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Latest: Steel Authority of India Ltd Q2 FY27 (Jul–Sep 2026) results →This page is Q2 FY26 (Jul–Sep 2025).All Q2 FY26 results →
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Steel Authority of India Ltd

Q2 FY26Ferrous Metals

Steel Authority of India Q2 FY26: Capex ₹36,000 Cr

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹173
Market cap₹72.5K Cr
P/E15.0
Updated23 Aug 2026
Read4 min read

The short version

For FY26-27, SAIL expects production and sales volume growth of 5% to 7% compared to FY25-26, driven by debottlenecking projects across plants including IISCO, Bhilai, Rourkela, and Durgapur. EBITDA margin expected to improve in Q3 and significantly in Q4, potentially reaching 14-15% due to completion of capital repairs and increased production (Page 19).

From Steel Authority of India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • For FY26-27, SAIL expects production and sales volume growth of 5% to 7% compared to FY25-26, driven by debottlenecking projects across plants including IISCO, Bhilai, Rourkela, and Durgapur.
  • In Q3 and Q4 of FY25, an increase in production is expected with sales volumes rising even more to reduce steel inventory.
  • Over FY26-27, a significant reduction (about 50%) in sellable steel inventory is targeted, alongside production volume increases.
  • Long-term capacity expansion primarily includes 4.5 million tons expansion at IISCO (~Rs.36,000 crores CAPEX) and various debottlenecking projects at multiple plants, with CAPEX expected to exceed Rs.10,000 crores from FY26-27 onwards.

2 more points from Steel Authority of India Ltd's call on revenue

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Profitability & Margins

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Capital Expenditure Plans

  • Major CAPEX planned for IISCO expansion: 4.5 million tons capacity increase at a cost of around Rs.36,000 crores.
  • Most major packages for IISCO expansion have been tendered and finalized; order placements underway, with physical work starting in FY26-27.
  • Other ongoing CAPEX includes de-bottlenecking projects at Durgapur, IISCO, Bhilai, and Rourkela Steel Plant (RSP).
  • FY25 CAPEX target exceeded Rs.7,500 crores, expected to exceed Rs.10,000 crores from FY26-27 onward, with further increases in subsequent years.
  • Expansion and de-bottlenecking projects to drive over 5-7% volume growth in FY26-27.

2 more points from Steel Authority of India Ltd's call on capex

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Top-ranked in Ferrous Metals

Ranked on what management guided this quarter

Guidance-ranked
1Shri Hare-Krish.
Rev 1Mar 1
2Jindal Steel
Rev 2Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 3Mar 2
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

  • For IISCO expansion (4.5 million tons capacity increase at Rs. 36,000 crores):
  • Major packages already tendered and mostly finalized.
  • Some orders have been placed; remaining major packages’ orders to be completed in 1-2 months.
  • Design engineering and physical work to start post order placement.
  • Significant CAPEX payments expected in FY26-27.
  • Other projects:
  • De-bottlenecking efforts ongoing at Durgapur, IISCO, Bhilai, Rourkela Steel Plant (RSP).
  • Orders placed for Durgapur Rebar mill last year; ground activities ongoing.
  • Blast furnace orders at Durgapur being finalized.

2 more points from Steel Authority of India Ltd's call on order book

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Steel Authority of India Ltd — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹32.0K Cr, net profit ₹1.8K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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

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Frequently Asked Questions

What were Steel Authority of India Ltd Q2 FY26 results?

For FY26-27, SAIL expects production and sales volume growth of 5% to 7% compared to FY25-26, driven by debottlenecking projects across plants including IISCO, Bhilai, Rourkela, and Durgapur. EBITDA margin expected to improve in Q3 and significantly in Q4, potentially reaching 14-15% due to completion of capital repairs and increased production (Page 19).

What is Steel Authority of India Ltd share price analysis?

Steel Authority of India Ltd currently shows a neutral. The stock trades at a P/E of 15.0 with a market cap of ₹72,491 Cr. Investors should review the full earnings analysis for detailed insights.

Is Steel Authority of India Ltd planning capital expenditure?

Major CAPEX planned for IISCO expansion: 4.5 million tons capacity increase at a cost of around Rs.36,000 crores.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.