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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies171
  • 7D2.2%
  • 3M10.2%
  • 1Y34.7%
  • YTDn/a

In the last week, the Steel industry is up 2.2%, with JSW Steel up 2.5%. This means that the industry has gained 35% over the past year. 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
Mon, 02 Mar 2026₹14.1t₹9.1t₹489.4b21.5x28.9x1.6x
Wed, 28 Jan 2026₹13.3t₹8.9t₹466.1b21.2x28.5x1.5x
Fri, 26 Dec 2025₹12.7t₹8.7t₹445.2b22.8x28.5x1.4x
Sun, 23 Nov 2025₹12.5t₹8.7t₹447.4b22.4x27.9x1.4x
Tue, 21 Oct 2025₹12.9t₹8.5t₹415.1b23.7x31x1.5x
Thu, 18 Sep 2025₹12.8t₹8.5t₹405.2b24.6x31.6x1.5x
Sat, 16 Aug 2025₹12.0t₹8.5t₹405.9b23.1x29.6x1.4x
Mon, 14 Jul 2025₹12.2t₹8.4t₹362.1b23.4x33.6x1.4x
Wed, 11 Jun 2025₹12.1t₹8.4t₹361.0b23.1x33.6x1.4x
Fri, 09 May 2025₹10.7t₹8.4t₹346.0b20.1x30.9x1.3x
Sun, 06 Apr 2025₹10.9t₹8.4t₹359.5b19.8x30.4x1.3x
Tue, 04 Mar 2025₹10.3t₹8.4t₹359.5b19.3x28.7x1.2x
Thu, 30 Jan 2025₹10.9t₹8.3t₹369.0b22.6x29.4x1.3x
Sat, 28 Dec 2024₹11.5t₹8.3t₹386.0b25.4x29.7x1.4x
Mon, 25 Nov 2024₹11.3t₹8.3t₹386.0b24x29.3x1.4x
Wed, 23 Oct 2024₹11.5t₹8.4t₹360.1b24.6x32x1.4x
Fri, 20 Sep 2024₹11.8t₹8.5t₹361.9b24.9x32.7x1.4x
Sun, 18 Aug 2024₹11.4t₹8.5t₹362.8b23x31.5x1.3x
Tue, 16 Jul 2024₹12.1t₹8.5t₹370.5b24.3x32.7x1.4x
Thu, 13 Jun 2024₹12.0t₹8.4t₹367.0b24x32.6x1.4x
Sat, 11 May 2024₹11.1t₹8.5t₹425.6b22.6x26.1x1.3x
Mon, 08 Apr 2024₹11.0t₹8.4t₹419.9b23.8x26.1x1.3x
Wed, 06 Mar 2024₹10.7t₹8.4t₹419.9b23x25.5x1.3x
Fri, 02 Feb 2024₹10.5t₹8.7t₹424.6b24.2x24.6x1.2x
Sun, 31 Dec 2023₹10.3t₹8.7t₹351.4b22.4x29.3x1.2x
Tue, 28 Nov 2023₹9.3t₹8.7t₹351.3b20.7x26.4x1.1x
Thu, 26 Oct 2023₹8.6t₹8.6t₹382.0b18.1x22.5x1x
Sat, 23 Sep 2023₹8.8t₹8.6t₹339.0b18.1x25.9x1x
Mon, 21 Aug 2023₹8.3t₹8.6t₹340.4b16.4x24.2x1x
Wed, 19 Jul 2023₹7.9t₹8.5t₹390.0b15.9x20.4x0.9x
Fri, 16 Jun 2023₹7.4t₹8.5t₹394.6b14.7x18.8x0.9x
Sun, 14 May 2023₹6.9t₹8.3t₹430.3b14.9x16x0.8x
Tue, 11 Apr 2023₹6.7t₹8.4t₹517.1b14.5x12.9x0.8x
Thu, 09 Mar 2023₹6.7t₹8.4t₹517.1b13.6x12.9x0.8x
Price to Earnings Ratio

12.9x


Total Market Cap: ₹6.7tTotal Earnings: ₹517.1bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 27.7x202420252026
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 27.7x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.
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 Market-0.79%
Materials0.21%
Metals and Mining2.24%
Steel2.23%
Diversified Metals and Mining3.73%
Aluminum-0.071%
Copper-0.28%
Gold-3.05%
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
500228 JSW Steel₹1.27k2.2%
+₹68.0b		29.9%PE41.6x
512455 Lloyds Metals and Energy₹1.21k6.5%
+₹40.3b		23.5%PE26.9x
SAIL Steel Authority of India₹165.595.7%
+₹36.8b		55.7%PE24.5x
500470 Tata Steel₹210.901.4%
+₹35.6b		52.3%PE28.7x
JINDALSTEL Jindal Steel₹1.24k1.7%
+₹21.6b		44.9%PE63.7x

Latest News

500245
₹382.00
Kirloskar Ferrous Industries
7D
-6.5%
1Y
-15.3%

500245: Upcoming Board Meeting And Potential Dividend Will Support Bullish Outlook

