Arthneeti

S.A.L Steel Share Price & Earnings Call Analysis

₹80.49+5.00% today
Market cap
₹1,165 Cr
ROE
-17.74%
Price to sales
6.96
Debt to equity
2.38
52W high / low
₹99.1 / ₹33.8
Sales growth (5Y)
-7.17%
EBITDA margin
20.07%
Net profit margin
-7.93%
Promoter holding
70.98%
Sales (last year)
₹167 Cr

Incorporated in 2003, SAL Steel Ltd does manufacturing of Sponge Iron, Ferro Alloys and Power[1]

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jindal SteelGood growth
    2
  2. Strong growth
    1
  3. Indian MetalsGood growth
    3
See all potential multibaggersWhere does S.A.L Steel rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹52 Cr8.3
2Jindal Steel20–40%Flat₹1.08L Cr33.6
3Indian Metals20–40%Flat₹5,888 Cr11.2
420–40%Flat₹5,614 Cr38.4
510–20%Up 0–2%₹7,209 Cr18.2
610–20%Flat₹3.05L Cr19.4

Sign up free to see every company in the sector ranking and track S.A.L Steel.

Pro shows every company guiding 40%+ revenue growth →Full Ferrous Metals ranking

Financials of S.A.L Steel

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

S.A.L Steel

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%61.47%70.98%70.98%70.98%
FIIs +0.00%0.00%0.00%0.07%0.05%0.00%0.15%0.00%0.00%0.00%0.00%0.04%
Public +49.43%49.44%49.43%49.36%49.38%49.44%49.29%49.44%38.53%29.01%29.01%28.97%
No. of Shareholders55,58969,41366,36065,09763,90464,48663,56560,88457,12455,13253,81853,557

Pros & Cons

S.A.L Steel

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 7.62 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.17% over past five years.
  • Company has a low return on equity of -10.4% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.16.1 Cr.
  • Working capital days have increased from 112 days to 293 days
Raw Insights
  • Stock is trading at 7.62 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.17% over past five years.
  • Company has a low return on equity of -10.4% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.16.1 Cr.
  • Working capital days have increased from 112 days to 293 days

Financials of S.A.L Steel

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +153.64157.00129.53139.46110.71123.52193.82116.94127.6865.732.2011.9787.37
Expenses +148.00151.23127.26130.16104.73117.65181.73117.09132.9952.762.234.8973.82
Operating Profit5.645.772.279.305.985.8712.09-0.15-5.3112.97-0.037.0813.55
OPM %3.67%3.68%1.75%6.67%5.40%4.75%6.24%-0.13%-4.16%19.73%-1.36%59.15%15.51%
Other Income +0.000.000.000.000.000.00-4.160.000.000.0016.090.000.00
Interest3.143.203.223.173.183.224.875.104.935.145.674.576.25
Depreciation2.382.402.382.462.602.552.582.842.692.702.692.792.77
Profit before tax0.120.17-3.333.670.200.100.48-8.09-12.935.137.70-0.284.53
Tax %16.67%17.65%-25.53%26.43%20.00%40.00%241.67%-26.21%-25.21%27.29%13.90%267.86%31.79%
Net Profit +0.100.14-2.482.700.160.06-0.68-5.97-9.673.736.63-1.033.09
EPS in Rs0.010.02-0.290.320.020.01-0.08-0.70-1.140.440.61-0.070.21

Financials of S.A.L Steel

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +363327361446571408301505496577544207167
Expenses +337304351440562426301509487555521193134
Operating Profit26231069-18-0-4821231534
OPM %7%7%2.7%1.4%1.6%-4.5%-0.1%-0.7%1.7%3.7%4.3%7%20%
Other Income +-47-31266-19442229142-31616
Interest3012112200813172022
Depreciation988888991010111111
Profit before tax-59-29464-1917121661-7-017
Tax %28%0%75%34%16%7%7%29%36%26%-12%-10%
Net Profit +-76-29142-2216121240-6-012
EPS in Rs-8.93-3.390.104.99-2.541.871.361.360.420.06-0.76-0.021.19
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Financials of S.A.L Steel

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8585858585858585858585145
Reserves-91-120-124-65-86-70-59-47-43-43-462
Borrowings +12186172175170161146124125125178349
Other Liabilities +17219916287114139123129110117122126
Total Liabilities287250296282283314295291277284338621
Fixed Assets +147140133128126118155146136143151142
CWIP56252525114611311174
Investments000000000000
Other Assets +8386138130147150139144137140187306
Total Assets287250296282283314295291277284338621

Financials of S.A.L Steel

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +222-67-4542422826-21-84
Cash from Investing Activity +0-1-1-38-35-10-2-13-18-175
Cash from Financing Activity +-22-17-3-6-18-22-22-7-1339259
Net Cash Flow0-001-2010-10-00
Free Cash Flow220-644182322826-40-259
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit84%8%-61%108%-44%-295%-8,893%-729%126%123%-91%-581%

Financials of S.A.L Steel

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1345512858107104405142453
Inventory Days4348928528225647574081543
Days Payable3438443043751114628321758
Cash Conversion Cycle22559983435450418150110488
Working Capital Days-216-228-433523108-71322519293
ROCE %10%18%5%1%2%11%7%10%8%8%7%1%
45out of 100

Momentum score · price trend

45 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+99.0%94%
Last 6 months+36.9%85%
Last 3 months+32.9%94%

The price is 22.6% below its all-time high of ₹99.06 (30 Sept 2026). Stocks more than 20% below their peak have their score halved, so 90 became 45.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For S.A.L Steel: 0.4 × 94 + 0.4 × 85 + 0.2 × 94 = 90, halved to 45 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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