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Indian (NIFTY) Steel Industry Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies168
  • 7D0.7%
  • 3M-4.1%
  • 1Y4.6%
  • YTDn/a

Over the last 7 days, the Steel industry has risen 2.8%, driven by gains from Tata Steel of 5.7%. This means that the industry has gained 3.6% 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, 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
Wed, 01 Mar 2023₹6.4t₹8.4t₹517.5b12.8x12.4x0.8x
Fri, 27 Jan 2023₹6.9t₹8.4t₹669.0b13.6x10.2x0.8x
Sun, 25 Dec 2022₹6.1t₹8.4t₹721.3b12.2x8.5x0.7x
Price to Earnings Ratio

8.5x


Total Market Cap: ₹6.1tTotal Earnings: ₹721.3bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 26.5x202320242025
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 26.4x.
  • 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 Market0.40%
Materials1.59%
Metals and Mining3.28%
Steel0.66%
Diversified Metals and Mining10.08%
Aluminum3.82%
Copper2.43%
Gold-3.32%
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₹168.151.1%
+₹22.5b		17.3%PE30.8x
533758 APL Apollo Tubes₹1.80k4.1%
+₹19.8b		13.4%PE47.5x
JSL Jindal Stainless₹798.102.6%
+₹16.6b		8.0%PE23.8x
512455 Lloyds Metals and Energy₹1.31k2.3%
+₹15.5b		14.8%PE38.3x
526371 NMDC₹76.501.5%
+₹10.1b		7.2%PE9.6x

Latest News

GALLANTT
₹517.35
Gallantt Ispat
7D
-12.9%
1Y
48.3%

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

Dec 18
Does Gallantt Ispat (NSE:GALLANTT) Have A Healthy Balance Sheet?
512455
₹1,309.50
Lloyds Metals and Energy
7D
2.3%
1Y
14.8%
JINDALSTEL
₹986.00
Jindal Steel
7D
-2.7%
1Y
6.9%
533758
₹1,795.70
APL Apollo Tubes
7D
4.1%
1Y
13.4%

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
₹127.27
Steel Authority of India
7D
-1.8%
1Y
7.0%

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.
RKFORGE
₹478.35
Ramkrishna Forgings
7D
-7.9%
1Y
-47.2%

RKFORGE: Upcoming Warrant Issue Will Drive Bullish Long Term Upside

Analysts have nudged their price target on Ramkrishna Forgings higher to ₹696.33 per share, reflecting slightly stronger long term earnings visibility and a marginally higher justified valuation multiple based on updated discount rate and profitability assumptions. What's in the News Board meeting on November 12, 2025 to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to evaluate fund raising via equity shares, warrants, convertible debentures, or other equity linked instruments (Key Developments).
526371
₹76.50
NMDC
7D
1.5%
1Y
7.2%

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
₹168.15
Tata Steel
7D
1.1%
1Y
17.3%

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.
520111
₹2,316.50
Ratnamani Metals & Tubes
7D
-4.4%
1Y
-30.2%

520111: Upcoming Board Meeting Will Support Continued Share Price Upside

Analysts have nudged their price target for Ratnamani Metals & Tubes slightly higher to ₹3,001.5, reflecting expectations of a modestly stronger profit margin and sustained growth, even as they factor in a marginally higher discount rate and a slightly lower future P E multiple. What's in the News Board meeting scheduled on November 7, 2025, at 11:50 IST to review and approve unaudited financial results for the quarter and half year ended September 30, 2025 (company board filing).
JSL
₹798.10
Jindal Stainless
7D
2.6%
1Y
8.0%

JSL: Wet Milling Expansion And Metro Supply Will Support Steady Outlook

Analysts have raised their price target for Jindal Stainless from ₹815.46 to ₹815.46, reflecting a stable valuation supported by steady assumptions on revenue growth, profit margins, and future earnings multiples despite a slightly higher discount rate. What's in the News Board approves creation of a wholly owned subsidiary to serve as a centralized shared services entity, reflecting expanding operations and rising business complexity (Board meeting resolution, Nov 10, 2025).
500228
₹1,081.80
JSW Steel
7D
-2.1%
1Y
16.9%

500228: Reorganization And Potential Asset Sale Will Shape Balanced Outlook

Analysts have nudged their price target for JSW Steel slightly higher to reflect an updated fair value of ₹1,178 per share from about ₹1,170, citing a modest improvement in long term profit margin expectations and a slightly richer forward PE multiple that more than offset slightly lower revenue growth assumptions and a marginally higher discount rate. What's in the News The board will consider amalgamating Piombino Steel Limited with JSW Steel on December 3, 2025, under Sections 230 to 232 of the Companies Act, 2013, a move that could simplify the domestic corporate structure (company filing).
532144
₹784.45
Welspun
7D
-1.5%
1Y
1.1%

532144: US And Middle East Orders Will Drive Long Term Earnings Visibility

Analysts have modestly raised their price target on Welspun, citing a slightly higher assumed discount rate and future valuation multiple while keeping fair value broadly unchanged at ₹1,113.25 per share. What's in the News The Board approved the incorporation of two wholly owned subsidiaries in the United Arab Emirates: one as a global investment holding company at Dubai International Financial Centre and another to handle international marketing and trading activities, both subject to local regulatory approvals (Board meeting, Oct 30, 2025).
517146
₹447.95
Usha Martin
7D
4.4%
1Y
19.4%

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).
504614
₹511.05
Sarda Energy & Minerals
7D
5.0%
1Y
6.7%
504918
₹211.15
Sandur Manganese & Iron Ores
7D
6.8%
1Y
51.4%
539006
₹16,908.60
PTC Industries
7D
-7.1%
1Y
44.5%