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Steel Authority of India

SAIL NSE
₹170.49 No trade today
P/E
16.49
View as Markdown
MCP
Close 4 Nov 2026 ₹170.49 +32.58 +23.6% 1Y
Start ₹137.91

Key Fundamentals

MidcapFerrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.92%
Debt to Equity
0.53
EPS (TTM)
₹10.34
Book Value
₹151.36
Market Cap
—
P/E (TTM)
16.49
P/B
1.13
ROE
6.57%
Dividend Yield
1.40%
EBITDA
₹12,894 Cr
52W High
₹209.70
52W Low
₹124.00
Volume
0

Peer Comparison

Commodities › Metals & Mining › Iron & Steel

Steel Authority of India peer comparison
JSW Steel
₹1,343.0011.55₹3,24,536 Cr2.900.54%10.20%11.00%₹1,99,021 Cr₹31,708 Cr
Tata Steel
₹179.9320.38₹2,21,171 Cr2.232.27%11.70%12.50%₹2,39,756 Cr₹11,263 Cr
Jindal Steel
₹1,149.0043.11₹1,14,107 Cr2.240.18%8.22%9.70%₹56,413 Cr₹2,709 Cr
Steel Authority of India (this company)
₹170.4916.49₹69,475 Cr1.131.40%6.57%7.92%₹1,11,135 Cr₹4,272 Cr
Jindal Stainless
₹688.8017.48₹56,473 Cr2.670.59%17.70%19.30%₹44,026 Cr₹3,239 Cr
Sarda Energy & Minerals
₹441.2013.77₹15,290 Cr1.930.47%15.10%16.90%₹5,665 Cr₹1,151 Cr
NMDC Steel
₹39.49136.17₹11,356 Cr0.880.00%0.45%3.06%₹13,938 Cr₹84 Cr
Median 7 companies₹441.2017.48₹69,475 Cr2.230.54%10.20%11.00%₹56,413 Cr₹3,239 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
55
Good
Returns, margins, earnings quality 22% weight
Valuation
87
Strong
Cheap vs sector & own history 24% weight
Growth
22
Poor
Sales & profit trajectory 9% weight
Financial Health
28
Poor
Solvency, leverage, coverage 9% weight
Momentum
37
Weak
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Stock is trading at 1.15 times its book value
  • 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBearish261
Moving AveragesNeutral505

Key readings

RSI (14)
49.96
Neutral
MACD (12,26,9)
−2.97
Bullish
SMA (50)
178.07
Bearish
SMA (200)
171.51
Bearish

As of

Analyst Rating

Based on 28 analysts
BUY43%

12 of 28 analysts rate Buy, 7 Hold, 9 Sell.

As of

BUY
12
43%
HOLD
7
25%
SELL
9
32%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.07%
5Y+9.90%
3Y+1.99%
1Y+8.13%
TTM+6.45%

Net profit

Net profit growth by window
10YTurned to profit
5Y−4.05%
3Y+15.71%
1Y+42.20%
TTM+40.76%

Operating cash flow

Operating cash flow growth by window
10Y+16.76%
5Y−4.07%
3YTurned positive
1Y+92.04%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+18.25 pp
5Y−7.55 pp
3Y+3.24 pp
1Y+0.51 pp
TTM+1.32 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹44,210 Cr
Mar 2018₹57,496 Cr
Mar 2019₹66,973 Cr
Mar 2020₹61,664 Cr
Mar 2021₹69,114 Cr
Mar 2022₹1,03,477 Cr
Mar 2023₹1,04,448 Cr
Mar 2024₹1,05,378 Cr
Mar 2025₹1,02,479 Cr
Mar 2026₹1,10,811 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹2,756 Cr
Mar 2018−₹281 Cr
Mar 2019₹2,349 Cr
Mar 2020₹2,121 Cr
Mar 2021₹4,148 Cr
Mar 2022₹12,243 Cr
Mar 2023₹2,177 Cr
Mar 2024₹3,067 Cr
Mar 2025₹2,372 Cr
Mar 2026₹3,373 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹3,770 Cr −15.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Steel Authority of India Ltd trades at ₹167.5 as of 2026-11-03 with a market cap of ₹69,178 Cr, a P/E (TTM) of 16.2x and a P/B of 1.11x. The company posted 59% TTM profit growth but carries contingent liabilities of ₹43,331 Cr and a 3-year average ROE of only about 6%, reflecting both cyclical earnings momentum and persistent structural headwinds typical of a capital-intensive public-sector steel maker.

