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Indian (NIFTY) Steel Industry Analysis

UpdatedDec 12, 2025
DataAggregated Company Financials
Companies167
  • 7D-1.0%
  • 3M-2.7%
  • 1Y0.4%
  • YTDn/a

In the last week, the Steel industry is flat overall, with JSW Steel standing out by going down 3.6%. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 32% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Dec 2025₹12.4t₹8.7t₹447.2b21.7x27.6x1.4x
Sun, 09 Nov 2025₹13.1t₹8.6t₹422.3b22.9x30.9x1.5x
Tue, 07 Oct 2025₹13.1t₹8.5t₹405.5b24.4x32.3x1.5x
Thu, 04 Sep 2025₹12.5t₹8.5t₹405.4b24.1x30.9x1.5x
Sat, 02 Aug 2025₹12.0t₹8.5t₹395.5b22.8x30.3x1.4x
Mon, 30 Jun 2025₹12.2t₹8.4t₹361.1b23.5x33.8x1.5x
Wed, 28 May 2025₹11.8t₹8.4t₹354.4b21.7x33.4x1.4x
Fri, 25 Apr 2025₹11.4t₹8.4t₹359.4b20.8x31.6x1.4x
Sun, 23 Mar 2025₹11.6t₹8.4t₹359.6b21.2x32.2x1.4x
Tue, 18 Feb 2025₹10.5t₹8.4t₹359.5b20.2x29.1x1.2x
Thu, 16 Jan 2025₹11.1t₹8.3t₹386.1b23.1x28.6x1.3x
Sat, 14 Dec 2024₹12.2t₹8.3t₹386.0b26.7x31.5x1.5x
Mon, 11 Nov 2024₹11.8t₹8.3t₹391.8b25.6x30.1x1.4x
Wed, 09 Oct 2024₹12.0t₹8.5t₹362.0b23.8x33.2x1.4x
Fri, 06 Sep 2024₹11.8t₹8.5t₹363.6b24.2x32.4x1.4x
Sun, 04 Aug 2024₹11.8t₹8.5t₹360.0b24.7x32.7x1.4x
Tue, 02 Jul 2024₹12.2t₹8.4t₹369.2b24.3x33x1.4x
Thu, 30 May 2024₹11.7t₹8.5t₹394.2b21.8x29.7x1.4x
Sat, 27 Apr 2024₹11.5t₹8.5t₹422.8b24.9x27.3x1.4x
Mon, 25 Mar 2024₹10.3t₹8.4t₹419.9b21.8x24.4x1.2x
Wed, 21 Feb 2024₹10.5t₹8.4t₹419.8b23.6x25x1.2x
Fri, 19 Jan 2024₹10.1t₹8.7t₹356.7b23.2x28.2x1.2x
Sun, 17 Dec 2023₹10.0t₹8.7t₹351.4b22.1x28.5x1.2x
Tue, 14 Nov 2023₹9.0t₹8.7t₹352.0b20.2x25.5x1x
Thu, 12 Oct 2023₹8.9t₹8.6t₹338.4b19.9x26.4x1x
Sat, 09 Sep 2023₹9.1t₹8.6t₹338.8b18.7x26.9x1.1x
Mon, 07 Aug 2023₹8.3t₹8.6t₹338.6b16.6x24.7x1x
Wed, 05 Jul 2023₹7.6t₹8.5t₹390.4b14.7x19.5x0.9x
Fri, 02 Jun 2023₹6.9t₹8.5t₹393.5b14.8x17.4x0.8x
Sun, 30 Apr 2023₹6.9t₹8.3t₹534.8b14.4x12.9x0.8x
Tue, 28 Mar 2023₹6.5t₹8.4t₹517.1b12.9x12.6x0.8x
Thu, 23 Feb 2023₹6.7t₹8.4t₹517.5b13.1x13x0.8x
Sat, 21 Jan 2023₹7.0t₹8.4t₹720.3b14.5x9.7x0.8x
Mon, 19 Dec 2022₹6.5t₹8.4t₹721.3b13.1x9.1x0.8x
Price to Earnings Ratio

