Steel Authority of India logo

Steel Authority of India

SAIL NSE

Key Fundamentals

MidcapIron & SteelMetals & Mining
Market Cap
₹73,804 Cr
Volatility
Moderate
P/E Ratio
16.88
EBITDA
₹12,894 Cr
Return on Equity
5.59%
Debt to Equity
0.53
Book Value
₹146.12
EPS
₹9.38
52W High
₹209.7
52W Low
₹124

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 1.19 times its book value
  • Company has been maintaining a healthy dividend payout of 27.9%

Weaknesses

4
  • The company has delivered a poor sales growth of 9.90% over past five years.
  • Company has a low return on equity of 5.85% over last 3 years.
  • Contingent liabilities of Rs.43,331 Cr.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
8.08% higher than 3Y
Net Income Growth
42.2% higher than 3Y
Cash Flow Change
92.04% lower than 3Y
ROE
38.71% higher than 3Y
ROCE
7.92% higher than 3Y
EBITDA Margin (Avg.)
3.5% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

SAIL has a market capitalisation of about Rs 75,874 Cr and trades at a P/E of 17.8x and a P/B of 1.26x. Profit has recovered sharply, rising 59% over the trailing twelve months and at a 26% CAGR over three years, and the stock has returned 41% over the past year. Against that, sales grew only 2% a year over three years, return on equity was a subdued 5.85% over three years, and contingent liabilities stand at Rs 43,331 Cr, about 57% of the company's market value.

Bull Case 7
  • Profit momentum is strong. TTM profit growth is 59%, and 3-year compounded profit growth is 26%, which suggests operating leverage in the current steel cycle.
  • The stock has returned 41% over the past year and compounded at 26% a year over three years, which shows sustained market re-rating during the recovery phase.
  • At a P/B of 1.26x, the market values SAIL only modestly above its implied book value of about Rs 60,200 Cr. That is a relatively undemanding asset-based valuation for a large integrated steel producer.
  • The company keeps a healthy dividend payout of 27.9%, which supports a dividend yield of 1.28% and returns cash to shareholders while still funding capex.
  • Over the long term, sales and profit have both compounded at 11% a year over 10 years, and the stock at 14% a year. This shows the business can grow across full commodity cycles.
  • ROE has improved from the 3-year average of about 6% (5.85%) to 7% in the last year. Further operating recovery could lift returns toward the 5-year average of 9%.
  • Sales growth is steadier than the 3-year figure implies. The 5-year sales CAGR is 10% and TTM sales growth is 6%, so the top line is still expanding despite the weak 2% 3-year figure.
Bear Case 7
  • Return on equity is low: 5.85% over the last three years, 7% last year and 7% over 10 years. That is likely below the company's cost of equity and points to weak capital efficiency.
  • Contingent liabilities of Rs 43,331 Cr equal about 57% of market cap and about 72% of implied book value. If a meaningful share of these crystallises, it is a material balance-sheet risk.
  • Top-line growth has stalled. Sales compounded at only 2% a year over three years, and the 5-year sales CAGR of about 9.9% is modest for a cyclical upturn period.
  • Profit is volatile over the medium term. The 5-year compounded profit growth is -1%, even though the 3-year and TTM figures are strong, which shows how exposed earnings are to steel price cycles.
  • Valuation looks stretched against returns. A P/E of 17.8x implies an earnings yield of about 5.6%, while ROE is only 7%, so the market is already pricing in a sustained earnings recovery.
  • The company may be capitalising interest costs, which can flatter reported profit relative to the true cost of funding its capex programme.
  • After a 41% one-year rally, the stock is exposed to reversal if steel prices, raw-material costs such as coking coal, or import competition turn against it. Historically the 5-year stock CAGR has been only 11%.

This is AI-generated analysis, not financial advice. Do your own due diligence. The ROE figure is last year's value from the growth metrics because the headline ROE was not provided. Debt-to-equity and the 52-week range were not available in the source data. Book value (about Rs 60,217 Cr) and earnings (about Rs 4,263 Cr) are estimates worked out from market cap, P/B and P/E.

AI News Digest

1d ago
Headwinds 2
  • LIC cuts stake below 5% Sep 2

    LIC sold 82,632,513 SAIL shares (about 8.26 crore) between Apr 28 and Sep 1, 2026, cutting its holding from 6.625% to 4.625%. Together with the roughly 8.51 crore shares it sold in April, LIC's stake has fallen from 8.687% earlier this year, which means steady selling by a major institutional holder.

  • Institutions push back on directors Sep 27

    Director re-appointments drew 7-8% overall dissent at the Sep 24 AGM, with about 30% dissent from public institutions, even though the promoter voted 100% in favour. Public institutions are clearly uneasy about board independence and governance.

