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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies170
  • 7D-5.4%
  • 3M0.1%
  • 1Y15.0%
  • YTDn/a

Over the last 7 days, the Steel industry has dropped 5.4%, driven by a pullback from JSW Steel of 9.3%. Meanwhile, Jindal Saw actually outperformed within the industry, gaining 15% in the last week. Over the past 12 months, the industry was up 15%. 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
Sun, 15 Mar 2026₹12.8t₹9.1t₹489.4b20.3x26.2x1.4x
Tue, 10 Feb 2026₹14.0t₹9.1t₹489.2b22.4x28.7x1.5x
Thu, 08 Jan 2026₹13.4t₹8.7t₹445.2b23.6x30.1x1.5x
Sat, 06 Dec 2025₹12.5t₹8.7t₹447.2b22.1x28x1.4x
Mon, 03 Nov 2025₹13.2t₹8.6t₹422.1b24.2x31.4x1.5x
Wed, 01 Oct 2025₹12.7t₹8.5t₹405.6b23.9x31.4x1.5x
Fri, 29 Aug 2025₹12.0t₹8.5t₹405.4b23.1x29.5x1.4x
Sun, 27 Jul 2025₹12.2t₹8.5t₹383.5b22.7x31.8x1.4x
Tue, 24 Jun 2025₹11.7t₹8.4t₹361.0b22.1x32.5x1.4x
Thu, 22 May 2025₹11.7t₹8.4t₹352.8b21.3x33.3x1.4x
Sat, 19 Apr 2025₹11.0t₹8.4t₹359.5b19.9x30.7x1.3x
Mon, 17 Mar 2025₹10.9t₹8.4t₹359.5b19.5x30.3x1.3x
Wed, 12 Feb 2025₹10.5t₹8.4t₹363.7b21.9x29x1.3x
Fri, 10 Jan 2025₹11.3t₹8.3t₹386.0b24.5x29.2x1.4x
Sun, 08 Dec 2024₹12.1t₹8.3t₹386.0b27x31.3x1.4x
Tue, 05 Nov 2024₹11.5t₹8.4t₹333.6b24.6x34.5x1.4x
Thu, 03 Oct 2024₹12.7t₹8.5t₹361.9b24.7x35.1x1.5x
Sat, 31 Aug 2024₹11.9t₹8.5t₹363.6b24.2x32.7x1.4x
Mon, 29 Jul 2024₹11.9t₹8.5t₹352.7b25.3x33.6x1.4x
Wed, 26 Jun 2024₹12.2t₹8.4t₹369.2b24.8x33x1.4x
Fri, 24 May 2024₹12.0t₹8.5t₹402.0b22.3x29.8x1.4x
Sun, 21 Apr 2024₹11.0t₹8.4t₹419.9b23.2x26.3x1.3x
Tue, 19 Mar 2024₹10.0t₹8.4t₹419.9b20.7x23.9x1.2x
Thu, 15 Feb 2024₹10.2t₹8.4t₹413.7b23.2x24.6x1.2x
Sat, 13 Jan 2024₹10.3t₹8.7t₹351.0b23.8x29.3x1.2x
Mon, 11 Dec 2023₹9.7t₹8.7t₹351.4b21.3x27.5x1.1x
Wed, 08 Nov 2023₹8.8t₹8.6t₹324.6b19.2x27x1x
Fri, 06 Oct 2023₹8.9t₹8.6t₹339.2b18.5x26.3x1x
Sun, 03 Sep 2023₹8.9t₹8.6t₹338.8b18x26.3x1x
Tue, 01 Aug 2023₹8.4t₹8.5t₹335.0b16.3x25.2x1x
Thu, 29 Jun 2023₹7.5t₹8.5t₹390.3b14.8x19.1x0.9x
Sat, 27 May 2023₹6.8t₹8.4t₹397.2b14.8x17.2x0.8x
Mon, 24 Apr 2023₹6.8t₹8.4t₹516.4b14.4x13.2x0.8x
Wed, 22 Mar 2023₹6.7t₹8.4t₹517.1b13.3x12.9x0.8x
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 27.9x202420252026
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 27.9x.
  • 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-4.42%
Materials-5.01%
Metals and Mining-5.30%
Steel-5.43%
Aluminum-4.31%
Diversified Metals and Mining-4.90%
Copper-11.11%
Gold-13.78%
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
JINDALSAW Jindal Saw₹191.3314.7%
+₹15.7b		-26.6%PE10.8x
BHARATCOAL Bharat Coking Coal₹36.109.5%
+₹14.6b		n/aPE100.4x
GPIL Godawari Power & Ispat₹251.551.7%
+₹2.8b		45.5%PE22.8x
513554 Mahamaya Steel Industries₹993.3018.6%
+₹2.6b		312.2%PE149.3x
AEROFLEX Aeroflex Industries₹234.196.3%
+₹1.8b		43.9%PE63.1x

