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Indian (NIFTY) Steel Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies170
  • 7D-5.4%
  • 3M-0.1%
  • 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%. In contrast, Jindal Saw has gained 15%. This takes the industry's 12 month performance to a gain of 15%. As for the next few years, earnings are expected to grow by 35% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026₹12.8t₹9.1t₹489.4b20.3x26.2x1.4x
Wed, 11 Feb 2026₹14.1t₹9.1t₹489.3b22.8x28.9x1.6x
Fri, 09 Jan 2026₹13.0t₹8.7t₹445.2b23x29.1x1.5x
Sun, 07 Dec 2025₹12.5t₹8.7t₹447.2b22.1x28x1.4x
Tue, 04 Nov 2025₹13.3t₹8.6t₹422.1b24.1x31.5x1.5x
Thu, 02 Oct 2025₹12.8t₹8.5t₹405.2b24.5x31.6x1.5x
Sat, 30 Aug 2025₹11.9t₹8.5t₹405.4b23.1x29.4x1.4x
Mon, 28 Jul 2025₹12.2t₹8.5t₹383.5b22.7x31.8x1.4x
Wed, 25 Jun 2025₹11.9t₹8.4t₹361.0b22.6x32.9x1.4x
Fri, 23 May 2025₹11.8t₹8.4t₹352.1b21.5x33.5x1.4x
Sun, 20 Apr 2025₹11.0t₹8.4t₹359.5b19.9x30.7x1.3x
Tue, 18 Mar 2025₹10.9t₹8.4t₹359.5b19.3x30.4x1.3x
Thu, 13 Feb 2025₹10.5t₹8.4t₹360.0b20.7x29.3x1.3x
Sat, 11 Jan 2025₹11.2t₹8.3t₹386.0b24x28.9x1.3x
Mon, 09 Dec 2024₹12.1t₹8.3t₹386.0b27x31.3x1.4x
Wed, 06 Nov 2024₹11.8t₹8.4t₹333.7b23.9x35.4x1.4x
Fri, 04 Oct 2024₹12.6t₹8.5t₹362.0b24.7x34.7x1.5x
Sun, 01 Sep 2024₹11.9t₹8.5t₹363.6b24.2x32.7x1.4x
Tue, 30 Jul 2024₹11.9t₹8.5t₹352.7b25.5x33.7x1.4x
Thu, 27 Jun 2024₹12.2t₹8.4t₹369.2b24.7x33x1.4x
Sat, 25 May 2024₹11.9t₹8.5t₹402.0b22.1x29.6x1.4x
Mon, 22 Apr 2024₹11.0t₹8.4t₹419.9b23.2x26.3x1.3x
Wed, 20 Mar 2024₹10.0t₹8.4t₹419.9b21.3x23.7x1.2x
Fri, 16 Feb 2024₹10.4t₹8.4t₹419.6b23.1x24.7x1.2x
Sun, 14 Jan 2024₹10.3t₹8.7t₹351.2b23.8x29.2x1.2x
Tue, 12 Dec 2023₹9.8t₹8.7t₹351.4b21.4x27.8x1.1x
Thu, 09 Nov 2023₹8.8t₹8.6t₹326.2b19.9x27x1x
Sat, 07 Oct 2023₹8.8t₹8.6t₹339.2b18.7x26x1x
Mon, 04 Sep 2023₹8.9t₹8.6t₹338.8b18x26.3x1x
Wed, 02 Aug 2023₹8.5t₹8.5t₹335.1b16.5x25.4x1x
Fri, 30 Jun 2023₹7.5t₹8.5t₹390.4b14.8x19.2x0.9x
Sun, 28 May 2023₹6.8t₹8.4t₹396.0b14.9x17.3x0.8x
Tue, 25 Apr 2023₹6.9t₹8.4t₹516.4b14.5x13.3x0.8x
Thu, 23 Mar 2023₹6.6t₹8.4t₹517.1b13.4x12.8x0.8x
Price to Earnings Ratio

12.8x


Total Market Cap: ₹6.6tTotal 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₹196.6721.0%
+₹21.7b		-22.1%PE11.1x
BHARATCOAL Bharat Coking Coal₹34.496.5%
+₹9.7b		n/aPE95.9x
532144 Welspun₹796.652.1%
+₹4.3b		-1.3%PE10.8x
AEROFLEX Aeroflex Industries₹246.9114.5%
+₹4.1b		49.1%PE66.5x
520111 Ratnamani Metals & Tubes₹2.36k1.7%
+₹2.7b		-5.2%PE28.2x

Latest News

532144
₹796.65
Welspun
7D
2.1%
1Y
-1.3%

532144: Global Order Book And New Dubai Hub Will Support Bullish Outlook

Analysts have kept Welspun's fair value estimate steady at ₹1,160, with only small model tweaks to discount rate, revenue growth and profit margin assumptions guiding this unchanged price target. What's in the News Welspun Corp has incorporated a wholly owned subsidiary, Welspun International FZCO, in the Dubai Multi Commodities Centre in the UAE to handle global marketing for all products and to conduct trading in products and raw materials related to the parent and its subsidiaries (Key Developments).
512455
₹1,147.10
Lloyds Metals and Energy
7D
-1.3%
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
₹196.67
Jindal Saw
7D
21.0%
1Y
-22.1%
JAIBALAJI
₹62.74
Jai Balaji Industries
7D
4.7%
1Y
-53.4%
520111
₹2,355.70
Ratnamani Metals & Tubes
7D
1.7%
1Y
-5.2%

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

Analysts have kept the fair value estimate for Ratnamani Metals & Tubes steady at ₹2,746.80, with only small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a change in conviction. What's in the News A board meeting is scheduled for February 6, 2026, to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025 (company filing).
526371
₹77.56
NMDC
7D
-1.9%
1Y
19.4%

526371: Interim Dividend And Stable Assumptions Will Guide Measured 2026 Outlook

Analysts have trimmed their price target on NMDC to ₹81.41, a small adjustment that reflects slightly higher perceived risk in the discount rate. Revenue growth, profit margin and future P/E assumptions are broadly unchanged.
JINDALSTEL
₹1,133.00
Jindal Steel
7D
-1.0%
1Y
26.3%

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).
500228
₹1,145.20
JSW Steel
7D
-4.0%
1Y
13.9%

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
₹187.15
Tata Steel
7D
-2.0%
1Y
23.3%

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
₹144.69
Steel Authority of India
7D
-3.2%
1Y
36.3%

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
₹1,892.45
APL Apollo Tubes
7D
-9.8%
1Y
34.2%

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
₹246.91
Aeroflex Industries
7D
14.5%
1Y
49.1%
504614
₹505.95
Sarda Energy & Minerals
7D
-6.2%
1Y
-5.9%
GALLANTT
₹537.40
Gallantt Ispat
7D
1.6%
1Y
72.9%
BHARATCOAL
₹34.49
Bharat Coking Coal
7D
6.5%
1Y
n/a
500265
₹561.75
Maharashtra Seamless
7D
3.5%
1Y
-16.5%