Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Steel Authority of India Limited (SAIL)
Mid CapMetals stocks · Mid cap · NSE
Steel Authority of India Limited (SAIL) is a major Indian public sector steel producer, operating integrated steel plants. It produces a wide range of steel products and has captive mines for iron ore, limestone, and dolomite.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:33 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -5.9% / mo · MACD −
Stock trend: 33
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SAILD candles · FIT view-8.0%Latest close ₹169.50 on 2026-10-21
Bar
-0.9%
RSI
41
MACD hist
-0.54
52W pos
53%
2026-10-21O ₹171.00H ₹172.72L ₹166.50C ₹169.50Vol 1.5Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAILNifty MetalNifty 500
- SAIL
- +3.3%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- +9.8 pp
Chart stats
21 Oct 2026- From 52W high
- -19.2%
- 52W range position
- 53%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.93x
- Avg traded value
- ₹298 Cr
- 20D price channel
- ₹165.8 - ₹191.4
₹209.7
₹124 - ₹209.7
₹5.9
Latest completed session
20-session average
37.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +1.3% · PAT +120.7% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model-140.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +1% YoY · PAT +121% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹26,246 Cr | +1.3% | -14.8% |
| EBITDA | ₹4,153 Cr | +50.0% | -5.8% |
| Operating margin | 16.0% | +500 bps | +200 bps |
| PAT | ₹1,644 Cr | +120.7% | -10.4% |
| PAT margin | 6.3% | +339 bps | +30 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.60
- P/B
- 1.17
- EV/EBITDA
- 5.27
- Market Cap
- 70735.00Cr
Profitability
- ROE
- 6.57%
- ROCE
- 7.92%
- ROA
- 3.14%
- Dividend Y
- 1.36%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.53
- Interest Coverage
- 6.20×
- Altman Z
- 2.44
- Book Value
- 146.00
Cash Flow
- FCF Yield
- 15.75%
- FCF Positive Y
- 5/5
- OCF
- 19039.00 Cr
- EPS TTM
- 10.34
Shareholding
- Promoter Hold
- 65.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 110.8k+8.1% vs prev
Net Profit
₹ CrLatest: 4,272+26.7% vs prev
Return on Equity
%Latest: 7.1+23.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 1 Base / Transition
1M return
-4.4%
3M return
+3.3%
6M return
-3.9%
1Y return
+20.6%
RS 1D
-1
RS 20D
+5
Sector rank
#11
Industry rank
#12
Stage evidence
- Price is within 4.2% of the 30-week proxy.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 134+1.25%
RS vs Nifty 500134
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation12/30
Growth5/25
Quality0/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 15.8%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -140.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
14.6
PB
1.2
EV/EBITDA
5.3
ROE
6.6%
ROCE
7.9%
FCF Yield
15.8%
Debt/Equity
0.5
MoS
-140.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-140.3%
Previous: -139.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹184.3
+8.0% MoS
Growth-justified P/E
6.8
Growth-justified Value
₹70.52
-140.3% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JINDALSTEL
Large
JINDAL STEEL LIMITED
Steel
match 86
26
34.1
8.2%
-385%
OVERVALUED
MUKANDLTD
Small
Mukand Limited
Steel
match 77
56
4.2
5.6%
+89%
FAIR VALUE
JAIBALAJI
Micro
Jai Balaji Industries Limited
Steel
match 77
66
20.4
30.7%
+37%
UNDERVALUED
JSWSTEEL
Large
JSW Steel Limited
Steel
match 74
41
23.8
10.2%
-25%
WATCHLIST
TATASTEEL
Large
Tata Steel Limited
Steel
match 74
39
18.4
11.7%
-1%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:54:02.013Z
Management commentary snapshot
SAIL reported strong FY26 performance with PAT up 50.5% YoY and EBITDA up 11.7% YoY, driven by higher sales volumes and improved realizations. Q4 FY26 saw significant sequential profitability improvement, with EBITDA up 81.1% QoQ, despite flat sales volumes YoY for the quarter.
