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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies171
  • 7D2.0%
  • 3M2.9%
  • 1Y13.0%
  • YTDn/a

Over the last 7 days, the Steel industry has dropped 1.1%, driven by a pullback from PTC Industries of 5.8%. This takes the industry's 12 month performance to a gain of 14%. As for the next few years, earnings are expected to grow by 35% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026₹13.2t₹9.1t₹489.8b20.4x27x1.5x
Sun, 22 Feb 2026₹13.8t₹9.1t₹489.5b21.5x28.2x1.5x
Tue, 20 Jan 2026₹13.3t₹8.9t₹448.8b22.2x29.6x1.5x
Thu, 18 Dec 2025₹12.4t₹8.7t₹447.1b21.7x27.7x1.4x
Sat, 15 Nov 2025₹13.0t₹8.7t₹428.9b23.1x30.2x1.5x
Mon, 13 Oct 2025₹13.0t₹8.5t₹405.3b24x32.2x1.5x
Wed, 10 Sep 2025₹12.7t₹8.5t₹405.1b23.8x31.2x1.5x
Fri, 08 Aug 2025₹12.3t₹8.5t₹397.9b22.3x30.8x1.4x
Sun, 06 Jul 2025₹12.3t₹8.4t₹362.1b23.5x33.9x1.5x
Tue, 03 Jun 2025₹11.7t₹8.4t₹360.8b22.2x32.5x1.4x
Thu, 01 May 2025₹11.0t₹8.4t₹359.6b20.8x30.5x1.3x
Sat, 29 Mar 2025₹11.4t₹8.4t₹359.6b19.8x31.7x1.4x
Mon, 24 Feb 2025₹10.9t₹8.4t₹359.6b21.3x30.2x1.3x
Wed, 22 Jan 2025₹11.2t₹8.4t₹387.0b24x29x1.3x
Fri, 20 Dec 2024₹11.6t₹8.3t₹386.0b26.2x30.2x1.4x
Sun, 17 Nov 2024₹11.1t₹8.4t₹390.2b23.7x28.5x1.3x
Tue, 15 Oct 2024₹12.4t₹8.5t₹362.0b24.8x34.2x1.5x
Thu, 12 Sep 2024₹11.7t₹8.5t₹361.8b24.1x32.3x1.4x
Sat, 10 Aug 2024₹11.4t₹8.4t₹361.0b24.1x31.6x1.4x
Mon, 08 Jul 2024₹12.4t₹8.5t₹369.8b24.2x33.5x1.5x
Wed, 05 Jun 2024₹10.8t₹8.4t₹384.0b21x28.1x1.3x
Fri, 03 May 2024₹11.6t₹8.5t₹423.4b23.9x27.5x1.4x
Sun, 31 Mar 2024₹10.3t₹8.4t₹419.9b21x24.6x1.2x
Tue, 27 Feb 2024₹10.4t₹8.4t₹419.9b23.6x24.9x1.2x
Thu, 25 Jan 2024₹10.2t₹8.7t₹360.0b23.2x28.4x1.2x
Sat, 23 Dec 2023₹10.0t₹8.7t₹351.4b22.2x28.5x1.2x
Mon, 20 Nov 2023₹9.2t₹8.7t₹351.6b20.3x26.1x1.1x
Wed, 18 Oct 2023₹9.0t₹8.6t₹338.4b19.2x26.6x1x
Fri, 15 Sep 2023₹9.1t₹8.6t₹339.1b18.1x26.9x1.1x
Sun, 13 Aug 2023₹8.5t₹8.6t₹338.2b16.7x25x1x
Tue, 11 Jul 2023₹7.8t₹8.5t₹390.8b15.2x20x0.9x
Thu, 08 Jun 2023₹7.1t₹8.5t₹394.6b15.1x18.1x0.8x
Sat, 06 May 2023₹7.0t₹8.3t₹428.6b14.5x16.3x0.8x
Mon, 03 Apr 2023₹6.6t₹8.4t₹517.1b13.3x12.9x0.8x
Price to Earnings Ratio

12.9x


Total Market Cap: ₹6.6tTotal Earnings: ₹517.1bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28x202420252026
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 28.0x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Steel industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 2.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Comparison

How does Indian Steel compare with similar industries?

IN Market1.06%
Materials1.66%
Metals and Mining1.22%
Steel2.02%
Copper2.09%
Diversified Metals and Mining1.44%
Gold-1.30%
Aluminum-3.06%
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
500470 Tata Steel₹196.653.2%
+₹76.1b		26.6%PE26.8x
512455 Lloyds Metals and Energy₹1.31k10.3%
+₹68.8b		1.3%PE29.9x
500228 JSW Steel₹1.16k2.2%
+₹59.4b		9.1%PE37.9x
533758 APL Apollo Tubes₹2.00k3.6%
+₹19.1b		30.8%PE48.6x
GPIL Godawari Power & Ispat₹277.3010.6%
+₹17.9b		52.2%PE25.1x

Latest News

JSL
₹724.20
Jindal Stainless
7D
2.3%
1Y
24.4%

JSL: Rail Salt Containers And Shared Services Platform Will Support Future Margins

