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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · India Ratings upgrades SAIL long-term rating to IND AA+ with Stable outlook | credit debt | high | — | — |
| 2 Sept 2026 · SAIL announces 54th AGM on 24 Sept 2026 via video conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · LIC cuts stake in SAIL by 2 percent via market sale, drops below 5 percent | ownership changes | medium | — | — |
| 1 Sept 2026 · SAIL submits BRSR report for FY 2025-26 | general | medium | — | — |
| 1 Sept 2026 · SAIL 54th AGM Notice and FY26 Annual Report filed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · SAIL: Government Nominee Director Ashish Chatterjee ceases w.e.f. 24 Aug 2026 | management changes | medium | — | — |
| 25 Aug 2026 · SAIL publishes 54th AGM notice in newspapers | compliance | minimal | — | — |
| 21 Aug 2026 · SAIL AGM on Sep 24, 2026; record date Sep 30 for Rs 2.35 final dividend | corporate actions | high | — | — |
| 21 Aug 2026 · SAIL fixes 30 Sep 2026 record date for final dividend Rs 2.35 per share | corporate actions | high | — | — |
| 11 Aug 2026 · SAIL clarifies on potential 5 percent FPO in FY27 for capex funding | capital market events | high | — | — |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,08,660 | 12.5 | 2.93 | 7.5 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,28,494 | 20.7 | 2.20 | 9.0 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,14,044 | 41.9 | 2.20 | 14.7 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA ◆ | 73,936 | 17.3 | 1.23 | 8.7 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 62,273 | 19.2 | 3.13 | 11.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 18,448 | 16.3 | 2.47 | 10.3 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 12,824 | 141.2 | 0.97 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 9,255 | 12.9 | 2.83 | 8.2 | 20.1 | 20.9 | — | 26.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.3 | 16.3 | 7 of 11 | 40% |
| P/B | 1.2 | 2.2 | 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 | 73936 | 18448 | 4 of 11 | 70% |
| 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 |
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