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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies171
  • 7D2.0%
  • 3M2.9%
  • 1Y13.0%
  • YTDn/a

The Steel industry has gained 2.0% in the last week and Tata Steel up 3.2%. Meanwhile, PTC Industries actually underperformed within the industry, shrinking 5.8% in the last week. This means that the industry has gained 13% 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
Fri, 27 Mar 2026₹13.2t₹9.1t₹489.8b20.4x27x1.5x
Sun, 22 Feb 2026₹13.8t₹9.1t₹489.5b21.5x28.2x1.5x
Tue, 20 Jan 2026₹13.3t₹8.9t₹448.8b22.2x29.6x1.5x
Thu, 18 Dec 2025₹12.4t₹8.7t₹447.1b21.7x27.7x1.4x
Sat, 15 Nov 2025₹13.0t₹8.7t₹428.9b23.1x30.2x1.5x
Mon, 13 Oct 2025₹13.0t₹8.5t₹405.3b24x32.2x1.5x
Wed, 10 Sep 2025₹12.7t₹8.5t₹405.1b23.8x31.2x1.5x
Fri, 08 Aug 2025₹12.3t₹8.5t₹397.9b22.3x30.8x1.4x
Sun, 06 Jul 2025₹12.3t₹8.4t₹362.1b23.5x33.9x1.5x
Tue, 03 Jun 2025₹11.7t₹8.4t₹360.8b22.2x32.5x1.4x
Thu, 01 May 2025₹11.0t₹8.4t₹359.6b20.8x30.5x1.3x
Sat, 29 Mar 2025₹11.4t₹8.4t₹359.6b19.8x31.7x1.4x
Mon, 24 Feb 2025₹10.9t₹8.4t₹359.6b21.3x30.2x1.3x
Wed, 22 Jan 2025₹11.2t₹8.4t₹387.0b24x29x1.3x
Fri, 20 Dec 2024₹11.6t₹8.3t₹386.0b26.2x30.2x1.4x
Sun, 17 Nov 2024₹11.1t₹8.4t₹390.2b23.7x28.5x1.3x
Tue, 15 Oct 2024₹12.4t₹8.5t₹362.0b24.8x34.2x1.5x
Thu, 12 Sep 2024₹11.7t₹8.5t₹361.8b24.1x32.3x1.4x
Sat, 10 Aug 2024₹11.4t₹8.4t₹361.0b24.1x31.6x1.4x
Mon, 08 Jul 2024₹12.4t₹8.5t₹369.8b24.2x33.5x1.5x
Wed, 05 Jun 2024₹10.8t₹8.4t₹384.0b21x28.1x1.3x
Fri, 03 May 2024₹11.6t₹8.5t₹423.4b23.9x27.5x1.4x
Sun, 31 Mar 2024₹10.3t₹8.4t₹419.9b21x24.6x1.2x
Tue, 27 Feb 2024₹10.4t₹8.4t₹419.9b23.6x24.9x1.2x
Thu, 25 Jan 2024₹10.2t₹8.7t₹360.0b23.2x28.4x1.2x
Sat, 23 Dec 2023₹10.0t₹8.7t₹351.4b22.2x28.5x1.2x
Mon, 20 Nov 2023₹9.2t₹8.7t₹351.6b20.3x26.1x1.1x
Wed, 18 Oct 2023₹9.0t₹8.6t₹338.4b19.2x26.6x1x
Fri, 15 Sep 2023₹9.1t₹8.6t₹339.1b18.1x26.9x1.1x
Sun, 13 Aug 2023₹8.5t₹8.6t₹338.2b16.7x25x1x
Tue, 11 Jul 2023₹7.8t₹8.5t₹390.8b15.2x20x0.9x
Thu, 08 Jun 2023₹7.1t₹8.5t₹394.6b15.1x18.1x0.8x
Sat, 06 May 2023₹7.0t₹8.3t₹428.6b14.5x16.3x0.8x
Mon, 03 Apr 2023₹6.6t₹8.4t₹517.1b13.3x12.9x0.8x
Price to Earnings Ratio

12.9x


Total Market Cap: ₹6.6tTotal Earnings: ₹517.1bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28x202420252026
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 28.0x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
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 Market1.06%
Materials1.66%
Metals and Mining1.22%
Steel2.02%
Copper2.09%
Diversified Metals and Mining1.44%
Gold-1.30%
Aluminum-3.06%
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₹1.28k2.6%
+₹18.0b		-0.5%PE29.2x
GPIL Godawari Power & Ispat₹272.103.6%
+₹6.4b		51.1%PE24.6x
532144 Welspun₹817.701.7%
+₹3.6b		-5.9%PE11.1x
533758 APL Apollo Tubes₹1.99k0.6%
+₹3.3b		30.3%PE48.3x
517146 Usha Martin₹408.101.7%
+₹2.1b		21.2%PE28.4x

Latest News

500228
₹1,130.90
JSW Steel
7D
-3.3%
1Y
6.4%
512455
₹1,278.80
Lloyds Metals and Energy
7D
2.6%
1Y
-0.5%

512455: Capacity Expansion And New Subsidiaries Will Support Future Upside

Analysts have kept the price target for Lloyds Metals and Energy steady at ₹1,703, indicating only minor tweaks in the discount rate, revenue growth, profit margin assumptions and future P/E expectations, rather than a change in the overall valuation view. What's in the News A board meeting is scheduled on Mar 13, 2026 to consider the allotment of equity shares upon conversion of preferentially issued convertible warrants to non-promoters and the potential acquisition of an equity stake in a Cayman Islands entity through wholly owned subsidiary Lloyds Global Resources FZCO (company filing).
526371
₹77.23
NMDC
7D
-3.3%
1Y
12.1%

