WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹2,121 to ₹12,243) — one year is a weak guide to the earnings power.
Importance 64 / 95 · growth
Steel Authority of India · Research view
Steel Authority of India Ltd.
NSE: SAILBSE: 500113ISIN INE114A01011Face value ₹10consolidated
₹174
−4.19% · 2026-10-01 · 52-wk ₹126–₹206
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Concern
Less profitable than peers
ROE of 5.7% is below the iron and steel median of 9.0%.
Importance 50 / 95 · profitability
Context
Lower P/B than peers
Trades at 1.19× book — 45% below the iron and steel median of 2.15×.
Importance 49 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Metals & Mining › Ferrous Metals › Iron & Steel.
- Market cap
- ₹71,871 cr
- FY2026 revenue
- ₹1,10,811 cr
- FY2026 net profit
- ₹3,373 cr
- Net worth
- ₹60,356 cr
- Total debt
- ₹31,928 cr
- EPS (basic)
- ₹8.17
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 iron & steel.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 7 years (from ₹2,121 to ₹12,243) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +7.5%over 7 years
- Revenue growth
- +8.1%vs last year
- Net profit growth
- +42.2%vs last year
- Change in net profit since FY19
- +44%
Reported net profit grew 42.2% (FY2025 → FY2026), but pre-tax profit was ₹4,080 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
Revenue has compounded at 7.5% a year over 7 years (₹66,974 → ₹1,10,811) — though FY2022 saw a one-off step-change of 50% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹1,644 cr, up 120.8% from ₹745 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 120.8% while revenue grew 1.2% vs the same quarter last year — a gap of 119.6 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 EBIT was ₹2,798 cr, up 87.9% from ₹1,489 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 24,675 | — | 897 | — | 3.6% |
| Q3 FY25 | 24,490 | +4.9% | 142 | −66.4% | 0.6% |
| Q4 FY25 | 29,316 | +4.9% | 1,251 | +11.1% | 4.3% |
| Q1 FY26 | 25,922 | +8.0% | 745 | +810.5% | 2.9% |
| Q2 FY26 | 26,704 | +8.2% | 419 | −53.3% | 1.6% |
| Q3 FY26 | 27,371 | +11.8% | 374 | +163.6% | 1.4% |
| Q4 FY26 | 30,813 | +5.1% | 1,835 | +46.7% | 6.0% |
| Q1 FY27 | 26,246 | +1.2% | 1,644 | +120.8% | 6.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹1,11,135 crTTM
- EBITDA
- ₹14,322 crTTM
- EBIT
- ₹8,215 crTTM
- PBT
- ₹5,346 crTTM
- Net profit
- ₹4,272 crTTM
C. Corporate actions
30 Sept 2026DividendFinal Dividend - Rs. - 2.3500 — ₹2.35/share
8 Sept 2025DividendFinal Dividend - Rs. - 1.6000 — ₹1.60/share
19 Sept 2024DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
20 Feb 2024DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
20 Sept 2023DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
24 Mar 2023DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
28 Jul 2022DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share
28 Mar 2022DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
9 Nov 2021DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
20 Sept 2021DividendFinal Dividend - Rs. - 1.8000 — ₹1.80/share
4 Feb 2021DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
22 Aug 2019DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
11 Aug 2015DividendFinal Dividend - Rs. - 0.2500 — ₹0.25/share
18 Feb 2015DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
18 Feb 2014DividendInterim Dividend - Rs. - 2.0200 — ₹2.02/share
2 Aug 2013DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
15 Feb 2013DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
9 Aug 2012DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
15 Feb 2012DividendInterim Dividend - Rs. - 1.2000 — ₹1.20/share
10 Aug 2011DividendFinal Dividend - Rs. - 1.2000 — ₹1.20/share
18 Jan 2011DividendInterim Dividend - Rs. - 1.2000 — ₹1.20/share
29 Jul 2010DividendFinal Dividend - Rs. - 1.7000 — ₹1.70/share
1 Feb 2010DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
30 Jul 2009DividendDividend - Rs. - 1.3000 — ₹1.30/share
30 Jan 2009DividendInterim Dividend - Rs. - 1.3000 — ₹1.30/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 5.7% is below the iron and steel median of 9.0%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 11.6%
- 8-year range
- 8.6–21.5%
- ROE FY2026
- 5.7%
- ROCE FY2026
- 7.3%
ROE rose from 4.1% to 5.7%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹4,080) — the operating return moved less than this.
EBITDA margin has ranged from 8.6% to 21.5% over 7 years and sits at 11.6% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Leverage and cash generation over the loaded history are shown above.
