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Steel Authority of India Limited
NSE: SAILBasic MaterialsSteel
- Last close
- ₹164.34
- Day change
- −₹5.41 (−3.19%)vs
- Market cap
- ₹70,632 crIndian rupees
- Research updated
- 1 report
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About Steel Authority of India
Steel Authority of India Limited is an Indian public sector steel manufacturing corporation headquartered in New Delhi. It is a Maharatna central public sector enterprise under the Ministry of Steel and one of the largest steel producers in the country. The company is primarily engaged in the production and sale of a broad range of carbon, alloy, and special steel products, including hot-rolled and cold-rolled coils and sheets, structural steel, rails, plates, bars, stainless steel, electrical steels, and wheels and axles, serving construction, infrastructure, railways, engineering, and industrial customers. Steel Authority of India Limited operates five integrated steel plants and three special steel plants, largely located in the eastern and central regions of India close to key raw material sources, along with captive mines and a ferro-alloy facility supporting its steel operations. As a major government-owned producer, it plays a central role in India’s steel supply chain and in supporting large-scale infrastructure and manufacturing activity across domestic and international markets.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: SAIL
- Next results
- Employees
- 49,752
- Headquarters
- New Delhi, India
- ISIN
- INE114A01011
- Website
- sail.co.in
Public research · Report of
Business model & financial foundation
SAIL (NSE: SAIL), Integrated steel manufacturing: revenue of ₹1,10,811 crore in FY26 (+8.1% on FY25), an EBITDA margin of 10.8% and net profit of ₹3,373 crore.
- Revenue, FY26 (₹ crore)
- 1,10,811
- consolidated
- Revenue growth, FY26
- +8.1%
- on FY25
- EBITDA margin, FY26
- 10.8%
- EBITDA excluding other income and equity-accounted profit / revenue
- Net profit, FY26 (₹ crore)
- 3,373
- to owners
- Return on equity, FY26
- 5.7%
- on average equity
- Market capitalisation (₹ crore)
- 71,875
- at the close of 13 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Steel Authority of India Limited |
| Exchange and ticker | NSE: SAIL; BSE: 500113 |
| ISIN | INE114A01011 |
| CIN | L27109DL1973GOI006454 |
| Sector | Basic Materials |
| Industry | Integrated steel manufacturing |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | APT & Co LLP; J N Gupta & Co LLP; S P A R K & Associates CA LLP; Vinod Singhal & Co LLP |
| Market capitalisation | ₹71,875 crore (13 Oct 2026) |
| Shares outstanding | 413.05 crore shares (FY26) |
| Price | ₹171.0 (close, 13 Oct 2026) |
| 52-week range | ₹124.0 - ₹209.7 (to 13 Oct 2026) |
| Website | https://www.sail.co.in/ |
Corporate structure and shareholding
Parent: President of India (65% equity).
| Entity | Holding | Business |
|---|---|---|
| SAIL Refractory Company Limited | 100% | Operates Salem Refractory Unit |
| Chhattisgarh Mega Steel Limited | 74% | Ultra mega steel project SPV; project has not taken off |
| NTPC-SAIL Power Company Limited | 50% | Power joint venture |
| Bokaro Power Supply Company Private Limited | 50% | Power joint venture |
| Mjunction Services Limited | 50% | Joint venture; detailed business description not retrieved |
| International Coal Venture Private Limited | 47.82% | Overseas coking coal supply joint venture |
| SAIL-RITES Bengal Wagon Industries Private Limited | 50% | Rail wagon joint venture |
JVs shown alongside subsidiaries and equity accounted, not line consolidated. Almora Magnesite associate 20%; complete investee roster and consolidated audit unavailable in annual-report extraction.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 65.00% | 65.00% | 65.00% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 4.53% | 5.01% | 7.09% | |
| Domestic institutions | 17.84% | 18.41% | 16.86% | |
| of which mutual funds | 7.15% | 8.69% | 8.74% | |
| Other | 12.63% | 11.59% | 11.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Government-controlled integrated steel producer with flat and long products across Bhilai, Bokaro, Rourkela, Durgapur and IISCO, captive iron ore, imported coking coal exposure and strategic power/marketing JVs. Primary consolidated basis, INR crore; fiscal year ends March. JV earnings are added below EBITDA; parent operating KPIs bridge to consolidated revenue. SRCL is wholly owned; Chhattisgarh Mega Steel 74%, dormant project.