Bull Case 7
  • TTM profit growth of 59% signals a sharp earnings recovery, far outpacing the 6% TTM sales growth and indicating meaningful margin expansion
  • Stock has delivered a 1-year CAGR of 30% and a 3-year CAGR of 25%, demonstrating sustained re-rating by the market
  • P/B ratio of 1.11x means the stock trades only marginally above book value, offering a degree of asset-backing for a company with large integrated steel plants
  • 10-year compounded profit growth of 11% and 10-year sales growth of 11% show that the business has grown in line over a full cycle
  • Healthy dividend payout ratio of 27.9% with a current dividend yield of 1.42%, providing some income cushion during down-cycles
  • Debt-to-equity ratio of 0.53 is moderate for a capital-intensive steel producer, suggesting the balance sheet is not excessively leveraged
  • 3-year compounded profit growth of 26% against only 2% sales growth over the same period points to significant operating leverage and cost discipline
Bear Case 8
  • ROE of 5.59% and ROCE of 7.22% as of 2026-11-03 are low, indicating the company is not generating strong returns on the capital it deploys
  • Contingent liabilities of ₹43,331 Cr are substantial — roughly 63% of the current market cap of ₹69,178 Cr — posing a material tail risk
  • 5-year compounded profit growth is negative at -1%, highlighting the deep cyclicality and inconsistency of earnings over a medium-term horizon
  • 3-year average ROE of roughly 6% is well below the cost of equity for most investors, suggesting value destruction on a risk-adjusted basis
  • Sales growth of only about 9.9% over the past five years is poor for a company operating in an economy with strong infrastructure spending
  • The stock is 20% below its 52-week high of ₹209.7, indicating the recent rally has already reversed meaningfully
  • Potential capitalisation of interest costs may be flattering reported profits and understating the true operating cost base
  • Being a public-sector enterprise, capital allocation decisions can be influenced by policy priorities rather than shareholder return maximisation

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

AI News Digest

9h ago

TL;DR: SAIL delivered a strong Q2FY27 with PAT up 316% YoY and H1 EBITDA growing 55%, supported by higher volumes and iron ore monetization. Key risks include rising coking coal costs at ₹22,930/tonne and a 1 million tonne cut in FY27 sales guidance. The balance sheet is improving with debt reduction, and the ₹1.2 lakh crore capex plan signals long-term growth ambitions. The trend is improving operationally, but near-term margins hinge on whether steel price hikes and coal cost moderation materialize as expected in H2FY27.

Headwinds 3
  • Coking coal costs rising Oct 29

    Coking coal costs rose ₹1,700 QoQ to ₹22,930/tonne in Q2FY27, leading to an EBITDA miss despite strong operational performance. Management expects costs to soften to ~₹22k/tonne only by Q4FY27.

  • FY27 sales guidance cut Oct 31

    SAIL revised FY27 saleable steel volume guidance down by ~1 million tonne to ~21 million tonnes from the earlier target of 22 million tonnes.

  • H1FY27 revenue slightly declined Oct 29

    H1FY27 standalone revenue from operations was ₹58,243 crore versus ₹62,575 crore in the year-ago period, indicating a slight YoY decline despite strong Q2 quarterly performance.

Positives 6
  • Q2FY27 PAT surges 316% Oct 29

    SAIL Q2FY27 standalone net profit rose 316% YoY to ₹1,774 crore from ₹426 crore. EBITDA jumped to ₹4,561 crore with EBITDA per tonne at ₹8,178.

  • Debt reduction strengthens balance sheet Oct 31

    Borrowings reduced by ₹1,080 crore in H1FY27 and the debt-equity ratio improved to 0.52 from 0.60 in Q2FY25.

  • Iron ore monetization accelerating Oct 29

    Iron ore fines sales generated ₹388 crore profit in H1FY27 from ~2.5 million tonnes sold. FY27 target is 7-8 million tonnes, emerging as an incremental earnings driver.

Neutral 2
  • Steel inventory liquidation planned Oct 29

    SAIL holds 1.59 million tonnes of steel inventory and expects to liquidate ~1.2 million tonnes in FY27, contributing ~₹1,100 crore to FY27 EBITDA.

  • FPO timing market-dependent Oct 31

    SAIL's FPO timing remains dependent on market conditions, with no specific timeline announced alongside the capex plan.

Quarterly Results

₹ Cr
SAIL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
31,998
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
27,781
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
523
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
1,609
PBT
288
1,770
563
1,441
98
1,173
323
1,657
968
556
480
2,502
2,187
2,324
Tax %
26%
26%
25%
22%
17%
24%
56%
25%
23%
25%
22%
27%
25%
25%
Net Profit
212
1,306
423
1,126
82
897
142
1,251
745
419
374
1,835
1,644
1,750
EPS (₹)
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
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SAIL profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
SAIL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SAIL cash flow, annual, ₹ crore
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/EBITDA
65
−132
1,863
134
74
−5
184
145
−61
27
99
163

Ratios

SAIL financial ratios, annual
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

Log in to view Steel Authority of India insights

68 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 65.00%
  • DIIs 16.49%
  • Public 8.85%
  • FIIs 7.31%
  • Others 2.36%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 Metals & Mining sector, in the Iron & Steel industry.
What is the PE ratio of Steel Authority of India Ltd?
Steel Authority of India Ltd trades at a PE ratio of 16.49 as of 4 Nov 2026, on earnings per share of ₹10.34, against a book value of ₹151.36 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 as of 4 Nov 2026.
Does Steel Authority of India Ltd pay dividends?
Steel Authority of India Ltd has a dividend yield of 1.40%.
What is the Return on Equity (ROE) of Steel Authority of India Ltd?
Steel Authority of India Ltd reported a return on equity of 6.57%. 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.

Website sail.co.in
CEO Mr. Amarendu Prakash
Employees 53,159
Listed 6 Jul 1995
Face Value ₹10

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