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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies171
  • 7D5.7%
  • 3M15.2%
  • 1Y28.8%
  • YTDn/a

Over the last 7 days, the Steel industry has risen 5.5%, driven by gains from JSW Steel of 6.3%. In the last 12 months, the industry was up 29%. Looking forward, earnings are forecast to grow by 34% annually.

Industry Valuation and Performance

Has the Indian Steel Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026₹14.9t₹9.1t₹489.8b23.4x30.5x1.6x
Fri, 20 Mar 2026₹13.0t₹9.1t₹489.4b20.1x26.5x1.4x
Sun, 15 Feb 2026₹13.8t₹9.1t₹488.6b21.9x28.3x1.5x
Tue, 13 Jan 2026₹13.0t₹8.7t₹445.2b22.6x29.2x1.5x
Thu, 11 Dec 2025₹12.3t₹8.7t₹447.2b22.1x27.5x1.4x
Sat, 08 Nov 2025₹13.1t₹8.6t₹421.2b23.1x31x1.5x
Mon, 06 Oct 2025₹13.2t₹8.5t₹405.5b25.1x32.4x1.5x
Wed, 03 Sep 2025₹12.1t₹8.5t₹405.4b23.6x30x1.4x
Fri, 01 Aug 2025₹12.2t₹8.5t₹395.3b22.8x30.9x1.4x
Sun, 29 Jun 2025₹12.2t₹8.4t₹361.1b23.5x33.8x1.5x
Tue, 27 May 2025₹11.9t₹8.4t₹354.4b22.6x33.6x1.4x
Thu, 24 Apr 2025₹11.3t₹8.4t₹359.4b20.8x31.5x1.4x
Sat, 22 Mar 2025₹11.6t₹8.4t₹359.6b21.2x32.2x1.4x
Mon, 17 Feb 2025₹10.4t₹8.4t₹359.5b20x29x1.2x
Wed, 15 Jan 2025₹11.0t₹8.3t₹386.4b23.3x28.6x1.3x
Fri, 13 Dec 2024₹12.2t₹8.3t₹386.0b26.8x31.7x1.5x
Sun, 10 Nov 2024₹11.8t₹8.3t₹394.5b25x29.9x1.4x
Tue, 08 Oct 2024₹12.2t₹8.5t₹362.0b23.5x33.8x1.4x
Thu, 05 Sep 2024₹11.8t₹8.5t₹363.6b24.4x32.3x1.4x
Sat, 03 Aug 2024₹11.8t₹8.5t₹359.7b24.7x32.7x1.4x
Mon, 01 Jul 2024₹12.1t₹8.4t₹369.2b25.1x32.7x1.4x
Wed, 29 May 2024₹11.7t₹8.5t₹393.5b21.9x29.8x1.4x
Fri, 26 Apr 2024₹11.6t₹8.5t₹419.9b24.9x27.6x1.4x
Sun, 24 Mar 2024₹10.3t₹8.4t₹419.9b21.8x24.4x1.2x
Tue, 20 Feb 2024₹10.5t₹8.4t₹419.6b23.6x25x1.2x
Thu, 18 Jan 2024₹10.1t₹8.7t₹356.7b22.9x28.4x1.2x
Sat, 16 Dec 2023₹10.0t₹8.7t₹351.4b22.1x28.5x1.2x
Mon, 13 Nov 2023₹8.9t₹8.7t₹351.9b19.9x25.2x1x
Wed, 11 Oct 2023₹8.9t₹8.6t₹338.4b18.9x26.2x1x
Fri, 08 Sep 2023₹9.1t₹8.6t₹338.8b18.4x26.8x1.1x
Sun, 06 Aug 2023₹8.3t₹8.5t₹337.7b16.6x24.7x1x
Tue, 04 Jul 2023₹7.6t₹8.5t₹390.4b15x19.5x0.9x
Thu, 01 Jun 2023₹6.8t₹8.4t₹393.8b14.7x17.4x0.8x
Sat, 29 Apr 2023₹6.9t₹8.3t₹535.7b14.2x12.9x0.8x
Price to Earnings Ratio

12.9x


Total Market Cap: ₹6.9tTotal Earnings: ₹535.7bTotal Revenue: ₹8.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28.4x202420252026
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 28.4x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Steel industry have declined 2.9% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% 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, which has decreased profits.

Industry Comparison

How does Indian Steel compare with similar industries?

IN Market4.27%
Materials4.49%
Metals and Mining4.82%
Steel5.72%
Gold16.77%
Copper4.70%
Aluminum3.60%
Diversified Metals and Mining3.20%
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₹1.26k3.7%
+₹109.6b		21.6%PE41.4x
512455 Lloyds Metals and Energy₹1.68k11.0%
+₹93.8b		27.4%PE38.4x
JINDALSTEL Jindal Steel₹1.28k4.7%
+₹58.5b		39.1%PE65.8x
500470 Tata Steel₹213.052.0%
+₹53.1b		51.0%PE29x
SAIL Steel Authority of India₹176.235.6%
+₹38.3b		50.9%PE26.1x

Latest News

500470
₹213.05
Tata Steel
7D
2.0%
1Y
51.0%
GPIL
₹298.75
Godawari Power & Ispat
7D
-1.5%
1Y
48.0%