| Segment | revenue, FY26 (₹ crore) | Share | total product revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Bhilai Steel Plant | 30,502 | 27.7% | 31,660 | 26.5% | 2,832 | 39.6% |
| Durgapur Steel Plant | 10,902 | 9.9% | 11,473 | 9.6% | 475.1 | 6.6% |
| Rourkela Steel Plant | 23,843 | 21.7% | 25,711 | 21.5% | 1,609 | 22.5% |
| Bokaro Steel Plant | 23,372 | 21.3% | 27,193 | 22.8% | 1,415 | 19.8% |
| IISCO Steel Plant (Burnpur) | 12,670 | 11.5% | 13,016 | 10.9% | 982.2 | 13.7% |
| Alloy Steels Plant | 823.9 | 0.7% | 1,219 | 1.0% | -2.67 | -0.0% |
| Salem Steel Plant | 1,979 | 1.8% | 2,015 | 1.7% | -217.7 | -3.0% |
| Visvesvaraya Iron and Steel Plant | 184.2 | 0.2% | 252.8 | 0.2% | -41.3 | -0.6% |
| Others | 5,690 | 5.2% | 6,881 | 5.8% | 108.6 | 1.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Steel (TATASTEEL) | Integrated steel; Indian capacity and raw material integration, overseas exposure differs. |
| JSW Steel (JSWSTEEL) | Integrated Indian steel and brownfield expansion; raw-material mix differs. |
| Jindal Steel (JINDALSTEL) | Indian integrated steel and long-product exposure; capacity ramp comparator. |
| NMDC (NMDC) | |
| Jindal Stainless (JSL) | Value-added steel and returns comparator; stainless economics differ. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,02,717 | 1,03,749 | 1,05,378 | 1,02,479 | 1,10,811 |
| Cost of revenue (vendor classification) * | 54,205 | 67,040 | 66,019 | 50,997 | 68,776 |
| Other operating costs (vendor classification) * | 14,752 | 16,264 | 15,979 | 32,526 | 17,888 |
| EBITDA (vendor classification) * | 22,454 | 9,445 | 12,473 | 12,008 | 13,401 |
| EBIT * | 17,804 | 4,780 | 6,476 | 6,045 | 6,626 |
| Finance costs | 1,512 | 1,888 | 2,474 | 2,793 | 2,158 |
| Profit before tax | 16,292 | 2,892 | 4,062 | 3,252 | 4,506 |
| Total tax expense (current and deferred) | 4,048 | 715.9 | 995.1 | 879.7 | 1,133 |
| Profit for the period (including NCI) | 12,243 | 2,177 | 3,067 | 2,372 | 3,373 |
| Diluted EPS (₹) | 29.64 | 5.27 | 7.42 | 5.74 | 8.17 |
| Other income | 1,067 | 875.0 | 894.2 | ||
| Materials, traded goods purchases and inventory change | 54,354 | 50,997 | 55,082 | ||
| Employee benefits expense | 11,766 | 11,675 | 11,406 | ||
| Other expenses | 28,109 | 29,161 | 32,323 | ||
| EBITDA excluding other income and equity-accounted profit | 11,149 | 10,646 | 12,000 | ||
| Depreciation and amortisation expense | 5,278 | 5,651 | 5,988 | ||
| Share of profit of equity-accounted JVs and associates | 438.6 | 486.8 | 425.4 | ||
| Exceptional items (gain positive, loss negative) | -840.8 | -312.6 | -668.2 | ||
| Profit attributable to non-controlling interest | 0.00 | -0.02 | 0.00 | ||
| Profit attributable to owners of the parent | 3,067 | 2,372 | 3,373 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of the parent | 54,212 | 54,747 | 57,101 | 58,906 | 60,356 |
| Borrowings excluding lease liabilities | 17,284 | 30,773 | 30,601 | 29,811 | 21,669 |
| Cash and cash equivalents plus other bank balances | 131.5 | 57.1 | 673.0 | 966.9 | 732.5 |
| Trade receivables | 4,771 | 5,390 | 8,355 | 7,610 | 6,507 |
| Inventories (current and non-current) | 19,608 | 27,765 | 37,347 | 33,743 | 27,901 |
| Trade payables (current and non-current) | 16,922 | 14,342 | 15,338 | 10,510 | 10,892 |
| Net property, plant and equipment * | 10,192 | 11,564 | 12,833 | 15,023 | 18,780 |
| Capital work in progress * | 4,086 | 5,019 | 6,378 | 7,449 | 10,885 |
| Total assets * | 1,20,109 | 1,30,481 | 1,40,709 | 1,36,371 | 1,35,896 |
| Lease liabilities (current plus non-current) | 5,722 | 7,123 | 10,258 | ||
| Net debt including lease liabilities | n.r. | n.r. | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 18,038 | -7,012 | 2,911 | 9,914 | 19,039 |
| Free cash flow (vendor definition) * | 27,321 | -9,212 | -1,800 | 3,693 | 10,281 |
| Dividends paid (the provider's sign: an outflow is negative) * | -3,067 | -1,342 | -619.6 | -413.1 | -660.9 |
| Purchase of PPE including CWIP and intangibles (outflow) | -3,430 | -3,522 | -4,711 | -6,221 | -8,758 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 413.05 | 413.05 | 413.05 | 413.05 | 413.05 |
