S.A.L. Steel Limited
NSE: SALSTEELSponge IronASM stage 1
Share price
₹88.93
+2.88% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
24
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,289 Cr
P/E ratio
103.8
P/B ratio
8.8
ROCE
1.1%
ROE
0.0%
Dividend yield
0.0%
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
Our sales figures for this company step down at Dec 2025 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step down at Dec 2025 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
It has no steady three-year profit record yet, so growth cannot be weighed against the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| S.A.L. Steel Limited — this one | — | 103.8× | — |
| JINDAL STEEL LIMITED | 1%/yr | 33.4× | ₹33.4 |
| Lloyds Metals And Energy Limited | 60%/yr | 21.1× | ₹0.35 |
| Vedanta Limited | 17%/yr | 9.0× | ₹0.53 |
| Steel Authority of India | 26%/yr | 14.2× | ₹0.55 |
| NMDC Limited | 17%/yr | 8.3× | ₹0.49 |
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 across the whole Metals & Mining sector, it ranks 52 of 61 on returns, 43 of 52 on growth, 43 of 61 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 1.1% on capital, ahead of 15% of companies across its whole sector. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹49 crore of cash before any plant spend, funded mostly borrowed — borrowings rose from ₹124 crore to ₹349 crore. It has not made a profit over 12 years.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
3 of 7 checks clear · 43%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 14 Aug 2026 · Standalone · Unaudited
Revenue
₹87 Cr
Revenue vs last year
-31.6%
Revenue vs last quarter
+629.9%
Net profit
₹3 Cr
Net margin
3.5%
EPS
₹0.21
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
- ₹1,289 Cr
- Prev close
- ₹88.93
- 52w High
- ₹102
- 52w Low
- ₹26.1
- Enterprise value
- ₹1,638 Cr
- Beta
- 0.9
- Price CAGR 1y
- 217.0%
- Price CAGR 3y
- 75.0%
- Price CAGR 5y
- 54.0%
- Price CAGR 10y
- 39.0%
Ratios
- Return on assets
- 0.0%
- PEG ratio
- —
- P/E ratio
- 103.8
- P/B ratio
- 8.8
- EV / EBITDA
- 48.8
- Industry P/E
- 19.4
- ROCE
- 1.1%
- ROCE 5y average
- 6.8%
- ROE
- 0.0%
- Debt / Equity
- 2.4
- Interest coverage
- 1.0
- Dividend yield
- 0.0%
- ROE 3y average
- -10.0%
- ROE last year
- -18.0%
Annual P&L
- Annual revenue
- ₹207 Cr
- Annual profit
- ₹0 Cr
- Operating margin
- 7.0%
- Net profit margin
- 0.0%
- EBITDA margin
- 7.2%
- Sales growth 3y
- -25.3%
- Sales growth 5y
- -7.2%
- Profit growth 3y
- —
- Profit growth 5y
- —
- EPS
- ₹-0.0
- Sales growth TTM
- -70.0%
- Profit growth TTM
- 80.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹87 Cr
- Profit latest quarter
- ₹3 Cr
- YoY quarterly sales growth
- -31.6%
- YoY quarterly profit growth
- —
- OPM latest quarter
- 15.5%
Balance Sheet
- Book Value
- ₹10.1
- Face Value
- ₹10.0
- Total debt
- ₹349 Cr
- Total cash
- ₹0 Cr
- Borrowings
- ₹349 Cr
- Reserves / Equity
- 0.0
Cash Flow
- Operating cash flow
- -₹84 Cr
- Free cash flow
- -₹259 Cr
- FCF yield
- -21.7%
- Net cash flow
- ₹0 Cr
Shareholding
- Promoter holding
- 71.0%
- FII holding
- 0.0%
- DII holding
- —
- Public holding
- 29.0%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| KIOCL | 336.00 | 525.2 | 20,420 | 0.00 | -15.5 | 59.0 | 158.0 | 73.8 | 1.4 |
| S.A.L Steel | 90.48 | 1,310 | 0.00 | 3.1 | 131.9 | 87.4 | -31.6 | 1.1 | |