9.1x


Total Market Cap: ₹6.5tTotal Earnings: ₹721.3bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 26.4x202320242025
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 26.4x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Steel industry have declined 15% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, 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 Market-0.93%
Materials-0.77%
Metals and Mining-0.027%
Steel-0.98%
Diversified Metals and Mining2.34%
Aluminum0.93%
Copper-2.27%
Gold-20.65%
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₹171.902.9%
+₹59.9b		15.4%PE31.5x
512455 Lloyds Metals and Energy₹1.29k5.6%
+₹36.3b		15.6%PE37.7x
JSL Jindal Stainless₹785.654.0%
+₹24.9b		3.3%PE23.4x
JINDALSTEL Jindal Steel₹1.03k2.3%
+₹23.2b		3.1%PE38.3x
526371 NMDC₹77.911.9%
+₹12.9b		0.01%PE9.7x

Latest News

500470
₹171.90
Tata Steel
7D
2.9%
1Y
15.4%

500470: Future Results Will Reflect Pellet Expansion Amid Ongoing Sukinda Regulatory Dispute

Analysts have slightly reduced their price target for Tata Steel to INR 185.77 from INR 186.10, citing a marginal uptick in the assumed discount rate and only modest improvements in long term growth and valuation multiples, which are largely offset by slightly lower profit margin expectations. What's in the News Board to review acquisition of a 50.01 percent equity stake in Thriveni Pellets Private Limited at its December 10, 2025 meeting, potentially strengthening raw material security and pellet capacity (Board Meeting) High Court of Orissa extends interim protection for Tata Steel against coercive action related to a large demand on alleged chrome ore dispatch shortfall at the Sukinda Chromite Block, with the next hearing scheduled for December 12, 2025 (Regulatory Authority – Enforcement Actions) Company contests a demand of about INR 2,410.89 crore tied to chrome ore dispatch obligations at Sukinda, seeking quashing of the demand letter through a writ petition naming state and central authorities (Regulatory Authority – Enforcement Actions) Upcoming November 12, 2025 board meeting to consider audited standalone and unaudited consolidated financial results and a proposed acquisition of a 50 percent stake in Tata BlueScope Steel Private Limited (Board Meeting) Provisional Indian crude steel production rises 8 percent quarter on quarter to 5.67 million tons in Q2 FY2026, supported by normalised operations post blast furnace relining, with first half output up 3 percent year on year to 10.90 million tons (Announcement of Operating Results) Tata Steel and Tata Steel Nederland sign a non binding joint letter of intent with the Dutch government to progress a major decarbonisation and health focused transition at IJmuiden, including plans for DRI and EAF capacity and extensive dust and emissions reduction measures (Strategic Alliances) Valuation Changes Fair Value: Revised down slightly to ₹185.77 from ₹186.10 per share, reflecting marginally lower earnings expectations.
JSL
₹785.65
Jindal Stainless
7D
4.0%
1Y
3.3%

JSL: Wet Milling Expansion And Metro Supply Will Support Steady Outlook

Analysts have raised their price target for Jindal Stainless from ₹815.46 to ₹815.46, reflecting a stable valuation supported by steady assumptions on revenue growth, profit margins, and future earnings multiples despite a slightly higher discount rate. What's in the News Board approves creation of a wholly owned subsidiary to serve as a centralized shared services entity, reflecting expanding operations and rising business complexity (Board meeting resolution, Nov 10, 2025).
500228
₹1,124.80
JSW Steel
7D
-3.6%
1Y
12.3%

500228: Reorganization And Potential Asset Sale Will Shape Balanced Outlook

Analysts have nudged their price target for JSW Steel slightly higher to reflect an updated fair value of ₹1,178 per share from about ₹1,170, citing a modest improvement in long term profit margin expectations and a slightly richer forward PE multiple that more than offset slightly lower revenue growth assumptions and a marginally higher discount rate. What's in the News The board will consider amalgamating Piombino Steel Limited with JSW Steel on December 3, 2025, under Sections 230 to 232 of the Companies Act, 2013, a move that could simplify the domestic corporate structure (company filing).
JINDALSTEL
₹1,029.50
Jindal Steel
7D
2.3%
1Y
3.1%

