SAIL Q2 FY26 profit falls 49%; review flags potential Rs 1,274.20 crore reserve reduction

Qualified OpinionEmphasis Of MatterExceptional ItemPat Growth 25pctEbitda Margin CompressionResults View source PDF Explain this filing

SAIL · price

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On the reaction day the stock moved 2.0 pts less than Nifty Midcap 150 and 1.6 pts less than its Iron & Steel peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

SAIL approved unaudited company-only results for the quarter and half year ended September 2025. Q2 revenue rose 8.7% to Rs 26,703.94 crore, but net profit fell 48.8% to Rs 426.79 crore after a Rs 338.44 crore gratuity charge. First-half net profit rose 31.8% to Rs 1,112.27 crore. The auditor qualified the review over entry tax, Damodar Valley advances and a Rs 1,146.44 crore water demand; the issues would reduce reserves by Rs 1,274.20 crore.

Likely market impact

Qualifications and a possible Rs 1,274.20 crore reserve reduction add downside risk; Q2 profit fell 49% despite first-half profit rising 32%.