Analysts have trimmed their price target on Kirloskar Ferrous Industries from ₹602 to ₹577 as they refresh assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for Feb 10, 2026, at 12:00 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with the statutory auditor's limited review report (Key Developments).
512455
₹1,213.20
Lloyds Metals and Energy
7D
6.5%
1Y
23.5%

512455: Tata Alliance And Capacity Upgrades Will Support Future Upside

The updated analyst price target for Lloyds Metals and Energy shifts slightly from about ₹1,724 to roughly ₹1,703, as analysts adjust their views on discount rate, revenue growth, profit margins, and future P/E assumptions in their models. What's in the News The Board approved the incorporation of a wholly owned subsidiary in Maharashtra, with an estimated capital outlay of over ₹2.52b in tranches, focused on skilling, leadership, entrepreneurship, and employment-linked programs aligned with regional and global workforce standards (Board meeting, Feb 3, 2026).
500470
₹210.90
Tata Steel
7D
1.4%
1Y
52.3%
534600
₹55.95
JTL Industries
7D
-14.1%
1Y
-29.2%
520111
₹2,390.05
Ratnamani Metals & Tubes
7D
-6.5%
1Y
-2.1%

520111: Upcoming Results Meeting Will Shape Expectations For Fairly Valued Shares

Analysts have reduced their price target on Ratnamani Metals & Tubes from ₹2,916.50 to ₹2,746.80, reflecting the application of a lower future P/E multiple along with slightly revised assumptions for revenue growth, profit margins and the discount rate. What's in the News A board meeting is scheduled on February 6, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
JSL
₹783.35
Jindal Stainless
7D
-1.5%
1Y
31.7%

JSL: Shared Services Platform Will Support Margin Resilience With Balanced Near-Term Outlook

Analysts have kept their fair value estimate for Jindal Stainless steady at ₹876 per share, citing only marginal tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that were not large enough to shift their overall price target view. What's in the News A board meeting is scheduled for January 21, 2026 to consider unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and a possible interim dividend for FY 2025-26 (Board Meeting).
526371
₹81.25
NMDC
7D
2.9%
1Y
28.9%

526371: Overseas Expansion Moves And Dividend Policy Will Shape 2026 Outlook

Analysts have nudged their fair value estimate for NMDC up from about ₹77.12 to roughly ₹81.41, citing updated assumptions around revenue growth, discount rate and forward P/E that modestly shift their valuation framework. What's in the News The board approved a first interim dividend of ₹2.50 per equity share of face value ₹1 for the 2025-26 financial year, with shareholders on record as of 13 February 2026 eligible to receive the payout within the timelines set under the Companies Act, 2013 (company filing).
SAIL
₹165.59
Steel Authority of India
7D
5.7%
1Y
55.7%
GPIL
₹256.30
Godawari Power & Ispat
7D
-4.7%
1Y
69.1%

GPIL: Logistics Foray And New Energy Investment Will Shape Balanced Outlook

Analysts have maintained their price target for Godawari Power & Ispat at ₹275. A slightly lower discount rate, higher revenue growth assumption, softer profit margin outlook, and a reduced future P/E expectation are shaping the updated view.
JINDALSTEL
₹1,237.80
Jindal Steel
7D
1.7%
1Y
44.9%

JINDALSTEL: Raigarh Expansion And Production Gains Will Support Measured Future Potential

Analysts have nudged their fair value estimate for Jindal Steel up from about ₹1,136 to roughly ₹1,179. This reflects updated assumptions around discount rate, revenue growth, profit margins and future P/E.
500228
₹1,268.25
JSW Steel
7D
2.2%
1Y
29.9%

500228: Reorganization Moves And Steady Output Will Shape A Balanced Outlook

Analysts have raised their JSW Steel price target from ₹1,183.06 to ₹1,214.94 after updating assumptions on discount rate, revenue growth, profit margin and future P/E, reflecting a refreshed view of the company’s valuation inputs. What's in the News Reported consolidated crude steel production of 2.475 million tons for January 2026 compared with 2.518 million tons in January 2025, giving investors a fresh monthly read on operating activity (Announcement of Operating Results).
KIOCL
₹324.00
KIOCL
7D
-3.3%
1Y
44.0%
504614
₹545.30
Sarda Energy & Minerals
7D
6.5%
1Y
21.4%
532144
₹817.70
Welspun
7D
4.4%
1Y
17.3%

532144: Large Export Order Book Will Support Bullish Outlook For Coming Years

Analysts have nudged their fair value estimate for Welspun down from ₹1,189 to ₹1,160, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Welspun Corp has scheduled a board meeting on January 30, 2026 to consider and approve standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
BHARATCOAL
₹32.14
Bharat Coking Coal
7D
-2.3%
1Y
n/a
513097
₹436.40
Shivalik Bimetal Controls
7D
-13.0%
1Y
3.5%