JINDAL STEEL LIMITED
NSE: JINDALSTELIron & Steel
Share price
₹1,010.00
-4.81% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
52
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1.03L Cr
P/E ratio
33.4
P/B ratio
2.0
ROCE
9.7%
ROE
8.2%
Dividend yield
0.2%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 16.5% over the past year, and 14.1% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 27.0% to 16.4% over the last four years.
Whether it grew faster than its sector
It grew 14.1% a year against a sector median of 10.6% — 3.5 percentage points faster.
Room to re-rate, or risk of de-rating
At 33.4× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 17.7×, across 5 companies. It is against its own five-year median of 17.6×, the 90th percentile of its own range.
Whether growth justifies the valuation
Priced at 33.4 times its growth rate, on earnings growth of 1%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| JINDAL STEEL LIMITED — this one | 1%/yr | 33.4× | ₹33.4 |
| JSW Steel | 35%/yr | 23.9× | ₹0.68 |
| Tata Steel | 10%/yr | 18.1× | ₹1.8 |
| Steel Authority of India | 26%/yr | 14.2× | ₹0.55 |
| Jindal Stainless Limited | 15%/yr | 17.7× | ₹1.2 |
| Sarda Energy & Minerals Limited | 20%/yr | 15.3× | ₹0.77 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Iron & Steel), it ranks 7 of 13 on returns, 4 of 11 on growth, 3 of 13 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 9.7% on capital, ahead of 46% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹47431 crore of cash from the business, spent ₹37737 crore on plant and equipment, and returned ₹12627 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 622 arrived as cash — well above the profit, more than depreciation and interest account for, so do not count on it repeating. Its cash comes back faster than it used to: it went from being paid 1 days before it paid its own suppliers to paid 11 days before it paid its own suppliers.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result
What the last results showed. Whether management kept its word is in Pro.
Results are expected soon.
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1.03L Cr
- Prev close
- ₹1,010.00
- 52w High
- ₹1,306
- 52w Low
- ₹977
- Enterprise value
- ₹1.19L Cr
- Beta
- 1.2
- Price CAGR 1y
- 4.0%
- Price CAGR 3y
- 16.0%
- Price CAGR 5y
- 21.0%
- Price CAGR 10y
- 30.0%
Ratios
- Return on assets
- 3.4%
- PEG ratio
- 33.3
- P/E ratio
- 33.4
- P/B ratio
- 2.0
- EV / EBITDA
- 12.8
- Industry P/E
- 16.5
- ROCE
- 9.7%
- ROCE 5y average
- 14.4%
- ROE
- 8.2%
- Debt / Equity
- 0.4
- Interest coverage
- 3.9
- Dividend yield
- 0.2%
- ROE 3y average
- 10.0%
- ROE last year
- 8.0%
Annual P&L
- Annual revenue
- ₹53,225 Cr
- Annual profit
