Steel Exchange India Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹1,222 Cr
- P/E
- 38.44
- ROE
- 2.82%
- PEG
- 1.16
- Price to sales
- 1.19
- Debt to equity
- 0.54
- 52W high / low
- ₹13.4 / ₹7.03
- Sales growth (5Y)
- 3.24%
- EBITDA margin
- 13.01%
- Net profit margin
- 1.97%
- Promoter holding
- 49.67%
- Sales (last year)
- ₹1,029 Cr
Incorporated in 1999, Steel Exchange India Ltd manufactures steel products, trading of related products and generation and sale of power[1]
Guidance scorecard · Q4 FY26 call
What Steel Exchange India Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
20–40%- The company plans to double production volumes in FY27 compared to previous years.
- Q4 FY26 rebar sales volumes were approximately 50,000 tons, up from 41,000 tons the previous year.
- Capacity utilization is expected to increase from current ~46%-56% for TMT and billets to 70%-75% during the current year due to reheating furnace refurbishments and sourcing billets externally.
- The new reheating furnace, operational from Q2 FY27, is expected to boost production and EBITDA margins significantly.
- Expansion plans include acquiring additional land for manufacturing and logistics to support a 1 million ton green steel plant.
- Strategic partnerships and new equity infusion of around INR 300-350 crores are expected to fuel growth.
2 more points from Steel Exchange India Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Steel Exchange India Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Current capex includes reheating furnace installation and refurbishment of existing furnaces, expected to complete this year and improve production and EBITDA margins from Q2 FY27 onwards.
- Expanded billet and rebar capacity by ~44-45% late last year; current utilization around 46-47% (TMT) and 55-56% (billet), expected to reach 70-75% this year.
- New capex for a 1 million ton green steel plant planned but will commence about a year later, pending strategic investor finalization and groundbreaking.
- Strategic investor IMR Resources has subscribed shares worth INR300 crores expected within six months, funding growth and debt reduction.
2 more points from Steel Exchange India Ltd's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Steel Exchange India Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- Management discusses ongoing and upcoming expansions and capacity increases, indicating expected growth in orders.
- The company has strategic investor support (IMR Resources) for INR 300 crore via share warrants aimed at growth and green steel manufacturing.
- MOUs with Andhra Pradesh government for land acquisition and plant expansion suggest expected orders linked to infrastructure projects.
- The company is leveraging large upcoming investments in Vizag, including AI hubs and industrial growth, which likely translates into increased demand.
2 more points from Steel Exchange India Ltd's call on the order book
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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 Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingSteel Exchange India Ltd announcements
All announcements →- Credit ratingNotableSteel Exchange India Ltd records highest Re-Bar production and credit upgrade in H1 FY27
- Capex / expansionNotableSteel Exchange India Limited reports highest-ever Re-Bar production in Sept 2026
Financials of Steel Exchange India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Steel Exchange India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 398 | 251 | 269 | 256 | 312 | 264 | 261 | 328 | 291 | 300 | 232 | 240 | 287 |
| Expenses + | 363 | 231 | 250 | 233 | 279 | 239 | 234 | 288 | 259 | 269 | 204 | 218 | 238 |
| Operating Profit | 35 | 20 | 19 | 23 | 34 | 25 | 27 | 39 | 33 | 31 | 27 | 22 | 50 |
| OPM % | 9% | 8% | 7% | 9% | 11% | 10% | 10% | 12% | 11% | 10% | 12% | 9% | 17% |
| Other Income + | 1 | 1 | 1 | 1 | 1 | 2 | 0 | 0 | 17 | 5 | 1 | 1 | 0 |
| Interest | 42 | 21 | 18 | 19 | 19 | 19 | 18 | 18 | 19 | 19 | 19 | 14 | 18 |
| Depreciation | 6 | 6 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 7 |
| Profit before tax | -12 | -5 | -4 | 0 | 10 | 3 | 3 | 16 | 24 | 10 | 2 | 2 | 26 |
