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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies171
  • 7D7.5%
  • 3M7.6%
  • 1Y30.4%
  • YTDn/a

JSW Steel is up 6.5%, leading the way for the Steel industry, which has gained 7.5%. Meanwhile, Hariom Pipe Industries actually underperformed within the industry, shrinking 10% in the last week. This takes the industry's 12 month performance to a gain of 30%. Earnings are forecast to grow by 34% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026₹14.2t₹9.1t₹489.8b21.9x28.9x1.6x
Wed, 11 Mar 2026₹13.4t₹9.1t₹489.4b20.9x27.3x1.5x
Fri, 06 Feb 2026₹13.9t₹9.0t₹465.3b22.3x29.8x1.5x
Sun, 04 Jan 2026₹13.4t₹8.7t₹445.2b23.6x30.1x1.5x
Tue, 02 Dec 2025₹12.7t₹8.7t₹447.2b22.7x28.3x1.4x
Thu, 30 Oct 2025₹13.4t₹8.5t₹413.1b24.3x32.4x1.6x
Sat, 27 Sep 2025₹12.7t₹8.5t₹405.4b23.4x31.3x1.5x
Mon, 25 Aug 2025₹12.3t₹8.5t₹405.3b23.9x30.3x1.4x
Wed, 23 Jul 2025₹12.3t₹8.4t₹376.4b23.4x32.7x1.5x
Fri, 20 Jun 2025₹11.6t₹8.4t₹361.0b22.1x32.1x1.4x
Sun, 18 May 2025₹11.8t₹8.4t₹352.9b22.5x33.3x1.4x
Tue, 15 Apr 2025₹10.6t₹8.4t₹359.5b19.5x29.5x1.3x
Thu, 13 Mar 2025₹11.0t₹8.4t₹359.5b19.9x30.5x1.3x
Sat, 08 Feb 2025₹11.1t₹8.4t₹363.8b22.5x30.5x1.3x
Mon, 06 Jan 2025₹11.7t₹8.3t₹386.0b25.7x30.2x1.4x
Wed, 04 Dec 2024₹11.9t₹8.3t₹386.1b26.3x30.8x1.4x
Fri, 01 Nov 2024₹11.5t₹8.4t₹333.6b24.3x34.5x1.4x
Sun, 29 Sep 2024₹12.5t₹8.4t₹360.1b24.6x34.6x1.5x
Tue, 27 Aug 2024₹12.0t₹8.5t₹363.6b24x33x1.4x
Thu, 25 Jul 2024₹11.7t₹8.5t₹355.7b24.6x32.9x1.4x
Sat, 22 Jun 2024₹12.3t₹8.4t₹369.0b24.3x33.3x1.5x
Mon, 20 May 2024₹11.8t₹8.5t₹402.0b23.3x29.4x1.4x
Wed, 17 Apr 2024₹11.0t₹8.4t₹419.9b22.8x26.2x1.3x
Fri, 15 Mar 2024₹9.8t₹8.4t₹419.9b20.7x23.4x1.2x
Sun, 11 Feb 2024₹10.4t₹8.4t₹413.7b23.9x25.1x1.2x
Tue, 09 Jan 2024₹10.1t₹8.7t₹351.4b22.5x28.8x1.2x
Thu, 07 Dec 2023₹9.6t₹8.7t₹351.4b21.6x27.4x1.1x
Sat, 04 Nov 2023₹8.6t₹8.6t₹324.1b18.1x26.5x1x
Mon, 02 Oct 2023₹8.9t₹8.6t₹339.1b18.5x26.3x1x
Wed, 30 Aug 2023₹8.5t₹8.6t₹338.5b17x25x1x
Fri, 28 Jul 2023₹8.2t₹8.5t₹337.6b15.9x24.3x1x
Sun, 25 Jun 2023₹7.3t₹8.5t₹390.3b14.7x18.8x0.9x
Tue, 23 May 2023₹6.8t₹8.5t₹429.8b14.9x15.7x0.8x
Thu, 20 Apr 2023₹6.9t₹8.4t₹516.9b14.4x13.4x0.8x
Price to Earnings Ratio

13.4x


Total Market Cap: ₹6.9tTotal Earnings: ₹516.9bTotal Revenue: ₹8.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Steel Industry Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.
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 Market6.90%
Materials7.25%
Metals and Mining7.67%
Steel7.49%
Gold9.01%
Diversified Metals and Mining8.52%
Copper7.12%
Aluminum7.01%
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
500228 JSW Steel₹1.20k6.2%
+₹171.2b		21.5%PE39.4x
500470 Tata Steel₹206.555.3%
+₹130.5b		54.8%PE28.1x
JINDALSTEL Jindal Steel₹1.22k7.5%
+₹86.2b		51.2%PE62.7x
532144 Welspun₹1.01k17.2%
+₹38.9b		32.8%PE13.7x
526371 NMDC₹85.805.3%
+₹38.2b		36.4%PE10.9x

