Sunflag Iron & Steel Company
SUNFLAG NSE
Sunflag Iron & Steel Company
IndustrialsNSE: SUNFLAG BSE: 500404 Industrial Products
Key Fundamentals
MicrocapIron & SteelMetals & MiningMarket Cap
₹6,049 Cr
Volatility
Moderate
P/E Ratio
29.53
EBITDA
₹493 Cr
Return on Equity
2.28%
Debt to Equity
0.06
Book Value
₹474.06
52W High
₹428
52W Low
₹192.15
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is almost debt free.
- Stock is trading at 0.68 times its book value
- Market value of investments Rs.7,630 Cr. is more than the Market Cap Rs.6,077 Cr.
Weaknesses
2- Company has a low return on equity of 2.57% over last 3 years.
- Dividend payout has been low at 5.75% of profits over last 3 years
Growth Rate
Revenue Growth
11.37% higher than
3Y
Net Income Growth
24.86% higher than
3Y
Cash Flow Change
103% higher than
3Y
ROE
23.24% higher than
3Y
ROCE
23.41% higher than
3Y
EBITDA Margin (Avg.)
9.1% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoAI opinion · based on fundamentals
Risk medium
Sunflag Iron & Steel has a market cap of Rs.6,506 Cr with a P/E of 31.9x and P/B of 0.76x. The company is virtually debt-free and its investment portfolio (Rs.7,724 Cr) exceeds its market capitalization, but return on equity has remained subdued at around 2-3% over recent years despite a 10-year stock CAGR of 29%.
Bull Case 8
- Company is almost debt-free, reducing financial risk and interest burden significantly
- Stock trades at 0.73x book value, well below asset replacement cost, indicating potential undervaluation on a balance sheet basis
- Market value of investments at Rs.7,724 Cr exceeds the market cap of Rs.6,448 Cr, implying the core steel business is being valued at effectively zero or negative
- 10-year stock price CAGR of 29% demonstrates sustained long-term wealth creation for shareholders
- TTM sales growth of 11% shows revenue momentum recovering after a 3-year CAGR of just 4%
- TTM profit growth of 28% indicates a sharp earnings recovery from the negative 3-year profit CAGR of -2%
- 5-year compounded sales growth of 16% reflects reasonable top-line expansion through a full business cycle
- 10-year compounded profit growth of 14% shows the company has been able to grow earnings meaningfully over longer periods despite cyclicality
Bear Case 7
- Return on equity averaged just 2.56% over the last 3 years and was only 2% last year, indicating very poor capital efficiency
- P/E of 31.9x is elevated for a steel company with sub-3% ROE, suggesting the stock prices in significant earnings improvement that may not materialize
- Dividend payout of only 5.75% of profits over the last 3 years signals limited shareholder returns and low management confidence in distributing cash
- Dividend yield of just 0.21% offers negligible income return to shareholders
- 3-year compounded profit growth of -2% shows earnings actually declined over the medium term despite revenue growing at 4% CAGR
- 3-year ROE of 3% and 5-year ROE of 4% suggest structurally low profitability rather than a temporary cyclical dip
- Steel sector is inherently cyclical and capital-intensive, and the company's 10-year ROE of only 5% indicates it has not earned meaningfully above cost of capital even through up-cycles
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 784 | 858 | 854 | 919 | 895 | 866 | 892 | 883 | 1,023 | 973 | 942 | 1,001 | 1,079 |
| Expenses | 704 | 759 | 757 | 820 | 815 | 767 | 782 | 783 | 903 | 872 | 810 | 877 | 960 |