- ₹3,361 Cr
- Operating margin
- 18.0%
- Net profit margin
- 6.3%
- EBITDA margin
- 18.2%
- Sales growth 3y
- 0.0%
- Sales growth 5y
- 9.0%
- Profit growth 3y
- 1.0%
- Profit growth 5y
- 1.0%
- EPS
- ₹33.0
- Sales growth TTM
- 16.0%
- Profit growth TTM
- -19.0%
- Dividend payout
- 6.0%
Quarter P&L
- Sales latest quarter
- ₹15,482 Cr
- Profit latest quarter
- ₹844 Cr
- YoY quarterly sales growth
- 25.9%
- YoY quarterly profit growth
- -43.6%
- OPM latest quarter
- 17.2%
Balance Sheet
- Book Value
- ₹499
- Face Value
- ₹1.0
- Total debt
- ₹22,610 Cr
- Total cash
- ₹4,142 Cr
- Borrowings
- ₹22,610 Cr
- Reserves / Equity
- 498.0
Cash Flow
- Operating cash flow
- ₹7,204 Cr
- Free cash flow
- -₹2,343 Cr
- FCF yield
- -3.7%
- Net cash flow
- -₹727 Cr
Shareholding
- Promoter holding
- 62.7%
- FII holding
- 8.8%
- DII holding
- 19.5%
- Public holding
- 8.7%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| JSW Steel | 1,230.00 | 25.0 | 3,00,791 | 0.58 | 4,696.0 | 113.0 | 47,364.0 | 9.8 | 11.0 |
| Tata Steel | 175.64 | 18.5 | 2,19,261 | 2.28 | 2,385.2 | 16.8 | 60,794.3 | 14.3 | 12.5 |
| Jindal Steel | 1,061.00 | 35.0 | 1,08,231 | 0.19 | 843.8 | -43.5 | 15,482.1 | 25.9 | 9.7 |
| S A I L | 174.31 | 14.9 | 71,999 | 1.35 | 1,644.1 | 134.3 | 26,245.7 | 1.3 | 7.9 |
| Jindal Stain. | 732.15 | 18.3 | 60,360 | 0.55 | 768.7 | 7.7 | 11,278.5 | 10.5 | 19.3 |
| Sarda Energy | 499.35 | 15.7 | 17,596 | 0.40 | 478.1 | 5.5 | 1,608.0 | -1.5 | 16.9 |
| NMDC Steel | 40.55 | 142.0 | 11,884 | 0.00 | 50.5 | 97.6 | 3,661.8 | 8.8 | 3.1 |
| Median | 146.31 | 18.3 | 11,698 | 0.24 | 174.4 | 32.7 | 2,672.2 | 12.7 | 9.7 |
Competes with: JSW Steel, Jai Balaji Industries Limited, Jindal Stainless Limited, Manaksia Steels Limited, Mukand Limited, NMDC Steel Limited, Prakash Industries Limited, Sandur Manganese & Iron Ores Limited, Sarda Energy & Minerals Limited, Scan Steels Limited, Steel Authority of India, Tata Steel, Vedanta Iron and Steel Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,588 | 12,250 | 11,701 | 13,487 | 13,618 | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 |
| Expenses | 9,960 | 9,965 | 8,859 | 11,042 | 10,779 | 9,013 | 9,567 | 10,922 | 9,289 | 9,605 | 11,398 | 13,289 | 12,822 |
| Material Cost | 5,214 | 5,386 | 5,287 | 6,656 | 7,264 | 7,742 | |||||||
| Change in Inventories | 707 | -721 | -402 | -287 | 490 | -615 | |||||||
| Purchases of Stock-in-Trade | 491 | 455 | 409 | 376 | 583 | 506 | |||||||
| Employee Cost | 298 | 305 | 321 | 303 | 322 | 367 | |||||||
| Other Expenses | 4,202 | 3,864 | 3,990 | 4,345 | 4,621 | 4,821 | |||||||
| Operating Profit | 2,628 | 2,285 | 2,843 | 2,444 | 2,839 | 2,200 | 2,184 | 2,262 | 3,006 | 2,081 | 1,629 | 2,929 | 2,660 |
