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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies171
  • 7D-0.9%
  • 3M-4.4%
  • 1Y9.5%
  • YTDn/a

Last week, the Steel industry hasn't moved much but Lloyds Metals and Energy is up 3.2% in that time. As for the the longer term, the industry is up 9.5% over the past 12 months. 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
Wed, 01 Apr 2026₹12.8t₹9.1t₹489.8b19.5x26.2x1.4x
Fri, 27 Feb 2026₹14.3t₹9.1t₹489.5b21.2x29.2x1.6x
Sun, 25 Jan 2026₹12.9t₹8.9t₹466.1b21x27.8x1.4x
Tue, 23 Dec 2025₹12.5t₹8.7t₹447.1b22.8x28x1.4x
Thu, 20 Nov 2025₹12.8t₹8.7t₹447.9b23x28.6x1.5x
Sat, 18 Oct 2025₹12.9t₹8.5t₹405.4b23.7x31.7x1.5x
Mon, 15 Sep 2025₹12.7t₹8.5t₹405.1b23.9x31.3x1.5x
Wed, 13 Aug 2025₹12.1t₹8.5t₹397.0b22.8x30.5x1.4x
Fri, 11 Jul 2025₹12.2t₹8.4t₹362.1b23.7x33.8x1.5x
Sun, 08 Jun 2025₹12.0t₹8.4t₹360.9b22.4x33.3x1.4x
Tue, 06 May 2025₹10.9t₹8.4t₹344.7b20.5x31.6x1.3x
Thu, 03 Apr 2025₹11.6t₹8.4t₹359.5b20.1x32.2x1.4x
Sat, 01 Mar 2025₹10.3t₹8.4t₹359.6b19.3x28.6x1.2x
Mon, 27 Jan 2025₹11.1t₹8.3t₹369.7b23.2x29.9x1.3x
Wed, 25 Dec 2024₹11.5t₹8.3t₹386.0b25.4x29.9x1.4x
Fri, 22 Nov 2024₹11.1t₹8.4t₹390.1b23.3x28.5x1.3x
Sun, 20 Oct 2024₹12.1t₹8.4t₹360.0b24.9x33.7x1.4x
Tue, 17 Sep 2024₹12.5t₹8.5t₹361.9b25x34.6x1.5x
Thu, 15 Aug 2024₹11.3t₹8.5t₹361.2b22.7x31.2x1.3x
Sat, 13 Jul 2024₹12.2t₹8.5t₹370.5b24.5x32.8x1.4x
Mon, 10 Jun 2024₹11.8t₹8.4t₹382.3b23.3x31x1.4x
Wed, 08 May 2024₹11.3t₹8.5t₹424.0b22.9x26.6x1.3x
Fri, 05 Apr 2024₹10.9t₹8.4t₹419.9b23.5x26.1x1.3x
Sun, 03 Mar 2024₹10.7t₹8.4t₹419.9b23.6x25.4x1.3x
Tue, 30 Jan 2024₹10.5t₹8.7t₹407.4b23.7x25.7x1.2x
Thu, 28 Dec 2023₹10.2t₹8.7t₹351.4b22.5x29x1.2x
Sat, 25 Nov 2023₹9.3t₹8.7t₹351.3b20.7x26.4x1.1x
Mon, 23 Oct 2023₹8.9t₹8.6t₹381.1b19x23.5x1x
Wed, 20 Sep 2023₹9.0t₹8.6t₹339.0b18x26.7x1.1x
Fri, 18 Aug 2023₹8.2t₹8.6t₹340.3b16.2x24.2x1x
Sun, 16 Jul 2023₹8.0t₹8.5t₹390.8b15.5x20.4x0.9x
Tue, 13 Jun 2023₹7.2t₹8.5t₹394.5b15x18.3x0.8x
Thu, 11 May 2023₹7.0t₹8.3t₹428.7b14.7x16.2x0.8x
Sat, 08 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 1.4x.
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-2.63%
Materials-1.31%
Metals and Mining0.054%
Steel-0.94%
Aluminum4.55%
Diversified Metals and Mining0.49%
Copper-2.03%
Gold-10.25%
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₹1.35k3.2%
+₹23.2b		1.6%PE30.8x
SAIL Steel Authority of India₹155.822.7%
+₹17.0b		31.3%PE23.1x
KIOCL KIOCL₹344.503.5%
+₹7.2b		39.8%PS32.7x
GALLANTT Gallantt Ispat₹562.854.3%
+₹5.6b		31.7%PE28.4x
504614 Sarda Energy & Minerals₹526.301.6%
+₹3.0b		-2.0%PE17.6x

