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Indian (NIFTY) Steel Industry Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies172
  • 7D5.2%
  • 3M3.8%
  • 1Y21.9%
  • YTDn/a

The Steel industry is up 5.2% in the last week, with Tata Steel up 7.2%. This takes the industry's 12 month performance to a gain of 22%. As for the next few years, earnings are expected to grow by 34% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026₹13.9t₹9.1t₹489.2b22x28.3x1.5x
Wed, 07 Jan 2026₹13.4t₹8.7t₹445.2b23.3x30x1.5x
Fri, 05 Dec 2025₹12.5t₹8.7t₹447.2b22.3x27.9x1.4x
Sun, 02 Nov 2025₹13.2t₹8.6t₹422.1b24.2x31.4x1.5x
Tue, 30 Sep 2025₹12.7t₹8.5t₹405.4b23.9x31.2x1.5x
Thu, 28 Aug 2025₹12.1t₹8.5t₹405.4b23.5x29.8x1.4x
Sat, 26 Jul 2025₹12.2t₹8.4t₹377.0b22.8x32.4x1.4x
Mon, 23 Jun 2025₹11.7t₹8.4t₹361.0b22.1x32.5x1.4x
Wed, 21 May 2025₹11.7t₹8.4t₹352.8b21.1x33.2x1.4x
Fri, 18 Apr 2025₹11.0t₹8.4t₹359.5b19.9x30.7x1.3x
Sun, 16 Mar 2025₹10.9t₹8.4t₹359.5b19.5x30.3x1.3x
Tue, 11 Feb 2025₹10.8t₹8.4t₹364.6b21.8x29.7x1.3x
Thu, 09 Jan 2025₹11.4t₹8.3t₹386.0b24.8x29.6x1.4x
Sat, 07 Dec 2024₹12.1t₹8.3t₹386.0b27x31.3x1.4x
Mon, 04 Nov 2024₹11.7t₹8.4t₹333.6b24.5x34.9x1.4x
Wed, 02 Oct 2024₹12.7t₹8.5t₹361.9b24.7x35.1x1.5x
Fri, 30 Aug 2024₹11.8t₹8.5t₹363.6b24x32.5x1.4x
Sun, 28 Jul 2024₹11.9t₹8.5t₹352.7b25.3x33.6x1.4x
Tue, 25 Jun 2024₹12.2t₹8.4t₹369.0b24x33.2x1.5x
Thu, 23 May 2024₹12.0t₹8.5t₹402.0b22.4x29.8x1.4x
Sat, 20 Apr 2024₹10.9t₹8.4t₹419.9b23.4x26x1.3x
Mon, 18 Mar 2024₹9.8t₹8.4t₹419.9b20.9x23.3x1.2x
Wed, 14 Feb 2024₹10.0t₹8.4t₹412.9b23.5x24.3x1.2x
Fri, 12 Jan 2024₹10.2t₹8.7t₹351.4b23.6x29.1x1.2x
Sun, 10 Dec 2023₹9.7t₹8.7t₹351.4b21.3x27.5x1.1x
Tue, 07 Nov 2023₹8.7t₹8.6t₹324.6b19x26.9x1x
Thu, 05 Oct 2023₹8.9t₹8.6t₹339.1b18.2x26.3x1x
Sat, 02 Sep 2023₹8.9t₹8.6t₹338.8b18x26.3x1x
Mon, 31 Jul 2023₹8.3t₹8.5t₹335.0b15.8x24.7x1x
Wed, 28 Jun 2023₹7.5t₹8.5t₹390.3b14.9x19.1x0.9x
Fri, 26 May 2023₹6.8t₹8.4t₹411.9b14.7x16.5x0.8x
Sun, 23 Apr 2023₹6.8t₹8.4t₹516.4b14.4x13.2x0.8x
Tue, 21 Mar 2023₹6.6t₹8.4t₹517.1b13.2x12.9x0.8x
Thu, 16 Feb 2023₹6.7t₹8.4t₹528.4b12.8x12.6x0.8x
Price to Earnings Ratio

12.6x


Total Market Cap: ₹6.7tTotal Earnings: ₹528.4bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 27.4x202420252026
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 27.4x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Steel industry have declined 2.5% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.5% 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 Market3.74%
Materials3.90%
Metals and Mining4.49%
Steel5.23%
Diversified Metals and Mining4.28%
Aluminum2.99%
Gold2.98%
Copper-3.18%
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₹202.107.2%
+₹168.5b		50.8%PE27.5x
500228 JSW Steel₹1.24k3.8%
+₹112.4b		29.7%PE40.8x
512455 Lloyds Metals and Energy₹1.26k14.5%
+₹104.6b		7.1%PE27.9x
JINDALSTEL Jindal Steel₹1.19k5.9%
+₹67.3b		41.7%PE61.3x
533758 APL Apollo Tubes₹2.23k7.4%
+₹43.0b		58.7%PE54.3x

