NSE: SUNFLAG · BSE: 500404
SUNFLAG IRON AND STEEL CO
Manufactures iron and steel products for industrial customers, with FY26 revenue of Rs 3,939.38 crore, up 11.4% from Rs 3,53,559 lakh in the prior year. Raw materials are the dominant cost, accounting for 59.7% of revenue, followed by other operating expenses at 21.1% and employee costs at 3.8%, consistent with an input-intensive steel operation. In May 2026, the company was declared the successful bidder for the Tambia South Coal Block in Madhya Pradesh under the Ministry of Coal's 12th tranche of commercial mining auctions, giving it access to a captive coal source to feed its steelmaking process and reducing dependence on third-party coal suppliers. EBITDA margin stood at 12.3% in FY26. The company reported a mark-to-market loss of Rs 9,330 lakh on its investment in Lloyds Metal & Energy Limited and an exceptional charge of Rs 870 lakh from new labour codes, while standalone net profit was Rs 20,066 lakh (consolidated Rs 20,237 lakh). Qualified borrowings were cut sharply from Rs 270.20 crore to Rs 154.97 crore during the year. The Board recommended a final dividend of Rs 1 per equity share (10% on face value of Rs 10) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron and steel products. Asset-heavy, cyclical iron and steel manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,698 | 3,488 | 3,415 | 3,536 | 3,939 |
| EBITDA (ex other income) | 398 | 1,639 | 375 | 389 | 468 |
| margin % | 14.8 | 47.0 | 11.0 | 11.0 | 11.9 |
| Owners' profit | 217 | 1,115 | 144 | 162 | 202 |
| EPS, as reported (₹) | 12.04 | 61.89 | 7.97 | 8.99 | 11.23 |
| ROE % · ROCE % | 12.4 · 14.8 | 33.4 · 38.6 | 2.8 · 4.7 | 1.8 · 3.0 | 2.3 · 3.7 |
| Debt / equity (x) | 0.30 | 0.16 | 0.13 | 0.07 | 0.05 |
| Cash from operations | 43 | 278 | 244 | 187 | 390 |
| Capex | (339) | (168) | (126) | (80) | (128) |
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 | 866 | 892 | 883 | 1,013 | 973 | 942 | 1,001 | 1,079 |
| Profit before tax | 56 | 66 | 55 | 81 | 59 | 77 | 81 | 86 |
| Net profit | 41 | 50 | 43 | 63 | 46 | 60 | 34 | 66 |
| EPS (₹) | 2.26 | 2.78 | 2.40 | 3.47 | 2.53 | 3.33 | 1.90 | 3.66 |
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) | 34.5 | 15.4 | 82 of 105 | 22% |
| P/B | 0.8 | 1.5 | 25 of 101 | 76% |
| ROCE | 3.0 | 9.1 | 89 of 115 | 23% |
| ROE | 2.3 | 8.6 | 83 of 103 | 20% |
| Debt / Equity | 0.1 | 0.2 | 32 of 101 | 69% |
| EBITDA margin | 12.0 | 11.0 | 44 of 100 | 57% |
| Revenue growth | 6.5 | 13.7 | 59 of 97 | 40% |
| Profit growth | 5.5 | 29.3 | 69 of 105 | 35% |
| Market cap | 7102 | 216 | 11 of 122 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate on share dematerialization for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Sunflag Iron and Steel responds to NSE query on price movement | compliance | minimal | — | — |
| 29 Sept 2026 · BSE asks Sunflag Iron & Steel for clarification on price movement | regulatory legal | high | — | — |
| 26 Sept 2026 · AGM voting results: dividend of 1 rupee per share declared, all resolutions passed | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · 40th AGM held on Sep 25, 2026; Rs.1 per share dividend declared for FY26 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Independent Director Kapre ends second term at Sunflag Iron and Steel | management changes | medium | — | — |
| 18 Sept 2026 · Trading window closed for Q2 FY26 results announcement | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 40th AGM published in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 40th AGM on September 25, 2026 with final dividend of Rs 1 per share | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper publication of notice for 40th AGM on September 25, 2026 | compliance | minimal | — | — |
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.