder Lokesh Sethia recommended SAIL as a top pick with share price targets of ₹205 and ₹211, against a recent close around ₹194.8.

  • Favourable macro for steel Aug 27

    China's steel production declined 3% YoY to 500 MT in H1 2026 and major steel-consuming nations raised import tariffs, supporting Indian steelmakers' realisations. Festive season demand expected to boost auto, white goods and housing.

Neutral 3
  • 54th AGM set for Sep 24 Sep 01

    SAIL scheduled its 54th AGM for Sep 24, 2026 via video conference, with remote e-voting opening Sep 20.

  • Government director resigns Aug 27

    SAIL accepted the resignation of Ashish Chatterjee as Government Nominee Director effective Aug 24, 2026, per Ministry of Steel order.

  • Stock rises 2.47% post results Aug 17

    SAIL shares advanced 2.47% to ₹173.70 on Aug 17, with bullish sentiment noted. The stock had reached a 52-week high of ₹209.7 on May 14, 2026.

TL;DR: SAIL is firing on profitability with Q1FY27 net profit up 139% and full-year FY26 earnings nearly doubling, supported by better realisations, improving product mix toward flat steel, and a favourable macro backdrop as China cuts output. Key risks include sustained institutional selling by LIC (over 4 percentage points shed this year), potential FPO dilution, and a volume dip in Q1. The trend is improving on fundamentals, but the LIC exit and valuation discount to peers suggest the market wants to see sustained volume growth and clarity on the FPO before re-rating the stock.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
24,359
29,712
23,349
27,959
23,998
24,675
24,490
29,316
25,922
26,704
27,371
30,813
26,246
Expenses
22,710
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
1,649
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 %
7%
13%
9%
12%
9%
12%
8%
12%
11%
9%
8%
14%
16%
Other Income
527
-174
355
-43
-28
322
393
362
235
-34
248
202
87
Interest
613
605
614
642
691
758
680
664
595
484
547
532
493
Depreciation
1,275
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
288
1,770
563
1,441
98
1,173
323
1,657
968
556
480
2,502
2,187
Tax %
26%
26%
25%
22%
17%
24%
56%
25%
23%
25%
22%
27%
25%
Net Profit
212
1,306
423
1,126
82
897
142
1,251
745
419
374
1,835
1,644
EPS in Rs
0.51
3.16
1.02
2.73
0.2
2.17
0.34
3.03
1.8
1.01
0.91
4.44
3.98
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
46,032
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
Expenses
41,217
41,628
44,094
52,788
57,167
51,400
56,337
82,114
96,410
94,229
91,789
98,692
97,751
Operating Profit
4,815
-2,834
115
4,708
9,807
10,264
12,776
21,363
8,038
11,149
10,690
12,119
13,384
OPM %
10%
-7%
0.3%
8%
15%
17%
18%
21%
8%
11%
10%
11%
12%
Other Income
892
425
378
654
283
280
1,349
902
1,856
665
1,006
532
503
Interest
1,555
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
1,907
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
2,245
-7,114
-4,716
-527
3,549
3,302
7,206
16,292
2,892
4,062
3,252
4,506
5,724
Tax %
14%
-41%
-42%
-47%
34%
36%
42%
25%
25%
24%
27%
25%
—
Net Profit
1,939
-4,176
-2,756
-281
2,349
2,121
4,148
12,243
2,177
3,067
2,372
3,373
4,272
EPS in Rs
4.93
-10.11
-6.67
-0.68
5.69
5.13
10.04
29.64
5.27
7.42
5.74
8.17
10.34
Div. Payout %
41%
0%
0%
0%
9%
0%
28%
30%
28%
27%
28%
29%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
Reserves
39,641
36,021
32,912
32,816
35,516
37,380
41,276
50,081
50,616
52,971
54,775
56,225
Borrowings
32,146
35,141
41,396
45,409
45,170
54,127
37,677
17,284
30,773
36,323
36,934
31,928
Other Liabilities
26,932
26,234
29,405
33,339
33,385
31,560
35,007
48,885
45,262
47,598
40,878
43,941
Total Liabilities
1,02,849
1,01,527
1,07,843
1,15,694
1,18,201
1,27,198
1,18,090
1,20,381
1,30,782
1,41,022
1,36,718
1,36,224
Fixed Assets
39,011
45,942
50,300
58,625
61,374
69,034
67,618
73,677
73,543
72,426
73,327
75,989
CWIP
29,328
24,927
23,275
18,395
16,014
8,753
8,881
4,710
4,891
6,141
7,206
10,552
Investments
61
2,280
2,475
2,629
2,975
3,240
3,442
3,757
4,185
4,589
4,976
4,339
Other Assets
34,450
28,377
31,792
36,044
37,838
46,170
38,149
38,237
48,163
57,867
51,209
45,344
Total Assets
1,02,849
1,01,527
1,07,843
1,15,694
1,18,201
1,27,198
1,18,090
1,20,381
1,30,782
1,41,022
1,36,718
1,36,224
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,579
4,043
2,160
6,164
7,215
-618
23,430
30,987
-5,290
2,911
9,914
19,039
Investing
-6,292
-4,805
-5,467
-6,480
-3,694
-4,261
-3,295
-3,976
-3,371
-4,261
-5,268
-7,899
Financing
3,775
743
3,302
269
-3,549
5,003
-19,808
-27,398
8,587
1,362
-4,424
-11,403
Net Cash Flow
63
-20
-5
-47
-28
125
328
-387
-74
12
222
-263
Free Cash Flow
-5,038
-2,450
-3,267
-441
3,335
-4,999
20,019
27,557
-8,812
-1,297
4,537
10,942
CFO/OP
65
-132
1,863
134
74
-5
184
145
-61
27
99
163
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
26
30
24
25
25
52
43
17
19
29
27
21
Inventory Days
370
308
274
199
243
370
207
170
180
222
211
158
Days Payable
77
82
90
87
89
97
107
143
92
103
75
72
Cash Conversion Cycle
319
255
209
137
179
325
144
44
107
148
163
108
Working Capital Days
-68
-137
-172
-87
-51
-24
-78
-39
-41
-20
-17
-27
ROCE %
5%
-6%
-2%
3%
9%
8%
11%
24%
6%
8%
7%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.15%Promot.65.00%FIIs7.09%Public8.91%DIIs16.86%As ofJun 2026