Positives 4
  • Q1FY27 profit jumps 139% Sep 19

    Q1FY27 net profit rose 139% YoY to ₹1,636 crore on higher sales prices, and EBITDA reached ₹4,356 crore at a 16.7% margin. The debt-equity ratio improved to 0.54.

  • Dividend raised 47% to ₹2.35 Sep 27

    The 54th AGM on Sep 24 approved a final FY26 dividend of ₹2.35 per share with 98.27% support, up from ₹1.60 in FY25. The record date is Sep 30, 2026, and the estimated yield is 1.27%.

  • Strong multi-period stock returns Sep 27

    SAIL shares are up 26% over six months, 24.62% YTD, 35.51% over one year and 98.71% over three years. A separate Sep 2 report put the one-year gain at about 59%, so the sources don't agree.

  • Analyst buy call, ₹205-211 targets Sep 3

    Lokesh Sethia of SR Wealth Research named SAIL a top pick for Sep 3 with a ₹192 reference price and targets of ₹205 and ₹211. That implies about 7-10% upside.

Neutral 3
  • Mumbai investor roadshows held Sep 17

    SAIL disclosed non-deal roadshows with prospective investors in Mumbai on Sep 23-24, 2026, under SEBI Regulation 30. These meetings could help bring in new institutional buyers as LIC sells down.

  • Routine AGM resolutions passed Sep 24

    All eight resolutions passed at the 54th AGM, held by video conference with 145 shareholders taking part virtually. The FY26 financial statements were adopted with 96.41% support, and auditor remuneration was also ratified.

  • Weak broader market backdrop Sep 3

    On Sep 2 the Sensex fell 373.93 points to 76,570.35 and the Nifty fell 141.35 points to 23,914.45, with Tata Steel among the top drags. GIFT Nifty was trading 0.5% higher at 24,092.50 before the Sep 3 open.

