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S.A.L. Steel Limited (SALSTEEL)

Small Cap

Metals stocks · Small cap · NSE

S.A.L. Steel Limited operates in Minerals, within the Metals sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.

₹84.76
+3.96 · +4.90%
Market cap ₹1,361 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST
Details
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result14 Aug, 12:49 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens

Trend score and candlestick chart

59Neutral

SMA20 +13.9% / mo · MACD −

Stock trend: 64
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Technical chart

SALSTEELD candles · FIT view+49.2%
Latest close ₹84.76 on 2026-10-19
Bar
+5.8%
RSI
50
MACD hist
-1.57
52W pos
75%
Visible chart range
Candle interval
2026-10-19O ₹80.15H ₹84.84L ₹76.76C ₹84.76Vol 11.6L sh
₹42.91₹58.49₹74.07₹89.65₹105.2352H₹84.762026-032026-06VolRSIMACD2026-042026-062026-082026-092026-11
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

SALSTEELNifty MetalNifty 500
-17%+22%+61%+100%20 Jul1 Sept19 Oct19 Oct 2026SALSTEEL +62.5%Nifty Metal -3.8%Nifty 500 -5.6%
SALSTEEL
+62.5%
Nifty 500
-5.6%
Nifty Metal
-3.8%
Vs Nifty 500
+68.0 pp
Chart stats
19 Oct 2026
From 52W high
-17.2%
₹102.4
52W range position
77%
₹26.5 - ₹102.4
ATR (14)
6.2%
₹5.3
Volume vs 20D
1.47x
Latest completed session
Avg traded value
₹7.5 Cr
20-session average
20D price channel
₹76.8 - ₹102.4
53.6% 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 is neutral, and recent execution is weak.

Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED
19

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Latest result
Bad
5

Revenue -31.6% · PAT NDF YoY

Technical
Neutral
59

Price trend and sector-relative-strength timing.

Valuation
Legacy model
-104.7%

Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.

Trust
Limited evidence
43

Financial-only signal; management claim evidence is not sufficient yet.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Latest result

Quarter ended 30 Jun 2026

Bad · 5/100

Rev -32% YoY · margin expansion · +630% QoQ

Filed 14 Aug 2026
Open results browser →
MetricThis quarterYoYQoQ
Revenue₹87.4 Cr-31.6%+629.9%
EBITDA₹13.6 Cr+355.2%+91.4%
Operating margin15.5%+1967 bps-4364 bps
PAT₹3.1 CrNDFNDF
PAT margin3.5%+1111 bps+1214 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E
—
P/B
9.31
EV/EBITDA
38.00
Market Cap
1361.00Cr

Profitability

ROE
-17.70%
ROCE
1.08%
ROA
1.93%
Dividend Y
—

Growth (CAGR)

Revenue 5Y
-7.00%
EPS 5Y
57.00%
Revenue 3Y
-25.00%
EPS 3Y
80.00%

Balance Sheet

Debt/Equity
2.37
Interest Coverage
1.55×
Altman Z
2.26
Book Value
10.10

Cash Flow

FCF Yield
—
FCF Positive Y
9/5
OCF
-84.00 Cr
EPS TTM
1.19

Shareholding

Promoter Hold
70.98%
Promoter Pledge
0.00%
Momentum 52W
89%

Financial History

Updated 19/10/2026

Revenue

₹ Cr
Latest: 87.4+629.9% vs prev
0193.8Sep 2023: 157Dec 2023: 130Mar 2024: 139Jun 2024: 111Sep 2024: 124Dec 2024: 194Mar 2025: 117Jun 2025: 128Sep 2025: 65.7Dec 2025: 2.2Mar 2026: 12.0Jun 2026: 87.4Q2 23Q3 23FY24Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26

Net Profit

₹ Cr
Latest: 3.1+400.0% vs prev
-9.706.6Sep 2023: 0.1Dec 2023: -2.5Mar 2024: 2.7Jun 2024: 0.2Sep 2024: 0.1Dec 2024: -0.7Mar 2025: -6.0Jun 2025: -9.7Sep 2025: 3.7Dec 2025: 6.6Mar 2026: -1.0Jun 2026: 3.1Q2 23Q3 23FY24Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26
ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.

  • Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
  • SMA20 rising (~12.2% over last month) — short-term momentum positive.
  • RSI(14) at 50 — falling, no extreme reading.
  • MACD below signal, histogram expanding negatively — bearish momentum building.
  • 17% off 52W high · 156% 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

96
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.0%
3M return
+62.5%
6M return
+49.9%
1Y return
+133.4%
RS 1D
+1
RS 20D
-1
Sector rank
#4
Industry rank
#14
Stage evidence
  • Price is 34.3% above the 30-week proxy.
  • The 50-DMA is above the 30-week proxy and its slope is rising +10.4%.
  • Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
02 Apr 2026
S2 age
141 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 314.07+5.99%
80156232308383Sept 25Feb 26Jun 26Oct 26314
RS vs Nifty 500314

Valuation & peers

U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

19U-SCORE
OVERVALUED

Fundamental score breakdown

U band · OVERVALUED
Valuation0/30
Growth15/25
Quality0/20
Balance Sheet2/15
Cash Flow3/10
Piotroski
2/9 (+0)
Penalties
-1
Raw sum
19

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

19/100 · legacy band OVERVALUED

Positive drivers

  • Growth contributes 15/25 to the score.
  • Cash flow contributes 3/10 to the score.
  • Balance sheet contributes 2/15 to the score.

Main drags

  • Penalty bucket subtracts 1 points.
  • Fair-value margin of safety is negative at -104.7%.
  • Valuation is weaker at 0/30; 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.

Cyclical normalized
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
—
PB
9.3
EV/EBITDA
38.0
ROE
-17.7%
ROCE
1.1%
FCF Yield
—
Debt/Equity
2.4
MoS
-104.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 2.4, so downturn resilience matters.
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-104.7%
Previous: -104.7%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026
v4.3-runtime-valuation
19
19
19
19
19
19
19
19
19
19
19
19

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
₹16.44
-415.4% MoS
Growth-justified P/E
34.8
Growth-justified Value
₹41.41
-104.7% 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.

Compare all ↗
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STEELXIND
Small
STEEL EXCHANGE INDIA LIMITED
Mining
match 97
11
44.6
—
-91%
OVERVALUED
MANAKCOAT
Small
Manaksia Coated Metals & Industries Limited
Mining
match 96
43
33.0
11.0%
+3%
WATCHLIST
RSL
Small
Rajputana Stainless Limited
Mining
match 94
56
24.8
19.2%
+33%
FAIR VALUE
RAMASTEEL
Small
Rama Steel Tubes Limited
Mining
match 93
18
55.3
2.8%
-609%
OVERVALUED
SHIVAUM
Small
Shiv Aum Steels Limited
Mining
match 93
27
80.2
6.1%
-129%
OVERVALUED

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Issuer presentation review pending

S.A.L. Steel Limited operates in Minerals, within the Metals sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.

Trust Score
43Limited 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 2nd percentile of the scored universe and 3rd percentile within Metals. Main check: results consistency is weak at 5/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank
2nd percentile

overall median 67 · Metals: 3rd pctile, median 70 · Small: 2nd pctile, median 66

Evidence depth
Financial-only

3 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 confidence
What 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
Do not rely on management narrative unless hard turnaround evidence is visible.

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
90
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
26
weak · leverage and solvency
Discipline
30
weak · capital discipline
Results
5
weak · quarterly consistency

Trust positives

  • ▸Promoter holding is 71%.
  • ▸Promoter pledge is zero.
  • ▸Promoter holding increased 20.4%.
  • ▸9 years of positive FCF.

Trust risks

  • ▸Operating cash flow is negative at ₹-84 Cr.
  • ▸Debt/equity is 2.37.
  • ▸3 latest quarters had PAT decline worse than 25% YoY.
  • ▸Interest coverage is 1.6x.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

5 shown
Announcement

Announcement Under Regulation 30 Interalia Availing Of Additional Term Loan Facilities Of Rs 75,00,00,000 (Rupees Seventy Five Crore Only) From Kotak Mahindra Bank Limited 1 Oct - SAL Steel avails Kotak Mahindra Bank loan of Rs 124 crore, including Rs 75 crore term loan.

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Submission of News Paper Clippings-Notice of 23rd Annual General Meeting and related information.

Source: Bse

Open source ↗
Verify on:NSE India ↗
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.