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Indian (NIFTY) Steel Industry Analysis

UpdatedJan 28, 2026
DataAggregated Company Financials
Companies171
  • 7D2.6%
  • 3M-2.4%
  • 1Y22.5%
  • YTDn/a

In the last week, the Steel industry is up 2.6%, with Tata Steel leading the way, up 5.1%. This takes the industry's 12 month performance to a gain of 22%. Earnings are forecast to grow by 33% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 04 Feb 2023₹6.8t₹8.4t₹656.2b13.5x10.4x0.8x
Price to Earnings Ratio

10.4x


Total Market Cap: ₹6.8tTotal Earnings: ₹656.2bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 27.2x202420252026
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 27.2x.
  • 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 11% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.0% 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, which has decreased profits.

Industry Comparison

How does Indian Steel compare with similar industries?

IN Market-0.64%
Materials1.41%
Metals and Mining3.60%
Steel2.63%
Gold6.07%
Copper5.69%
Diversified Metals and Mining5.16%
Aluminum4.35%
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₹193.805.1%
+₹118.0b		48.2%PE35.5x
500228 JSW Steel₹1.22k3.6%
+₹104.5b		29.9%PE39.9x
JINDALSTEL Jindal Steel₹1.12k7.5%
+₹79.6b		31.8%PE41.6x
533758 APL Apollo Tubes₹2.09k11.3%
+₹58.9b		37.2%PE50.8x
JSL Jindal Stainless₹809.007.9%
+₹48.7b		26.9%PE22.7x

Latest News

533758
₹2,089.95
APL Apollo Tubes
7D
11.3%
1Y
37.2%

Capacity Expansion And Brand Pricing Power Will Reshape Long Term Earnings Potential

Catalysts About APL Apollo Tubes APL Apollo Tubes manufactures structural steel tubes and related steel products used across construction and industrial applications. What are the underlying business or industry changes driving this perspective?
SHYAMMETL
₹836.20
Shyam Metalics and Energy
7D
5.2%
1Y
13.1%
GALLANTT
₹524.50
Gallantt Ispat
7D
-3.6%
1Y
74.1%

Calculating The Intrinsic Value Of Gallantt Ispat Limited (NSE:GALLANTT)

Jan 25
Calculating The Intrinsic Value Of Gallantt Ispat Limited (NSE:GALLANTT)
500228
₹1,218.00
JSW Steel
7D
3.6%
1Y
29.9%
JSL
₹809.00
Jindal Stainless
7D
7.9%
1Y
26.9%

JSL: Shared Services Expansion Will Support Stronger Margins And Future Upside

Analysts have lifted their price target for Jindal Stainless from ₹828 to about ₹863.92, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled on January 21, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
526371
₹81.51
NMDC
7D
3.6%
1Y
24.0%

526371: Higher Discount Rate And Lower P/E Will Pressure Future Returns

Analysts have trimmed their fair value estimate for NMDC from ₹60.00 to ₹59.00 as they now apply a slightly higher discount rate, while also assuming stronger revenue, a modestly higher profit margin and a lower future P/E multiple. What's in the News NMDC is actively looking for acquisitions in Africa, the Middle East, Latin America and Southeast Asia, focusing on both operating mines and virgin assets where pre-feasibility work supports commercial viability (Key Developments).
JINDALSTEL
₹1,119.40
Jindal Steel
7D
7.5%
1Y
31.8%

JINDALSTEL: Raigarh Expansion And New Leadership Will Shape Measured Future Potential

Analysts have inched up their fair value estimate for Jindal Steel from ₹1,134.77 to ₹1,136.19, citing slightly higher assumptions for revenue growth and profit margins, a marginally lower discount rate, and a modestly reduced future P/E multiple. What's in the News Board meeting scheduled for January 30, 2026, to review and approve unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, for FY 2025–26 (Key Developments).
JINDALSAW
₹180.91
Jindal Saw
7D
-6.6%
1Y
-26.7%

JINDALSAW: Upcoming Board Meeting Will Support Continued Undervalued Bullish Outlook

Analysts have slightly increased their price target on Jindal Saw to ₹262.50 from ₹261, citing updated assumptions around revenue growth, profit margins and the stock's future P/E profile. What's in the News A board meeting is scheduled on January 16, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
500470
₹193.80
Tata Steel
7D
5.1%
1Y
48.2%

500470: Future Tax Disputes Will Pressure Earnings And Limit Upside Potential

Narrative Update: Tata Steel Analysts have lifted their price target on Tata Steel from ₹125.00 to about ₹145.33, reflecting updated expectations for revenue, profit margins and a slightly lower assumed future P/E multiple. What's in the News Tata Steel India reported provisional production of 6.34 million tons for the third quarter of FY2026 and 17.23 million tons for the first nine months, along with reported volumes from its Netherlands and Thailand operations.
517522
₹437.00
Rajratan Global Wire
7D
-8.0%
1Y
0.4%

517522: Captive Renewable Power Investment Will Support Future Earnings Resilience

Analysts have adjusted their price target for Rajratan Global Wire from ₹714.00 to ₹600.00, reflecting updated assumptions for the discount rate, revenue growth, profit margins and future P/E. What's in the News Board meeting scheduled on January 21, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter ended December 31, 2025 (Board Meeting).
VSSL
₹251.90
Vardhman Special Steels
7D
-3.5%
1Y
11.4%
SAIL
₹155.74
Steel Authority of India
7D
6.3%
1Y
49.2%

SAIL: Overseas Mineral Expansion Will Constrain Margins And Limit Earnings Upside

Analysts have raised their fair value estimate for Steel Authority of India from ₹126.23 to ₹130.88, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Bullish analysts focus on how the revised fair value estimate for Steel Authority of India reflects updated assumptions around discount rates, revenue growth, margins, and future P/E multiples.
BHARATCOAL
₹37.18
Bharat Coking Coal
7D
-4.9%
1Y
n/a
504132
₹753.15
Permanent Magnets
7D
-10.4%
1Y
-15.9%
530655
₹1,037.20
Goodluck India
7D
-4.0%
1Y
23.0%
500245
₹450.30
Kirloskar Ferrous Industries
7D
-1.5%
1Y
-20.4%