Arthneeti

Steel Authority of India Q2 FY27 Share Price & Earnings Call Analysis

₹165.30+2.67% today
Market cap
₹68,258 Cr
P/E
14.14
ROE
6.57%
PEG
0.53
Price to sales
0.63
Debt to equity
0.53
52W high / low
₹206 / ₹126
Sales growth (5Y)
9.90%
EBITDA margin
12.04%
Net profit margin
3.53%
Promoter holding
65.00%
Sales (last year)
₹1.11L Cr

Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.(Source : Company Web-Site)

Guidance scorecard · Q2 FY27 call

What Steel Authority of India Ltd's management guided
and where it ranks in Ferrous Metals

#8of 9 in
Ferrous Metals
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • FY27 steel production expected around 48-50 million tons, up from 38 million tons last year; optimistic target is 56 million tons.
  • Long-term ambition: reach 100 million tons steel production by 2030-31 or 2031-32 (excluding Chiria mines), with a more conservative estimate of 80-85 million tons if 100 million not feasible.
  • Iron ore sales target for FY27: 7-8 million tons (MOU target 7 million, internal target 10 million).
  • Sales volumes including third-party RINL sales projected at ~500,000 tons for the year.
  • Q2 volume growth attributed to restocking and market improvement despite monsoon disruptions; efforts on increasing high-end production ongoing.
  • EBITDA per ton expected to improve in Q3 and Q4 post-monsoon with better operational parameters.

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

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

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

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Steel Authority of India Limited (SAIL) plans significant capex of around INR1,20,000 crores from FY26-27 to FY30-31 for expansion projects.
  • Capex ramp-up: INR15,000 crores guidance for current year; next year expected to be in excess of INR20,000 crores; and further INR25,000 crores or more in subsequent years.
  • Expansion focus on increasing capacity from 20 million tons to 35 million tons across 4 plants: IISCO, Bokaro, Bhilai, and Rourkela.
  • Projects at varying stages: IISCO major packages ordered and work started; Bokaro advanced tendering; Bhilai to start tendering soon; Rourkela DPR prepared, awaiting approval.
  • Land for expansions is mostly encroachment-free.

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

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

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

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • For the IISCO expansion, major packages/orders have already been placed and execution work has started on the ground.
  • Bokaro Steel Plant is in the advanced tendering stage.
  • Bhilai Steel Plant is set to begin tendering within a couple of days/weeks.
  • Rourkela project DPR has been prepared and is moving towards in-principle approval.

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

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Full Q2 FY27 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

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 Steel Authority of India Ltd 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

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

Financials of Steel Authority of India Ltd

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

Shareholder Pattern

Steel Authority of India Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +65.00%65.00%65.00%65.00%65.00%65.00%65.00%65.00%65.00%65.00%65.00%65.00%
FIIs +4.34%3.18%3.01%2.82%2.59%3.21%3.65%3.76%4.54%5.01%7.09%7.30%
DIIs +15.46%15.86%15.72%16.04%15.86%15.75%17.30%18.10%17.84%18.40%16.87%16.49%
Public +15.20%15.96%16.27%16.15%16.55%16.05%14.03%13.14%12.63%11.58%11.05%11.19%
No. of Shareholders15,03,77916,43,07318,42,45419,88,07620,40,66920,46,32619,08,38417,98,68717,07,51015,72,36115,09,42614,55,881

Financials of Steel Authority of India Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +29,71223,34927,95923,99824,67524,49029,31625,92226,70427,37130,81326,24631,998
Expenses +25,83721,20624,47621,77821,76222,46025,83223,15324,17625,07726,40522,09327,781
Operating Profit3,8752,1423,4832,2202,9132,0303,4842,7692,5282,2944,4094,1534,216
OPM %13%9%12%9%12%8%12%11%9%8%14%16%13%
Other Income +-174355-43-28322393362235-3424820287240
Interest605614642691758680664595484547532493523
Depreciation1,3271,3211,3561,4021,3041,4211,5241,4411,4531,5161,5771,5601,609
Profit before tax1,7705631,441981,1733231,6579685564802,5022,1872,324
Tax %26%25%22%17%24%56%25%23%25%22%27%25%25%
Net Profit +1,3064231,126828971421,2517454193741,8351,6441,750
EPS in Rs3.161.022.730.202.170.343.031.801.010.914.443.984.24

