NSE: SAIL · BSE: 500113
STEEL AUTHORITY OF INDIA
Steel Authority of India operates an integrated steel manufacturing business across multiple domestic steel plants — Bhilai, Bokaro, Rourkela, IISCO, Durgapur, Salem, Alloy Steel Plant and Visvesaraya Iron & Steel Plant. The five integrated plants contribute the bulk of segment revenue, with Bhilai at 26.5%, Bokaro at 22.8%, Rourkela at 21.5%, IISCO at 10.9% and Durgapur at 9.6% of FY26 segment revenue. Revenue is earned primarily from selling finished steel products; the company also sells iron-ore externally, with a 32 MT subgrade fines inventory available for auction. Raw materials — chiefly coking coal and iron ore — are the biggest input cost at 40.1% of FY26 revenue, followed by employee costs at 10.3% and other opex at 29.2%. The company is exploring a stainless steel slab joint venture with Indonesia's Krakatau Steel and has capex planned for expansion at IISCO, Bhilai and Bokaro plants. At Q1 FY27, debt was INR21,729 cr with debt-to-equity of 0.36. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bhilai Steel Plant (27%), Bokaro Steel Plant (23%), Rourkela Steel Plant (22%), IISCO Steel Plant (11%), Durgapur Steel Plant (10%), Others (6%), Iron-ore sales. Cyclical, asset-heavy integrated steel manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,03,477 | 1,04,448 | 1,05,378 | 1,02,479 | 1,10,811 |
| EBITDA (ex other income) | 20,988 | 8,297 | 10,308 | 10,334 | 11,332 |
| margin % | 20.3 | 7.9 | 9.8 | 10.1 | 10.2 |
| Owners' profit | 0 | 0 | 0 | 2,372 | 3,373 |
| EPS, as reported (₹) | 29.64 | 5.27 | 7.42 | 5.74 | 8.17 |
| ROE % · ROCE % | 22.6 · 21.8 | 4.0 · 5.3 | 5.4 · 7.0 | 4.0 · 6.2 | 5.6 · 6.8 |
| Debt / equity (x) | 0.25 | 0.47 | 0.64 | 0.63 | 0.53 |
| Cash from operations | 30,987 | (5,290) | 2,911 | 10,023 | 19,039 |
| Capex | (3,665) | (3,931) | (4,711) | (6,221) | (8,758) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24,675 | 24,490 | 29,316 | 25,922 | 26,704 | 27,371 | 30,813 | 26,246 |
| Profit before tax | 1,018 | 191 | 1,564 | 895 | 458 | 406 | 2,321 | 2,161 |
| Net profit | 897 | 142 | 1,251 | 745 | 419 | 374 | 1,835 | 1,644 |
| EPS (₹) | 2.17 | 0.34 | 3.03 | 1.80 | 1.01 | 0.91 | 4.44 | 3.98 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Bhilai Steel Plant | 31,873 | 26.5 |
| Durgapur Steel Plant | 11,580 | 9.6 |
| Rourkela Steel Plant | 25,859 | 21.5 |
| Bokaro Steel Plant | 27,407 | 22.8 |
| IISCO Steel Plant | 13,065 | 10.9 |
| Alloy Steel Plant | 1,235 | 1.0 |
| Salem Steel Plant | 2,023 | 1.7 |
| Visvesaraya Iron & Steel Plant | 259 | 0.2 |
| Others | 6,965 | 5.8 |
| Total, before eliminations | 1,20,266 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA ◆ | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 14.2 | 7 of 11 | 40% |
| P/B | 1.1 | 2.0 | 5 of 11 | 60% |
| ROCE | 4.4 | 8.1 | 10 of 11 | 10% |
| ROE | 5.6 | 10.5 | 9 of 11 | 20% |
| Debt / Equity | 0.5 | 0.4 | 8 of 11 | 30% |
| EBITDA margin | 16.1 | 15.1 | 5 of 11 | 60% |
| Revenue growth | 1.3 | 9.8 | 8 of 11 | 30% |
| Profit growth | 120.8 | 18.8 | 1 of 11 | 100% |
| Market cap | 66915 | 16029 | 4 of 11 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SAIL publishes profiles of two Government nominee directors | management changes | medium | — | — |
| 28 Oct 2026 · SAIL posts audio recording of analyst and investor call | investor communications | low | — | — |
| 28 Oct 2026 · SAIL company-only September quarter revenue Rs 31,998 crore, profit Rs 1,774 crore | compliance | minimal | — | — |
| 27 Oct 2026 · H1 FY27 PAT rises over threefold as EBITDA margin reaches 15.4 percent | investor communications | medium | — | — |
| 27 Oct 2026 · SAIL Q2 FY27 profit jumps as sales and margins improve | results | high | — | — |
| 22 Oct 2026 · SAIL schedules analyst and investor call for September quarter results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · SAIL board to meet on 27 Oct to approve Q2 FY26-27 results | results | low | — | — |
| 13 Oct 2026 · SAIL board composition change per GOI order dated 12 Oct 2026 | management changes | medium | — | — |
| 13 Oct 2026 · SAIL board: Sarita Chauhan appointed Govt Nominee Director; Tripathi steps down | management changes | medium | — | — |
| 7 Oct 2026 · SAIL rating outlook upgraded from Stable to Positive by CareEdge | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.