526371: Rare Earth MoU And Interim Dividend Will Shape Balanced 2026 Outlook

Analysts have trimmed their price target on NMDC slightly to around ₹81 from about ₹81.50, reflecting small adjustments to assumptions for discount rate, revenue growth, profit margin and future P/E multiples while keeping the overall investment view broadly consistent. What's in the News Gujarat Mineral Development Corporation and NMDC signed an MoU to explore collaboration in the Rare Earth Elements sector, focusing on an integrated value chain in Gujarat that covers exploration, mining, beneficiation, processing and downstream applications linked to GMDC’s Ambadungar deposit (Key Developments).
GPIL
₹272.10
Godawari Power & Ispat
7D
3.6%
1Y
51.1%

GPIL: Logistics Move And New Energy Capex Will Support Balanced Outlook

Analysts have kept the price target for Godawari Power & Ispat steady at ₹275, with only minor tweaks to model inputs such as discount rate, revenue growth, profit margin and forward P/E assumptions guiding this unchanged view. What's in the News Shareholders approved an amendment to the Object Clause of the Memorandum of Association to allow the company to undertake logistics activities, including shipping, air, rail and road transport services, at the Extra Ordinary General Meeting on March 14, 2026 (Changes in Company Bylaws/Rules, EGM).
JINDALSTEL
₹1,131.40
Jindal Steel
7D
-4.6%
1Y
24.0%

JINDALSTEL: Raigarh Capacity Expansion Will Support Stronger Long Term Prospects

The analyst price target for Jindal Steel has shifted from ₹1,250 to ₹1,393 as analysts factor in updated assumptions around revenue growth, profit margins and a revised forward P/E framework. What's in the News Jindal Steel & Power Limited reported consolidated steel production of 2.51 MT for the third quarter ended December 31, 2025, compared with 1.99 MT a year earlier, and 6.60 MT for the nine months, compared with 6.01 MT a year earlier (company announcement of operating results).
KIOCL
₹326.95
KIOCL
7D
-7.1%
1Y
38.1%
500470
₹193.25
Tata Steel
7D
-1.8%
1Y
25.3%

500470: Future Legal Resolutions And Mining Outcomes Will Support Stronger Performance

Analysts have kept the Tata Steel price target steady at ₹240.00, citing only small refinements to the discount rate, revenue growth assumptions and profit margin estimates, along with a slightly lower future P/E multiple. What's in the News Board meeting on March 17, 2026 to review a proposed amalgamation with Neelachal Ispat Nigam, a potential equity investment in wholly owned subsidiary T Steel Holdings Pte.
SAIL
₹146.47
Steel Authority of India
7D
-5.8%
1Y
27.2%

SAIL: Higher Discount Rate And Lower Future P E Multiple May Constrain Returns

Analysts have kept their ₹90 price target for Steel Authority of India unchanged, reflecting slightly higher assumed revenue growth and profit margins. These are offset by a modestly higher discount rate and a marginally lower future P/E multiple.
533758
₹1,985.70
APL Apollo Tubes
7D
0.6%
1Y
30.3%

533758: Upcoming Board Results Will Support A Steady And Undervalued Outlook

The analyst price target for APL Apollo Tubes has inched up by about ₹5 to ₹2,279.82, with analysts pointing to largely unchanged assumptions on revenue growth, profit margins and future P/E that still support a similar valuation profile. What's in the News Board meeting scheduled for January 22, 2026, at 12:30 Indian Standard Time to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
532144
₹817.70
Welspun
7D
1.7%
1Y
-5.9%

532144: Global Order Book And New Dubai Hub Will Support Bullish Outlook

Analysts have kept Welspun's fair value estimate steady at ₹1,160, with only small model tweaks to discount rate, revenue growth and profit margin assumptions guiding this unchanged price target. What's in the News Welspun Corp has incorporated a wholly owned subsidiary, Welspun International FZCO, in the Dubai Multi Commodities Centre in the UAE to handle global marketing for all products and to conduct trading in products and raw materials related to the parent and its subsidiaries (Key Developments).
500245
₹366.45
Kirloskar Ferrous Industries
7D
1.8%
1Y
-22.1%

500245: Upcoming Results And Dividend Decision Will Support Bullish Outlook

Analysts have held their fair value estimate for Kirloskar Ferrous Industries steady at ₹577, citing relatively unchanged assumptions around revenue growth, profit margins, discount rate, and future P/E expectations. What's in the News Board meeting scheduled on Feb 10, 2026 at 12:00 Indian Standard Time to consider unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with limited review reports and a potential dividend for the 2025 to 2026 financial year (Key Developments).
AEROFLEX
₹240.57
Aeroflex Industries
7D
2.9%
1Y
41.4%
539006
₹15,613.75
PTC Industries
7D
-10.3%
1Y
4.7%
513554
₹984.90
Mahamaya Steel Industries
7D
3.4%
1Y
263.8%
BHARATCOAL
₹31.66
Bharat Coking Coal
7D
-6.6%
1Y
n/a
517146
₹408.10
Usha Martin
7D
1.7%
1Y
21.2%