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Indian (NIFTY) Steel Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies169
  • 7D2.2%
  • 3M-2.6%
  • 1Y8.9%
  • YTDn/a

In the last week, the Steel industry is up 2.0%, with Lloyds Metals and Energy leading the way, up 5.3%. This means that the industry has gained 9.2% over the past year. Looking forward, earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025₹12.6t₹8.7t₹445.6b22.8x28.4x1.4x
Sat, 22 Nov 2025₹12.5t₹8.7t₹447.4b22.4x27.9x1.4x
Mon, 20 Oct 2025₹12.9t₹8.5t₹415.1b23.5x31x1.5x
Wed, 17 Sep 2025₹12.8t₹8.5t₹405.1b24.5x31.7x1.5x
Fri, 15 Aug 2025₹12.0t₹8.5t₹405.9b23.3x29.6x1.4x
Sun, 13 Jul 2025₹12.2t₹8.4t₹362.1b23.4x33.6x1.4x
Tue, 10 Jun 2025₹12.1t₹8.4t₹361.0b22.7x33.5x1.4x
Thu, 08 May 2025₹10.9t₹8.4t₹344.8b20.3x31.6x1.3x
Sat, 05 Apr 2025₹10.9t₹8.4t₹359.5b19.8x30.4x1.3x
Mon, 03 Mar 2025₹10.3t₹8.4t₹359.5b19.4x28.6x1.2x
Wed, 29 Jan 2025₹10.6t₹8.3t₹367.7b21.9x28.8x1.3x
Fri, 27 Dec 2024₹11.5t₹8.3t₹386.0b25.5x29.7x1.4x
Sun, 24 Nov 2024₹11.3t₹8.4t₹390.1b24x29x1.3x
Tue, 22 Oct 2024₹11.9t₹8.4t₹360.0b25.6x33.2x1.4x
Thu, 19 Sep 2024₹12.0t₹8.5t₹361.9b24.8x33.2x1.4x
Sat, 17 Aug 2024₹11.4t₹8.5t₹383.4b23x29.8x1.3x
Mon, 15 Jul 2024₹12.2t₹8.5t₹370.5b24.5x32.8x1.4x
Wed, 12 Jun 2024₹11.9t₹8.4t₹367.0b24.1x32.5x1.4x
Fri, 10 May 2024₹11.0t₹8.5t₹425.5b22.4x25.9x1.3x
Sun, 07 Apr 2024₹11.0t₹8.4t₹419.9b23.8x26.1x1.3x
Tue, 05 Mar 2024₹10.8t₹8.4t₹419.9b23.2x25.7x1.3x
Thu, 01 Feb 2024₹10.6t₹8.7t₹410.5b23.4x25.8x1.2x
Sat, 30 Dec 2023₹10.3t₹8.7t₹351.4b22.4x29.3x1.2x
Mon, 27 Nov 2023₹9.3t₹8.7t₹351.3b20.7x26.4x1.1x
Wed, 25 Oct 2023₹8.6t₹8.6t₹382.0b17.8x22.5x1x
Fri, 22 Sep 2023₹8.8t₹8.6t₹339.0b18.3x26x1x
Sun, 20 Aug 2023₹8.3t₹8.6t₹340.4b16.4x24.2x1x
Tue, 18 Jul 2023₹8.0t₹8.5t₹390.8b15.7x20.5x0.9x
Thu, 15 Jun 2023₹7.4t₹8.5t₹394.6b14.7x18.9x0.9x
Sat, 13 May 2023₹6.9t₹8.3t₹429.5b14.9x16x0.8x
Mon, 10 Apr 2023₹6.7t₹8.4t₹517.1b14.5x12.9x0.8x
Wed, 08 Mar 2023₹6.7t₹8.4t₹517.1b13.4x12.9x0.8x
Fri, 03 Feb 2023₹6.8t₹8.4t₹656.2b13.6x10.4x0.8x
Sun, 01 Jan 2023₹6.7t₹8.4t₹721.3b13.4x9.3x0.8x
Price to Earnings Ratio

