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Indian (NIFTY) Steel Industry Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies170
  • 7D-3.1%
  • 3M-0.3%
  • 1Y16.2%
  • YTDn/a

Over the last 7 days, the Steel industry has dropped 3.1%, driven by declines in Jindal Steel and Jindal Stainless of 6.4% and 8.9%, respectively. This takes the industry's 12 month performance to a gain of 16%. Looking forward, 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, 14 Jan 2026₹13.0t₹8.7t₹445.2b22.7x29.1x1.5x
Fri, 12 Dec 2025₹12.4t₹8.7t₹447.2b21.7x27.6x1.4x
Sun, 09 Nov 2025₹13.1t₹8.6t₹422.3b22.9x30.9x1.5x
Tue, 07 Oct 2025₹13.1t₹8.5t₹405.5b24.4x32.3x1.5x
Thu, 04 Sep 2025₹12.5t₹8.5t₹405.4b24.1x30.9x1.5x
Sat, 02 Aug 2025₹12.0t₹8.5t₹395.5b22.8x30.3x1.4x
Mon, 30 Jun 2025₹12.2t₹8.4t₹361.1b23.5x33.8x1.5x
Wed, 28 May 2025₹11.8t₹8.4t₹354.4b21.7x33.4x1.4x
Fri, 25 Apr 2025₹11.4t₹8.4t₹359.4b20.8x31.6x1.4x
Sun, 23 Mar 2025₹11.6t₹8.4t₹359.6b21.2x32.2x1.4x
Tue, 18 Feb 2025₹10.5t₹8.4t₹359.5b20.2x29.1x1.2x
Thu, 16 Jan 2025₹11.1t₹8.3t₹386.1b23.1x28.6x1.3x
Sat, 14 Dec 2024₹12.2t₹8.3t₹386.0b26.7x31.5x1.5x
Mon, 11 Nov 2024₹11.8t₹8.3t₹391.8b25.6x30.1x1.4x
Wed, 09 Oct 2024₹12.0t₹8.5t₹362.0b23.8x33.2x1.4x
Fri, 06 Sep 2024₹11.8t₹8.5t₹363.6b24.2x32.4x1.4x
Sun, 04 Aug 2024₹11.8t₹8.5t₹360.0b24.7x32.7x1.4x
Tue, 02 Jul 2024₹12.2t₹8.4t₹369.2b24.3x33x1.4x
Thu, 30 May 2024₹11.7t₹8.5t₹394.2b21.8x29.7x1.4x
Sat, 27 Apr 2024₹11.5t₹8.5t₹422.8b24.9x27.3x1.4x
Mon, 25 Mar 2024₹10.3t₹8.4t₹419.9b21.8x24.4x1.2x
Wed, 21 Feb 2024₹10.5t₹8.4t₹419.8b23.6x25x1.2x
Fri, 19 Jan 2024₹10.1t₹8.7t₹356.7b23.2x28.2x1.2x
Sun, 17 Dec 2023₹10.0t₹8.7t₹351.4b22.1x28.5x1.2x
Tue, 14 Nov 2023₹9.0t₹8.7t₹352.0b20.2x25.5x1x
Thu, 12 Oct 2023₹8.9t₹8.6t₹338.4b19.9x26.4x1x
Sat, 09 Sep 2023₹9.1t₹8.6t₹338.8b18.7x26.9x1.1x
Mon, 07 Aug 2023₹8.3t₹8.6t₹338.6b16.6x24.7x1x
Wed, 05 Jul 2023₹7.6t₹8.5t₹390.4b14.7x19.5x0.9x
Fri, 02 Jun 2023₹6.9t₹8.5t₹393.5b14.8x17.4x0.8x
Sun, 30 Apr 2023₹6.9t₹8.3t₹534.8b14.4x12.9x0.8x
Tue, 28 Mar 2023₹6.5t₹8.4t₹517.1b12.9x12.6x0.8x
Thu, 23 Feb 2023₹6.7t₹8.4t₹517.5b13.1x13x0.8x
Sat, 21 Jan 2023₹7.0t₹8.4t₹720.3b14.5x9.7x0.8x
Price to Earnings Ratio

9.7x


Total Market Cap: ₹7.0tTotal Earnings: ₹720.3bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 26.9x202420252026
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 26.9x.
  • 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 Market-2.45%
Materials-1.89%
Metals and Mining-2.04%
Steel-3.13%
Gold10.64%
Aluminum-0.0028%
Diversified Metals and Mining-0.27%
Copper-4.57%
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₹189.253.0%
+₹68.7b		49.5%PE34.7x
SAIL Steel Authority of India₹152.441.4%
+₹8.6b		44.9%PE24.6x
534600 JTL Industries₹69.9022.2%
+₹5.0b		-31.2%PE34.6x
539006 PTC Industries₹17.99k1.5%
+₹4.1b		4.7%PE434.2x
590078 Maithan Alloys₹1.12k10.4%
+₹3.1b		11.1%PE7.3x

