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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies171
  • 7D3.8%
  • 3M4.6%
  • 1Y12.3%
  • YTDn/a

Over the last 7 days, the Steel industry has risen 3.8%, driven by gains from Tata Steel of 7.3%. Meanwhile, Ramkrishna Forgings actually underperformed within the industry, shrinking 11% in the last week. This means that the industry has gained 12% 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
Mon, 23 Mar 2026₹13.3t₹9.1t₹489.4b20.2x27.2x1.5x
Wed, 18 Feb 2026₹13.8t₹9.1t₹489.6b22.5x28.2x1.5x
Fri, 16 Jan 2026₹13.3t₹8.9t₹451.3b22.8x29.4x1.5x
Sun, 14 Dec 2025₹12.6t₹8.7t₹447.2b22x28.1x1.4x
Tue, 11 Nov 2025₹13.1t₹8.6t₹423.1b23.1x31x1.5x
Thu, 09 Oct 2025₹12.9t₹8.5t₹405.5b24.2x31.7x1.5x
Sat, 06 Sep 2025₹12.5t₹8.5t₹405.4b23.9x30.8x1.5x
Mon, 04 Aug 2025₹12.0t₹8.5t₹397.9b22.8x30.1x1.4x
Wed, 02 Jul 2025₹12.2t₹8.4t₹361.2b23.7x33.9x1.5x
Fri, 30 May 2025₹12.0t₹8.4t₹362.1b22x33x1.4x
Sun, 27 Apr 2025₹11.1t₹8.4t₹360.4b20.8x30.7x1.3x
Tue, 25 Mar 2025₹11.6t₹8.4t₹359.6b20.5x32.3x1.4x
Thu, 20 Feb 2025₹10.4t₹8.4t₹359.5b19.5x29x1.2x
Sat, 18 Jan 2025₹11.2t₹8.3t₹386.1b24.3x29.1x1.3x
Mon, 16 Dec 2024₹12.2t₹8.3t₹386.0b26.7x31.5x1.5x
Wed, 13 Nov 2024₹11.5t₹8.3t₹394.9b24x29x1.4x
Fri, 11 Oct 2024₹12.3t₹8.5t₹362.0b24.7x34x1.5x
Sun, 08 Sep 2024₹11.7t₹8.5t₹363.6b24.4x32.3x1.4x
Tue, 06 Aug 2024₹11.2t₹8.5t₹360.0b23.7x31.1x1.3x
Thu, 04 Jul 2024₹12.3t₹8.5t₹369.7b24.3x33.4x1.5x
Sat, 01 Jun 2024₹11.5t₹8.4t₹382.3b21.9x30.1x1.4x
Mon, 29 Apr 2024₹11.5t₹8.5t₹423.1b24.9x27.3x1.4x
Wed, 27 Mar 2024₹10.2t₹8.4t₹419.9b21.2x24.3x1.2x
Fri, 23 Feb 2024₹10.5t₹8.4t₹419.8b23.2x25.1x1.2x
Sun, 21 Jan 2024₹10.3t₹8.7t₹359.0b24.3x28.6x1.2x
Tue, 19 Dec 2023₹10.1t₹8.7t₹351.4b22.5x28.6x1.2x
Thu, 16 Nov 2023₹9.1t₹8.7t₹351.6b20.3x25.8x1x
Sat, 14 Oct 2023₹9.0t₹8.6t₹338.3b19.2x26.6x1x
Mon, 11 Sep 2023₹9.1t₹8.6t₹338.8b18.7x26.9x1.1x
Wed, 09 Aug 2023₹8.3t₹8.6t₹339.2b16.5x24.5x1x
Fri, 07 Jul 2023₹7.7t₹8.5t₹390.8b15.1x19.7x0.9x
Sun, 04 Jun 2023₹7.0t₹8.5t₹395.0b15x17.6x0.8x
Tue, 02 May 2023₹6.9t₹8.3t₹534.5b14.2x12.9x0.8x
Thu, 30 Mar 2023₹6.6t₹8.4t₹517.1b13.2x12.7x0.8x
Price to Earnings Ratio