Latest News

500470
₹202.10
Tata Steel
7D
7.2%
1Y
50.8%
520111
₹2,005.75
Ratnamani Metals & Tubes
7D
-3.5%
1Y
-25.9%
526371
₹84.44
NMDC
7D
3.5%
1Y
31.9%

526371: Overseas Acquisition Push Will Likely Pressure Future Share Returns

Analysts have nudged their price target on NMDC slightly higher, with fair value moving from ₹59.00 to about ₹59.34 as they factor in updated views on discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A board meeting is scheduled for Feb 3, 2026, to review unaudited financial results for the quarter ended Dec 31, 2025, and to consider a proposal for an interim dividend for FY 2025-26, if any (Board Meeting).
513554
₹695.80
Mahamaya Steel Industries
7D
-8.4%
1Y
229.1%
SAIL
₹158.38
Steel Authority of India
7D
6.5%
1Y
50.6%
JINDALSTEL
₹1,191.10
Jindal Steel
7D
5.9%
1Y
41.7%

JINDALSTEL: Capacity Expansion Plans Will Heighten Execution Risks Despite Overvaluation

Narrative Update on Jindal Steel Analysts have lifted their fair value estimate for Jindal Steel from ₹840.05 to ₹857.20, citing model updates that incorporate a lower discount rate, slightly adjusted revenue growth assumptions, a higher projected profit margin, and a revised future P/E multiple. What's in the News Board meeting scheduled on January 30, 2026 to consider and approve unaudited standalone and consolidated financial results for the 3rd quarter and nine months ended December 31, 2025, for FY 2025-26 (company filing).
500228
₹1,244.75
JSW Steel
7D
3.8%
1Y
29.7%

500228: Future Joint Venture Moves Will Reshape Asset Portfolio And Support Bullish Outlook

Analysts have lifted their price target on JSW Steel from ₹1,270 to ₹1,420, citing adjustments to the discount rate, revenue growth, profit margin assumptions and a slightly lower future P/E multiple in their updated models. What's in the News JSW Steel maintained its production and sales guidance for FY 2026 at 30.5 million tonnes and 29.2 million tonnes respectively, signalling no change in its stated operating targets for the period (Corporate Guidance).
534600
₹65.70
JTL Industries
7D
-8.3%
1Y
-33.4%

534600: Future Earnings Power Will Be Driven By New Power Transmission Contract

Analysts now set their price target for JTL Industries at $112, up from $106. The revised target reflects updated assumptions that incorporate adjusted discount rates, revenue growth, profit margin expectations, and a higher future P/E multiple.
532144
₹831.45
Welspun
7D
10.7%
1Y
7.0%

532144: Large Export Order Book Will Support Bullish Outlook For Coming Years

Analysts have nudged their fair value estimate for Welspun down from ₹1,189 to ₹1,160, citing updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Welspun Corp has scheduled a board meeting on January 30, 2026 to consider and approve standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
512455
₹1,258.40
Lloyds Metals and Energy
7D
14.5%
1Y
7.1%
504918
₹213.30
Sandur Manganese & Iron Ores
7D
-1.3%
1Y
72.3%
NSLNISP
₹42.09
NMDC Steel
7D
-0.4%
1Y
5.6%
BHARATCOAL
₹36.61
Bharat Coking Coal
7D
-5.4%
1Y
n/a
533758
₹2,233.80
APL Apollo Tubes
7D
7.4%
1Y
58.7%

533758: Upcoming Result Review Will Support A Slightly Firmer Yet Balanced Outlook

Analysts have raised their fair value estimate for APL Apollo Tubes from ₹1,984.94 to ₹2,176.06, citing updated assumptions related to revenue growth, profit margins and future P/E levels. What's in the News Board meeting scheduled for January 22, 2026 at 12:30 Indian Standard Time to consider and approve unaudited standalone financial results for the quarter and nine month period ended December 31, 2025.
533286
₹314.60
MOIL
7D
-4.2%
1Y
1.1%
JSL
₹790.25
Jindal Stainless
7D
-1.8%
1Y
24.8%

JSL: Shared Services Expansion Will Support Stronger Margins And Future Upside

Analysts have lifted their price target for Jindal Stainless from ₹828 to about ₹863.92, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled on January 21, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).