Steel Authority of India · Research view

Steel Authority of India Ltd.

NSE: SAILBSE: 500113ISIN INE114A01011Face value ₹10standalone

₹174

−4.19% · 2026-10-01 · 52-wk ₹126–₹206

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

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

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

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: ₹1,10,810 cr
FY2026 net profit: ₹3,233 cr
Net worth: ₹58,195 cr
Total debt: ₹31,922 cr
EPS (basic): ₹7.83
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 4 iron & steel.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

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: +50.5%vs last year
Change in net profit since FY19: +48%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

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?

Margins — FY19 to FY26% of revenue · consolidated

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: 11.9%
8-year range: 9.0–21.6%
ROE FY2026: 5.7%
ROCE FY2026: 7.8%

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 — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Leverage and cash generation over the loaded history are shown above.

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹31,922 cr
Operating cash flow ÷ net profit: 5.88×FY2026
Free cash flow: ₹10,661 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?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

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%

RSI (14) · 0–10041.6 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
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.
EARNINGS_VOLATILE · conviction 64
Concern
Less profitable than peers
ROE of 5.7% is below the iron and steel median of 9.0%.
ROE_BELOW_PEER_MEDIAN · conviction 50
Watch
Profit growing
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.
PROFIT_GREW_YOY · conviction 44
Watch
Reported profit carries a one-off
FY2026 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
Watch
Returns improving
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.
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.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	66,967	61,661	69,110	1,03,473	1,04,447	1,05,375	1,02,478	1,10,810
Total income	67,500	62,646	70,122	1,04,515	1,05,802	1,06,523	1,03,613	1,11,961
EBITDA	10,267	11,184	13,740	22,364	9,379	12,280	11,764	13,146
Profit before tax	3,338	3,171	6,879	16,039	2,637	3,688	3,009	4,334
Net profit	2,179	2,022	3,850	12,015	1,903	2,733	2,148	3,233
EPS (₹)	5.3	4.9	9.3	29.1	4.6	6.6	5.2	7.8
Net worth	38,152	39,777	43,495	52,017	52,139	54,131	55,656	58,195
Total debt	41,434	51,201	35,576	13,386	25,662	36,315	36,934	31,922
Operating cash flow	—	—	23,396	30,964	−5,406	2,933	10,239	19,007
Free cash flow	—	—	19,569	27,347	−9,321	−1,427	4,655	10,661

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-7.9	12.1	49.7	0.9	0.9	-2.7	8.1
Profit growth YoY	—	-7.2	90.4	212.1	-84.2	43.6	-21.4	50.5
Profitability
EBITDA margin %	15.3	18.1	19.9	21.6	9.0	11.7	11.5	11.9
Net margin %	3.2	3.2	5.5	11.5	1.8	2.6	2.1	2.9
Return on equity %	5.7	5.2	9.2	25.2	3.7	5.1	3.9	5.7
Return on capital %	8.6	8.7	11.3	25.0	6.2	8.3	6.7	7.8
Leverage & cash
Debt to equity	1.09	1.29	0.82	0.26	0.49	0.67	0.66	0.55
Cash flow ÷ profit	—	—	6.08	2.58	-2.84	1.07	4.77	5.88
Current ratio	0.77	0.91	0.69	0.73	0.77	0.90	0.90	0.82