Jindal Steel Limited's (NSE:JINDALSTEL) Price In Tune With Earnings

Dec 06
Jindal Steel Limited's (NSE:JINDALSTEL) Price In Tune With Earnings
532144
₹792.95
Welspun
7D
-4.2%
1Y
0.5%

532144: US And Middle East Orders Will Drive Long Term Earnings Visibility

Analysts have modestly raised their price target on Welspun, citing a slightly higher assumed discount rate and future valuation multiple while keeping fair value broadly unchanged at ₹1,113.25 per share. What's in the News The Board approved the incorporation of two wholly owned subsidiaries in the United Arab Emirates: one as a global investment holding company at Dubai International Financial Centre and another to handle international marketing and trading activities, both subject to local regulatory approvals (Board meeting, Oct 30, 2025).
SAIL
₹131.90
Steel Authority of India
7D
-0.5%
1Y
5.7%

SAIL: Overseas Mineral Acquisitions Will Shape Profit Margins And Earnings Stability

Analysts have slightly lowered their price target for Steel Authority of India to ₹125.81, a modest decrease that reflects small adjustments in discount rates and future earnings estimates. The outlook for revenue growth and profit margins remains broadly stable.
533758
₹1,739.90
APL Apollo Tubes
7D
-1.7%
1Y
9.0%

533758: Upcoming Board Meeting And New Auditor Will Drive Confidence

Analysts have slightly raised their price target for APL Apollo Tubes from ₹1,935.94 to ₹1,955.47, citing modest improvements in expected profit margins, which offset a slightly lower revenue growth outlook. What's in the News The board of APL Apollo Tubes will meet on October 29, 2025 to consider and approve the unaudited financial results for the quarter and half year ended September 30, 2025 (Board Meeting).
RKFORGE
₹516.15
Ramkrishna Forgings
7D
-2.9%
1Y
-45.9%

RKFORGE: Upcoming Fundraising and Key Meetings Will Drive Shares Higher

Analysts have modestly increased their price target for Ramkrishna Forgings from ₹695.60 to ₹696.33, citing minimal adjustments in underlying growth and profitability assumptions. What's in the News Special/Extraordinary Shareholders Meeting scheduled for December 12, 2025, at 11:30 Indian Standard Time (Key Developments).
526371
₹77.91
NMDC
7D
1.9%
1Y
0.01%

526371: Adjustments To Dividend Plans And Margins Will Guide 2025 Outlook

Analysts have slightly reduced their price target for NMDC from ₹78.25 to ₹77.12, citing nuanced adjustments in the discount rate and future price-to-earnings expectations. What's in the News NMDC's Board Meeting is scheduled for November 14, 2025, at 11:30 Indian Standard Time.
JAIBALAJI
₹60.48
Jai Balaji Industries
7D
-6.5%
1Y
-67.9%

Jai Balaji Industries' (NSE:JAIBALAJI) Weak Earnings May Only Reveal A Part Of The Whole Picture

Nov 23
Jai Balaji Industries' (NSE:JAIBALAJI) Weak Earnings May Only Reveal A Part Of The Whole Picture
512455
₹1,288.65
Lloyds Metals and Energy
7D
5.6%
1Y
15.6%

512455: Board Actions And Land Purchase Will Unlock Substantial Upside Ahead

Analysts have increased their price target for Lloyds Metals and Energy from ₹1,627.50 to ₹1,654.00. This change reflects updates to growth estimates and valuation metrics.
504614
₹510.40
Sarda Energy & Minerals
7D
7.2%
1Y
6.8%
504918
₹215.75
Sandur Manganese & Iron Ores
7D
6.8%
1Y
32.7%
500245
₹461.00
Kirloskar Ferrous Industries
7D
-3.5%
1Y
-30.5%
539006
₹18,239.80
PTC Industries
7D
-3.2%
1Y
58.0%
522285
₹72.75
Jayaswal Neco Industries
7D
9.8%
1Y
75.3%