Latest News

500245
₹372.50
Kirloskar Ferrous Industries
7D
-1.5%
1Y
-17.3%

500245: Upcoming Results And Dividend Decision Will Support Bullish Outlook

Analysts have kept the price target for Kirloskar Ferrous Industries unchanged at ₹577. This points to relatively stable assumptions on revenue growth, profit margins, discount rate and future P/E in their valuation work.
500470
₹206.55
Tata Steel
7D
5.3%
1Y
54.8%
JSL
₹765.20
Jindal Stainless
7D
5.5%
1Y
41.2%

JSL: Renewable Power Projects Will Support Future Margins

Analysts have maintained the price target for Jindal Stainless at ₹879.33. This unchanged view is based on slight adjustments to inputs, including a higher discount rate of 15.14%, marginally revised revenue growth of 13.17%, a profit margin of 8.46% and a future P/E of 21.56x.
526371
₹85.80
NMDC
7D
5.3%
1Y
36.4%

526371: Rare Earth Collaboration And Dividend Payout Will Drive Future Upside Potential

Analysts have lifted NMDC's fair value estimate from ₹91.00 to ₹100.00, citing updated assumptions for revenue growth, profit margins, and the future P/E multiple that collectively support a slightly higher assessed valuation. What's in the News Gujarat Mineral Development Corporation Ltd.
JINDALSTEL
₹1,218.50
Jindal Steel
7D
7.5%
1Y
51.2%

JINDALSTEL: Angul Capacity Expansion Will Support Stronger Long Term Prospects

Analysts have kept their price target for Jindal Steel steady at ₹1,393, indicating only small refinements in discount rate, revenue growth, profit margin and future P/E assumptions, rather than a shift in the overall outlook. What's in the News Completion of the 6 MTPA expansion at the Angul Integrated Steel Complex in Odisha, with commissioning of the third Basic Oxygen Furnace (BOF 3) of 3 MTPA.
500228
₹1,204.00
JSW Steel
7D
6.2%
1Y
21.5%

500228: Resource Security Plans And Steady Volumes Will Support A Balanced Outlook

Analysts have raised their price target for JSW Steel to ₹1,249.58 from ₹1,214.94, citing updated assumptions for revenue growth, profit margins, and a slightly higher future P/E ratio. What's in the News Board meeting scheduled for May 14, 2026, to review audited financial results for the quarter and year ended March 31, 2026.
SAIL
₹167.88
Steel Authority of India
7D
4.6%
1Y
55.0%

SAIL: Lower Discount Rate Will Support Margins While Multiple Pressure Persists

Analysts have raised their fair value estimate for Steel Authority of India from ₹130.88 to ₹142.78. They cite updated assumptions that reflect slightly higher revenue growth and profit margin expectations, a lower discount rate, and a modestly reduced future P/E multiple.
513511
₹305.70
Panchmahal Steel
7D
-5.3%
1Y
98.8%
532144
₹1,006.95
Welspun
7D
17.2%
1Y
32.8%

532144: Export Order Pipeline And New Global Subsidiary Will Support Future Upside

Analysts have raised their price target on Welspun from ₹892 to ₹1,043, citing updated assumptions that include a revised discount rate, revenue growth, profit margin, and future P/E inputs. What's in the News Board meeting on Mar 19, 2026 to consider acquiring a stake in Welspun Corporate Services Limited and modifying arrangements for 42 MW of renewable energy supply (company filing).
512455
₹1,502.35
Lloyds Metals and Energy
7D
4.6%
1Y
25.4%

512455: Capacity Expansion And New Subsidiaries Will Support Future Upside

Analysts have kept the price target for Lloyds Metals and Energy steady at ₹1,703, indicating only minor tweaks in the discount rate, revenue growth, profit margin assumptions and future P/E expectations, rather than a change in the overall valuation view. What's in the News A board meeting is scheduled on Mar 13, 2026 to consider the allotment of equity shares upon conversion of preferentially issued convertible warrants to non-promoters and the potential acquisition of an equity stake in a Cayman Islands entity through wholly owned subsidiary Lloyds Global Resources FZCO (company filing).
513472
₹482.75
Simplex Castings
7D
-7.7%
1Y
117.8%
539006
₹14,937.00
PTC Industries
7D
-3.6%
1Y
13.0%
513554
₹929.75
Mahamaya Steel Industries
7D
-0.6%
1Y
279.4%
513532
₹370.45
Pradeep Metals
7D
-4.5%
1Y
61.9%
517449
₹911.10
Magna Electro Castings
7D
-2.0%
1Y
0.2%
BHARATCOAL
₹32.56
Bharat Coking Coal
7D
-0.2%
1Y
n/a