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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies171
  • 7D6.1%
  • 3M6.0%
  • 1Y33.2%
  • YTDn/a

JSW Steel is up 4.7%, leading the way for the Steel industry, which has gained 6.1%. In the same time, Hariom Pipe Industries was down 8.0%. This means that the industry has gained 33% over the past year. 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
Thu, 09 Apr 2026₹14.0t₹9.1t₹489.8b21.1x28.5x1.5x
Sat, 07 Mar 2026₹13.5t₹9.1t₹489.4b21.2x27.7x1.5x
Mon, 02 Feb 2026₹13.1t₹9.0t₹459.4b21.2x28.6x1.5x
Wed, 31 Dec 2025₹12.9t₹8.7t₹445.2b23.5x29x1.5x
Fri, 28 Nov 2025₹12.6t₹8.7t₹447.2b22.6x28.3x1.4x
Sun, 26 Oct 2025₹12.9t₹8.5t₹415.1b23.9x31x1.5x
Tue, 23 Sep 2025₹12.8t₹8.5t₹405.2b24.4x31.7x1.5x
Thu, 21 Aug 2025₹12.4t₹8.5t₹405.3b23.9x30.6x1.5x
Sat, 19 Jul 2025₹12.3t₹8.4t₹361.7b23.7x33.9x1.5x
Mon, 16 Jun 2025₹11.8t₹8.4t₹361.0b22.5x32.8x1.4x
Wed, 14 May 2025₹11.2t₹8.4t₹345.7b20.5x32.5x1.3x
Fri, 11 Apr 2025₹10.2t₹8.4t₹359.5b19.3x28.4x1.2x
Sun, 09 Mar 2025₹11.2t₹8.4t₹359.5b20.7x31.1x1.3x
Tue, 04 Feb 2025₹10.6t₹8.3t₹357.8b22.7x29.7x1.3x
Thu, 02 Jan 2025₹11.5t₹8.3t₹386.0b25.6x29.7x1.4x
Sat, 30 Nov 2024₹11.6t₹8.3t₹386.0b26x30.1x1.4x
Mon, 28 Oct 2024₹11.2t₹8.4t₹336.5b24.3x33.3x1.3x
Wed, 25 Sep 2024₹12.4t₹8.5t₹361.9b24.8x34.3x1.5x
Fri, 23 Aug 2024₹11.8t₹8.5t₹363.6b24x32.4x1.4x
Sun, 21 Jul 2024₹11.5t₹8.5t₹355.7b24.3x32.4x1.4x
Tue, 18 Jun 2024₹12.2t₹8.4t₹367.0b23.9x33.2x1.4x
Thu, 16 May 2024₹11.5t₹8.5t₹430.1b22.8x26.6x1.4x
Sat, 13 Apr 2024₹11.1t₹8.4t₹419.9b23.5x26.4x1.3x
Mon, 11 Mar 2024₹10.7t₹8.4t₹419.9b22.1x25.5x1.3x
Wed, 07 Feb 2024₹10.6t₹8.4t₹411.3b24.9x25.8x1.3x
Fri, 05 Jan 2024₹10.2t₹8.7t₹351.4b22.8x29.1x1.2x
Sun, 03 Dec 2023₹9.5t₹8.7t₹351.3b21.1x27x1.1x
Tue, 31 Oct 2023₹8.6t₹8.6t₹382.6b17.7x22.5x1x
Thu, 28 Sep 2023₹8.9t₹8.6t₹339.0b18.2x26.1x1x
Sat, 26 Aug 2023₹8.3t₹8.6t₹340.2b16.7x24.5x1x
Mon, 24 Jul 2023₹8.0t₹8.5t₹406.0b15.7x19.7x0.9x
Wed, 21 Jun 2023₹7.5t₹8.5t₹394.7b15.1x19.1x0.9x
Fri, 19 May 2023₹6.8t₹8.4t₹428.5b14.7x15.8x0.8x
Sun, 16 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 Market5.58%
Materials5.56%
Metals and Mining5.91%
Steel6.13%
Gold10.71%
Diversified Metals and Mining6.40%
Copper6.19%
Aluminum3.95%
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₹1.21k6.0%
+₹168.4b		27.8%PE39.6x
500470 Tata Steel₹205.255.8%
+₹139.8b		61.4%PE27.9x
JINDALSTEL Jindal Steel₹1.20k5.4%
+₹62.9b		52.4%PE61.7x
526371 NMDC₹84.418.2%
+₹56.5b		37.8%PE10.8x
512455 Lloyds Metals and Energy₹1.49k7.0%
+₹54.7b		29.2%PE34x

Latest News

500470
₹205.25
Tata Steel
7D
5.8%
1Y
61.4%
JSL
₹757.10
Jindal Stainless
7D
5.5%
1Y
47.7%

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
₹84.41
NMDC
7D
8.2%
1Y
37.8%

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
₹1,199.60
Jindal Steel
7D
5.4%
1Y
52.4%

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
₹1,209.75
JSW Steel
7D
6.0%
1Y
27.8%

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
₹163.35
Steel Authority of India
7D
5.3%
1Y
55.6%

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
₹2,040.60
APL Apollo Tubes
7D
7.6%
1Y
38.5%

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
₹297.05
Panchmahal Steel
7D
-4.5%
1Y
98.0%
540082
₹170.00
Riddhi Steel and Tube
7D
-4.5%
1Y
143.3%
512455
₹1,487.30
Lloyds Metals and Energy
7D
7.0%
1Y
29.2%

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
₹492.75
Simplex Castings
7D
-5.3%
1Y
112.8%
HARIOMPIPE
₹274.40
Hariom Pipe Industries
7D
-12.2%
1Y
-25.1%
531638
₹245.60
Suraj
7D
-0.9%
1Y
-35.4%
NELCAST
₹122.67
Nelcast
7D
-0.4%
1Y
43.3%
TIRUPATIFL
₹43.17
Tirupati Forge
7D
-1.2%
1Y
47.8%
544553
₹122.00
M P K Steels (I)
7D
-3.9%
1Y
n/a