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Indian (NIFTY) Steel Industry Analysis

UpdatedJan 02, 2026
DataAggregated Company Financials
Companies170
  • 7D5.1%
  • 3M0.8%
  • 1Y14.2%
  • YTDn/a

Over the last 7 days, the Steel industry has risen 4.4%, driven by gains from JSW Steel of 6.7%. 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 32% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 02 Jan 2026₹13.3t₹8.7t₹445.2b23.9x29.9x1.5x
Sun, 30 Nov 2025₹12.6t₹8.7t₹447.2b22.7x28.2x1.4x
Tue, 28 Oct 2025₹13.0t₹8.5t₹415.1b23.7x31.3x1.5x
Thu, 25 Sep 2025₹13.0t₹8.5t₹405.4b24.3x32x1.5x
Sat, 23 Aug 2025₹12.3t₹8.5t₹405.3b23.9x30.3x1.4x
Mon, 21 Jul 2025₹12.3t₹8.4t₹376.3b23.5x32.6x1.5x
Wed, 18 Jun 2025₹11.8t₹8.4t₹361.0b22.6x32.6x1.4x
Fri, 16 May 2025₹11.7t₹8.4t₹352.9b21.9x33.3x1.4x
Sun, 13 Apr 2025₹10.6t₹8.4t₹359.6b19.5x29.5x1.3x
Tue, 11 Mar 2025₹11.1t₹8.4t₹359.5b20.4x30.8x1.3x
Thu, 06 Feb 2025₹10.9t₹8.3t₹357.2b23.2x30.5x1.3x
Sat, 04 Jan 2025₹11.7t₹8.3t₹386.0b25.7x30.2x1.4x
Mon, 02 Dec 2024₹11.6t₹8.3t₹386.0b26x30.1x1.4x
Wed, 30 Oct 2024₹11.5t₹8.4t₹335.5b23.6x34.2x1.4x
Fri, 27 Sep 2024₹12.5t₹8.4t₹360.3b24.8x34.7x1.5x
Sun, 25 Aug 2024₹11.8t₹8.5t₹363.6b23.9x32.4x1.4x
Tue, 23 Jul 2024₹11.6t₹8.5t₹355.7b23.9x32.6x1.4x
Thu, 20 Jun 2024₹12.1t₹8.4t₹368.9b24x32.8x1.4x
Sat, 18 May 2024₹11.8t₹8.5t₹426.1b22.8x27.7x1.4x
Mon, 15 Apr 2024₹11.1t₹8.4t₹419.9b23.5x26.4x1.3x
Wed, 13 Mar 2024₹10.3t₹8.4t₹419.9b21.2x24.5x1.2x
Fri, 09 Feb 2024₹10.6t₹8.4t₹415.3b24.5x25.6x1.3x
Sun, 07 Jan 2024₹10.2t₹8.7t₹351.4b22.1x29.1x1.2x
Tue, 05 Dec 2023₹9.6t₹8.7t₹351.3b21.1x27.2x1.1x
Thu, 02 Nov 2023₹8.4t₹8.7t₹398.7b17.4x21.2x1x
Sat, 30 Sep 2023₹8.9t₹8.6t₹339.1b18.5x26.3x1x
Mon, 28 Aug 2023₹8.3t₹8.6t₹338.5b17x24.7x1x
Wed, 26 Jul 2023₹8.2t₹8.5t₹335.0b15.7x24.4x1x
Fri, 23 Jun 2023₹7.5t₹8.5t₹390.2b14.9x19.2x0.9x
Sun, 21 May 2023₹6.8t₹8.5t₹429.8b14.7x15.7x0.8x
Tue, 18 Apr 2023₹6.9t₹8.4t₹517.2b14.3x13.3x0.8x
Thu, 16 Mar 2023₹6.7t₹8.4t₹517.1b12.4x12.9x0.8x
Sat, 11 Feb 2023₹6.6t₹8.4t₹538.9b13.2x12.3x0.8x
Mon, 09 Jan 2023₹6.7t₹8.4t₹721.3b13.6x9.3x0.8x
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 26.7x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Steel industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 29.7x which is higher than its 3-year average PE of 26.7x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
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 Market0.36%
Materials1.64%
Metals and Mining3.78%
Steel5.09%
Copper19.83%
Aluminum4.25%
Diversified Metals and Mining-0.71%
Gold-12.40%
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₹1.17k7.3%
+₹195.5b		28.4%PE47.4x
500470 Tata Steel₹181.857.0%
+₹147.9b		31.6%PE33.4x
JINDALSTEL Jindal Steel₹1.07k6.9%
+₹70.8b		13.5%PE39.7x
SAIL Steel Authority of India₹148.4512.6%
+₹68.6b		30.1%PE24x
JSL Jindal Stainless₹853.757.4%
+₹48.7b		24.7%PE25.4x