| OPM % | 21 | 19 | 24 | 18 | 21 | 20 | 19 | 17 | 24 | 18 | 13 | 18 | 17 |
| Other Income | 55 | 32 | 35 | 35 | 34 | 35 | 26 | -1,158 | 30 | 22 | -45 | -550 | 19 |
| Exceptional items (within Other Income) | -1,229 | 0 | 0 | -55 | -817 | 0 | |||||||
| Interest | 329 | 329 | 315 | 321 | 332 | 326 | 313 | 342 | 297 | 371 | 406 | 442 | 548 |
| Depreciation | 588 | 604 | 636 | 995 | 683 | 696 | 698 | 691 | 722 | 750 | 839 | 862 | 926 |
| Profit before tax | 1,767 | 1,384 | 1,927 | 1,164 | 1,859 | 1,213 | 1,199 | 72 | 2,018 | 982 | 339 | 1,074 | 1,205 |
| Tax % | 4 | -0 | -0 | 20 | 28 | 29 | 21 | 523 | 26 | 35 | 44 | 3 | 30 |
| Net Profit | 1,692 | 1,390 | 1,928 | 933 | 1,338 | 860 | 951 | -304 | 1,496 | 635 | 189 | 1,041 | 844 |
| EPS in Rs | 17 | 14 | 19 | 9.17 | 13 | 8.44 | 9.32 | -3.33 | 15 | 6.26 | 1.87 | 10 | 8.28 |
| Diluted EPS in Rs | -3.35 | 15 | 6.28 | 1.88 | 10 | 8.34 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19,359 | 19,469 | 21,603 | 33,286 | 46,966 | 37,923 | 34,579 | 51,166 | 53,212 | 50,354 | 49,765 | 53,225 | 56,413 |
| Expenses | 13,919 | 16,032 | 16,894 | 26,817 | 38,553 | 31,092 | 21,472 | 35,607 | 43,270 | 40,153 | 40,277 | 43,521 | 47,114 |
| Material Cost | 20,783 | 24,593 | |||||||||||
| Change in Inventories | 1,066 | -920 | |||||||||||
| Purchases of Stock-in-Trade | 1,711 | 1,822 | |||||||||||
| Employee Cost | 1,184 | 1,251 | |||||||||||
| Other Expenses | 15,527 | 16,820 | |||||||||||
| Operating Profit | 5,440 | 3,437 | 4,709 | 6,469 | 8,412 | 6,831 | 13,107 | 15,559 | 9,942 | 10,202 | 9,488 | 9,704 | 9,299 |
| OPM % | 28 | 18 | 22 | 19 | 18 | 18 | 38 | 30 | 19 | 20 | 19 | 18 | 16 |
| Other Income | -1,644 | -79 | -362 | -584 | -1,470 | 74 | -1,861 | -1,884 | -539 | 156 | -1,065 | -603 | -554 |
| Exceptional items (within Other Income) | -1,229 | -871 | |||||||||||
| Interest | 2,606 | 3,254 | 3,441 | 3,866 | 4,264 | 3,768 | 2,753 | 1,888 | 1,446 | 1,294 | 1,312 | 1,517 | 1,768 |
| Depreciation | 2,733 | 4,068 | 3,949 | 3,883 | 5,480 | 3,429 | 2,414 | 2,097 | 2,691 | 2,822 | 2,768 | 3,171 | 3,376 |
| Profit before tax | -1,543 | -3,964 | -3,043 | -1,864 | -2,802 | -291 | 6,078 | 9,690 | 5,266 | 6,241 | 4,344 | 4,413 | 3,600 |
| Tax % | -6 | -22 | -17 | -13 | -14 | 37 | 30 | 30 | 25 | 5 | 34 | 24 | |
| Net Profit | -1,452 | -3,087 | -2,538 | -1,616 | -2,412 | -400 | 4,267 | 6,766 | 3,974 | 5,943 | 2,846 | 3,361 | 2,709 |
| EPS in Rs | -14 | -32 | -25 | -15 | -17 | -1.07 | 36 | 56 | 31 | 58 | 28 | 33 | 27 |
| Diluted EPS in Rs | 28 | 33 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 6 | 3 | 7 | 6 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 11%
- 5 years
- 9%
- 3 years
- 0%
- TTM
- 16%
Compounded profit growth
- 10 years
- 13%
- 5 years
- 1%
- 3 years
- 1%
- TTM