12.7x


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 Market-0.17%
Materials0.21%
Metals and Mining0.69%
Steel3.81%
Gold2.83%
Copper-1.51%
Aluminum-3.99%
Diversified Metals and Mining-4.10%
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
500470 Tata Steel₹196.707.3%
+₹166.0b		25.1%PE26.8x
500228 JSW Steel₹1.17k4.5%
+₹123.0b		10.4%PE38.3x
512455 Lloyds Metals and Energy₹1.25k9.2%
+₹59.0b		-5.0%PE28.5x
JINDALSTEL Jindal Steel₹1.19k3.8%
+₹44.1b		29.8%PE61x
KIOCL KIOCL₹351.7516.9%
+₹30.8b		39.5%PS33.4x

Latest News

JINDALSTEL
₹1,186.50
Jindal Steel
7D
3.8%
1Y
29.8%

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
₹351.75
KIOCL
7D
16.9%
1Y
39.5%
500228
₹1,169.45
JSW Steel
7D
4.5%
1Y
10.4%

500228: Backward Integration Coal Project Will Reshape Asset Base And Support Bullish Outlook

Analysts have kept their price target for JSW Steel steady at ₹1,420, pointing to revised assumptions for discount rate, revenue growth, profit margin and future P/E as the key drivers behind this unchanged view. What's in the News JSW Steel announced the Minas de Revuboè coking coal mining project in Mozambique, giving the company access to premium hard coking coal reserves of 850 mt with potential to produce 250 mt of usable coking coal, as part of its backward integration for a key steelmaking input.
500470
₹196.70
Tata Steel
7D
7.3%
1Y
25.1%

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
₹155.52
Steel Authority of India
7D
3.8%
1Y
34.9%

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.
RKFORGE
₹499.60
Ramkrishna Forgings
7D
-10.7%
1Y
-40.8%
500245
₹359.90
Kirloskar Ferrous Industries
7D
-3.6%
1Y
-29.2%

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).
512455
₹1,246.80
Lloyds Metals and Energy
7D
9.2%
1Y
-5.0%

512455: New Subsidiary And Capacity Expansion Will Support Future Upside

Analysts have kept their price target for Lloyds Metals and Energy steady at around ₹1,703, with only small tweaks to assumptions such as a slightly higher discount rate and future P/E. This reflects a largely unchanged view on the company’s valuation drivers.
JSL
₹721.95
Jindal Stainless
7D
2.0%
1Y
15.4%

JSL: Shared Services Platform Will Support Margin Resilience As Rail Projects Gain Traction

Analysts have inched their fair value estimate for Jindal Stainless up from ₹876 to about ₹879, reflecting slightly revised assumptions on discount rate, revenue growth, profit margin and future P/E that collectively support a marginally higher price target. What's in the News A board meeting is scheduled for Jan 21, 2026 to consider unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider declaration of an interim dividend for FY 2025-26 (company filing).
520111
₹2,311.10
Ratnamani Metals & Tubes
7D
-1.2%
1Y
-15.5%

520111: Upcoming Results Meeting Will Reinforce Confidence In Attractive Long Term Prospects

Analysts have kept the fair value estimate for Ratnamani Metals & Tubes steady at ₹2,746.80, with only small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a change in conviction. What's in the News A board meeting is scheduled for February 6, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
526371
₹79.85
NMDC
7D
1.7%
1Y
18.3%

526371: Interim Dividend And Stable Assumptions Will Guide Measured 2026 Outlook

Analysts have trimmed their price target on NMDC to ₹81.41, a small adjustment that reflects slightly higher perceived risk in the discount rate. Revenue growth, profit margin and future P/E assumptions are broadly unchanged.
SALSTEEL
₹36.66
S.A.L. Steel
7D
-13.2%
1Y
91.6%
504614
₹509.60
Sarda Energy & Minerals
7D
-3.7%
1Y
-6.2%
504918
₹185.25
Sandur Manganese & Iron Ores
7D
-3.4%
1Y
20.0%
BHARATCOAL
₹33.90
Bharat Coking Coal
7D
-6.1%
1Y
n/a
517146
₹401.25
Usha Martin
7D
-1.4%
1Y
17.8%