| Receivables YoY growth (%) | 55.0% | -8.9% | -14.5% | ||
| Revenue YoY growth (%) | 1.6% | -2.8% | 8.1% | ||
| Receivables growth less revenue growth (pp) | 53.45 | -6.17 | -22.63 | ||
| CFO / consolidated PAT including NCI (x) | 0.95x | 4.18x | 5.64x | ||
| Operating EBIT for interest cover | 5,871 | 4,996 | 6,012 | ||
| Operating EBIT / finance cost (x) | 2.37x | 1.79x | 2.79x | ||
| Cumulative FY24-FY26 CFO / PAT (x) | 3.62x | ||||
| Standalone RPT purchases and services / revenue (%) | 3.6% | ||||
| Standalone contingencies / standalone net worth (%) | 68.3% | ||||
| Lease-inclusive net debt / operating EBITDA (x) | n.r. | n.r. | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 24,675 | 24,490 | 29,316 | 25,922 | 26,704 | 27,371 | 30,813 | 26,246 |
| Cost of revenue (vendor classification) * | 11,591 | 12,664 | 14,660 | 12,370 | 14,369 | 14,961 | 10,851 | |
| Other operating costs (vendor classification) * | 7,295 | 7,071 | 7,881 | 7,836 | 7,862 | 8,774 | 8,301 | |
| EBITDA (vendor classification) * | 3,235 | 2,395 | 3,875 | 3,004 | 2,543 | 4,941 | 4,384 | |
| EBIT * | 1,931 | 1,003 | 2,322 | 1,562 | 1,027 | 3,034 | 2,680 | |
| Finance costs | 757.7 | 679.6 | 664.4 | 594.6 | 484.3 | 547.2 | 532.0 | 493.0 |
| Profit before tax | 1,173 | 322.9 | 1,657 | 967.8 | 556.1 | 479.8 | 2,502 | 2,187 |
| Total tax expense (current and deferred) | 276.2 | 181.0 | 406.2 | 223.2 | 137.4 | 105.7 | 666.3 | 542.6 |
| Profit for the period (including NCI) | 897.2 | 141.9 | 1,251 | 744.6 | 418.7 | 374.0 | 1,835 | 1,644 |
| Diluted EPS (₹) | 2.17 | 0.34 | 3.03 | 1.80 | 1.01 | 0.91 | 4.44 | 3.98 |
| Other income | 167.0 | 233.5 | 297.5 | 162.1 | 205.9 | 174.5 | 351.7 | 205.5 |
| Materials, traded goods purchases and inventory change | 11,591 | 12,664 | 14,660 | 12,370 | 13,382 | 14,369 | 14,961 | 10,851 |
| Employee benefits expense | 2,877 | 2,725 | 3,291 | 2,948 | 2,943 | 2,845 | 2,670 | 2,941 |
| Other expenses | 7,295 | 7,071 | 7,881 | 7,836 | 7,851 | 7,862 | 8,774 | 8,301 |
| EBITDA excluding other income and equity-accounted profit | 2,913 | 2,030 | 3,484 | 2,769 | 2,528 | 2,294 | 4,409 | 4,153 |
| Depreciation and amortisation expense | 1,304 | 1,421 | 1,524 | 1,441 | 1,453 | 1,516 | 1,577 | 1,560 |
| Share of profit of equity-accounted JVs and associates | 155.2 | 131.4 | 93.5 | 73.1 | 98.2 | 73.7 | 180.4 | 25.8 |
| Exceptional items (gain positive, loss negative) | 0.00 | 28.5 | -29.4 | 0.00 | -338.4 | 0.00 | -329.8 | -144.0 |
| Profit attributable to non-controlling interest | 0.00 | 0.00 | -0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | 897.2 | 141.9 | 1,251 | 744.6 | 418.7 | 374.0 | 1,835 | 1,644 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 50.3% | 1.0% | 1.6% | -2.8% | 8.1% |
| EBITDA margin | 10.6% | 10.4% | 10.8% | ||
| Net margin | 2.9% | 2.3% | 3.0% | ||
| Return on equity | 5.5% | 4.1% | 5.7% | ||
| Return on capital employed | 23.0% | 6.1% | 7.5% | 6.9% | 7.8% |
| Return on assets | 2.3% | 1.7% | 2.5% | ||
| Borrowings less cash (₹ crore) | 17,153 | 30,716 | 29,928 | 28,844 | 20,937 |
| Borrowings less cash / EBITDA | 2.68x | 2.71x | 1.74x | ||
| Interest cover | 11.8x | 2.53x | 2.62x | 2.16x | 3.07x |
| Asset turnover | 0.86x | 0.83x | 0.78x | 0.74x | 0.81x |
| Receivable days | 17 | 19 | 29 | 27 | 21 |
| Inventory days (on revenue) | 70 | 98 | 129 | 120 | 92 |
| Payable days (on revenue) | 60 | 50 | 53 | 37 | 36 |
| Cash conversion | 0.95x | 4.18x | 5.64x | ||
| Capex intensity | 3.3% | 3.4% | 4.5% | 6.1% | 7.9% |
| Free cash flow (₹ crore) | 14,608 | -10,534 | -1,800 | 3,693 | 10,281 |
| Dividend payout | 20.2% | 17.4% | 19.6% | ||
| EPS, diluted (₹) | 29.64 | 5.27 | 7.42 | 5.74 | 8.17 |
| Book value per share (₹) | 131.2 | 132.5 | 138.2 | 142.6 | 146.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and equity-accounted profit / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA excluding other income and equity-accounted profit.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Steel Authority of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Steel Authority of India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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