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

Financials of S.A.L Steel

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

Financials of S.A.L Steel

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +142.14112.31153.64157.00129.53139.46110.71123.52193.82116.94127.6865.732.20
Expenses +134.83106.52148.00151.23127.26130.16104.73117.65181.73117.09133.0052.762.23
Operating Profit7.315.795.645.772.279.305.985.8712.09-0.15-5.3212.97-0.03
OPM %5.14%5.16%3.67%3.68%1.75%6.67%5.40%4.75%6.24%-0.13%-4.17%19.73%-1.36%
Other Income +0.000.000.000.000.000.000.000.00-4.160.000.000.0016.09
Interest3.853.303.143.203.223.173.183.224.875.104.935.145.67
Depreciation2.382.392.382.402.382.462.602.552.582.842.692.702.69
Profit before tax1.080.100.120.17-3.333.670.200.100.48-8.09-12.945.137.70
Tax %24.07%220.00%16.67%17.65%-25.53%26.43%20.00%40.00%241.67%-26.21%-25.19%27.29%13.90%
Net Profit +0.82-0.120.100.14-2.482.700.160.06-0.68-5.97-9.683.736.63
EPS in Rs0.10-0.010.010.02-0.290.320.020.01-0.08-0.70-1.140.440.61

Financials of S.A.L Steel

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +326363327361446571408301505496577544313
Expenses +326337304351440562426301509487555521305
Operating Profit-026231069-18-0-4821237
OPM %-0%7%7%3%1%2%-4%-0%-1%2%4%4%2%
Other Income +2-47-31266-19442229142-316
Interest3030121122008131721
Depreciation179888889910101111
Profit before tax-47-59-29464-1917121661-7-8
Tax %-24%28%0%75%34%16%7%7%29%36%26%-12%
Net Profit +-35-76-29142-2216121240-6-5
EPS in Rs-4.17-8.93-3.390.104.99-2.541.871.361.360.420.06-0.76-0.79
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 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital85858585858585858585858585
Reserves-15-91-120-124-65-86-70-59-47-43-43-46-52
Borrowings +17612186172175170161146124125125178198
Other Liabilities +1671721991628711413912312911011712269
Total Liabilities413287250296282283314295291277284338300
Fixed Assets +156147140133128126118155146136143151145
CWIP1045625252511461131121
Investments0000000000000
Other Assets +1538386138130147150139144137140187134
Total Assets413287250296282283314295291277284338300

Financials of S.A.L Steel

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-17222-67-4542422826-21
Cash from Investing Activity +10-1-1-38-35-10-2-13-18
Cash from Financing Activity +11-22-17-3-6-18-22-22-7-1339
Net Cash Flow-40-001-2010-10-0
Free Cash Flow-16220-644182322826-21
CFO/OP3,479%84%8%-61%108%-44%-295%-8,893%-729%126%123%-91%

Financials of S.A.L Steel

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days54134551285810710440514245
Inventory Days574348928528225647574081
Days Payable3534384430437511146283217
Cash Conversion Cycle7622559983435450418150110
Working Capital Days-201-216-228-433523108-71322519
ROCE %-6%10%18%5%1%2%11%7%10%8%8%7%

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