| Vraj Iron | 119.40 | 11.0 | 394 | 0.00 | 11.5 | 51.6 | 193.8 | 40.1 | 10.5 |
| Chaman Metallics | 119.35 | 288 | 0.00 | -1.6 | -78.1 | 344.8 | 326.4 | 5.4 | |
| Vaswani Industri | 44.41 | 146 | 0.00 | 1.2 | -78.8 | 117.8 | 3.1 | 8.8 | |
| Bihar Sponge | 12.00 | 9.3 | 108 | 0.00 | 2.5 | 17.0 | 0.0 | -100.0 | 16.2 |
| Shri Hare-Krish. | 32.50 | 10.1 | 62 | 0.00 | 1.6 | -64.8 | 27.2 | -35.6 | 7.8 |
| Median | 104.91 | 11.0 | 341 | 0.00 | 1.8 | 34.3 | 137.9 | 21.6 | 7.1 |
Competes with: KIOCL Limited, Vaswani Industries Limited, Vraj 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 | 154 | 157 | 130 | 139 | 111 | 124 | 194 | 117 | 128 | 66 | 2.20 | 12 | 87 |
| Expenses | 148 | 151 | 127 | 130 | 105 | 118 | 182 | 117 | 133 | 53 | 2.23 | 4.89 | 74 |
| Material Cost | 102 | 106 | 58 | 35 | 66 | ||||||||
| Change in Inventories | 2.93 | 10 | -20 | -33 | -7.93 | ||||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | ||||||||
| Employee Cost | 2.99 | 3.31 | 2.99 | 0.37 | 3.36 | ||||||||
| Other Expenses | 9.67 | 14 | 11 | 3.23 | 13 | ||||||||
| Operating Profit | 5.64 | 5.77 | 2.27 | 9.30 | 5.98 | 5.87 | 12 | -0.15 | -5.31 | 13 | -0.03 | 7.08 | 14 |
| OPM % | 3.67 | 3.68 | 1.75 | 6.67 | 5.40 | 4.75 | 6.24 | -0.13 | -4.16 | 20 | -1.36 | 59 | 16 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -4.16 | 0 | 0 | 0 | 16 | 0 | 0 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | ||||||||
| Interest | 3.14 | 3.20 | 3.22 | 3.17 | 3.18 | 3.22 | 4.87 | 5.10 | 4.93 | 5.14 | 5.67 | 4.57 | 6.25 |
| Depreciation | 2.38 | 2.40 | 2.38 | 2.46 | 2.60 | 2.55 | 2.58 | 2.84 | 2.69 | 2.70 | 2.69 | 2.79 | 2.77 |
| Profit before tax | 0.12 | 0.17 | -3.33 | 3.67 | 0.20 | 0.10 | 0.48 | -8.09 | -13 | 5.13 | 7.70 | -0.28 | 4.53 |
| Tax % | 17 | 18 | -26 | 26 | 20 | 40 | 242 | -26 | -25 | 27 | 14 | 268 | 32 |
| Net Profit | 0.10 | 0.14 | -2.48 | 2.70 | 0.16 | 0.06 | -0.68 | -5.97 | -9.67 | 3.73 | 6.63 | -1.03 | 3.09 |
| EPS in Rs | 0.01 | 0.02 | -0.29 | 0.32 | 0.02 | 0.01 | -0.08 | -0.70 | -1.14 | 0.44 | 0.61 | -0.07 | 0.21 |
| Diluted EPS in Rs | -0.70 | -1.14 | 0.44 | -0.07 | 0.21 |
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 | 363 | 327 | 361 | 446 | 571 | 408 | 301 | 505 | 496 | 577 | 544 | 207 | 167 |
| Expenses | 337 | 304 | 351 | 440 | 562 | 426 | 301 | 509 | 487 | 555 | 521 | 193 | 134 |
| Material Cost | 468 | 199 | |||||||||||
| Change in Inventories | -17 | -42 | |||||||||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||||||||
| Employee Cost | 12 | 7 | |||||||||||
| Other Expenses | 58 | 29 | |||||||||||
| Operating Profit | 26 | 23 | 10 | 6 | 9 | -18 | -0 | -4 | 8 | 21 | 23 | 15 | 34 |
| OPM % | 7 | 7 | 2.70 | 1.40 | 1.60 | -4.50 | -0.10 | -0.70 | 1.70 | 3.70 | 4.30 | 7 | 20 |
| Other Income | -47 | -31 | 2 | 66 | -19 | 44 | 22 | 29 | 14 | 2 | -3 | 16 | 16 |
| Exceptional items (within Other Income) | -4.16 | 16 | |||||||||||
| Interest | 30 | 12 | 1 | 1 | 2 | 2 | 0 | 0 | 8 | 13 | 17 | 20 | 22 |
| Depreciation | 9 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 10 | 9.62 | 11 | 11 | 11 |
| Profit before tax | -59 | -29 | 4 | 64 | -19 | 17 | 12 | 16 | 6 | 0.64 | -7.31 | -0.39 | 17 |
| Tax % | 28 | 0 | 75 | 34 | 16 | 7 | 7 | 29 | 36 | 26 | -12 | -10 | |
| Net Profit | -76 | -29 | 1 | 42 | -22 | 16 | 12 | 12 | 4 | 0.47 | -6.42 | -0.35 | 12 |