TL;DR: SAIL's fundamentals are getting stronger: Q1FY27 profit rose 139% to ₹1,636 crore, margins reached 16.7%, leverage fell to 0.54 debt-equity and the dividend went up 47% to ₹2.35. The main risks are LIC's ongoing selling, which has cut its stake from 8.687% to 4.625% this year, and about 30% institutional dissent on director re-appointments, which points to governance concerns. Earnings and returns to shareholders are improving, but steel price trends and whether the Mumbai roadshows bring in new institutional buyers to absorb LIC's selling will likely decide if the rally continues.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
24,359
29,712
23,349
27,959
23,998
24,675
24,490
29,316
25,922
26,704
27,371
30,813
26,246
Expenses
22,710
25,837
21,206
24,476
21,778
21,762
22,460
25,832
23,153
24,176
25,077
26,405
22,093
Operating Profit
1,649
3,875
2,142
3,483
2,220
2,913
2,030
3,484
2,769
2,528
2,294
4,409
4,153
OPM %
7%
13%
9%
12%
9%
12%
8%
12%
11%
9%
8%
14%
16%
Other Income
527
-174
355
-43
-28
322
393
362
235
-34
248
202
87
Interest
613
605
614
642
691
758
680
664
595
484
547
532
493
Depreciation
1,275
1,327
1,321
1,356
1,402
1,304
1,421
1,524
1,441
1,453
1,516
1,577
1,560
PBT
288
1,770
563
1,441
98
1,173
323
1,657
968
556
480
2,502
2,187
Tax %
26%
26%
25%
22%
17%
24%
56%
25%
23%
25%
22%
27%
25%
Net Profit
212
1,306
423
1,126
82
897
142
1,251
745
419
374
1,835
1,644
EPS in Rs
0.51
3.16
1.02
2.73
0.2
2.17
0.34
3.03
1.8
1.01
0.91
4.44
3.98
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
46,032
38,793
44,210
57,496
66,973
61,664
69,114
1,03,477
1,04,448
1,05,378
1,02,479
1,10,811
1,11,135
Expenses
41,217
41,628
44,094
52,788
57,167
51,400
56,337
82,114
96,410
94,229
91,789
98,692
97,751
Operating Profit
4,815
-2,834
115
4,708
9,807
10,264
12,776
21,363
8,038
11,149
10,690
12,119
13,384
OPM %
10%
-7%
0.3%
8%
15%
17%
18%
21%
8%
11%
10%
11%
12%
Other Income
892
425
378
654
283
280
1,349
902
1,856
665
1,006
532
503
Interest
1,555
2,300
2,528
2,823
3,155
3,487
2,817
1,698
2,037
2,474
2,793
2,158
2,057
Depreciation
1,907
2,404
2,682
3,066
3,385
3,756
4,103
4,275
4,964
5,278
5,651
5,988
6,107
PBT
2,245
-7,114
-4,716
-527
3,549
3,302
7,206
16,292
2,892
4,062
3,252
4,506
5,724
Tax %
14%
-41%
-42%
-47%
34%
36%
42%
25%
25%
24%
27%
25%
—
Net Profit
1,939
-4,176
-2,756
-281
2,349
2,121
4,148
12,243
2,177
3,067
2,372
3,373
4,272
EPS in Rs
4.93
-10.11
-6.67
-0.68
5.69
5.13
10.04
29.64
5.27
7.42
5.74
8.17
10.34
Div. Payout %
41%
0%
0%
0%
9%
0%
28%
30%
28%
27%
28%
29%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
4,131
Reserves
39,641
36,021
32,912
32,816
35,516
37,380
41,276
50,081
50,616
52,971
54,775
56,225
Borrowings
32,146
35,141
41,396
45,409
45,170
54,127
37,677
17,284
30,773
36,323
36,934
31,928
Other Liabilities
26,932
26,234
29,405
33,339
33,385
31,560
35,007
48,885
45,262
47,598
40,878
43,941
Total Liabilities
1,02,849
1,01,527
1,07,843
1,15,694
1,18,201
1,27,198
1,18,090
1,20,381
1,30,782
1,41,022
1,36,718
1,36,224
Fixed Assets
39,011
45,942
50,300
58,625
61,374
69,034
67,618
73,677
73,543
72,426
73,327
75,989
CWIP
29,328
24,927
23,275
18,395
16,014
8,753
8,881
4,710
4,891
6,141
7,206
10,552
Investments
61
2,280
2,475
2,629
2,975
3,240
3,442
3,757
4,185
4,589
4,976
4,339
Other Assets
34,450
28,377
31,792
36,044
37,838
46,170
38,149
38,237
48,163
57,867
51,209
45,344
Total Assets
1,02,849
1,01,527
1,07,843
1,15,694
1,18,201
1,27,198
1,18,090
1,20,381
1,30,782
1,41,022
1,36,718
1,36,224
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,579
4,043
2,160
6,164
7,215
-618
23,430
30,987
-5,290
2,911
9,914
19,039
Investing
-6,292
-4,805
-5,467
-6,480
-3,694
-4,261
-3,295
-3,976
-3,371
-4,261
-5,268
-7,899
Financing
3,775
743
3,302
269
-3,549
5,003
-19,808
-27,398
8,587
1,362
-4,424
-11,403
Net Cash Flow
63
-20
-5
-47
-28
125
328
-387
-74
12
222
-263
Free Cash Flow
-5,038
-2,450
-3,267
-441
3,335
-4,999
20,019
27,557
-8,812
-1,297
4,537
10,942
CFO/OP
65
-132
1,863
134
74
-5
184
145
-61
27
99
163
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
26
30
24
25
25
52
43
17
19
29
27
21
Inventory Days
370
308
274
199
243
370
207
170
180
222
211
158
Days Payable
77
82
90
87
89
97
107
143
92
103
75
72
Cash Conversion Cycle
319
255
209
137
179
325
144
44
107
148
163
108
Working Capital Days
-68
-137
-172
-87
-51
-24
-78
-39
-41
-20
-17
-27
ROCE %
5%
-6%
-2%
3%
9%
8%
11%
24%
6%
8%
7%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.15%Promot.65.00%FIIs7.09%Public8.91%DIIs16.86%As ofJun 2026

Documents

Frequently Asked Questions about Steel Authority of India

What does Steel Authority of India Ltd do?
Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and ...
Where is Steel Authority of India Ltd (SAIL) listed?
Steel Authority of India Ltd trades as SAIL on the NSE and under code 500113 on the BSE.
Which sector does Steel Authority of India Ltd belong to?
Steel Authority of India Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of Steel Authority of India Ltd?
Steel Authority of India Ltd has a market capitalisation of ₹73,804 Cr, which places it in the Large Cap band.
What is the PE ratio of Steel Authority of India Ltd?
Steel Authority of India Ltd trades at a PE ratio of 16.88, on earnings per share of ₹9.38, against a book value of ₹146.12 per share.
What is the 52-week high and low of Steel Authority of India Ltd?
Over the last 52 weeks Steel Authority of India Ltd has traded between ₹124 and ₹209.7.
Does Steel Authority of India Ltd pay dividends?
Steel Authority of India Ltd has a dividend yield of 1.29%.
What is the Return on Equity (ROE) of Steel Authority of India Ltd?
Steel Authority of India Ltd reported a return on equity of 5.59%. Its debt-to-equity ratio is 0.53.

Company Information

Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.(Source : Company Web-Site)

Website sail.co.in
CEO Mr. Amarendu Prakash
Employees 53,159
Listed 1995-07-06
Face Value ₹ 10
Issued Size 4,13,05,25,289

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