- -19%
Stock price CAGR
- 10 years
- 30%
- 5 years
- 21%
- 3 years
- 16%
- 1 year
- 4%
Return on equity
- 10 years
- 6%
- 5 years
- 11%
- 3 years
- 10%
- Last year
- 8%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 91 | 91 | 92 | 97 | 97 | 102 | 102 | 101 | 100 | 100 | 101 | 102 |
| Reserves | 20,951 | 32,345 | 29,959 | 30,288 | 31,988 | 32,035 | 31,713 | 35,524 | 38,606 | 44,216 | 47,084 | 50,797 |
| Borrowings | 42,466 | 46,797 | 45,850 | 42,962 | 39,559 | 36,824 | 29,910 | 13,502 | 13,046 | 16,472 | 18,406 | 22,610 |
| Other Liabilities | 12,028 | 13,166 | 14,674 | 15,884 | 17,357 | 20,780 | 16,116 | 27,517 | 17,674 | 17,888 | 20,175 | 24,126 |
| Minority Interest | 234 | 942 | ||||||||||
| Total Liabilities | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,766 | 97,635 |
| Fixed Assets | 46,643 | 65,038 | 65,932 | 68,450 | 69,039 | 69,382 | 54,350 | 45,488 | 43,542 | 48,384 | 48,989 | 64,102 |
| CWIP | 9,068 | 11,827 | 9,716 | 4,978 | 4,027 | 3,126 | 1,712 | 2,538 | 7,870 | 9,611 | 16,725 | 8,372 |
| Investments | 1,785 | 392 | 368 | 146 | 150 | 181 | 1,156 | 470 | 907 | 819 | 2,201 | 3,168 |
| Other Assets | 18,040 | 15,142 | 14,559 | 15,657 | 15,784 | 17,054 | 20,624 | 28,147 | 17,108 | 19,862 | 17,851 | 21,993 |
| Total Assets | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,839 | 97,762 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,182 | 4,333 | 6,850 | 7,724 | 9,027 | 8,814 | 11,961 | 16,048 | 7,347 | 6,008 | 10,824 | 7,204 |
| Cash from Investing Activity | -6,717 | -2,262 | -1,998 | -1,431 | -832 | -1,476 | -1,884 | -2,331 | -4,090 | -8,344 | -12,323 | -10,734 |
| Cash from Financing Activity | 5,708 | -2,672 | -5,108 | -6,276 | -8,261 | -7,016 | -4,612 | -15,120 | -2,500 | 1,381 | 809 | 2,803 |
| Net Cash Flow | 173 | -601 | -256 | 17 | -67 | 322 | 5,465 | -1,403 | 757 | -955 | -689 | -727 |
| Free Cash Flow | -3,868 | 480 | 4,496 | 6,103 | 7,837 | 7,308 | 11,124 | 13,176 | 945 | -2,418 | 334 | -2,343 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 32 | 27 | 29 | 20 | 24 | 34 | 30 | 9 | 7 | 12 | 10 | 12 |
| Inventory Days | 323 | 181 | 185 | 191 | 146 | 207 | 196 | 130 | 87 | 117 | 87 | 115 |
| Days Payable | 137 | 129 | 150 | 162 | 117 | 181 | 133 | 94 | 69 | 78 | 88 | 126 |
| Cash Conversion Cycle | 218 | 79 | 64 | 50 | 53 | 60 | 92 | 45 | 24 | 52 | 8 | 1 |
| Working Capital Days | 87 | -83 | -141 | -62 | -58 | -79 | -65 | -1 | -38 | -21 | -36 | -11 |
| ROCE % | 5 | -1 | 1 | 3 | 4 | 5 | 17 | 24 | 14 | 13 | 11 | 10 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
16,361inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
9,32,07,626inr
2026-03-31
News
News and filings about JINDAL STEEL LIMITED. Open one to see why it matters.