Financials of Steel Authority of India Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +46,03238,79344,21057,49666,97361,66469,114103,477104,448105,378102,479110,811116,428
Expenses +41,21741,62844,09452,78857,16751,40056,33782,11496,41094,22991,78998,692101,356
Operating Profit4,815-2,8341154,7089,80710,26412,77621,3638,03811,14910,69012,11915,072
OPM %10%-7%0.3%8%15%17%18%21%8%11%10%11%13%
Other Income +8924253786542832801,3499021,8566651,006532778
Interest1,5552,3002,5282,8233,1553,4872,8171,6982,0372,4742,7932,1582,096
Depreciation1,9072,4042,6823,0663,3853,7564,1034,2754,9645,2785,6515,9886,262
Profit before tax2,245-7,114-4,716-5273,5493,3027,20616,2922,8924,0623,2524,5067,493
Tax %14%-41%-42%-47%34%36%42%25%25%24%27%25%
Net Profit +1,939-4,176-2,756-2812,3492,1214,14812,2432,1773,0672,3723,3735,604
EPS in Rs4.93-10.11-6.67-0.685.695.1310.0429.645.277.425.748.1713.57
Dividend Payout %41%0%0%0%9%0%28%30%28%27%28%29%

Financials of Steel Authority of India Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital4,1314,1314,1314,1314,1314,1314,1314,1314,1314,1314,1314,1314,131
Reserves39,64136,02132,91232,81635,51637,38041,27650,08150,61652,97154,77556,22558,389
Borrowings +32,14635,14141,39645,40945,17054,12737,67717,28430,77336,32336,93431,92831,464
Other Liabilities +26,93226,23429,40533,33933,38531,56035,00748,88545,26247,59840,87843,94147,557
Total Liabilities102,849101,527107,843115,694118,201127,198118,090120,381130,782141,022136,718136,224141,542
Fixed Assets +39,01145,94250,30058,62561,37469,03467,61873,67773,54372,42673,32775,98976,601
CWIP29,32824,92723,27518,39516,0148,7538,8814,7104,8916,1417,20610,55212,620
Investments612,2802,4752,6292,9753,2403,4423,7574,1854,5894,9764,3394,379
Other Assets +34,45028,37731,79236,04437,83846,17038,14938,23748,16357,86751,20945,34447,942
Total Assets102,849101,527107,843115,694118,201127,198118,090120,381130,782141,022136,718136,224141,542

Financials of Steel Authority of India Ltd

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 +2,5794,0432,1606,1647,215-61823,43030,987-5,2902,9119,91419,039
Cash from Investing Activity +-6,292-4,805-5,467-6,480-3,694-4,261-3,295-3,976-3,371-4,261-5,268-7,899
Cash from Financing Activity +3,7757433,302269-3,5495,003-19,808-27,3988,5871,362-4,424-11,403
Net Cash Flow63-20-5-47-28125328-387-7412222-263
Free Cash Flow-5,038-2,450-3,267-4413,335-4,99920,01927,557-8,812-1,2974,53710,942
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit65%-132%1,863%134%74%-5%184%145%-61%27%99%163%

Financials of Steel Authority of India Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days263024252552431719292721
Inventory Days370308274199243370207170180222211158
Days Payable778290878997107143921037572
Cash Conversion Cycle31925520913717932514444107148163108
Working Capital Days-68-137-172-87-51-24-78-39-41-20-17-27
ROCE %5%-6%-2%3%9%8%11%24%6%8%7%8%

Guidance history

How Steel Authority of India Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedPlanned—
Q1 FY27 call →10–20%Up 2%+Planned——
Q3 FY26 call →10–20%Up 2%+Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

29out of 100

Momentum score · price trend

29 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+20.8%75%
Last 6 months−11.2%37%
Last 3 months+0.2%68%

The price is 41% below its all-time high of ₹280.15 (14 Dec 2007). Stocks more than 20% below their peak have their score halved, so 58 became 29.

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 Steel Authority of India Ltd: 0.4 × 75 + 0.4 × 37 + 0.2 × 68 = 58, halved to 29 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.

Continue your research

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

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