Latest News

500470
₹194.70
Tata Steel
7D
-1.0%
1Y
25.9%
520111
₹2,253.80
Ratnamani Metals & Tubes
7D
-2.8%
1Y
-13.8%

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

Analysts have maintained their fair value estimate for Ratnamani Metals & Tubes at ₹2,746.80. The only changes are minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, reflecting fine tuning of their valuation model rather than a change in outlook.
500228
₹1,140.30
JSW Steel
7D
-1.4%
1Y
7.9%
512455
₹1,348.15
Lloyds Metals and Energy
7D
3.2%
1Y
1.6%

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).
JSL
₹704.85
Jindal Stainless
7D
-2.7%
1Y
19.5%

JSL: Rail Salt Containers And Shared Services Platform Will Support Future Margins

Analysts have kept the price target for Jindal Stainless broadly steady at about ₹879, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News A special shareholders meeting is scheduled for Mar 25, 2026 via postal ballot in India to consider reappointing three independent directors, Ms. Shruti Shrivastava, Dr. Aarti Gupta and Mr. Ajay Mankotia, each for a second three year term (company filing).
MIDHANI
₹289.10
Mishra Dhatu Nigam
7D
-5.1%
1Y
1.0%

MIDHANI: Robust Order Book And Dividend Payout Will Support Future Earnings

Analysts have kept their price target for Mishra Dhatu Nigam steady at ₹445, reflecting only marginal tweaks to inputs like discount rate, revenue growth, profit margin and future P/E assumptions rather than a meaningful change in their overall view. What's in the News The board approved an interim dividend of ₹0.85 per equity share with a face value of ₹10 for FY 2025-26, with a record date set for 19 March 2026 (company filing).
526371
₹78.15
NMDC
7D
0.4%
1Y
11.3%

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).
JINDALSAW
₹191.34
Jindal Saw
7D
1.5%
1Y
-29.5%

JINDALSAW: Upcoming Results Review Will Support Steady Undervalued Bullish Case

Analysts are keeping their price target for Jindal Saw steady at ₹262.5, with only small tweaks to discount rate, revenue growth, profit margin and future P/E assumptions behind the valuation model, rather than any major shift in outlook. What's in the News A board meeting is scheduled for January 16, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
JINDALSTEL
₹1,137.40
Jindal Steel
7D
-0.5%
1Y
25.1%

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
₹344.50
KIOCL
7D
3.5%
1Y
39.8%
SAIL
₹155.82
Steel Authority of India
7D
2.7%
1Y
31.3%

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.
533758
₹1,933.90
APL Apollo Tubes
7D
-3.3%
1Y
23.8%

533758: Upcoming Board Results Will Support A Steady And Undervalued Outlook

The analyst price target for APL Apollo Tubes has inched up by about ₹5 to ₹2,279.82, with analysts pointing to largely unchanged assumptions on revenue growth, profit margins and future P/E that still support a similar valuation profile. 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).
539006
₹15,062.55
PTC Industries
7D
-8.3%
1Y
6.1%
504614
₹526.30
Sarda Energy & Minerals
7D
1.6%
1Y
-2.0%
GALLANTT
₹562.85
Gallantt Ispat
7D
4.3%
1Y
31.7%
513097
₹417.35
Shivalik Bimetal Controls
7D
9.0%
1Y
-8.7%