7 Sept, 18:30 IST · Company event · medium impact
A promoter-group insider bought Rs 9.21 crore of JINDAL STEEL LIMITED
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Coking coal
- Iron ore (lump/fines + pellets)
- Thermal (power) coal
Depends on the price of
- Coking Coal
- Iron Ore
- coal
Products sold by
Buys from
- Arfin India Limited · Aluminium deoxidant / cored wire for steelmaking
- BCPL Railway Infrastructure Limited · electrical / railway infrastructure project works
- Bluspring Enterprises Limited · Ferrous metals plant industrial O&M (Hofincons)
- Graphite India Limited · graphite electrodes for electric-arc / ladle furnace steelmaking
- HEG Advanced Materials Limited · Graphite electrodes for EAF steelmaking
- Hindustan Zinc · zinc (galvanized flat products)
- IFGL Refractories Limited · Flow-control refractories (slide gate systems, degasser snorkels)
- Indo Tech Transformers Limited · power/distribution transformers
- Kirloskar Pneumatic Company Limited · Industrial compressors, process gas systems and gearboxes for steel plants
- LLOYDS ENGINEERING WORKS LIMITED · Material handling systems, DRI equipment and critical structural components
- Lloyds Metals And Energy Limited · iron-ore pellets, sponge iron (DRI), iron ore
- Maithan Alloys Limited · Ferro manganese, silico manganese, ferro silicon
- NMDC Limited · iron ore
- Orissa Bengal Carrier Limited · road transportation / bulk FTL, LTL, parcel and 3PL logistics services
- RHI MAGNESITA INDIA LIMITED · steelmaking refractories, bricks & mixes
- RITES Limited · third-party inspection and testing of rails
- Refex Industries Limited · wind turbine generators / EPC (Venwind Refex Power)
- Ritco Logistics Limited · Steel inward/outward + mining project logistics
- Sarthak Metals Limited · metallurgical cored wires, aluminium flipping coils, wire injection systems
- Texmaco Rail & Engineering Limited · BOSM dual-purpose open wagons for bulk and steel
- Timken India Limited · Cylindrical roller bearings for sponge-iron kilns
- Transformers And Rectifiers (India) Limited · furnace / industrial transformers for steel plants
- Vedanta Limited · Zinc (galvanizing)
Sells to
- Indian Railways · Speciality / head-hardened track rails (Raigarh 1 MTPA rail mill); JSPL is the only privat…
- Ircon International Limited · Structural steel, rails, plates, TMT bars for railway/infra EPC projects
- KEC International Limited · Structural steel, plates, TMT bars for EPC/transmission/civil projects
- Larsen & Toubro · Structural steel (beams/columns), plates, TMT bars for construction/infra EPC
- Metro rail projects · Speciality rail products supplied to various metro projects (per CRISIL rating rationale)
- NCC Limited · Structural steel, plates, TMT bars for construction/infra projects
- Rail Vikas Nigam Limited · Rails, structural steel, plates for railway infrastructure projects
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Metals & Mining
- Industry
- Iron & Steel
- Classification
- Metals & Mining › Iron & Steel
- ISIN
- INE749A01030
Plants
- Angul Integrated Steel Plant (MXCOL coal-gasification)
- Barbil Pellet Plant · Barbil, Odisha
- Nalwa Steel & Power (Raigarh)
- Patratu Plant · Patratu, Jharkhand
- Raigarh Integrated Steel Plant · Raigarh, Chhattisgarh
- Tamnar Captive Thermal Power Plant
News impact
Big market events that reach JINDAL STEEL LIMITED, and how the effect spreads.
1 Oct, 22:37 IST · Market event · medium impact
Tata Steel receives tribunal approval for subsidiary merger
Tata Steel won tribunal approval to merge its subsidiaries into itself, trimming costs and simplifying the group for its shareholders, with no effect on rival steelmakers.
Who it hits first
- Tata Steel, one of India's biggest steelmakers, won tribunal approval to merge its subsidiaries into itself.
- The cleanup cuts duplicate costs and paperwork and pools cash across the group, but adds no steel output or customers.
- Rival steelmakers, steel buyers and raw-material suppliers feel no direct change from this internal reshuffle.
Who may gain
- Tata Steel (steelmaker): lower overheads and simpler accounts once the merger completes.
- Tata Steel shareholders: a leaner group structure that can lift earnings per share over time.
Along the supply chain
Downstream
Downstream, car, truck and construction buyers of Tata Steel pay the same prices, as steel supply is unchanged.
Upstream
Upstream, miners and equipment suppliers to Tata Steel see no order change, since the merger adds no furnace or mine.
Where demand moves
Business
No new steel demand is created: the same mills, customers and volumes, just owned more simply, so business demand flow is flat.