Latest News

TEMBO
₹578.85
Tembo Global Industries
7D
-22.3%
1Y
-34.4%
526371
₹83.59
NMDC
7D
2.7%
1Y
23.6%

526371: Future Overseas Mineral Acquisitions Are Expected To Drive Upside Potential

Analysts have nudged their price target on NMDC slightly higher to Rs 91, citing marginally improved expectations for revenue growth, profit margins, and long term earnings multiples, despite a largely unchanged fair value outlook. What's in the News NMDC is actively scouting acquisitions and partnerships across Africa, the Middle East, Latin America and Southeast Asia, targeting both operating and greenfield mines based on pre feasibility studies (company/ministry officials).
AEROFLEX
₹192.61
Aeroflex Industries
7D
-6.4%
1Y
-9.4%
500470
₹181.85
Tata Steel
7D
7.0%
1Y
31.6%

500470: Improved Margins And New Acquisitions Will Support Stronger Future Performance

Analysts have raised their fair value estimate for Tata Steel from ₹200 to ₹215 per share. This reflects increased confidence in the company's higher projected revenue growth and improved profit margins, even as they incorporate a slightly higher discount rate and a more conservative future price to earnings multiple.
KIOCL
₹406.40
KIOCL
7D
6.7%
1Y
-0.2%
JSL
₹853.75
Jindal Stainless
7D
7.4%
1Y
24.7%

JSL: Circular Capacity Expansion And Shared Services Subsidiary Will Support Steady Outlook

Analysts have nudged their price target on Jindal Stainless higher to ₹815.46, citing slightly lower perceived discount rates as well as steady expectations for revenue growth, profit margins, and future valuation multiples. What's in the News Board approves incorporation of a wholly owned subsidiary to serve as a centralized shared services entity, reflecting growing operational scale and complexity (Board meeting, November 10, 2025) Board meeting on November 10, 2025 to review unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and to consider creation of the new subsidiary (Board meeting, November 10, 2025) Company commits about USD 150 million for a new wet milling plant at its Jajpur, Odisha unit, doubling slag processing capacity under a 15 year partnership with Harsco Environmental to support circular production and ESG goals, including Net Zero by 2050 (Business expansion, Fiscal Year 2025) New slag processing plant expected to recover metal from industrial waste, conserve natural resources, and create around 140 jobs in the Jajpur region (Business expansion, Fiscal Year 2025) Launch of a stainless steel based Salt Tipper Trailer aimed at the salt logistics industry, promising significantly longer life, lower corrosion, and potential cost savings of about INR 2.5 to 3.0 million over 10 years versus traditional materials (Product related announcement, Gujarat technical conclave) Valuation Changes Fair Value: Unchanged at approximately ₹815.46 per share, indicating stable analyst expectations for intrinsic value.
500228
₹1,171.55
JSW Steel
7D
7.3%
1Y
28.4%
512455
₹1,354.20
Lloyds Metals and Energy
7D
-1.5%
1Y
1.0%

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
₹1,068.40
Jindal Steel
7D
6.9%
1Y
13.5%

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).
533758
₹1,969.70
APL Apollo Tubes
7D
6.1%
1Y
24.2%

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
₹148.45
Steel Authority of India
7D
12.6%
1Y
30.1%

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.
532144
₹799.25
Welspun
7D
-1.4%
1Y
-2.4%

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
₹444.15
Usha Martin
7D
-2.3%
1Y
17.2%

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
₹509.90
Sarda Energy & Minerals
7D
-4.9%
1Y
6.5%
SAMBHV
₹96.13
Sambhv Steel Tubes
7D
-4.4%
1Y
n/a
KIRLOSIND
₹3,163.40
Kirloskar Industries
7D
-3.1%
1Y
-30.4%