| Operating Profit | 80 | 99 | 97 | 99 | 80 | 98 | 110 | 100 | 120 | 101 | 132 | 124 | 119 |
| OPM % | 10% | 12% | 11% | 11% | 9% | 11% | 12% | 11% | 12% | 10% | 14% | 12% | 11% |
| Other Income | 2 | 1 | 1 | 2 | 3 | 8 | 3 | 3 | 10 | 2 | -6 | 3 | 13 |
| Interest | 24 | 23 | 26 | 24 | 21 | 25 | 22 | 22 | 21 | 17 | 17 | 18 | 14 |
| Depreciation | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 27 | 27 | 31 | 28 | 30 |
| PBT | 33 | 51 | 47 | 51 | 35 | 55 | 66 | 55 | 82 | 59 | 78 | 81 | 88 |
| Tax % | 23% | 25% | 23% | 17% | 21% | 26% | 24% | 22% | 24% | 23% | 23% | 58% | 25% |
| Net Profit | 26 | 39 | 36 | 43 | 28 | 41 | 50 | 43 | 63 | 46 | 60 | 34 | 66 |
| EPS in Rs | 1.43 | 2.15 | 2 | 2.38 | 1.55 | 2.26 | 2.78 | 2.4 | 3.47 | 2.53 | 3.33 | 1.9 | 3.66 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,640 | 1,524 | 1,456 | 2,018 | 2,186 | 1,758 | 1,892 | 2,698 | 3,488 | 3,415 | 3,536 | 3,939 | 3,995 |
| Expenses | 1,471 | 1,346 | 1,311 | 1,782 | 1,949 | 1,588 | 1,638 | 2,300 | 3,043 | 3,040 | 3,146 | 3,462 | 3,519 |
| Operating Profit | 169 | 178 | 145 | 237 | 237 | 170 | 254 | 398 | 446 | 375 | 389 | 477 | 476 |
| OPM % | 10% | 12% | 10% | 12% | 11% | 10% | 13% | 15% | 13% | 11% | 11% | 12% | 12% |
| Other Income | 5 | 9 | 8 | 17 | 11 | 11 | 11 | 5 | 1,201 | 8 | 17 | 9 | 12 |
| Interest | 71 | 65 | 35 | 35 | 39 | 41 | 29 | 42 | 81 | 97 | 90 | 72 | 66 |
| Depreciation | 51 | 36 | 33 | 34 | 38 | 46 | 70 | 76 | 81 | 103 | 104 | 113 | 116 |
| PBT | 52 | 86 | 85 | 184 | 172 | 94 | 166 | 285 | 1,485 | 183 | 212 | 301 | 307 |
| Tax % | 53% | 35% | 23% | 30% | 36% | 2% | 15% | 24% | 25% | 22% | 23% | 33% | — |
| Net Profit | 24 | 56 | 65 | 129 | 110 | 92 | 141 | 217 | 1,115 | 144 | 162 | 202 | 206 |
| EPS in Rs | 1.35 | 3.12 | 3.62 | 7.14 | 6.12 | 5.11 | 7.8 | 12.04 | 61.89 | 7.96 | 8.99 | 11.23 | 11.42 |
| Div. Payout % | 0% | 0% | 0% | 7% | 8% | 0% | 0% | 0% | 0% | 0% | 8% | 9% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 185 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 | 180 |
| Reserves | 403 | 463 | 529 | 657 | 760 | 1,205 | 1,353 | 1,569 | 3,162 | 4,984 | 8,586 | 8,692 |
| Borrowings | 421 | 250 | 330 | 341 | 352 | 387 | 268 | 587 | 609 | 727 | 624 | 524 |
| Other Liabilities | 333 | 355 | 342 | 389 | 477 | 637 | 588 | 755 | 991 | 1,132 | 1,797 | 1,896 |
| Total Liabilities | 1,342 | 1,248 | 1,381 | 1,566 | 1,769 | 2,409 | 2,389 | 3,091 | 4,942 | 7,022 | 11,187 | 11,292 |
| Fixed Assets | 572 | 543 | 513 | 515 | 537 | 1,147 | 1,190 | 1,252 | 1,591 | 1,525 | 1,485 | 1,577 |
| CWIP | 29 | 26 | 69 | 130 | 202 | 233 | 173 | 373 | 193 | 281 | 297 | 214 |
| Investments | 4 | 7 | 9 | 9 | 12 | 11 | 16 | 17 | 1,726 | 3,642 | 7,779 | 7,692 |
| Other Assets | 736 | 671 | 791 | 913 | 1,019 | 1,019 | 1,011 | 1,449 | 1,432 | 1,574 | 1,626 | 1,809 |
| Total Assets | 1,342 | 1,248 | 1,381 | 1,566 | 1,769 | 2,409 | 2,389 | 3,091 | 4,942 | 7,022 | 11,187 | 11,292 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 78 | 236 | -18 | 117 | 177 | 209 | 223 | 43 | 278 | 244 | 192 | 390 |
| Investing | -4 | -13 | -33 | -97 | -141 | -125 | -60 | -335 | -219 | -83 | -91 | -122 |
| Financing | -71 | -213 | 60 | -41 | -39 | -79 | -151 | 289 | -63 | 21 | -194 | -188 |
| Net Cash Flow | 3 | 10 | 10 | -20 | -3 | 5 | 12 | -3 | -4 | 182 | -93 | 81 |
| Free Cash Flow | 74 | 225 | -48 | 21 | 46 | 67 | 170 | -296 | 109 | 119 | 104 | 262 |
| CFO/OP | 52 | 143 | 2 | 73 | 99 | 137 | 107 | 29 | 141 | 85 | 63 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 42 | 53 | 62 | 55 | 48 | 46 | 41 | 37 | 33 | 37 | 37 | 31 |