Capital
Investors may pay a small premium for a simpler Tata Steel with lower costs, but no fresh money flows to rivals or suppliers.
How it spreads across sectors
Automobile and Auto Components
No link: vehicle makers buying Tata steel see no price or supply change.
Capital Goods
No link: equipment suppliers to steel plants gain no new orders from paperwork.
Metals & Mining
Neutral: an internal Tata cleanup moves no steel price, volume or input cost for peers.
When it plays out
Immediate
In the first week, expect a mild positive drift in Tata Steel shares on the cleared overhang, with peers unmoved.
Medium term
Over one to six months, actual cost savings and cleaner accounts decide whether the market rewards the simpler structure.
Short term
Over the next few weeks, watch for the merger record date and share-swap details that set the final terms.
30 Sept, 17:36 IST · Market event · medium impact
India's SAIL airlifts coking coal from Mongolia in first test to diversify supplies
Steel Authority of India test-flew steel-making coal from Mongolia to cut reliance on Australia, mildly helping SAIL and steel peers while hurting no one.
Who it hits first
- Steel Authority of India, the government-owned steelmaker, test-flew a small load of coking coal (the special coal that fuels blast furnaces) from Mongolia to try a new source beyond Australia.
- The test is a first trial only, so it lowers worry about supply shocks but does not cut costs or raise steel output yet.
- Rival steelmakers such as Tata Steel and JSW Steel, both large steelmakers, get no coal from this flight, only proof that a Mongolia route can work.
Who may gain
- Steel Authority of India, the steelmaker running the trial, gains a little supply safety and positive attention.
- Other steelmakers that burn imported coking coal, like Tata Steel, JSW Steel and Jindal Steel, get a faint hope that Mongolia could one day serve them too.
- Mongolian coal miners gain a possible future buyer in India, though one airlift means no real sales yet.
Along the supply chain
Downstream
Downstream, buyers of Steel Authority of India steel such as Mazagon Dock Shipbuilders, the shipbuilder, Larsen and Toubro, the engineering and construction group, and Garden Reach Shipbuilders, the shipbuilder, see no change in steel price or delivery from one coal test.
Upstream
Upstream, coking coal today comes mostly from Australia for importers like Steel Authority of India, and Mongolian mines send only this test load, so Australian sellers lose no volume and mine-equipment or coal firms see no new orders.
Where demand moves
Business
No new demand for steel appears — steel buyers order the same tons; the change sits on the input side, where Steel Authority of India tests a backup coal source to keep its furnaces running if Australian supply tightens.
Capital
Investors may pay a touch more for Steel Authority of India and steel peers as supply-risk worry eases, but with only a test flight and no cost saving, no broad buying wave follows.
How it spreads across sectors
Capital Goods
Neutral for heavy users and makers of plant gear, since steel output and input costs do not move on a coal test.
Metals & Mining
Small positive mood as steelmakers show they can look beyond Australia for coking coal, but with one airlift the effect on earnings stays near zero.
When it plays out
Immediate
In 1-7 days, Steel Authority of India shares may firm a touch on the trial news while traders wait for details on cost and coal quality.
Medium term
In 1-6 months, only a shift from costly air freight to rail and sea shipments with steady volumes would turn the test into real supply safety or savings.
Short term
In 1-4 weeks, follow-up notes on whether the Mongolian coal suited the furnaces decide if the route gets a second, larger trial.
29 Sept, 12:50 IST · Market event · high impact
NCC shares rally 5% after securing Rs 1,076 crore Andhra Pradesh drinking water project
NCC won a Rs 1,076.71 crore Andhra water job, helping it and its suppliers, while rival builders who missed the tender gain nothing.
Who it hits first
- NCC Limited won a Rs 1,076.71 crore drinking water order, excluding GST, for the Yeleru Reservoir multi-village scheme in Anakapalli, Andhra Pradesh.
- Shares rallied 5% as the win adds clear revenue visibility for the construction firm.
- The job will be built over coming quarters, turning into billed sales as villages get connected.