Analysts have kept the price target for Jindal Stainless broadly steady at about ₹879, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News A special shareholders meeting is scheduled for Mar 25, 2026 via postal ballot in India to consider reappointing three independent directors, Ms. Shruti Shrivastava, Dr. Aarti Gupta and Mr. Ajay Mankotia, each for a second three year term (company filing).
RKFORGE
₹505.25
Ramkrishna Forgings
7D
-2.4%
1Y
-35.3%
GPIL
₹277.30
Godawari Power & Ispat
7D
10.6%
1Y
52.2%

GPIL: Logistics Move And New Energy Capex Will Support Balanced Outlook

Analysts have kept the price target for Godawari Power & Ispat steady at ₹275, with only minor tweaks to model inputs such as discount rate, revenue growth, profit margin and forward P/E assumptions guiding this unchanged view. What's in the News Shareholders approved an amendment to the Object Clause of the Memorandum of Association to allow the company to undertake logistics activities, including shipping, air, rail and road transport services, at the Extra Ordinary General Meeting on March 14, 2026 (Changes in Company Bylaws/Rules, EGM).
KIOCL
₹332.70
KIOCL
7D
8.2%
1Y
36.8%
500228
₹1,156.25
JSW Steel
7D
2.2%
1Y
9.1%

500228: Backward Integration Coal Project Will Reshape Asset Base And Support Bullish Outlook

Analysts have kept their price target for JSW Steel steady at ₹1,420, pointing to revised assumptions for discount rate, revenue growth, profit margin and future P/E as the key drivers behind this unchanged view. What's in the News JSW Steel announced the Minas de Revuboè coking coal mining project in Mozambique, giving the company access to premium hard coking coal reserves of 850 mt with potential to produce 250 mt of usable coking coal, as part of its backward integration for a key steelmaking input.
500470
₹196.65
Tata Steel
7D
3.2%
1Y
26.6%

500470: Future Legal Resolutions And Mining Outcomes Will Support Stronger Performance

Analysts have kept the Tata Steel price target steady at ₹240.00, citing only small refinements to the discount rate, revenue growth assumptions and profit margin estimates, along with a slightly lower future P/E multiple. What's in the News Board meeting on March 17, 2026 to review a proposed amalgamation with Neelachal Ispat Nigam, a potential equity investment in wholly owned subsidiary T Steel Holdings Pte.
SAIL
₹151.71
Steel Authority of India
7D
-0.6%
1Y
33.2%

SAIL: Higher Discount Rate And Lower Future P E Multiple May Constrain Returns

Analysts have kept their ₹90 price target for Steel Authority of India unchanged, reflecting slightly higher assumed revenue growth and profit margins. These are offset by a modestly higher discount rate and a marginally lower future P/E multiple.
533758
₹1,998.95
APL Apollo Tubes
7D
3.6%
1Y
30.8%

533758: Upcoming Board Results Will Support A Steady And Undervalued Outlook

The analyst price target for APL Apollo Tubes has inched up by about ₹5 to ₹2,279.82, with analysts pointing to largely unchanged assumptions on revenue growth, profit margins and future P/E that still support a similar valuation profile. What's in the News Board meeting scheduled for January 22, 2026, at 12:30 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
532144
₹835.40
Welspun
7D
5.0%
1Y
-4.2%

532144: Global Order Book And New Dubai Hub Will Support Bullish Outlook

Analysts have kept Welspun's fair value estimate steady at ₹1,160, with only small model tweaks to discount rate, revenue growth and profit margin assumptions guiding this unchanged price target. What's in the News Welspun Corp has incorporated a wholly owned subsidiary, Welspun International FZCO, in the Dubai Multi Commodities Centre in the UAE to handle global marketing for all products and to conduct trading in products and raw materials related to the parent and its subsidiaries (Key Developments).
512455
₹1,306.95
Lloyds Metals and Energy
7D
10.3%
1Y
1.3%

512455: New Subsidiary And Capacity Expansion Will Support Future Upside

Analysts have kept their price target for Lloyds Metals and Energy steady at around ₹1,703, with only small tweaks to assumptions such as a slightly higher discount rate and future P/E. This reflects a largely unchanged view on the company’s valuation drivers.
JAIBALAJI
₹59.18
Jai Balaji Industries
7D
-4.9%
1Y
-57.1%
520111
₹2,318.40
Ratnamani Metals & Tubes
7D
-1.3%
1Y
-8.6%

520111: Upcoming Results Meeting Will Reinforce Confidence In Attractive Long Term Prospects

Analysts have kept the fair value estimate for Ratnamani Metals & Tubes steady at ₹2,746.80, with only small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a change in conviction. What's in the News A board meeting is scheduled for February 6, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
539006
₹16,417.80
PTC Industries
7D
-5.8%
1Y
9.5%
GALLANTT
₹539.75
Gallantt Ispat
7D
-1.5%
1Y
52.8%
NSLNISP
₹35.24
NMDC Steel
7D
-2.2%
1Y
4.6%
BHARATCOAL
₹31.93
Bharat Coking Coal
7D
-5.8%
1Y
n/a