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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies171
  • 7D-0.4%
  • 3M-3.1%
  • 1Y11.5%
  • YTDn/a

Last week, the Steel industry hasn't moved much but Lloyds Metals and Energy is up 6.4% in that time. The past year has been better, since the industry has gained 11% in that time. Earnings are forecast to grow by 35% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026₹13.2t₹9.1t₹489.8b20.6x26.9x1.5x
Sun, 01 Mar 2026₹14.1t₹9.1t₹489.5b21.4x28.9x1.6x
Tue, 27 Jan 2026₹12.9t₹8.9t₹466.1b21x27.8x1.4x
Thu, 25 Dec 2025₹12.6t₹8.7t₹445.6b22.8x28.4x1.4x
Sat, 22 Nov 2025₹12.5t₹8.7t₹447.4b22.4x27.9x1.4x
Mon, 20 Oct 2025₹12.9t₹8.5t₹415.1b23.5x31x1.5x
Wed, 17 Sep 2025₹12.8t₹8.5t₹405.1b24.5x31.7x1.5x
Fri, 15 Aug 2025₹12.0t₹8.5t₹405.9b23.3x29.6x1.4x
Sun, 13 Jul 2025₹12.2t₹8.4t₹362.1b23.4x33.6x1.4x
Tue, 10 Jun 2025₹12.1t₹8.4t₹361.0b22.7x33.5x1.4x
Thu, 08 May 2025₹10.9t₹8.4t₹344.8b20.3x31.6x1.3x
Sat, 05 Apr 2025₹10.9t₹8.4t₹359.5b19.8x30.4x1.3x
Mon, 03 Mar 2025₹10.3t₹8.4t₹359.5b19.4x28.6x1.2x
Wed, 29 Jan 2025₹10.6t₹8.3t₹367.7b21.9x28.8x1.3x
Fri, 27 Dec 2024₹11.5t₹8.3t₹386.0b25.5x29.7x1.4x
Sun, 24 Nov 2024₹11.3t₹8.4t₹390.1b24x29x1.3x
Tue, 22 Oct 2024₹11.9t₹8.4t₹360.0b25.6x33.2x1.4x
Thu, 19 Sep 2024₹12.0t₹8.5t₹361.9b24.8x33.2x1.4x
Sat, 17 Aug 2024₹11.4t₹8.5t₹383.4b23x29.8x1.3x
Mon, 15 Jul 2024₹12.2t₹8.5t₹370.5b24.5x32.8x1.4x
Wed, 12 Jun 2024₹11.9t₹8.4t₹367.0b24.1x32.5x1.4x
Fri, 10 May 2024₹11.0t₹8.5t₹425.5b22.4x25.9x1.3x
Sun, 07 Apr 2024₹11.0t₹8.4t₹419.9b23.8x26.1x1.3x
Tue, 05 Mar 2024₹10.8t₹8.4t₹419.9b23.2x25.7x1.3x
Thu, 01 Feb 2024₹10.6t₹8.7t₹410.5b23.4x25.8x1.2x
Sat, 30 Dec 2023₹10.3t₹8.7t₹351.4b22.4x29.3x1.2x
Mon, 27 Nov 2023₹9.3t₹8.7t₹351.3b20.7x26.4x1.1x
Wed, 25 Oct 2023₹8.6t₹8.6t₹382.0b17.8x22.5x1x
Fri, 22 Sep 2023₹8.8t₹8.6t₹339.0b18.3x26x1x
Sun, 20 Aug 2023₹8.3t₹8.6t₹340.4b16.4x24.2x1x
Tue, 18 Jul 2023₹8.0t₹8.5t₹390.8b15.7x20.5x0.9x
Thu, 15 Jun 2023₹7.4t₹8.5t₹394.6b14.7x18.9x0.9x
Sat, 13 May 2023₹6.9t₹8.3t₹429.5b14.9x16x0.8x
Mon, 10 Apr 2023₹6.7t₹8.4t₹517.1b14.5x12.9x0.8x
Price to Earnings Ratio

12.9x


Total Market Cap: ₹6.7tTotal Earnings: ₹517.1bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28.1x202420252026
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 28.1x.
  • 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 Market-2.08%
Materials-0.91%
Metals and Mining0.89%
Steel-0.35%
Aluminum6.31%
Copper2.90%
Diversified Metals and Mining1.10%
Gold0.91%
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₹1.39k8.7%
+₹62.6b		12.1%PE31.8x
SAIL Steel Authority of India₹155.165.9%
+₹35.9b		37.8%PE23x
500228 JSW Steel₹1.14k0.9%
+₹24.0b		13.3%PE37.4x
500470 Tata Steel₹194.050.4%
+₹10.0b		38.2%PE26.4x
KIOCL KIOCL₹342.704.8%
+₹9.6b		47.4%PS32.6x

Latest News

SAIL
₹155.16
Steel Authority of India
7D
5.9%
1Y
37.8%

SAIL: Lower Discount Rate Will Support Margins While Multiple Pressure Persists

Analysts have raised their fair value estimate for Steel Authority of India from ₹130.88 to ₹142.78. They cite updated assumptions that reflect slightly higher revenue growth and profit margin expectations, a lower discount rate, and a modestly reduced future P/E multiple.
533758
₹1,895.65
APL Apollo Tubes
7D
-4.5%
1Y
24.8%

533758: Upcoming Results And Steady Assumptions Will Support An Undervalued Outlook

Analysts have kept their fair value estimate for APL Apollo Tubes steady at about ₹2,280 per share, with only minor tweaks to assumptions such as the discount rate, revenue growth and future P/E that do not materially change their overall view. What's in the News A board meeting is scheduled for January 22, 2026, at 12:30 Indian Standard Time to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
540082
₹178.00
Riddhi Steel and Tube
7D
-4.8%
1Y
190.5%
500470
₹194.05
Tata Steel
7D
0.4%
1Y
38.2%
532144
₹846.35
Welspun
7D
3.5%
1Y
4.8%

532144: Export Order Pipeline And New Global Subsidiary Will Support Future Upside

Analysts have raised their price target on Welspun from ₹892 to ₹1,043, citing updated assumptions that include a revised discount rate, revenue growth, profit margin, and future P/E inputs. What's in the News Board meeting on Mar 19, 2026 to consider acquiring a stake in Welspun Corporate Services Limited and modifying arrangements for 42 MW of renewable energy supply (company filing).
500228
₹1,140.75
JSW Steel
7D
0.9%
1Y
13.3%
512455
₹1,390.05
Lloyds Metals and Energy
7D
8.7%
1Y
12.1%

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).
RAMASTEEL
₹4.13
Rama Steel Tubes
7D
-3.5%
1Y
-57.1%
526371
₹77.98
NMDC
7D
1.0%
1Y
19.8%

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).
JINDALSTEL
₹1,137.90
Jindal Steel
7D
0.6%
1Y
33.9%

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
₹342.70
KIOCL
7D
4.8%
1Y
47.4%
539006
₹14,739.00
PTC Industries
7D
-5.6%
1Y
6.8%
513554
₹937.50
Mahamaya Steel Industries
7D
-4.8%
1Y
275.5%
517146
₹405.45
Usha Martin
7D
-0.6%
1Y
25.4%
BEDMUTHA
₹98.24
Bedmutha Industries
7D
-5.2%
1Y
-39.2%
PSRAJ
₹242.05
S Raj Steels
7D
-4.9%
1Y
72.9%