Latest News

512455
₹1,141.90
Lloyds Metals and Energy
7D
-3.5%
1Y
1.9%

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.
JINDALSAW
₹191.33
Jindal Saw
7D
14.7%
1Y
-26.6%
JSL
₹707.45
Jindal Stainless
7D
-6.0%
1Y
11.9%

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).
GPIL
₹251.55
Godawari Power & Ispat
7D
1.7%
1Y
45.5%

GPIL: Logistics Expansion And New Energy Investment Will Support Bullish Outlook

Analysts have kept their price target for Godawari Power & Ispat steady at ₹275, indicating only slight tweaks in assumptions for discount rate, revenue growth, profit margin and future P/E rather than any major shift in their view. What's in the News Board meeting on February 6, 2026, to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider several business proposals including logistics related investments (Board Meeting).
JINDALSTEL
₹1,143.30
Jindal Steel
7D
-3.1%
1Y
28.5%

JINDALSTEL: Capacity Expansion Plans Will Elevate Execution Risks Despite Overvaluation

Analysts now peg Jindal Steel's fair value at about ₹858 per share, versus the prior view of roughly ₹857, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E that slightly reshape their price target framework. What's in the News Reported consolidated steel production of 2.51 MT for the third quarter ended December 31, 2025, compared with 1.99 MT in the same quarter a year earlier, and 6.60 MT for the first nine months of FY 2025-26 compared with 6.01 MT a year earlier (company announcement of operating results).
532887
₹15.07
Neueon
7D
10.2%
1Y
n/a
500228
₹1,119.05
JSW Steel
7D
-9.3%
1Y
11.8%

500228: Cautious Steel Volume Outlook Will Limit Upside Despite Higher P/E

Analysts have lifted their fair value estimate for JSW Steel from ₹884.53 to ₹960.68, citing updated assumptions on discount rates, profit margins and future P/E that support a higher price target while using more conservative revenue growth inputs. What's in the News JSW Steel reported consolidated crude steel production of 2.475 million tons for January 2026, compared with 2.518 million tons in the same month a year earlier (Announcement of Operating Results).
500470
₹183.40
Tata Steel
7D
-7.6%
1Y
21.6%

500470: Future Legal And Mining Developments Will Support Stronger Performance

Analysts have lifted their price target on Tata Steel from ₹215 to ₹240, pointing to updated assumptions that combine a slightly lower discount rate, a modestly higher revenue growth outlook, a revised profit margin profile, and a higher future P/E multiple. What's in the News The Income Tax Appellate Tribunal allowed Tata Steel's claim for interest deduction related to the Corus Group acquisition for FY2008, which the company expects to reduce the related tax exposure from about ₹1,901 crore to about ₹1,686 crore and influence similar cases for FY2009 to FY2015 (Key Developments).
SAIL
₹149.89
Steel Authority of India
7D
-3.3%
1Y
41.6%

SAIL: Higher Revenue Visibility And Margins Will Support Rerated Earnings Power

Narrative Update on Steel Authority of India Analysts have revised their fair value estimate for Steel Authority of India from about ₹155 to roughly ₹197. This reflects updated assumptions on revenue growth, profit margins, discount rate and a lower future P/E multiple.
533758
₹1,934.05
APL Apollo Tubes
7D
-10.1%
1Y
40.9%

533758: Upcoming Results Will Support A Steady Outlook With Slightly Firmer Assumptions

Analysts have nudged their fair value estimate for APL Apollo Tubes from ₹2,216.59 to ₹2,274.88, citing updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. 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).
AEROFLEX
₹234.19
Aeroflex Industries
7D
6.3%
1Y
43.9%
539006
₹16,999.10
PTC Industries
7D
-4.2%
1Y
40.7%
513554
₹993.30
Mahamaya Steel Industries
7D
18.6%
1Y
312.2%
TIRUPATIFL
₹43.04
Tirupati Forge
7D
19.5%
1Y
18.6%
GALLANTT
₹541.05
Gallantt Ispat
7D
1.1%
1Y
73.1%
BHARATCOAL
₹36.10
Bharat Coking Coal
7D
9.5%
1Y
n/a