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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies170
  • 7D-4.2%
  • 3M8.8%
  • 1Y18.7%
  • YTDn/a

Over the last 7 days, the Steel industry has dropped 4.2%, driven by a pullback from Tata Steel of 9.4%. Meanwhile, Mahamaya Steel Industries actually outperformed within the industry, gaining 15% in the last week. In the past year, the industry has gained 19%. 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
Mon, 09 Mar 2026₹13.5t₹9.1t₹489.4b21.2x27.7x1.5x
Wed, 04 Feb 2026₹13.6t₹9.0t₹459.6b21.6x29.6x1.5x
Fri, 02 Jan 2026₹13.3t₹8.7t₹445.2b23.9x29.9x1.5x
Sun, 30 Nov 2025₹12.6t₹8.7t₹447.2b22.7x28.2x1.4x
Tue, 28 Oct 2025₹13.0t₹8.5t₹415.1b23.7x31.3x1.5x
Thu, 25 Sep 2025₹13.0t₹8.5t₹405.4b24.3x32x1.5x
Sat, 23 Aug 2025₹12.3t₹8.5t₹405.3b23.9x30.3x1.4x
Mon, 21 Jul 2025₹12.3t₹8.4t₹376.3b23.5x32.6x1.5x
Wed, 18 Jun 2025₹11.8t₹8.4t₹361.0b22.6x32.6x1.4x
Fri, 16 May 2025₹11.7t₹8.4t₹352.9b21.9x33.3x1.4x
Sun, 13 Apr 2025₹10.6t₹8.4t₹359.6b19.5x29.5x1.3x
Tue, 11 Mar 2025₹11.1t₹8.4t₹359.5b20.4x30.8x1.3x
Thu, 06 Feb 2025₹10.9t₹8.3t₹357.2b23.2x30.5x1.3x
Sat, 04 Jan 2025₹11.7t₹8.3t₹386.0b25.7x30.2x1.4x
Mon, 02 Dec 2024₹11.6t₹8.3t₹386.0b26x30.1x1.4x
Wed, 30 Oct 2024₹11.5t₹8.4t₹335.5b23.6x34.2x1.4x
Fri, 27 Sep 2024₹12.5t₹8.4t₹360.3b24.8x34.7x1.5x
Sun, 25 Aug 2024₹11.8t₹8.5t₹363.6b23.9x32.4x1.4x
Tue, 23 Jul 2024₹11.6t₹8.5t₹355.7b23.9x32.6x1.4x
Thu, 20 Jun 2024₹12.1t₹8.4t₹368.9b24x32.8x1.4x
Sat, 18 May 2024₹11.8t₹8.5t₹426.1b22.8x27.7x1.4x
Mon, 15 Apr 2024₹11.1t₹8.4t₹419.9b23.5x26.4x1.3x
Wed, 13 Mar 2024₹10.3t₹8.4t₹419.9b21.2x24.5x1.2x
Fri, 09 Feb 2024₹10.6t₹8.4t₹415.3b24.5x25.6x1.3x
Sun, 07 Jan 2024₹10.2t₹8.7t₹351.4b22.1x29.1x1.2x
Tue, 05 Dec 2023₹9.6t₹8.7t₹351.3b21.1x27.2x1.1x
Thu, 02 Nov 2023₹8.4t₹8.7t₹398.7b17.4x21.2x1x
Sat, 30 Sep 2023₹8.9t₹8.6t₹339.1b18.5x26.3x1x
Mon, 28 Aug 2023₹8.3t₹8.6t₹338.5b17x24.7x1x
Wed, 26 Jul 2023₹8.2t₹8.5t₹335.0b15.7x24.4x1x
Fri, 23 Jun 2023₹7.5t₹8.5t₹390.2b14.9x19.2x0.9x
Sun, 21 May 2023₹6.8t₹8.5t₹429.8b14.7x15.7x0.8x
Tue, 18 Apr 2023₹6.9t₹8.4t₹517.2b14.3x13.3x0.8x
Thu, 16 Mar 2023₹6.7t₹8.4t₹517.1b12.4x12.9x0.8x
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 27.8x202420252026
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 27.8x.
  • 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-3.02%
Materials-3.00%
Metals and Mining-2.25%
Steel-4.21%
Aluminum5.27%
Diversified Metals and Mining-1.12%
Copper-1.63%
Gold-10.14%
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
513554 Mahamaya Steel Industries₹873.1015.0%
+₹1.9b		267.2%PE131.2x
500245 Kirloskar Ferrous Industries₹391.452.5%
+₹1.6b		-17.0%PE19.7x
532887 Neueon₹14.3621.5%
+₹1.4b		n/aPS53.6x
BHARATCOAL Bharat Coking Coal₹32.400.8%
+₹1.2b		n/aPE90.1x
NELCAST Nelcast₹115.165.0%
+₹476.8m		34.0%PE21.5x