GPIL: New Integrated Plant And Logistics Shift Will Support Steady Outlook

Analysts have maintained their price target for Godawari Power & Ispat at ₹275, citing largely unchanged assumptions on revenue growth, profit margin and future P/E, along with a marginally updated discount rate in their valuation work. What's in the News The board approved setting up an integrated steel plant at Sarora, Raipur, with planned capacity of 1.00 million tons per year of finished iron and steel products and an estimated project cost of ₹70,000 million, funded roughly equally by debt and internal accruals, alongside existing 0.5 million ton capacity at Siltara with reported utilisation above 95% (Key Developments).
JINDALSTEL
₹1,278.60
Jindal Steel
7D
4.7%
1Y
39.1%

JINDALSTEL: Angul Capacity Ramp Up Will Support Balanced Long Term Potential

Analysts have lifted their price target on Jindal Steel from about ₹1,179 to roughly ₹1,210, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. 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, taking total crude steel capacity at the site to 12 MTPA and placing it among India’s large single location integrated steel complexes (Key Developments).
500228
₹1,263.15
JSW Steel
7D
3.7%
1Y
21.6%

500228: Backward Integration Coal Project Will Support Future Margin And Output Upside

Analysts have nudged their price target on JSW Steel up from ₹1,420 to ₹1,525, reflecting updated assumptions on revenue growth, discount rate, profit margins and forward P/E expectations. What's in the News Board meeting on April 17, 2026 to consider a Share Subscription and Joint Venture Agreement with POSCO Co., Ltd and POSCO India Private Limited, through which Saffron Resources Private Limited would become a 50:50 joint venture between JSW Steel and the POSCO Group (Board Meeting).
533758
₹2,120.55
APL Apollo Tubes
7D
3.9%
1Y
30.6%

533758: Updated Return And Margin Assumptions Will Shape A More Balanced Outlook

Analysts have trimmed their fair value estimate for APL Apollo Tubes slightly from about ₹2,280 to around ₹2,250. This reflects updated assumptions on growth, margins and future P/E that feed into their refreshed price target framework.
SAIL
₹176.23
Steel Authority of India
7D
5.6%
1Y
50.9%

SAIL: Higher Discount Rate And Leadership Changes Will Pressure Future Earnings Multiple

Analysts have raised Steel Authority of India's fair value estimate by ₹4 to ₹146.78, reflecting updated assumptions that include a slightly higher discount rate, marginally adjusted revenue growth and profit margin expectations, and a higher future P/E multiple. Analyst Commentary Recent valuation work on Steel Authority of India is set against a broader backdrop where many sector analysts are reassessing earnings durability, appropriate P/E multiples, and the impact of higher discount rates on cash flow projections.
512455
₹1,678.65
Lloyds Metals and Energy
7D
11.0%
1Y
27.4%

512455: Capacity Expansion And New Subsidiary Pipeline Will Drive Future Upside

Analysts now place the price target for Lloyds Metals and Energy at about ₹1,723, compared with the prior level near ₹1,703, reflecting updated views on fair value, discount rate assumptions, revenue growth, profit margin and future P/E. What's in the News Board meeting on February 3, 2026 to consider unaudited financial results for the quarter and nine months ended December 31, 2025, equity share allotment upon conversion of warrants to non promoters, incorporation of a wholly owned subsidiary in Maharashtra, a slurry pipeline project and its financing, senior management designation changes, a proposed equity stake acquisition in a Singapore entity via Lloyds Global Resources FZCO, and capacity increase at Konsari pellet plants (Board Meeting, Feb 03, 2026).
532144
₹1,138.70
Welspun
7D
8.2%
1Y
48.1%

532144: Global Order Book Will Support Future Upside

Analysts have raised their price target on Welspun from ₹1,043 to ₹1,082, citing changes to key assumptions, including a higher discount rate, a revised revenue growth outlook, and updated expectations for profit margins and future P/E. What's in the News Welspun Corp.
SHYAMMETL
₹812.55
Shyam Metalics and Energy
7D
-5.7%
1Y
-9.6%

SHYAMMETL: Upcoming Board Meeting And Projects Review Will Support Bullish Outlook

Analysts have kept their price target for Shyam Metalics and Energy steady at ₹1,200, citing updated assumptions that combine slightly higher revenue growth expectations with a marginally lower profit margin, along with a small adjustment in the discount rate and future P/E. What's in the News Board meeting scheduled for Jan 24, 2026 to review unaudited standalone and consolidated financial results for the third quarter and nine months ended Dec 31, 2025 (company filing).
539018
₹418.15
Beekay Steel Industries
7D
-2.5%
1Y
-29.4%
543928
₹848.60
Cosmic CRF
7D
-2.9%
1Y
-36.5%
513472
₹463.10
Simplex Castings
7D
-5.9%
1Y
89.1%
RATNAVEER
₹146.36
Ratnaveer Precision Engineering
7D
-7.8%
1Y
4.2%
KIOCL
₹413.65
KIOCL
7D
12.8%
1Y
63.7%
531638
₹248.00
Suraj
7D
-7.7%
1Y
-40.2%
SCODATUBES
₹154.99
Scoda Tubes
7D
-1.8%
1Y
n/a