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Indian (NIFTY) Steel Industry Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies170
  • 7D2.4%
  • 3M-0.5%
  • 1Y9.6%
  • YTDn/a

The Steel industry is up 2.4% in the last week, with NMDC up 8.4%. In the last 12 months, the industry was up 9.6%. As for the next few years, earnings are expected to grow by 32% per annum.

Industry Valuation and Performance

Has the Indian Steel Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025₹12.7t₹8.7t₹445.2b23.2x28.5x1.4x
Tue, 25 Nov 2025₹12.3t₹8.7t₹447.2b22.3x27.5x1.4x
Thu, 23 Oct 2025₹12.9t₹8.5t₹415.1b24x31.1x1.5x
Sat, 20 Sep 2025₹12.9t₹8.5t₹405.2b24.4x31.8x1.5x
Mon, 18 Aug 2025₹12.0t₹8.5t₹405.3b22.9x29.6x1.4x
Wed, 16 Jul 2025₹12.2t₹8.4t₹361.8b23.3x33.7x1.4x
Fri, 13 Jun 2025₹11.9t₹8.4t₹361.0b22.6x33.1x1.4x
Sun, 11 May 2025₹10.7t₹8.4t₹347.0b20x30.7x1.3x
Tue, 08 Apr 2025₹10.2t₹8.4t₹359.5b19x28.3x1.2x
Thu, 06 Mar 2025₹10.8t₹8.4t₹359.5b20.4x30x1.3x
Sat, 01 Feb 2025₹10.9t₹8.3t₹357.7b23.1x30.5x1.3x
Mon, 30 Dec 2024₹11.5t₹8.3t₹386.0b25.4x29.7x1.4x
Wed, 27 Nov 2024₹11.4t₹8.3t₹386.0b24.3x29.6x1.4x
Fri, 25 Oct 2024₹11.5t₹8.5t₹360.6b24.6x31.8x1.4x
Sun, 22 Sep 2024₹12.1t₹8.5t₹361.9b24.7x33.3x1.4x
Tue, 20 Aug 2024₹11.6t₹8.5t₹361.9b23.5x32x1.4x
Thu, 18 Jul 2024₹12.2t₹8.5t₹370.6b24.7x32.8x1.4x
Sat, 15 Jun 2024₹12.2t₹8.4t₹367.0b23.9x33.2x1.4x
Mon, 13 May 2024₹11.1t₹8.5t₹425.8b22.4x26.1x1.3x
Wed, 10 Apr 2024₹11.1t₹8.4t₹419.9b24x26.4x1.3x
Fri, 08 Mar 2024₹10.6t₹8.4t₹419.9b22.1x25.2x1.3x
Sun, 04 Feb 2024₹10.6t₹8.7t₹424.4b24.3x25x1.2x
Tue, 02 Jan 2024₹10.3t₹8.7t₹351.4b22.5x29.4x1.2x
Thu, 30 Nov 2023₹9.3t₹8.7t₹351.3b21x26.6x1.1x
Sat, 28 Oct 2023₹8.5t₹8.7t₹385.8b17.8x22x1x
Mon, 25 Sep 2023₹8.8t₹8.6t₹339.0b18.1x25.9x1x
Wed, 23 Aug 2023₹8.4t₹8.6t₹340.4b16.5x24.6x1x
Fri, 21 Jul 2023₹8.0t₹8.5t₹390.9b15.6x20.6x0.9x
Sun, 18 Jun 2023₹7.4t₹8.5t₹394.6b14.8x18.9x0.9x
Tue, 16 May 2023₹6.9t₹8.3t₹430.3b14.9x16x0.8x
Thu, 13 Apr 2023₹6.8t₹8.4t₹517.1b14.4x13.2x0.8x
Sat, 11 Mar 2023₹6.7t₹8.4t₹517.1b13.5x13x0.8x
Mon, 06 Feb 2023₹6.8t₹8.4t₹656.3b13.2x10.4x0.8x
Wed, 04 Jan 2023₹6.9t₹8.4t₹721.3b13.5x9.5x0.8x
Price to Earnings Ratio

9.5x


Total Market Cap: ₹6.9tTotal Earnings: ₹721.3bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 26.6x20242025
Current Industry PE
  • Investors are relatively neutral on the Indian Steel industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 26.6x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Steel industry have declined 15% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

How does Indian Steel compare with similar industries?

IN Market0.59%
Materials2.40%
Metals and Mining3.85%
Steel2.38%
Copper22.68%
Gold21.10%
Diversified Metals and Mining5.83%
Aluminum4.06%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
526371 NMDC₹82.638.4%
+₹56.0b		19.1%PE10.3x
500228 JSW Steel₹1.09k1.4%
+₹35.9b		19.8%PE44.3x
KIOCL KIOCL₹393.6517.2%
+₹35.1b		10.7%PS36.2x
512455 Lloyds Metals and Energy₹1.37k5.0%
+₹34.4b		15.6%PE40x
SAIL Steel Authority of India₹132.325.1%
+₹26.5b		14.5%PE21.4x

Latest News

526371
₹82.63
NMDC
7D
8.4%
1Y
19.1%

526371: Future Overseas Mineral Acquisitions Are Expected To Drive Upside Potential

Analysts have nudged their price target on NMDC slightly higher to Rs 91, citing marginally improved expectations for revenue growth, profit margins, and long term earnings multiples, despite a largely unchanged fair value outlook. What's in the News NMDC is actively scouting acquisitions and partnerships across Africa, the Middle East, Latin America and Southeast Asia, targeting both operating and greenfield mines based on pre feasibility studies (company/ministry officials).
KIOCL
₹393.65
KIOCL
7D
17.2%
1Y
10.7%
504918
₹242.90
Sandur Manganese & Iron Ores
7D
12.0%
1Y
79.2%
JSL
₹792.05
Jindal Stainless
7D
-1.3%
1Y
7.6%

