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India's state-owned integrated steelmaker, operating multiple large plants across the country for flat and long products.
India's state-owned integrated steelmaker, operating multiple large plants across the country for flat and long products.
Sells steel by the tonne at market-related prices, so earnings follow the gap between steel prices and the cost of coking coal and iron ore. It mines its own iron ore but imports much of its coking coal, a cost it cannot control. The Bhilai plant is a main source of rails for Indian Railways.
In one line: India's nationalized U.S. Steel.
Moat: narrow (scale, installed base). Large legacy plants and captive mines, but state ownership limits capital efficiency versus private peers.
Headquarters: New Delhi, India · Founded: 1954 · Employees: 117,818
Size Steel Authority of India (SAIL.NS) is an India Materials company (Steel) with a market value of $7.49B, the 151st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹171.60 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -3.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +9.2%); the operating margin is 7.6% (peer median 6.8%).
Valuation It trades at 8.9× forward earnings against a peer median of 14.1× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.7 points below its cost of capital (13.8% WACC).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹1.16T | ₹1.11T | ₹1.02T | ₹1.05T | ₹1.04T |
| Revenue growth | — | +8% | -3% | +1% | — |
| Gross profit | ₹419B | ₹213B | ₹176B | ₹181B | ₹150B |
| EBITDA | ₹151B | ₹129B | ₹112B | ₹118B | ₹91.8B |
| Net income | ₹56.0B | ₹33.7B | ₹23.7B | ₹30.7B | ₹21.8B |
| Free cash flow | n/a | ₹90.5B | ₹14.8B | -₹37.5B | -₹111B |
| Capital expenditure | n/a | ₹87.6B | ₹62.2B | ₹47.1B | ₹39.2B |
| Total debt | ₹315B | ₹319B | ₹369B | ₹363B | ₹308B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Steel Authority of India SAIL.NS | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% |
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% |
| JSW Steel JSWSTEEL.NS | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% |
| Jindal Steel JINDALSTEL.NS | $12.6B | -7% | +26% | 10% | 21.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SAIL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | -4.9% | 6th highest of 21 |
| 6-month return | -8.4% | -3.8% | 10th lowest of 21 |
| Distance from 52-week high | -18.2% | -24.6% | 6th highest of 21 |
| Revenue growth (TTM) | +9.4% | +9.2% | 11th highest of 21 |
| Operating margin | 7.6% | 6.8% | 10th highest of 21 |
| Forward P/E | 8.9× | 14.1× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 11.0% | 5.2% | 6th most demanding of 13 |
| Growth delivered (Del g) | +9.9% | +7.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +1.1 pp | -6.6 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -6.7 pp | -2.2 pp | 4th lowest of 21 |
| EV / EBITDA | 6.7× | 8.6× | 4th cheapest of 16 |
| Net debt / EBITDA | 2.0× | 1.5× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |