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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 10, 2026
DataAggregated Company Financials
Companies171
  • 7D6.3%
  • 3M7.7%
  • 1Y33.8%
  • YTDn/a

JSW Steel is up 6.5%, leading the way for the Steel industry, which has gained 6.3%. Meanwhile, Hariom Pipe Industries actually underperformed within the industry, shrinking 10% in the last week. This means that the industry has gained 34% over the past year. Looking forward, 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, 10 Apr 2026₹14.0t₹9.1t₹489.8b21.3x28.6x1.5x
Sun, 08 Mar 2026₹13.5t₹9.1t₹489.4b21.2x27.7x1.5x
Tue, 03 Feb 2026₹13.3t₹9.0t₹459.4b21.2x28.9x1.5x
Thu, 01 Jan 2026₹13.2t₹8.7t₹445.2b23.8x29.7x1.5x
Sat, 29 Nov 2025₹12.6t₹8.7t₹447.2b22.7x28.2x1.4x
Mon, 27 Oct 2025₹12.9t₹8.5t₹415.1b23.9x31x1.5x
Wed, 24 Sep 2025₹13.0t₹8.5t₹405.4b24.3x32.1x1.5x
Fri, 22 Aug 2025₹12.4t₹8.5t₹405.3b23.8x30.6x1.5x
Sun, 20 Jul 2025₹12.3t₹8.4t₹376.3b23.5x32.6x1.5x
Tue, 17 Jun 2025₹11.9t₹8.4t₹361.0b22.5x33x1.4x
Thu, 15 May 2025₹11.5t₹8.4t₹352.6b21.2x32.7x1.4x
Sat, 12 Apr 2025₹10.6t₹8.4t₹359.5b19.5x29.5x1.3x
Mon, 10 Mar 2025₹11.2t₹8.4t₹359.5b20.7x31.1x1.3x
Wed, 05 Feb 2025₹10.8t₹8.3t₹357.6b22.9x30.1x1.3x
Fri, 03 Jan 2025₹11.6t₹8.3t₹386.0b25.6x29.9x1.4x
Sun, 01 Dec 2024₹11.6t₹8.3t₹386.0b26x30.1x1.4x
Tue, 29 Oct 2024₹11.4t₹8.4t₹336.5b24x33.9x1.4x
Thu, 26 Sep 2024₹12.3t₹8.4t₹360.3b24.9x34.2x1.5x
Sat, 24 Aug 2024₹11.8t₹8.5t₹363.6b23.9x32.4x1.4x
Mon, 22 Jul 2024₹11.5t₹8.5t₹355.7b24.3x32.4x1.4x
Wed, 19 Jun 2024₹12.2t₹8.4t₹368.9b23.9x33x1.4x
Fri, 17 May 2024₹11.5t₹8.5t₹426.0b22.7x27x1.4x
Sun, 14 Apr 2024₹11.1t₹8.4t₹419.9b23.5x26.4x1.3x
Tue, 12 Mar 2024₹10.5t₹8.4t₹419.9b21.5x25x1.2x
Thu, 08 Feb 2024₹10.7t₹8.4t₹415.2b24.6x25.8x1.3x
Sat, 06 Jan 2024₹10.2t₹8.7t₹351.4b22.1x29.1x1.2x
Mon, 04 Dec 2023₹9.5t₹8.7t₹351.3b21.1x27x1.1x
Wed, 01 Nov 2023₹8.6t₹8.7t₹386.4b17.6x22.2x1x
Fri, 29 Sep 2023₹8.8t₹8.6t₹339.1b18.3x26x1x
Sun, 27 Aug 2023₹8.3t₹8.6t₹340.2b16.7x24.5x1x
Tue, 25 Jul 2023₹8.0t₹8.5t₹406.0b15.6x19.6x0.9x
Thu, 22 Jun 2023₹7.5t₹8.5t₹394.6b14.8x19x0.9x
Sat, 20 May 2023₹6.8t₹8.4t₹428.4b14.8x15.8x0.8x
Mon, 17 Apr 2023₹6.8t₹8.4t₹517.2b14.5x13.2x0.8x
Price to Earnings Ratio

13.2x


Total Market Cap: ₹6.8tTotal Earnings: ₹517.2bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • 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 Market5.36%
Materials5.80%
Metals and Mining6.52%
Steel6.31%
Gold7.46%
Diversified Metals and Mining7.32%
Aluminum6.13%
Copper5.61%
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
500228 JSW Steel₹1.22k6.5%
+₹181.7b		22.7%PE39.8x
500470 Tata Steel₹206.606.5%
+₹156.7b		54.8%PE28.1x
JINDALSTEL Jindal Steel₹1.22k7.1%
+₹82.9b		51.3%PE62.7x
512455 Lloyds Metals and Energy₹1.51k8.4%
+₹65.4b		25.8%PE34.4x
526371 NMDC₹85.089.1%
+₹62.4b		35.2%PE10.8x

Latest News

500470
₹206.60
Tata Steel
7D
6.5%
1Y
54.8%
JSL
₹780.85
Jindal Stainless
7D
8.8%
1Y
44.1%

JSL: Renewable Power Projects Will Support Future Margins

Analysts have maintained the price target for Jindal Stainless at ₹879.33. This unchanged view is based on slight adjustments to inputs, including a higher discount rate of 15.14%, marginally revised revenue growth of 13.17%, a profit margin of 8.46% and a future P/E of 21.56x.
526371
₹85.08
NMDC
7D
9.1%
1Y
35.2%

526371: Rare Earth Collaboration And Dividend Payout Will Drive Future Upside Potential

Analysts have lifted NMDC's fair value estimate from ₹91.00 to ₹100.00, citing updated assumptions for revenue growth, profit margins, and the future P/E multiple that collectively support a slightly higher assessed valuation. What's in the News Gujarat Mineral Development Corporation Ltd.
JINDALSTEL
₹1,219.20
Jindal Steel
7D
7.1%
1Y
51.3%

JINDALSTEL: Angul Capacity Expansion Will Support Stronger Long Term Prospects

Analysts have kept their price target for Jindal Steel steady at ₹1,393, indicating only small refinements in discount rate, revenue growth, profit margin and future P/E assumptions, rather than a shift in the overall outlook. What's in the News Completion of the 6 MTPA expansion at the Angul Integrated Steel Complex in Odisha, with commissioning of the third Basic Oxygen Furnace (BOF 3) of 3 MTPA.
500228
₹1,215.20
JSW Steel
7D
6.5%
1Y
22.7%

500228: Resource Security Plans And Steady Volumes Will Support A Balanced Outlook

Analysts have raised their price target for JSW Steel to ₹1,249.58 from ₹1,214.94, citing updated assumptions for revenue growth, profit margins, and a slightly higher future P/E ratio. What's in the News Board meeting scheduled for May 14, 2026, to review audited financial results for the quarter and year ended March 31, 2026.
SAIL
₹166.02
Steel Authority of India
7D
7.0%
1Y
53.2%

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
₹2,064.15
APL Apollo Tubes
7D
8.9%
1Y
36.0%

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).
513511
₹295.00
Panchmahal Steel
7D
-5.1%
1Y
91.9%
540082
₹170.00
Riddhi Steel and Tube
7D
-4.5%
1Y
143.3%
512455
₹1,506.25
Lloyds Metals and Energy
7D
8.4%
1Y
25.8%

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).
513472
₹493.90
Simplex Castings
7D
-5.1%
1Y
122.9%
HARIOMPIPE
₹280.75
Hariom Pipe Industries
7D
-10.1%
1Y
-23.8%
531638
₹241.35
Suraj
7D
-2.6%
1Y
-36.7%
513005
₹41.55
Chrome Silicon
7D
-3.0%
1Y
-1.1%
TIRUPATIFL
₹43.13
Tirupati Forge
7D
-1.3%
1Y
44.8%
544553
₹119.00
M P K Steels (I)
7D
-6.3%
1Y
n/a