| EPS in Rs | -8.93 | -3.39 | 0.10 | 4.99 | -2.54 | 1.87 | 1.36 | 1.36 | 0.42 | 0.06 | -0.76 | -0.02 | 1.19 |
| Diluted EPS in Rs | -0.76 | -0.04 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- -4%
- 5 years
- -7%
- 3 years
- -25%
- TTM
- -70%
Compounded profit growth
- 10 years
- —
- 5 years
- —
- 3 years
- —
- TTM
- 80%
Stock price CAGR
- 10 years
- 39%
- 5 years
- 54%
- 3 years
- 75%
- 1 year
- 217%
Return on equity
- 10 years
- —
- 5 years
- -1%
- 3 years
- -10%
- Last year
- -18%
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 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 145 |
| Reserves | -91 | -120 | -124 | -65 | -86 | -70 | -59 | -47 | -43 | -43 | -46 | 1.85 |
| Borrowings | 121 | 86 | 172 | 175 | 170 | 161 | 146 | 124 | 125 | 125 | 178 | 349 |
| Other Liabilities | 172 | 199 | 162 | 87 | 114 | 139 | 123 | 129 | 110 | 117 | 122 | 126 |
| Total Liabilities | 287 | 250 | 296 | 282 | 283 | 314 | 295 | 291 | 277 | 284 | 338 | 621 |
| Fixed Assets | 147 | 140 | 133 | 128 | 126 | 118 | 155 | 146 | 136 | 143 | 151 | 142 |
| CWIP | 56 | 25 | 25 | 25 | 11 | 46 | 1 | 1 | 3 | 1 | 1 | 174 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 83 | 86 | 138 | 130 | 147 | 150 | 139 | 144 | 137 | 140 | 187 | 306 |
| Total Assets | 287 | 250 | 296 | 282 | 283 | 314 | 295 | 291 | 277 | 284 | 338 | 621 |
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 | 22 | 2 | -6 | 7 | -4 | 54 | 24 | 22 | 8 | 26 | -21 | -84 |
| Cash from Investing Activity | 0 | -1 | -1 | -3 | 8 | -35 | -1 | 0 | -2 | -13 | -18 | -175 |
| Cash from Financing Activity | -22 | -1 | 7 | -3 | -6 | -18 | -22 | -22 | -7 | -13 | 39 | 259 |
| Net Cash Flow | 0 | -0 | 0 | 1 | -2 | 0 | 1 | 0 | -1 | 0 | -0 | 0 |
| Free Cash Flow | 22 | 0 | -6 | 4 | 4 | 18 | 23 | 22 | 8 | 26 | -40 | -259 |
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 | 13 | 45 | 51 | 28 | 58 | 107 | 104 | 40 | 51 | 42 | 45 | 3 |
| Inventory Days | 43 | 48 | 92 | 85 | 28 | 22 | 56 | 47 | 57 | 40 | 81 | 543 |
| Days Payable | 34 | 38 | 44 | 30 | 43 | 75 | 111 | 46 | 28 | 32 | 17 | 58 |
| Cash Conversion Cycle | 22 | 55 | 99 | 83 | 43 | 54 | 50 | 41 | 81 | 50 | 110 | 488 |
| Working Capital Days | -216 | -228 | -43 | 35 | 23 | 10 | 8 | -71 | 32 | 25 | 19 | 293 |
| ROCE % | 10 | 18 | 5 | 1 | 2 | 11 | 7 | 10 | 8 | 8 | 7 | 1 |
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
349inr_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
News
News and filings about S.A.L. Steel Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Uses as raw material
- Chrome ore (ferro-chrome smelting)
- Coke / carbon reductant
- Dolomite (flux)
- Iron ore (lump + fines)
- Iron ore pellets
- Non-coking coal (rotary-kiln grade)
- Quartz (flux)
Depends on the price of
- Iron Ore
- coal
Buys from
- Shah Alloys Limited · steel goods & services — FY25 related-party 'Sales of goods & Services SAL Steel Ltd 1100.…
Sells to
- Shah Alloys Limited · Sponge iron (DRI, ~50% of output) + surplus captive power via wheeling
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
- Sponge Iron
- Classification
- Metals & Mining › Sponge Iron
- ISIN
- INE658G01014
Plants
- Captive Power Plant (WHRB + FBC boiler)
- Ferro Alloys (Ferro Chrome) Plant - EAF
- Sponge Iron Plant (2 rotary kilns)
News impact
Big market events that reach S.A.L. Steel Limited, and how the effect spreads.