| Tax % | 253% | 0% | 0% | 0% | -95% | 0% | 0% | 0% | 80% | 0% | 0% | 0% | 52% |
| Net Profit + | -43 | -5 | -4 | 0 | 20 | 3 | 3 | 16 | 5 | 10 | 2 | 2 | 12 |
| EPS in Rs | -0.41 | -0.05 | -0.03 | 0.00 | 0.16 | 0.02 | 0.02 | 0.13 | 0.04 | 0.09 | 0.02 | 0.02 | 0.10 |
Financials of Steel Exchange India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,562 | 1,658 | 1,271 | 922 | 1,024 | 781 | 898 | 1,099 | 1,375 | 1,088 | 1,140 | 1,059 |
| Expenses + | 1,387 | 1,506 | 1,197 | 933 | 1,000 | 710 | 764 | 993 | 1,279 | 989 | 1,016 | 928 |
| Operating Profit | 175 | 152 | 74 | -11 | 24 | 71 | 134 | 106 | 97 | 98 | 124 | 131 |
| OPM % | 11% | 9% | 6% | -1% | 2% | 9% | 15% | 10% | 7% | 9% | 11% | 12% |
| Other Income + | 12 | 11 | -46 | -39 | -1 | -1 | 77 | 20 | 5 | 2 | 19 | 7 |
| Interest | 128 | 123 | 157 | 136 | 10 | 3 | 26 | 88 | 106 | 78 | 75 | 69 |
| Depreciation | 25 | 27 | 30 | 29 | 30 | 27 | 43 | 24 | 24 | 21 | 24 | 28 |
| Profit before tax | 35 | 14 | -159 | -215 | -17 | 39 | 143 | 14 | -28 | 1 | 46 | 40 |
| Tax % | 18% | 46% | -1% | -21% | 114% | -64% | 2% | -704% | 108% | -757% | 43% | 33% |
| Net Profit + | 28 | 7 | -157 | -170 | -37 | 64 | 140 | 116 | -59 | 11 | 26 | 27 |
| EPS in Rs | 0.55 | 0.14 | -2.07 | -2.24 | -0.48 | 0.85 | 1.74 | 1.32 | -0.57 | 0.09 | 0.22 | 0.22 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Steel Exchange India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 52 | 76 | 76 | 76 | 76 | 76 | 80 | 88 | 104 | 120 | 120 | 125 |
| Reserves | 323 | 288 | 222 | 52 | 15 | 80 | 222 | 403 | 413 | 542 | 586 | 626 |
| Borrowings + | 713 | 692 | 982 | 1,069 | 1,021 | 1,014 | 438 | 458 | 359 | 382 | 358 | 358 |
| Other Liabilities + | 774 | 811 | 436 | 337 | 315 | 217 | 249 | 168 | 256 | 224 | 220 | 275 |
| Total Liabilities | 1,863 | 1,868 | 1,716 | 1,533 | 1,428 | 1,387 | 989 | 1,117 | 1,132 | 1,268 | 1,284 | 1,384 |
| Fixed Assets + | 614 | 591 | 695 | 717 | 691 | 666 | 612 | 596 | 579 | 570 | 613 | 602 |
| CWIP | 46 | 53 | 54 | 5 | 4 | 4 | 6 | 7 | 13 | 30 | 3 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 1,202 | 1,223 | 966 | 811 | 732 | 717 | 371 | 514 | 540 | 668 | 668 | 778 |
| Total Assets | 1,863 | 1,868 | 1,716 | 1,533 | 1,428 | 1,387 | 989 | 1,117 | 1,132 | 1,268 | 1,284 | 1,384 |
Financials of Steel Exchange India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 91 | 166 | -149 | 50 | 60 | 37 | 79 | 5 | 138 | -48 | 97 | -38 |
| Cash from Investing Activity + | -34 | -9 | -6 | -2 | -3 | -2 | 13 | 9 | -14 | -49 | -15 | 8 |
| Cash from Financing Activity + | -49 | -163 | 151 | -49 | -58 | -10 | -116 | -1 | -120 | 98 | -81 | 25 |
| Net Cash Flow | 8 | -5 | -4 | -0 | -1 | 25 | -23 | 13 | 4 | 1 | 1 | -5 |
| Free Cash Flow | 56 | 158 | -155 | 49 | 57 | 34 | 92 | 15 | 124 | -97 | 82 | -30 |
| CFO/OP | 52% | 105% | -200% | -460% | 252% | 52% | 59% | 5% | 142% | -49% | 78% | -25% |
Financials of Steel Exchange India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 59 | 62 | 39 | 14 | 18 | 22 | 31 | 30 | 59 | 62 | |
| Inventory Days | 195 | 190 | 215 | 268 | 257 | 344 | 100 | 98 | 88 | 123 | 126 | |
| Days Payable | 169 | 153 | 36 | 45 | 59 | 65 | 49 | 33 | 45 | 52 | 58 | |
| Cash Conversion Cycle | 99 | 96 | 241 | 262 | 212 | 297 | 74 | 95 | 73 | 129 | 129 | |
| Working Capital Days | 15 | -4 | -56 | -172 | -159 | -191 | 40 | 35 | 15 | 103 | 82 | |
| ROCE % | 18% | 13% | 4% | -3% | -0% | 5% | 11% | 10% | 8% | 8% | 10% |
Guidance history
How Steel Exchange India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q1 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −2.7% | 59% |
| Last 6 months | −4.1% | 49% |
| Last 3 months | −14.8% | 33% |
The price is 62.4% below its all-time high of ₹25.43 (8 Apr 2022). Stocks more than 20% below their peak have their score halved, so 50 became 25.
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 Exchange India Ltd: 0.4 × 59 + 0.4 × 49 + 0.2 × 33 = 50, halved to 25 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 30 Oct 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 Exchange India Ltd's management said in earlier quarters
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