NSE: STEELXIND · BSE: 534748
STEEL EXCHANGE INDIA LTD
Makes and sells steel products, primarily TMT bars under the SIMHADRI TMT brand, through a Steel segment that contributed 91.3% of FY26 segment revenue at Rs 1,042.40 crore. A Power segment, which supplies captive electricity, generated 8.4% (Rs 96.23 crore) and a small Logistics segment added the remaining 0.3% (Rs 3.48 crore). Manufacturing scale includes a rebar mill with capacity of 3.57 lakh tons and a steel-making shop of 3.6 lakh tons, following recent step-ups. A Rs 210 crore conversion contract from RINL will add 1.2 lakh tons per year of TMT bar production and is expected to lift rebar mill utilisation from 43% to 85-90% by Q4 FY26. A new wholly-owned subsidiary, SEIL Infra Logistics, has been set up to monetise 200 acres of surplus land and target Rs 14-15 crore of annual net profit from Q4 FY26. Raw materials are the dominant input cost at 69.2% of revenue, with employees at 4.4% and other operating expenses at 8.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (91%), Power (8%), Logistics (0%). Asset-heavy steel maker with captive power and a small logistics arm
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 270 |
| Profit before tax | 15 |
| Net profit | 15 |
| EPS (₹) | 0.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 82.7 | 15.4 | 94 of 105 | 11% |
| EBITDA margin | 13.1 | 11.0 | 40 of 100 | 61% |
| Market cap | 1265 | 216 | 32 of 122 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set to approve September quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · Steel Exchange India: Record Output, 2-Notch Rating Upgrade, Rs 102 Cr Debt Cut | credit debt | high | — | — |
| 8 Oct 2026 · Steel Exchange India posts around 45% YoY revenue growth in Q2 FY27 | results | medium | — | — |
| 7 Oct 2026 · Steel Exchange India pays partial NCD redemption and monthly interest | credit debt | medium | — | — |
| 6 Oct 2026 · Steel Exchange India Achieves Record Monthly and Quarterly Re-Bar Production | compliance | low | — | — |
| 5 Oct 2026 · Highest-ever monthly and quarterly Re-Bars production at Rolling Mill | business updates | high | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 30 Sept 2026 · Steel Exchange India attended Arihant Bharat investor conference | investor communications | low | — | — |
| 24 Sept 2026 · Steel Exchange India gets two-notch credit rating upgrade from Infomerics | credit debt | high | — | — |
| 24 Sept 2026 · Infomerics upgrades Steel Exchange rating two notches to BBB+ stable | credit debt | high | — | — |
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.