15 Sept, 19:30 IST · Market event · medium impact
EU votes to scrap carbon levy brake
The EU parliament voted to remove the pause button on its carbon import levy, so Indian steel and aluminium sellers to Europe face higher costs and thinner profits, while EU-based producers gain shelter from cheaper imports.
Who it hits first
- The EU parliament voted to scrap the emergency brake in its carbon border levy (CBAM) — the safety clause that could pause the duty during a crisis. Without that brake, the levy lands firmly on carbon-heavy imports, chiefly steel and aluminium. For Indian steel and aluminium makers that sell into Europe, this means paying the carbon charge in full: either EU buyers pay more and order less, or Indian exporters swallow the cost and earn less per tonne. The vote is not yet law — member states disagree, so weeks of negotiation lie ahead — but the direction is toward a stricter, not softer, levy.
Who may gain
- Steel and aluminium producers based inside the EU gain shelter, since imported metal now carries a fuller carbon cost and their own output looks more competitive. Among Indian names, the relatively insulated are domestic-focused makers with little EU exposure, and Hindalco partly: its European arm (Novelis) sits inside the shelter even as its Indian aluminium exports face the levy. No Indian company clearly gains sales from this vote.
Along the supply chain
Downstream
European end-users of steel and aluminium — car makers, builders, packaging firms — pay more for metal, while Indian engineering and construction buyers could see marginally cheaper domestic steel if export volumes get diverted home.
Upstream
If EU-bound steel output softens, miners of steel inputs (iron ore, coking coal) see slightly weaker order books from steel plants over the coming quarter, though domestic and Asian demand cushions most of the hit.
Where demand moves
Business
EU buyers of Indian steel and aluminium face higher all-in prices as the carbon charge firms up, so they order less from India or demand discounts; displaced Indian metal gets pushed toward home, Middle East and Asian buyers, which can soften domestic steel prices and trim margins even for makers that never export to Europe.
Capital
Short-term money is likely to step back from export-exposed steel and aluminium names and rotate toward domestic-demand metals, capital-goods users of cheaper steel, or defensive sectors until the parliament-council negotiation clarifies how strict the final levy will be.
How it spreads across sectors
Capital Goods
Mild positive at the margin: diverted steel supply could mean steadier, cheaper domestic steel for equipment and project makers.
Metals & Mining
Direct negative: steel and aluminium exporters face higher EU costs or lower EU volumes; sentiment weighs on the whole sector near term.
Power
Neutral to slightly soft: any dip in steel-plant output trims power and coal demand a touch, but the effect is small against total consumption.
Services
Neutral to slightly soft: lower EU-bound metals volumes mean marginally less freight and port handling on those routes.
Commodity angle
Commodity
steel
Note
Demand/realisation shock, not input-cost: the EU parliament vote removes the CBAM pause mechanism, raising EU landed costs for Indian steel and aluminium. Direction is set from policy (negative for exporters). No steel edge carries cost_weight_pct, so no margin bps is computable and none is invented. The vote faces a member-state clash and is not final.
Price updated at
2026-09-15T11:56:57.642Z
Shock type
demand
Unit
USD/short ton
When it plays out
Immediate
1-7 days: export-exposed steel and aluminium stocks slip 1-3% on sentiment as markets price a stricter levy; watch for member-state responses and EU buyer commentary.
Medium term
1-6 months: final CBAM terms settle; exporters adjust pricing and destinations, margin impact shows in quarterly results, and talk of low-carbon (green steel) upgrades picks up.
Short term
1-4 weeks: parliament-council negotiation signals how much of the brake removal survives; exporters comment on EU order books and whether they will absorb, pass through, or reroute volumes.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 10 rows from NSE's archive (replace 3, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-261 Sep 2026
- Annual report · 2024-254 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.