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Indian (NIFTY) Steel Industry Analysis

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies171
  • 7D7.5%
  • 3M8.9%
  • 1Y30.4%
  • YTDn/a

In the last week, the Steel industry is up 7.5%, with JSW Steel leading the way, up 6.5%. In the same time, Hariom Pipe Industries was down 10%. This takes the industry's 12 month performance to a gain of 30%. Looking forward, 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
Sat, 11 Apr 2026₹14.2t₹9.1t₹489.8b21.9x28.9x1.6x
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
Price to Earnings Ratio

13.3x


Total Market Cap: ₹6.9tTotal Earnings: ₹517.2bTotal 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₹1.22k6.5%
+₹181.7b		22.7%PE39.8x
500470 Tata Steel₹206.606.5%
+₹156.7b		54.8%PE28.1x
JINDALSTEL Jindal Steel₹1.22k7.1%
+₹82.9b		51.3%PE62.7x
512455 Lloyds Metals and Energy₹1.51k8.4%
+₹65.4b		25.8%PE34.4x
526371 NMDC₹85.089.1%
+₹62.4b		35.2%PE10.8x

Latest News

500470
₹206.60
Tata Steel
7D
6.5%
1Y
54.8%
JSL
₹780.85
Jindal Stainless
7D
8.8%
1Y
44.1%

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
₹85.08
NMDC
7D
9.1%
1Y
35.2%

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
₹1,219.20
Jindal Steel
7D
7.1%
1Y
51.3%

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
₹1,215.20
JSW Steel
7D
6.5%
1Y
22.7%

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
₹166.02
Steel Authority of India
7D
7.0%
1Y
53.2%

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.
533758
₹2,064.15
APL Apollo Tubes
7D
8.9%
1Y
36.0%

533758: Upcoming Results And Steady Assumptions Will Support An Undervalued Outlook

Analysts have kept their fair value estimate for APL Apollo Tubes steady at about ₹2,280 per share, with only minor tweaks to assumptions such as the discount rate, revenue growth and future P/E that do not materially change their overall view. What's in the News A board meeting is scheduled for January 22, 2026, at 12:30 Indian Standard Time to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (company filing).
513511
₹295.00
Panchmahal Steel
7D
-5.1%
1Y
91.9%
540082
₹170.00
Riddhi Steel and Tube
7D
-4.5%
1Y
143.3%
512455
₹1,506.25
Lloyds Metals and Energy
7D
8.4%
1Y
25.8%

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
₹493.90
Simplex Castings
7D
-5.1%
1Y
122.9%
HARIOMPIPE
₹280.75
Hariom Pipe Industries
7D
-10.1%
1Y
-23.8%
531638
₹241.35
Suraj
7D
-2.6%
1Y
-36.7%
513005
₹41.55
Chrome Silicon
7D
-3.0%
1Y
-1.1%
TIRUPATIFL
₹43.13
Tirupati Forge
7D
-1.3%
1Y
44.8%
544553
₹119.00
M P K Steels (I)
7D
-6.3%
1Y
n/a