Steel Authority of India Ltd

Q4 FY25Ferrous Metals

Steel Authority of India Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹173

Market cap₹72.5K Cr

P/E15.0

Updated23 Aug 2026

Read4 min read

The short version

SAIL targets crude steel production to increase from ~19.17 million tons in FY24-25 to around 20 million tons or beyond in FY25-26. FY '25-'26 crude steel production expected to increase beyond 20 million tons, driving volume growth.

From Steel Authority of India Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

SAIL targets crude steel production to increase from ~19.17 million tons in FY24-25 to around 20 million tons or beyond in FY25-26.
Sales volume grew about 5% to 17.9 million tons in FY24-25, with expectations for continued growth next year.
Capex of INR 7,500 crores for FY25-26 with incremental capacity additions (2-3 million tons) expected by FY28 via debottlenecking and new facilities.
Long-term capacity expansion plan to reach 35 million tons by 2030 (up from current 20 million tons).
Improved operational efficiencies and cost reductions are expected to support volume and sales growth.
Domestic steel demand is projected to grow over 8% annually in coming years, supported by strong infrastructural spending and government support.
Market conditions expected to improve post-monsoon, with stabilized steel prices supported by safeguard duties and global coal price reductions.

Profitability & Margins

FY '25-'26 crude steel production expected to increase beyond 20 million tons, driving volume growth.
Operating improvements targeting better techno-economic parameters, with blast furnace productivity exceeding 2 tons/m³/day.
Cost reduction of INR650 crores achieved in FY '24-'25 expected to improve further in FY '25-'26.
Employee costs projected to decline by INR400-500 crores in FY '25-'26 due to natural separations and automation.
Sales prices anticipated to increase by INR2,000-3,000 per ton in Q1 FY '26, aided by stable/reduced coking coal costs.
Debt reduction planned via internal accruals despite rising capex.
Capex expected to rise to INR10,000-15,000 crores by FY '28-'29, supporting capacity expansion from 20 to 35 million tons by 2030.
Positive outlook on steel demand supported by government infrastructure spend and safeguard duties.
Overall, margins and profits expected to improve with operational efficiency, price stability, and sustainable growth initiatives.

See what Steel Authority of India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

SAIL plans to expand capacity from 20 million tons to 35 million tons by 2030, including both brownfield and greenfield projects.
Brownfield debottlenecking efforts expected to add around 2-3 million tons capacity by 2028.
Greenfield projects and major capacity expansions underway, with first tendering activity started at IISCO Steel Plant (ISP).
FY 2025-26 capex budget set at INR 7,500 crores, excluding pellet plants which are BOO (Build-Own-Operate) basis.
Capex expected to increase gradually, peaking around FY 2028-29, potentially reaching INR 10,000-15,000 crores.
Pellet plants underway; Bhilai plant construction to start by June 2025, others in Rourkela and Durgapur at tendering stage, expected completion in ~3 years.
Investments aim to improve capacity utilization, cost competitiveness, and sustainable performance including decarbonization.

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

Current debt stands at around INR 26,700 - 26,800 crores, with a plan to reduce it further this financial year.
Debt was reduced by about INR 750 crores last year and there is a month-on-month reduction plan ahead.
Despite planned capex increases, the company aims to manage funding through:
- Increasing profitability and internal accruals to cover part of the capex.
- Utilizing other financial instruments to raise funds as needed.
The company's current debt-to-equity ratio is strong enough to support future funding needs.
No explicit mention of equity fundraising was made in the transcripts.
Capex will rise from INR 7,500 crores in FY '26, potentially increasing by INR 10,000 - 15,000 crores by '28-'29, influencing funding requirements.

See what Steel Authority of India Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly mention the current or expected orderbook or pending orders for Steel Authority of India Limited (SAIL). However, the following related points can be inferred: - Sales volume for FY 2024-25 grew by around 5% to 17.9 million tons, indicating strong sales performance. - Sales to government entities such as Railways and Defence are significant, though specific orderbook details were not disclosed. - Some clarifications were sought on railway supply contract numbers and cumulative vs. YTD figures by analysts, but exact pending orders remain unspecified. - The company is optimistic about demand with expected improvements in net sales realization (NSR) and steel demand due to government infrastructure spending and safeguard duty protection. In summary, specific current or expected orderbook/pending order details were not provided in the call transcript.

Steel Authority of India Ltd — 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.

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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 Q4 FY25 results?

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?

SAIL plans to expand capacity from 20 million tons to 35 million tons by 2030, including both brownfield and greenfield projects.

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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.