Latest News

NELCAST
₹115.16
Nelcast
7D
5.0%
1Y
34.0%
JINDALSTEL
₹1,144.10
Jindal Steel
7D
-7.6%
1Y
26.4%

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
₹14.36
Neueon
7D
21.5%
1Y
n/a
500228
₹1,193.05
JSW Steel
7D
-5.9%
1Y
17.7%

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
₹191.05
Tata Steel
7D
-9.4%
1Y
26.6%

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
₹149.52
Steel Authority of India
7D
-9.7%
1Y
39.4%

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
₹2,097.45
APL Apollo Tubes
7D
-5.6%
1Y
46.5%

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).
500245
₹391.45
Kirloskar Ferrous Industries
7D
2.5%
1Y
-17.0%

500245: Upcoming Board Meeting And Potential Dividend Will Support Bullish Outlook

Analysts have trimmed their price target on Kirloskar Ferrous Industries from ₹602 to ₹577 as they refresh assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for Feb 10, 2026, at 12:00 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, along with the statutory auditor's limited review report (Key Developments).
512455
₹1,162.70
Lloyds Metals and Energy
7D
-4.2%
1Y
1.0%

512455: Tata Alliance And Capacity Upgrades Will Support Future Upside

The updated analyst price target for Lloyds Metals and Energy shifts slightly from about ₹1,724 to roughly ₹1,703, as analysts adjust their views on discount rate, revenue growth, profit margins, and future P/E assumptions in their models. What's in the News The Board approved the incorporation of a wholly owned subsidiary in Maharashtra, with an estimated capital outlay of over ₹2.52b in tranches, focused on skilling, leadership, entrepreneurship, and employment-linked programs aligned with regional and global workforce standards (Board meeting, Feb 3, 2026).
JSL
₹709.00
Jindal Stainless
7D
-9.5%
1Y
10.7%

JSL: Shared Services Platform Will Support Margin Resilience With Balanced Near-Term Outlook

Analysts have kept their fair value estimate for Jindal Stainless steady at ₹876 per share, citing only marginal tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that were not large enough to shift their overall price target view. What's in the News A board meeting is scheduled for January 21, 2026 to consider unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and a possible interim dividend for FY 2025-26 (Board Meeting).
SHYAMMETL
₹770.65
Shyam Metalics and Energy
7D
-8.1%
1Y
-5.6%

SHYAMMETL: Vision 2031 Plans Will Support Steady Outlook And Fair Pricing

Analysts have maintained their price target for Shyam Metalics and Energy at ₹855, indicating that only minor changes were made to discount rate, revenue growth, profit margin, and future P/E assumptions in their updated models. What's in the News Board meeting scheduled on January 24, 2026, to consider and record the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, along with other items of business as permitted by the Chair (Key Developments).
513043
₹134.25
Remi Edelstahl Tubulars
7D
-2.0%
1Y
70.5%
513554
₹873.10
Mahamaya Steel Industries
7D
15.0%
1Y
267.2%
534748
₹8.07
Steel Exchange India
7D
1.6%
1Y
-0.1%
TEMBO
₹532.65
Tembo Global Industries
7D
1.8%
1Y
2.0%
BHARATCOAL
₹32.40
Bharat Coking Coal
7D
0.8%
1Y
n/a