SAIL demonstrated robust financial and operational improvements in FY26, marked by significant PAT growth and enhanced EBITDA margins. Deleveraging continued, and key techno-economic parameters improved. The strong sequential Q4 performance, driven by sales price and raw material usage, indicates positive momentum, though flat quarterly sales volume needs monitoring.
Current business mix
Product Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Flats50.9%
Longs35.7%
Semis13.4%
Growth engines
Domestic Steel Consumption
India's finished steel consumption grew ~8% over previous year in FY26.
Infrastructure & Capital Goods Demand
IIP growth driven majorly by Infrastructure Goods and Capital Goods in FY25-26.
Operational Efficiency
Improved techno-economic parameters like Coke Rate, BF Productivity, and Specific Energy Consumption in FY26.
Deleveraging
Borrowings (Non Ind AS) decreased from Rs. 29811 crore (Mar'25) to Rs. 21663 crore (Mar'26).
Tailwinds
Strong Indian Economic Growth
India's First Advance Estimates for FY26 at 7.4%, likely to remain amongst the fastest growing major economies.
Domestic Steel Demand
Crude steel production in India grew ~11% over previous year whereas consumption grew ~8% during FY’26.
Improved Sales Realizations
Sales Price/NSR contributed +Rs. 2213 crore to EBITDA movement Q4 FY26 vs Q3 FY26.
Headwinds
Global Economic Slowdown
IMF decreased 2026 growth projections over Jan’26 due to prevailing scenario in the middle east.
Global Steel Production Decline
World crude steel production falling by 2.3% (Jan-Mar CY’26 over CPLY) with China registering degrowth of 4.6%.
Input Price Volatility
Input Price/Cost contributed -Rs. 4245 crore to EBITDA movement FY26 vs FY25.
Risk radar
Global Economic Volatility
Economic conditions affecting demand / supply and prices in the domestic and global markets.
Commodity Price Fluctuations
Prices in the domestic and global markets in which the Company operates.
Regulatory Changes
Changes in Government regulations, tax laws and other statutes, etc.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (YoY) comparison provides a full-year view of growth and efficiency trends, crucial for a cyclical industry like steel. Quarterly (QoQ) comparison assesses sequential momentum, pricing power, and immediate impact of input costs, critical for spreads.
Sector KPIs management disclosed
Crude Steel Production
FY26: 19.434 MT (+1.2% YoY). Q4 FY26: 5.1 MT (flat YoY, +8.5% QoQ vs Q3 FY26).
Total Sales Volume
FY26: 19.932 MT (+11.2% YoY). Q4 FY26: 5.3 MT (flat YoY, +3.8% QoQ vs Q3 FY26).
EBITDA Margin
FY26: 12.0% (vs 11.6% FY25). Q4 FY26: 15.6% (vs 9.7% Q3 FY26, 12.9% Q4 FY25).
EBITDA/ton
FY26: Rs. 6595 (vs Rs. 6574 FY25).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Steel Consumption Growth | India's consumption grew ~8% in FY26. | Sustained growth in infrastructure and capital goods sectors. |
| EBITDA Margin Trend | FY26 at 12.0%, Q4 FY26 at 15.6%. | Ability to maintain or expand margins amidst input cost volatility and pricing pressures. |
| Debt-Equity Ratio | 0.37 (Mar'26). | Continued deleveraging and efficient capital allocation. |
| Operational Efficiency Metrics | Improved coke rate, BF productivity, specific energy consumption in FY26. | Further improvements in techno-economic parameters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 75th percentile within Metals. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
52 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Metals: 75th pctile, median 70 · Mid: 44th pctile, median 76
Evidence depth
Financial-only
52 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 65%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 15.8%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE is low at 7.9%.
- ▸ROE is low at 6.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Steel Authority of India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.