Latest News

534600
₹69.90
JTL Industries
7D
22.2%
1Y
-31.2%
SHYAMMETL
₹836.75
Shyam Metalics and Energy
7D
1.2%
1Y
12.2%

SHYAMMETL: Vision 2031 Capacity And Margin Plans Will Support Balanced Outlook

Analysts have kept their fair value estimate for Shyam Metalics and Energy steady at ₹828.00. The updated price target reflects modest tweaks to assumptions around revenue growth, profit margins and future P/E expectations.
JSL
₹794.10
Jindal Stainless
7D
-7.1%
1Y
29.1%
512455
₹1,240.35
Lloyds Metals and Energy
7D
-7.2%
1Y
-13.4%

512455: Upcoming Tata Steel Decision And Land Expansion Will Drive Future Upside

Analysts have maintained their fair value estimate for Lloyds Metals and Energy at ₹1,692, citing only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their overall price target view. What's in the News A board meeting is scheduled for Dec 31, 2025 to approve the allotment of equity shares under the Lloyds Metals and Energy Limited Employee Stock Option Plan 2017, approve equity shares upon conversion of preferentially issued convertible warrants to promoter and non promoter groups, and consider other matters (company filing).
526371
₹83.82
NMDC
7D
-2.7%
1Y
32.6%

526371: Overseas Resource Expansion And Dividend Decisions Will Shape 2025 Outlook

Analysts have modestly adjusted their price expectations for NMDC, keeping the fair value view broadly unchanged at ₹77.12 while fine tuning assumptions around discount rate, revenue growth, profit margin and future P/E to reflect updated risk and earnings profiles. What's in the News NMDC is exploring acquisitions and investments in Africa, the Middle East, Latin America and Southeast Asia, including both operating mines and virgin mineral blocks where pre feasibility work supports commercial viability (Key Developments).
504918
₹232.40
Sandur Manganese & Iron Ores
7D
-11.7%
1Y
80.9%
JINDALSTEL
₹1,040.70
Jindal Steel
7D
-3.2%
1Y
14.3%

JINDALSTEL: Capacity Expansion Plans Will Elevate Execution And Governance Risks

Analysts have raised their price target for Jindal Steel to ₹840 from about ₹774, citing updates to their models that reflect revised assumptions on the discount rate, revenue growth, profit margin, and future P/E. What's in the News Jindal Steel plans to double structural steel capacity at its Raigarh facility from 1.2 million tonnes per annum to 2.4 million tonnes per annum by mid 2028, supported by a new structural steel mill and technology upgrades to expand its product range into heavier and more complex sections (Key Developments).
500228
₹1,182.00
JSW Steel
7D
-0.6%
1Y
30.7%

500228: Reorganization And Output Trends Will Shape A Balanced Outlook

Analysts have nudged their fair value estimate for JSW Steel slightly higher from ₹1,178.42 to ₹1,182.24, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for January 23, 2026, to consider the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
NSLNISP
₹43.00
NMDC Steel
7D
-6.5%
1Y
4.9%
500470
₹189.25
Tata Steel
7D
3.0%
1Y
49.5%

500470: Future Results Will Reflect Pellet Expansion And Contested Tax And Sukinda Obligations

Analysts have nudged their fair value estimate for Tata Steel from ₹185.77 to ₹188.77 per share, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E that modestly refine their outlook on the company. What's in the News Tata Steel reported provisional production for Q3 FY2026, with Tata Steel India at 6.34 million tons, Tata Steel Netherlands at 1.68 million tons and Tata Steel Thailand at 0.31 million tons, alongside nine month production of 17.23 million tons, 5.05 million tons and 1.01 million tons respectively (company announcement of operating results).
SAIL
₹152.44
Steel Authority of India
7D
1.4%
1Y
44.9%

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

Analysts have raised their fair value estimate for Steel Authority of India slightly to ₹126.23 from ₹125.81, citing updated assumptions around discount rate, revenue growth, profit margin and future P/E that reflect evolving views on long term earnings power and risk pricing. Analyst Commentary With the updated fair value estimate, analysts are reassessing what they see as the key supports and pressure points for Steel Authority of India.
532144
₹738.25
Welspun
7D
-6.6%
1Y
-3.0%

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).
590078
₹1,122.80
Maithan Alloys
7D
10.4%
1Y
11.1%
543590
₹26.51
Rhetan TMT
7D
6.3%
1Y
15.6%
530655
₹1,135.45
Goodluck India
7D
6.7%
1Y
30.7%
539006
₹17,986.40
PTC Industries
7D
1.5%
1Y
4.7%