Who may gain
- NCC Limited, a construction firm, as it bills the Rs 1,076.71 crore water contract over time.
- ACE, a Capital Goods supplier to NCC, as site machines and equipment get ordered.
- APL Apollo and Jindal Saw, suppliers to NCC, as pipes and materials are procured for the network.
- Local villages in Anakapalli, as the multi-village scheme brings piped drinking water.
Along the supply chain
Downstream
Downstream, the Andhra Pradesh Rural Water Supply Department, the government buyer, pays NCC as work completes, and village households receive the drinking water.
Upstream
Upstream vendors such as Electrosteel Castings and Jindal Steel, both suppliers to NCC, plus pipe and steel makers, get a chance at project orders, though NCC may split buying across many vendors. Note: SIGIND and CROWN also supply to NCC per the graph but have no fundamentals row, so no signal was emitted for them.
Where demand moves
Business
NCC orders pipes, steel, cement and machines to build the network, so its suppliers see fresh purchase orders while villagers gain water.
Capital
Investors bid up NCC 5% on the win and look at its suppliers, while rivals without new orders stay flat.
How it spreads across sectors
Capital Goods
Makers of pipes and site equipment see a chance for fresh project orders.
Construction
Order-book sentiment improves as a Rs 1,076.71 crore water win shows state spending is flowing.
When it plays out
Immediate
NCC shares hold the 5% gain while the market checks order terms and margin scope this week.
Medium term
Billing builds over quarters as the Yeleru network is laid; state payment pace decides cash flow.
Short term
NCC mobilises men and machines in Anakapalli and starts placing pipe and material orders.
28 Sept, 15:59 IST · Market event · high impact
NMDC commissions ₹5,427 crore iron ore processing complex in Chhattisgarh; stock slides 2%
NMDC opened a Rs 5,427-crore iron ore plant in Chhattisgarh, so it can sell more ore over time, helping NMDC and steelmakers, while rival ore miners face tougher competition.
Who it hits first
- NMDC Limited, India's big iron ore miner, has opened a Rs 5,427 crore complex in Chhattisgarh with a new ore plant at Bacheli, a 135-km pipeline carrying 15 MTPA of ore mixed with water (slurry), and a 2 MTPA unit at Nagarnar turning ore dust into small balls (pellets) for steel furnaces.
- With its own washing, transport and pellet units running, NMDC can sell more finished ore over the next few quarters at a lower cost per tonne.
- Even so, NMDC stock fell about 2% that day, which suggests traders had already expected the opening or are cautious on ore prices and project spending.
Who may gain
- NMDC Limited itself, the iron ore miner, gains higher sale volumes and lower transport bills from its own pipeline and pellet unit.
- Steel makers that buy NMDC ore - Tata Steel, Steel Authority of India with its 7 MTPA Bhilai plant in Chhattisgarh, JSW Steel, Jindal Steel with its Raigarh plant in Chhattisgarh, and Jindal Stainless - get steadier local ore and pellets, which can trim input costs.
Along the supply chain
Downstream
Downstream, steel makers Tata Steel, SAIL, JSW Steel, Jindal Steel and Jindal Stainless receive the benefit, as local Bacheli ore, pipeline transport and Nagarnar pellets improve availability and can lower their input bills.
Upstream
Upstream, firms that supplied NMDC - rail builder RVNL, equipment makers BEML and Tega Industries, planner CMPDI and service firms MSTC, SEPC and SouthWest - did their work during construction; with the plant commissioned, this event brings them no new orders.
Where demand moves
Business
Business demand flows from NMDC outward as saleable ore and pellets: NMDC can now offer more washed ore and Nagarnar pellets to its steel customers, while equipment and construction suppliers see no fresh orders because the build phase is over.
Capital
Investor money is likely to favour NMDC for rising volumes and its steel customers for steadier costs, while trimming smaller rival miners on fears of extra supply, though the 2% slide in NMDC shows near-term caution on spending and ore prices.