Documents

Frequently Asked Questions about Steel Authority of India

What does Steel Authority of India Ltd do?
Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and ...
Where is Steel Authority of India Ltd (SAIL) listed?
Steel Authority of India Ltd trades as SAIL on the NSE and under code 500113 on the BSE.
Which sector does Steel Authority of India Ltd belong to?
Steel Authority of India Ltd is classified under the Commodities sector, in the Ferrous Metals industry.
What is the market capitalisation of Steel Authority of India Ltd?
Steel Authority of India Ltd has a market capitalisation of ₹74,011 Cr, which places it in the Large Cap band.
What is the PE ratio of Steel Authority of India Ltd?
Steel Authority of India Ltd trades at a PE ratio of 17.31, on earnings per share of ₹9.38, against a book value of ₹146.12 per share.
What is the 52-week high and low of Steel Authority of India Ltd?
Over the last 52 weeks Steel Authority of India Ltd has traded between ₹124 and ₹209.7.
Does Steel Authority of India Ltd pay dividends?
Steel Authority of India Ltd has a dividend yield of 1.28%.
What is the Return on Equity (ROE) of Steel Authority of India Ltd?
Steel Authority of India Ltd reported a return on equity of 5.59%. Its debt-to-equity ratio is 0.53.

Company Information

Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.(Source : Company Web-Site)

Website sail.co.in
CEO Mr. Amarendu Prakash
Employees 53,159
Listed 1995-07-06
Face Value ₹ 10
Issued Size 4,13,05,25,289

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