Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Indian (NIFTY) Steel Industry Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies168
  • 7D-1.9%
  • 3M-4.1%
  • 1Y7.1%
  • YTDn/a

Over the last 7 days, the Steel industry has dropped 1.9%, driven by a pullback from JSW Steel of 4.0%. This takes the industry's 12 month performance to a gain of 7.1%. 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
Mon, 22 Dec 2025₹12.4t₹8.7t₹447.1b22x27.6x1.4x
Wed, 19 Nov 2025₹12.8t₹8.7t₹447.8b23.1x28.6x1.5x
Fri, 17 Oct 2025₹13.0t₹8.5t₹405.4b23.9x32x1.5x
Sun, 14 Sep 2025₹12.7t₹8.5t₹405.1b23.9x31.3x1.5x
Tue, 12 Aug 2025₹12.1t₹8.5t₹396.6b22.7x30.4x1.4x
Thu, 10 Jul 2025₹12.1t₹8.4t₹362.1b23.6x33.6x1.4x
Sat, 07 Jun 2025₹12.0t₹8.4t₹361.0b22.4x33.3x1.4x
Mon, 05 May 2025₹10.9t₹8.4t₹344.7b20.8x31.5x1.3x
Wed, 02 Apr 2025₹11.4t₹8.4t₹359.6b19.7x31.8x1.4x
Fri, 28 Feb 2025₹10.5t₹8.4t₹359.6b19.7x29.2x1.3x
Sun, 26 Jan 2025₹11.1t₹8.3t₹369.7b23.2x29.9x1.3x
Tue, 24 Dec 2024₹11.6t₹8.3t₹386.0b25x30x1.4x
Thu, 21 Nov 2024₹11.2t₹8.4t₹390.1b23.5x28.6x1.3x
Sat, 19 Oct 2024₹12.1t₹8.4t₹358.8b24.9x33.8x1.4x
Mon, 16 Sep 2024₹12.1t₹8.5t₹361.8b24.5x33.3x1.4x
Wed, 14 Aug 2024₹11.4t₹8.5t₹366.6b22.7x31.1x1.3x
Fri, 12 Jul 2024₹12.2t₹8.5t₹370.5b23.9x32.9x1.4x
Sun, 09 Jun 2024₹11.8t₹8.4t₹382.4b22.9x31x1.4x
Tue, 07 May 2024₹11.5t₹8.5t₹423.9b23.4x27.2x1.4x
Thu, 04 Apr 2024₹11.0t₹8.4t₹419.9b22.9x26.1x1.3x
Sat, 02 Mar 2024₹10.7t₹8.4t₹419.9b23.6x25.4x1.3x
Mon, 29 Jan 2024₹10.3t₹8.7t₹407.4b23.6x25.3x1.2x
Wed, 27 Dec 2023₹10.1t₹8.7t₹351.4b22x28.7x1.2x
Fri, 24 Nov 2023₹9.3t₹8.7t₹351.3b20.7x26.3x1.1x
Sun, 22 Oct 2023₹8.9t₹8.6t₹381.2b19x23.5x1x
Tue, 19 Sep 2023₹9.0t₹8.6t₹339.0b18x26.7x1.1x
Thu, 17 Aug 2023₹8.3t₹8.6t₹340.3b16.1x24.3x1x
Sat, 15 Jul 2023₹8.0t₹8.5t₹390.8b15.5x20.4x0.9x
Mon, 12 Jun 2023₹7.2t₹8.5t₹394.6b14.9x18.2x0.8x
Wed, 10 May 2023₹7.0t₹8.3t₹428.7b14.7x16.2x0.8x
Fri, 07 Apr 2023₹6.7t₹8.4t₹517.1b14.5x12.9x0.8x
Sun, 05 Mar 2023₹6.7t₹8.4t₹517.1b13.5x12.9x0.8x
Tue, 31 Jan 2023₹6.7t₹8.4t₹669.0b13x10x0.8x
Thu, 29 Dec 2022₹6.6t₹8.4t₹721.3b13.3x9.1x0.8x
Price to Earnings Ratio

9.1x


Total Market Cap: ₹6.6tTotal 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 26.5x.
  • 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 Market-0.11%
Materials-0.34%
Metals and Mining0.17%
Steel-1.92%
Diversified Metals and Mining5.55%
Copper1.31%
Aluminum-0.0092%
Gold-7.84%
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₹1.36k5.3%
+₹36.2b		16.6%PE39.7x
533758 APL Apollo Tubes₹1.86k7.0%
+₹33.7b		20.7%PE49.3x
504918 Sandur Manganese & Iron Ores₹221.203.6%
+₹3.7b		64.3%PE17.9x
522285 Jayaswal Neco Industries₹78.414.6%
+₹3.3b		100.3%PE20.2x
539006 PTC Industries₹17.75k1.2%
+₹3.2b		43.4%PE428.5x

Latest News

500228
₹1,094.65
JSW Steel
7D
-1.8%
1Y
16.9%
512455
₹1,355.65
Lloyds Metals and Energy
7D
5.3%
1Y
16.6%

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).
JINDALSTEL
₹1,002.10
Jindal Steel
7D
-3.1%
1Y
6.5%

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
₹518.55
Gallantt Ispat
7D
-12.1%
1Y
47.1%

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

Dec 18
Does Gallantt Ispat (NSE:GALLANTT) Have A Healthy Balance Sheet?
GPIL
₹241.30
Godawari Power & Ispat
7D
-2.4%
1Y
12.6%

GPIL: Solar Capacity Expansion Will Drive Stronger Future Performance

Analysts have maintained their fair value estimate for Godawari Power & Ispat at ₹275, noting only marginal tweaks to model assumptions such as discount rate and forward earnings multiple, without sufficient new catalysts to warrant a change in the price target. What's in the News The board will meet on December 4, 2025 to consider acting as a specific investor in the proposed rights issue of DGML, including the option to take up 100 percent of any undersubscribed portion beyond 90 percent, and to address other routine matters (company filing).
533758
₹1,860.80
APL Apollo Tubes
7D
7.0%
1Y
20.7%

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
₹130.06
Steel Authority of India
7D
-1.7%
1Y
7.3%

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.
500470
₹169.15
Tata Steel
7D
-2.1%
1Y
19.4%

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
₹2,325.40
Ratnamani Metals & Tubes
7D
-3.1%
1Y
-29.0%

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).
AEROFLEX
₹197.28
Aeroflex Industries
7D
8.1%
1Y
-3.4%
JAIBALAJI
₹62.50
Jai Balaji Industries
7D
-6.6%
1Y
-65.2%

Jai Balaji Industries' (NSE:JAIBALAJI) Weak Earnings May Only Reveal A Part Of The Whole Picture

Nov 23
Jai Balaji Industries' (NSE:JAIBALAJI) Weak Earnings May Only Reveal A Part Of The Whole Picture
500404
₹269.05
Sunflag Iron and Steel
7D
4.4%
1Y
-3.5%
504918
₹221.20
Sandur Manganese & Iron Ores
7D
3.6%
1Y
64.3%
539006
₹17,751.30
PTC Industries
7D
1.2%
1Y
43.4%
500365
₹38.34
Welspun Specialty Solutions
7D
8.6%
1Y
-19.9%
522285
₹78.41
Jayaswal Neco Industries
7D
4.6%
1Y
100.3%