How it spreads across sectors
Metals & Mining
Leader NMDC adds low-cost supply, which supports sector output but squeezes smaller rival miners on price and share.
Steel
Steel makers gain cheaper local ore and pellets from Chhattisgarh, aiding margins if steel prices hold.
When it plays out
Immediate
1-7 days: NMDC trades flat to soft after the 2% slide as traders weigh priced-in opening vs volume promise; steel buyers react mildly.
Medium term
1-6 months: Higher NMDC volumes and pipeline savings show in sales, while rival miners feel any price pressure and steel makers bank cost relief.
Short term
1-4 weeks: Watch NMDC dispatches, pellet sales and any ore price moves; steel makers comment on input costs in updates.
24 Sept, 17:24 IST · Market event · medium impact
JSW seeks $1.4 bln tax cover from Volkswagen in India JV talks - report
Reports say JSW wants Volkswagen to cover a $1.4 billion tax bill as part of their India car venture talks, which protects the new venture but shows the deal still has a big hurdle; no near-term winners or losers.
Who it hits first
- JSW Group is in talks with Volkswagen about a joint car-making venture in India, and press reports say JSW wants Volkswagen to cover a possible $1.4 billion tax bill as part of the deal.
- If Volkswagen agrees, the new venture starts with that tax risk off its books, which makes the deal safer for JSW; if not, the talks could stall or fall apart.
- Neither company has confirmed the report, so for now this is negotiation news: no venture exists yet, and no cars, sales, or orders change hands.
Who may gain
- JSW Group: a $1.4 billion tax cover would shield the planned venture's finances and protect JSW's investment in it.
- Volkswagen: agreeing the term could keep the India venture alive and share future investment costs with JSW.
- No listed company gains hard business yet — the venture is still only talks, so near-term beneficiaries are sentiment-only.
Along the supply chain
Downstream
No downstream change: car buyers, dealers, and steel customers such as builders and automakers face no new model, price, or supply shift until a venture is actually signed and producing.
Upstream
No upstream change: iron ore, coal, zinc, gases, refractories, and equipment suppliers to JSW Steel see no new or lost orders, because a JV negotiation term places no purchase orders.
Where demand moves
Business
No business demand moves: no new cars are launched, no prices change, and steel or parts orders are untouched while the venture is still being negotiated.
Capital
Capital-flow only: investors may nudge JSW-group sentiment on deal progress, and auto stocks could see light positioning around the future-rivalry story, but no fresh investment or fundraising follows from a talks report.
How it spreads across sectors
Automobile and Auto Components
Talks-stage only: a future JSW-Volkswagen venture could add showroom rivalry years out, but no sales, prices, or shares move today.
Metals & Mining
No readthrough: steel demand, prices, and orders are untouched by car-venture deal terms.
When it plays out
Immediate
1–7 days: confirmation watch — either side confirms, denies, or stays silent; JSW sentiment wiggles on headlines.
Medium term
1–6 months: talks either convert to a signed venture with terms (then plant and investment plans matter) or collapse and the story fades.
Short term
1–4 weeks: further leak-or-briefing cycle on whether Volkswagen accepts the tax cover; auto stocks trade the rumour, not earnings.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 21 Aug 2026 | unspecified | ₹2 |
|---|---|---|
| 22 Aug 2025 | unspecified | ₹2 |
| 22 Aug 2024 | unspecified | ₹2 |
| 18 Aug 2023 | unspecified | ₹2 |
| 20 Sep 2022 | unspecified | ₹2 |
| 16 Mar 2022 | interim | ₹1 |
| 11 Jul 2014 | unspecified | ₹1.5 |
| 13 Sep 2013 | unspecified | ₹1.6 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 6 Sep 2026 | Sarika Jhunjhnuwala · Promoter Group | BUY | 79,600 | 9.21 |
| 28 Aug 2026 | Sarika Jhunjhnuwala · Promoter Group | SELL | 95,000 | 10.82 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-266 Aug 2026
- Earnings call25 Jul 2026
- Results presentation30 Jun 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.