JSL: Circular Capacity Expansion And Shared Services Subsidiary Will Support Steady Outlook

Analysts have nudged their price target on Jindal Stainless higher to ₹815.46, citing slightly lower perceived discount rates as well as steady expectations for revenue growth, profit margins, and future valuation multiples. What's in the News Board approves incorporation of a wholly owned subsidiary to serve as a centralized shared services entity, reflecting growing operational scale and complexity (Board meeting, November 10, 2025) Board meeting on November 10, 2025 to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider creation of the new subsidiary (Board meeting, November 10, 2025) Company commits about USD 150 million for a new wet milling plant at its Jajpur, Odisha unit, doubling slag processing capacity under a 15 year partnership with Harsco Environmental to support circular production and ESG goals, including Net Zero by 2050 (Business expansion, Fiscal Year 2025) New slag processing plant expected to recover metal from industrial waste, conserve natural resources, and create around 140 jobs in the Jajpur region (Business expansion, Fiscal Year 2025) Launch of a stainless steel based Salt Tipper Trailer aimed at the salt logistics industry, promising significantly longer life, lower corrosion, and potential cost savings of about INR 2.5 to 3.0 million over 10 years versus traditional materials (Product related announcement, Gujarat technical conclave) Valuation Changes Fair Value: Unchanged at approximately ₹815.46 per share, indicating stable analyst expectations for intrinsic value.
500228
₹1,094.20
JSW Steel
7D
1.4%
1Y
19.8%
512455
₹1,366.75
Lloyds Metals and Energy
7D
5.0%
1Y
15.6%

512455: Upcoming Partnership Decision With Tata Steel Will Unlock Significant Upside

The analyst price target for Lloyds Metals and Energy has been raised from ₹1,654 to ₹1,692, as analysts factor in faster expected revenue growth and a slightly lower discount rate, partly offset by more conservative profit margin assumptions and a higher future P/E multiple. What's in the News The board will consider acquiring up to 50 percent equity in Nexus Holdco FZCO through wholly owned subsidiary Lloyds Global Resources FZCO, signaling potential international expansion plans (company disclosure).
RATNAVEER
₹150.70
Ratnaveer Precision Engineering
7D
-5.7%
1Y
-19.6%
JINDALSTEL
₹986.50
Jindal Steel
7D
-0.6%
1Y
6.8%

JINDALSTEL: Angul Capacity Expansion Will Drive Future Upside Potential

Analysts have slightly lifted their price target for Jindal Steel to ₹1,134.77, citing modest tweaks to the discount rate and valuation assumptions while keeping growth and margin forecasts broadly unchanged. What's in the News Jindal Steel has successfully commissioned a 250 MT Basic Oxygen Furnace at its Angul integrated steel plant, adding 3 MTPA of crude steelmaking capacity and lifting Angul capacity from 6 MTPA to 9 MTPA, with a target of 12 MTPA within the current financial year (Business Expansions).
GALLANTT
₹517.95
Gallantt Ispat
7D
-0.6%
1Y
47.8%

Does Gallantt Ispat (NSE:GALLANTT) Have A Healthy Balance Sheet?

Dec 18
Does Gallantt Ispat (NSE:GALLANTT) Have A Healthy Balance Sheet?
533758
₹1,885.70
APL Apollo Tubes
7D
3.6%
1Y
24.4%

533758: Upcoming Board Meeting And Dividend Will Support Bullish Outlook

Analysts have modestly maintained their price target on APL Apollo Tubes at ₹1,955.47, with the unchanged fair value reflecting their view that slightly higher discount and earnings multiples are still justified by the company’s resilient growth and stable profitability outlook. What's in the News Board meeting scheduled for October 29, 2025, to consider and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (company filing).
SAIL
₹132.32
Steel Authority of India
7D
5.1%
1Y
14.5%

SAIL: Future Earnings Multiple Will Likely Compress From Cyclical Steel Headwinds

Analysts have nudged their price target on Steel Authority of India higher, lifting fair value by ₹5 to ₹90 as they grow more optimistic about a return to positive revenue growth, stronger profit margins, and a more reasonable future earnings multiple, despite a slightly higher discount rate. Analyst Commentary While the latest target price increase signals improving confidence in Steel Authority of India, not all market participants are convinced that the current trajectory justifies a sustained re-rating.
517146
₹442.50
Usha Martin
7D
-2.0%
1Y
15.3%

517146: Stable Outlook Will Drive Confidence Ahead Of Board And Remuneration Meetings

Analysts have maintained their fair value estimate for Usha Martin at ₹600, citing a stable long-term outlook despite minor adjustments to growth, margin, and discount rate assumptions. What's in the News A board meeting is scheduled for November 8, 2025, to consider approval of unaudited financial results for the quarter and half year ended September 30, 2025 (Key Developments).
VENUSPIPES
₹1,156.10
Venus Pipes and Tubes
7D
-3.3%
1Y
-23.9%
539006
₹18,637.60
PTC Industries
7D
6.6%
1Y
37.2%
VSSL
₹280.50
Vardhman Special Steels
7D
-5.4%
1Y
20.8%

Vardhman Special Steels' (NSE:VSSL) Anemic Earnings Might Be Worse Than You Think

Nov 05
Vardhman Special Steels' (NSE:VSSL) Anemic Earnings Might Be Worse Than You Think
500365
₹39.11
Welspun Specialty Solutions
7D
-3.6%
1Y
-15.3%