| Inventory Days | 140 | 129 | 166 | 130 | 147 | 190 | 164 | 186 | 142 | 137 | 154 | 144 |
| Days Payable | 70 | 64 | 59 | 57 | 71 | 106 | 80 | 102 | 93 | 87 | 79 | 80 |
| Cash Conversion Cycle | 112 | 118 | 169 | 128 | 124 | 130 | 124 | 122 | 83 | 88 | 112 | 95 |
| Working Capital Days | 30 | 38 | 44 | 51 | 46 | 61 | 77 | 54 | 40 | 23 | 34 | 30 |
| ROCE % | 12% | 16% | 12% | 20% | 17% | 9% | 11% | 16% | 12% | 6% | 4% | 4% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Sunflag Iron & Steel Company insights
29 extracted metrics + investor summaries across FY15–FY26.
Documents
1
Clarification sought from Sunflag Iron & Steel Company Ltd
6 May - Exchange has sought clarification from Sunflag Iron & Steel Company Ltd on May 6, 2026, with reference to Movement in Volume. 6 May - Exchange has sought clarification from Sunflag Iron & Steel Company Ltd on May 6, 2026, with reference to Movement in Volume.
2
Regulation 30 - Increase In Volume - Clarification
6 May - Company says recent volume increase is market-driven, with no undisclosed price-sensitive information. 6 May - Company says recent volume increase is market-driven, with no undisclosed price-sensitive information.
4
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
16 Apr - Certificate As per Regulation 74(5) of SEBI (DP) Regulations, 2018 for the fourth quarter ended 31st March 2026 16 Apr - Certificate As per Regulation 74(5) of SEBI (DP) Regulations, 2018 for the fourth quarter ended 31st March 2026
Frequently Asked Questions about Sunflag Iron & Steel Company
What does Sunflag Iron & Steel Company Ltd do?
Sunflag Iron & Steel Company Ltd was established in 1984 & is a part of Sunflag Group, company started operations in 1989 as a spring steel producer however, at present the company manufactures mild-steel and alloy steel products of varieties like carbon steel, free & semi free cutting steels,etc...
Where is Sunflag Iron & Steel Company Ltd (SUNFLAG) listed?
Sunflag Iron & Steel Company Ltd trades as SUNFLAG on the NSE and under code 500404 on the BSE.
Which sector does Sunflag Iron & Steel Company Ltd belong to?
Sunflag Iron & Steel Company Ltd is classified under the Industrials sector, in the Industrial Products industry.
What is the market capitalisation of Sunflag Iron & Steel Company Ltd?
Sunflag Iron & Steel Company Ltd has a market capitalisation of ₹6,049 Cr, which places it in the Mid Cap band.
What is the PE ratio of Sunflag Iron & Steel Company Ltd?
Sunflag Iron & Steel Company Ltd trades at a PE ratio of 29.53, against a book value of ₹474.06 per share.
What is the 52-week high and low of Sunflag Iron & Steel Company Ltd?
Over the last 52 weeks Sunflag Iron & Steel Company Ltd has traded between ₹192.15 and ₹428.
Does Sunflag Iron & Steel Company Ltd pay dividends?
Sunflag Iron & Steel Company Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of Sunflag Iron & Steel Company Ltd?
Sunflag Iron & Steel Company Ltd reported a return on equity of 2.28%. Its debt-to-equity ratio is 0.06.
Company Information
Sunflag Iron & Steel Company Ltd was established in 1984 & is a part of Sunflag Group, company started operations in 1989 as a spring steel producer however, at present the company manufactures mild-steel and alloy steel products of varieties like carbon steel, free & semi free cutting steels,etc. [1]
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