Operating cash flowNet profit
- Total debt
- ₹31,928 cr
- Operating cash flow ÷ net profit
- 5.64×FY2026
- Free cash flow
- ₹10,942 cr
- Current ratio
- 0.82×
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 iron & steel (FY2026, consolidated).
Revenue growth
SAIL · 2nd of 4 · set median 7.5%
EBITDA margin
SAIL · 4th of 4 · set median 16.1%
Return on equity
SAIL · 4th of 4 · set median 9.0%
P/E ratio
SAIL · 2nd of 4 · set median 18.3×
Context
Trades at 1.19× book — 45% below the iron and steel median of 2.15×.
Rule PB_BELOW_PEERS
- P / E
- 16.8×TTM to Jun 26
- P / B
- 1.2×latest book
- P / S
- 0.6×TTM sales
- Earnings yield
- 5.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 21.3× · P/S 0.6× · ROE 5.7%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +29.0%
- 3-year return
- +85.4%
- 5-year return
- +51.6%
- From 52-wk high
- −15.6%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹179
- vs 200-day avg
- Above₹168
- RSI (14)
- 41.6neutral
- MACD histogram
- -0.6
- From 52-wk high
- −15.6%
- From 52-wk low
- +38.2%
- 30-day volatility
- 40.5%ann.
- 6-month return
- +14.9%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹2,121 to ₹12,243) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 64
- ConcernLess profitable than peersROE of 5.7% is below the iron and steel median of 9.0%.ROE_BELOW_PEER_MEDIAN · conviction 50
- WatchProfit growingReported net profit grew 42.2% (FY2025 → FY2026), but pre-tax profit was ₹4,080 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 44
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹668 exceptional charge (16.4% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 41
- WatchReturns improvingROE rose from 4.1% to 5.7%, but reported profit this year was lifted by a large exceptional item this year (pre-tax profit was ₹4,080) — the operating return moved less than this.ROE_IMPROVED_YOY · conviction 37
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66,974 | 61,664 | 69,114 | 1,03,477 | 1,04,448 | 1,05,378 | 1,02,479 | 1,10,811 |
| Total income | 67,468 | 62,570 | 69,974 | 1,04,335 | 1,05,398 | 1,06,445 | 1,03,354 | 1,11,705 |
| EBITDA | 10,256 | 11,122 | 13,599 | 22,200 | 8,990 | 12,216 | 11,521 | 12,894 |
| Profit before tax | 3,326 | 3,107 | 6,738 | 15,874 | 2,247 | 3,623 | 2,765 | 4,080 |
| Net profit | 2,349 | 2,121 | 4,148 | 12,243 | 2,177 | 3,067 | 2,372 | 3,373 |
| EPS (₹) | 5.7 | 5.1 | 10.0 | 29.6 | 5.3 | 7.4 | 5.7 | 8.2 |
| Net worth | 39,646 | 41,510 | 45,406 | 54,212 | 54,747 | 57,101 | 58,906 | 60,356 |
| Total debt | 41,434 | 51,201 | 35,576 | 13,386 | 25,662 | 36,323 | 36,934 | 31,928 |
| Operating cash flow | — | — | 23,430 | 30,987 | −5,290 | 2,911 | 10,023 | 19,039 |
| Free cash flow | — | — | 19,758 | 27,557 | −8,812 | −1,297 | 4,646 | 10,942 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -7.9 | 12.1 | 49.7 | 0.9 | 0.9 | -2.8 | 8.1 |
| Profit growth YoY | — | -9.7 | 95.6 | 195.2 | -82.2 | 40.9 | -22.7 | 42.2 |
| Profitability | ||||||||
| EBITDA margin % | 15.3 | 18.0 | 19.7 | 21.5 | 8.6 | 11.6 | 11.2 | 11.6 |
| Net margin % | 3.5 | 3.4 | 5.9 | 11.7 | 2.1 | 2.9 | 2.3 | 3.0 |
| Return on equity % | 5.9 | 5.2 | 9.5 | 24.6 | 4.0 | 5.5 | 4.1 | 5.7 |
| Return on capital % | 8.5 | 8.5 | 10.9 | 24.1 | 5.4 | 8.0 | 6.2 | 7.3 |
| Leverage & cash | ||||||||
| Debt to equity | 1.05 | 1.23 | 0.78 | 0.25 | 0.47 | 0.64 | 0.63 | 0.53 |
| Cash flow ÷ profit | — | — | 5.65 | 2.53 | -2.43 | 0.95 | 4.23 | 5.64 |
| Current ratio | 0.78 | 0.91 | 0.69 | 0.73 | 0.77 | 0.90 | 0.91 | 0.82 |