9.3x


Total Market Cap: ₹6.7tTotal Earnings: ₹721.3bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 26.6x202320242025
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 Market1.60%
Materials2.49%
Metals and Mining3.64%
Steel2.21%
Copper18.46%
Gold16.40%
Diversified Metals and Mining6.51%
Aluminum2.66%
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
512455 Lloyds Metals and Energy₹1.37k5.3%
+₹36.6b		15.6%PE40.3x
526371 NMDC₹81.405.3%
+₹36.3b		14.9%PE10.2x
500228 JSW Steel₹1.09k1.1%
+₹29.4b		18.3%PE44.2x
KIOCL KIOCL₹380.7513.0%
+₹26.6b		5.3%PS35x
533758 APL Apollo Tubes₹1.86k5.2%
+₹25.4b		22.5%PE49.2x

Latest News

KIOCL
₹380.75
KIOCL
7D
13.0%
1Y
5.3%
504918
₹241.00
Sandur Manganese & Iron Ores
7D
17.6%
1Y
78.8%
500228
₹1,091.45
JSW Steel
7D
1.1%
1Y
18.3%
512455
₹1,374.80
Lloyds Metals and Energy
7D
5.3%
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
₹153.86
Ratnaveer Precision Engineering
7D
-6.6%
1Y
-15.3%
JINDALSTEL
₹999.00
Jindal Steel
7D
-0.2%
1Y
6.0%

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).
533758
₹1,857.20
APL Apollo Tubes
7D
5.2%
1Y
22.5%

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).
526371
₹81.40
NMDC
7D
5.3%
1Y
14.9%

526371: Future Mineral Expansion And Diversification Are Expected To Drive Upside Potential

Analysts have modestly revised their price target for NMDC to reflect a balanced view of faster expected revenue growth and slightly compressed margins, with valuation supported by a marginally lower assumed future P/E multiple. What's in the News NMDC is actively scouting for acquisitions and partnerships across Africa, the Middle East, Latin America and Southeast Asia, targeting both operating and greenfield mineral assets beyond coal and iron ore, including limestone and critical minerals (Key Developments).
500470
₹170.00
Tata Steel
7D
-0.2%
1Y
21.1%

500470: Future Results Will Reflect Pellet Expansion Amid Ongoing Sukinda Regulatory Dispute

Analysts have slightly reduced their price target for Tata Steel to INR 185.77 from INR 186.10, citing a marginal uptick in the assumed discount rate and only modest improvements in long term growth and valuation multiples, which are largely offset by slightly lower profit margin expectations. What's in the News Board to review acquisition of a 50.01 percent equity stake in Thriveni Pellets Private Limited at its December 10, 2025 meeting, potentially strengthening raw material security and pellet capacity (Board Meeting) High Court of Orissa extends interim protection for Tata Steel against coercive action related to a large demand on alleged chrome ore dispatch shortfall at the Sukinda Chromite Block, with the next hearing scheduled for December 12, 2025 (Regulatory Authority – Enforcement Actions) Company contests a demand of about INR 2,410.89 crore tied to chrome ore dispatch obligations at Sukinda, seeking quashing of the demand letter through a writ petition naming state and central authorities (Regulatory Authority – Enforcement Actions) Upcoming November 12, 2025 board meeting to consider audited standalone and unaudited consolidated financial results and a proposed acquisition of a 50 percent stake in Tata BlueScope Steel Private Limited (Board Meeting) Provisional Indian crude steel production rises 8 percent quarter on quarter to 5.67 million tons in Q2 FY2026, supported by normalised operations post blast furnace relining, with first half output up 3 percent year on year to 10.90 million tons (Announcement of Operating Results) Tata Steel and Tata Steel Nederland sign a non binding joint letter of intent with the Dutch government to progress a major decarbonisation and health focused transition at IJmuiden, including plans for DRI and EAF capacity and extensive dust and emissions reduction measures (Strategic Alliances) Valuation Changes Fair Value: Revised down slightly to ₹185.77 from ₹186.10 per share, reflecting marginally lower earnings expectations.
513097
₹433.30
Shivalik Bimetal Controls
7D
-3.1%
1Y
-26.2%
544037
₹1,527.45
Amic Forging
7D
-3.3%
1Y
9.5%
504614
₹536.15
Sarda Energy & Minerals
7D
6.0%
1Y
12.3%
500245
₹437.65
Kirloskar Ferrous Industries
7D
-2.8%
1Y
-29.1%
500265
₹550.40
Maharashtra Seamless
7D
-1.7%
1Y
-22.7%
539006
₹18,274.90
PTC Industries
7D
4.7%
1Y
47.7%
VSSL
₹285.20
Vardhman Special Steels
7D
-3.8%
1Y
24.8%

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