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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies171
  • 7D-5.9%
  • 3M5.8%
  • 1Y21.5%
  • YTDn/a

Last week, the Steel industry hasn't moved much but Manaksia Coated Metals & Industries is up 8.9% in that time. The past year has been better, since the industry has gained 33% in that time. 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
Thu, 05 Mar 2026₹13.4t₹9.1t₹489.4b21.2x27.4x1.5x
Sat, 31 Jan 2026₹13.4t₹8.9t₹466.8b21.1x28.8x1.5x
Mon, 29 Dec 2025₹12.7t₹8.7t₹445.2b23.2x28.5x1.4x
Wed, 26 Nov 2025₹12.3t₹8.7t₹447.2b22.4x27.6x1.4x
Fri, 24 Oct 2025₹12.8t₹8.5t₹415.1b23.8x30.9x1.5x
Sun, 21 Sep 2025₹12.9t₹8.5t₹405.2b24.4x31.8x1.5x
Tue, 19 Aug 2025₹12.2t₹8.5t₹405.3b23.2x30.1x1.4x
Thu, 17 Jul 2025₹12.2t₹8.4t₹361.8b23.8x33.6x1.4x
Sat, 14 Jun 2025₹11.8t₹8.4t₹361.0b22.5x32.8x1.4x
Mon, 12 May 2025₹10.7t₹8.4t₹347.0b20x30.7x1.3x
Wed, 09 Apr 2025₹10.4t₹8.4t₹359.5b19.3x28.8x1.2x
Fri, 07 Mar 2025₹11.1t₹8.4t₹359.5b20.7x30.8x1.3x
Sun, 02 Feb 2025₹10.9t₹8.3t₹357.8b23x30.5x1.3x
Tue, 31 Dec 2024₹11.3t₹8.3t₹386.0b25.1x29.2x1.4x
Thu, 28 Nov 2024₹11.5t₹8.3t₹386.0b24.6x29.8x1.4x
Sat, 26 Oct 2024₹11.2t₹8.5t₹360.6b24.3x31.1x1.3x
Mon, 23 Sep 2024₹12.1t₹8.5t₹361.9b24.7x33.3x1.4x
Wed, 21 Aug 2024₹11.6t₹8.5t₹361.8b24.1x32.2x1.4x
Fri, 19 Jul 2024₹12.0t₹8.5t₹370.6b24.4x32.4x1.4x
Sun, 16 Jun 2024₹12.2t₹8.4t₹367.0b23.9x33.2x1.4x
Tue, 14 May 2024₹11.2t₹8.5t₹425.8b22.4x26.3x1.3x
Thu, 11 Apr 2024₹11.2t₹8.4t₹419.9b23.9x26.7x1.3x
Sat, 09 Mar 2024₹10.7t₹8.4t₹419.9b22.1x25.5x1.3x
Mon, 05 Feb 2024₹10.6t₹8.7t₹424.3b24.3x25x1.2x
Wed, 03 Jan 2024₹10.4t₹8.7t₹351.4b22.9x29.5x1.2x
Fri, 01 Dec 2023₹9.4t₹8.7t₹351.3b20.9x26.7x1.1x
Sun, 29 Oct 2023₹8.6t₹8.7t₹386.0b17.8x22.3x1x
Tue, 26 Sep 2023₹8.8t₹8.6t₹339.0b18x26x1x
Thu, 24 Aug 2023₹8.5t₹8.6t₹340.4b16.8x24.8x1x
Sat, 22 Jul 2023₹8.0t₹8.5t₹390.9b15.7x20.5x0.9x
Mon, 19 Jun 2023₹7.4t₹8.5t₹394.6b14.8x18.9x0.9x
Wed, 17 May 2023₹6.9t₹8.3t₹430.3b14.9x16x0.8x
Fri, 14 Apr 2023₹6.8t₹8.4t₹517.1b14.4x13.2x0.8x
Sun, 12 Mar 2023₹6.7t₹8.4t₹517.1b13.5x13x0.8x
Price to Earnings Ratio

13x


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 27.7x202420252026
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 27.7x.
  • 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-4.38%
Materials-4.85%
Metals and Mining-4.73%
Steel-5.86%
Aluminum-0.38%
Diversified Metals and Mining-3.86%
Copper-6.65%
Gold-11.92%
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
MANAKCOAT Manaksia Coated Metals & Industries₹124.578.9%
+₹1.1b		56.9%PE32.7x
500265 Maharashtra Seamless₹551.901.3%
+₹938.0m		-13.4%PE8.8x
BHARATCOAL Bharat Coking Coal₹33.470.6%
+₹884.8m		n/aPE93.1x
RKFORGE Ramkrishna Forgings₹545.550.5%
+₹536.9m		-20.5%PE46x
508875 Nitin Castings₹544.657.8%
+₹202.8m		-11.1%PE24.7x

