S A I L

Q1 FY27Ferrous Metals

S A I L Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹185

Market cap₹71.6K Cr

P/E14.8

Updated25 Aug 2026

Read4 min read

What the Q1 FY27 call signalled

2 of 3 strong

RevenueRank 3

MarginRank 1

CapexYes

Not discussed on this call: fundraise, order book.

The short version

Steel demand is expected to continue prospering with hopeful maintenance of price momentum post-monsoons (Page 18). SAIL expects volume growth for the full year '26-'27 compared to '25-'26 despite a slight Q1 dip due to advanced capital repairs.

From S A I L's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 3

Steel demand is expected to continue prospering with hopeful maintenance of price momentum post-monsoons (Page 18).
Planned increase in subgrade ore fines sales: targeting 3 million tonnes in FY27, doubling sales from Odisha mines along with new sales from Chhattisgarh and efforts from Jharkhand (Page 15, 14, 7).
Company committed to increasing sales volume, including inventory liquidation, despite Q1 production impacted by capital repairs; focusing on reducing working capital borrowings (Page 4).
Efforts to enhance captive mine production and ancillary ore sales to boost turnover and profitability (Page 7).
Sales volume in Q1 fell by 7-8%, but company aims to increase in subsequent quarters (Page 3).
Capex planned to increase from INR15,000 crores this year to over INR20,000 crores next year, supporting growth and capacity enhancement (Page 9).

Profitability & Margins

SAIL expects volume growth for the full year '26-'27 compared to '25-'26 despite a slight Q1 dip due to advanced capital repairs.
Cost reduction targeted at INR2,000-3,000 per tonne in the current year through operational efficiencies.
By '28-'29, new facilities at IISCO steel plant to reduce variable costs by INR3,000-4,000 per tonne, with net cost savings of around INR2,000 per tonne after fixed cost adjustments.
EBITDA per tonne reached a record INR10,464 in Q1, indicating strong profitability momentum.
Rising steel demand and supportive Indian economy projections (6.4%-7.2% growth) are expected to sustain price momentum post-monsoons.
Q1 EBITDA increased over 50% YoY; PAT grew about 150% YoY, showing significant earnings growth.
Capex will rise from INR15,000 crores this year to over INR20,000 crores next year, supporting expansion and growth.
Focus on sustainable performance, decarbonization, capacity utilization, and value addition underpins future profitability.

See what S A I L said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

FY27 Capex target is INR 15,000 crores, with INR 2,575 crores already spent in Q1.
Capex is expected to increase over the next 2-3 years:
- FY28 estimated at over INR 20,000 crores
- FY29 and beyond around INR 25,000-26,000 crores.
Major new facility: Expansion at IISCO steel plant expected by '28-'29, which will significantly reduce variable costs by INR 3,000-4,000 per tonne due to fuel and coke rate savings.
TMT bar mill project at Durgapur steel plant expected to be commissioned between September-December 2027, with an output of around 0.8-0.9 million tonnes.
Focus on improving capacity utilization, value addition, decarbonization, and cost competitiveness through these capex projects.

Top-ranked in Ferrous Metals

Ranked on what management guided this quarter

5x potential

1Shri Hare-Krish.₹70 Cr

Rev 1Mar 1

2Indian Metals & Ferro Alloys Ltd₹6.7K Cr

Rev 2Mar 3

3₹5.9K Cr

Rev 2Mar 3

4₹2.3L Cr

Rev 3Mar 1

5₹7.7K Cr

Rev 3Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

- There is no explicit mention of any new fundraising through debt or equity in the current transcript. - The company’s debt position as of June 30, 2026, is around INR 21,729 crores, nearly unchanged from INR 21,663 crores at the start of the year, indicating no significant new borrowing so far. - Efforts are focused on deleveraging by reducing working capital borrowings and inventory to improve cash flow. - The company aims to maintain or reduce the cost of debt, currently around 6.24%, lower than previous levels. - No specific plans or guidance were provided regarding fresh equity issuance. - Pay commission provisioning related to wages may be evaluated in Q4 FY27, but no mention of funding related to this. - Capex plans are sizeable (INR 15,000 crores in FY27, increasing thereafter), but funding sources weren't specified as new debt or equity. In summary, no announced new debt or equity fundraising currently, with focus on debt management and operational cash flows.

See what S A I L said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript and document excerpt provided do not explicitly mention details regarding Steel Authority of India Limited's current or expected order book or pending orders as of July 28, 2026. The focus of the discussion is more on topics such as operational performance, subgrade ore sales, product mix, pricing, coal cost, debt position, capex plans, and market conditions rather than specific order backlogs or pending orders. If you require detailed information on SAIL’s current order book or pending orders, it might not be available in this transcript and would typically be found in specific quarterly or annual financial statements or investor presentations focused on order bookings.

S A I L — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹30.8K Cr, net profit ₹1.8K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Steel Authority of India Ltd's management said in earlier quarters

Others in Ferrous Metals this season

JSW Steel Ltd (Q1 FY27)
22,000-24,000 crores planned for FY27 to support growth and expansions. Key concall takeaways from JSW Steel's Q1 FY27 earnings call — and how it ranks against…
Jindal Steel Ltd (Q1 FY27)
Capex spending planned between INR 7,000 to 10,000 crores annually, primarily for value-added product expansion, not commodity capacity. Key concall takeaways…
Jai Balaji Industries Ltd (Q1 FY27)
Management discussed current debt levels: repayable term debt at INR 188 crores and working capital limits around INR 375-400 crores, with sanctioned debt…
Indian Metals & Ferro Alloys Ltd (Q1 FY27)
Domestic sales comprised around 19% in Q1, with potential to increase as capacity grows. Key concall takeaways from Indian Metals's Q1 FY27 earnings call — and…

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Frequently Asked Questions

What were S A I L Q1 FY27 results?

What is S A I L share price analysis?

S A I L currently shows a below-average growth signal. The stock trades at a P/E of 14.8 with a market cap of ₹71,648 Cr. Investors should review the full earnings analysis for detailed insights.

Is S A I L planning capital expenditure?

FY27 Capex target is INR 15,000 crores, with INR 2,575 crores already spent in Q1.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.