Latest News

KAMDHENU
₹21.86
Kamdhenu
7D
2.9%
1Y
-35.7%
500470
₹196.65
Tata Steel
7D
-8.4%
1Y
34.6%
533758
₹2,117.80
APL Apollo Tubes
7D
-5.1%
1Y
43.7%

533758: Upcoming Results Will Support A Steady Outlook With Slightly Firmer Assumptions

Analysts have nudged their fair value estimate for APL Apollo Tubes from ₹2,216.59 to ₹2,274.88, citing updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. 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).
512455
₹1,165.75
Lloyds Metals and Energy
7D
-6.8%
1Y
13.4%

512455: Tata Alliance And Capacity Upgrades Will Support Future Upside

The updated analyst price target for Lloyds Metals and Energy shifts slightly from about ₹1,724 to roughly ₹1,703, as analysts adjust their views on discount rate, revenue growth, profit margins, and future P/E assumptions in their models. What's in the News The Board approved the incorporation of a wholly owned subsidiary in Maharashtra, with an estimated capital outlay of over ₹2.52b in tranches, focused on skilling, leadership, entrepreneurship, and employment-linked programs aligned with regional and global workforce standards (Board meeting, Feb 3, 2026).
RKFORGE
₹545.55
Ramkrishna Forgings
7D
0.5%
1Y
-20.5%

RKFORGE: Stable Outlook And Capital Access Will Support Long Term Upside

Analysts have kept their fair value estimate for Ramkrishna Forgings broadly unchanged around ₹684 per share, with only a slight tweak to the discount rate and future P/E assumptions guiding their updated price target view. What's in the News Board meeting scheduled on January 27, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
JSL
₹754.95
Jindal Stainless
7D
-6.0%
1Y
23.1%

JSL: Shared Services Platform Will Support Margin Resilience With Balanced Near-Term Outlook

Analysts have kept their fair value estimate for Jindal Stainless steady at ₹876 per share, citing only marginal tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that were not large enough to shift their overall price target view. What's in the News A board meeting is scheduled for January 21, 2026 to consider unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and a possible interim dividend for FY 2025-26 (Board Meeting).
526371
₹76.80
NMDC
7D
-6.2%
1Y
17.4%

526371: Overseas Expansion Moves And Dividend Policy Will Shape 2026 Outlook

Analysts have nudged their fair value estimate for NMDC up from about ₹77.12 to roughly ₹81.41, citing updated assumptions around revenue growth, discount rate and forward P/E that modestly shift their valuation framework. What's in the News The board approved a first interim dividend of ₹2.50 per equity share of face value ₹1 for the 2025-26 financial year, with shareholders on record as of 13 February 2026 eligible to receive the payout within the timelines set under the Companies Act, 2013 (company filing).
SAIL
₹155.62
Steel Authority of India
7D
-5.6%
1Y
38.3%
508875
₹544.65
Nitin Castings
7D
7.8%
1Y
-11.1%
JINDALSTEL
₹1,168.40
Jindal Steel
7D
-7.7%
1Y
31.0%

JINDALSTEL: Raigarh Expansion And Production Gains Will Support Measured Future Potential

Analysts have nudged their fair value estimate for Jindal Steel up from about ₹1,136 to roughly ₹1,179. This reflects updated assumptions around discount rate, revenue growth, profit margins and future P/E.
500228
₹1,212.45
JSW Steel
7D
-4.9%
1Y
20.9%

500228: Reorganization Moves And Steady Output Will Shape A Balanced Outlook

Analysts have raised their JSW Steel price target from ₹1,183.06 to ₹1,214.94 after updating assumptions on discount rate, revenue growth, profit margin and future P/E, reflecting a refreshed view of the company’s valuation inputs. What's in the News Reported consolidated crude steel production of 2.475 million tons for January 2026 compared with 2.518 million tons in January 2025, giving investors a fresh monthly read on operating activity (Announcement of Operating Results).
513532
₹337.85
Pradeep Metals
7D
2.4%
1Y
48.9%
540082
₹262.00
Riddhi Steel and Tube
7D
4.8%
1Y
147.2%
BHARATCOAL
₹33.47
Bharat Coking Coal
7D
0.6%
1Y
n/a
MANAKCOAT
₹124.57
Manaksia Coated Metals & Industries
7D
8.9%
1Y
56.9%
500265
₹551.90
Maharashtra Seamless
7D
1.3%
1Y
-13.4%