Bajaj Steel Industries Ltd.

•

bajajngp.comBSE: 507944NSE: BAJAJST

Market Cap₹ 757 Cr.

Current Price

High / Low₹ 487 / 343

Stock P/E25.9

Book Value₹ 204

Price to Book3.80

Dividend Yield0.27 %

ROCE28.0 %

ROE23.4 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Steel Division: 100.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 29.0% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 29.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.7%
Company has consistently been profitable over the last 5 years
Company comfortably covers its interest (23.4x coverage)
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 42.6% versus prior year
Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor sales growth of 7.1% over past five years
Though reporting repeated profits, the company pays out little dividend (2.5%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	430.60	61.64	149937.65	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1018.90	94.43	50382.66	0.58	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3680.25	73.91	43852.50	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34514.05	55.37	30515.68	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	987.95	69.84	22468.26	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2245.75	80.12	20418.91	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2846.00	132.25	18379.96	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.10	53.80	18091.60	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	TEGA	1731.10	615.52	13005.36	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	82.72	57.36	12830.19	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1595.75	107.75	10445.54	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	BAJAJST	364.15	25.91	757.43	0.27	-0.27	-103.64	120.35	11.93	27.95	4.89

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	98	153	126	174	141	152	138	154	108	175	125	117	120
	84	128	109	148	119	127	117	129	94	143	116	111	121
Operating Profit	14	25	17	26	22	25	21	24	14	32	9	6	-1
OPM %	14.75%	16.36%	13.24%	14.92%	15.49%	16.62%	15.06%	15.75%	12.59%	18.21%	7.43%	4.81%	-0.47%
	1	1	1	12	29	2	2	6	1	2	4	6	1
Interest	1	1	1	2	1	1	1	1	1	1	1	1	1
Depreciation	2	2	3	5	3	3	3	6	4	4	4	6	5
Profit before Tax	13	23	13	31	47	23	18	23	10	28	8	4	1
Tax %	25.29%	25.50%	24.44%	27.09%	25.18%	25.03%	25.81%	22.37%	25.48%	24.75%	26.03%	39.11%	130.71%
Net Profit	0	0	0	0	35	17	14	18	7	21	6	2	-0
	18.47	32.80	4.86	10.83	16.90	8.46	6.50	8.40	3.56	10.23	2.84	1.40	-0.13

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	308	243	248	377	415	511	437	549	551	585	537
	298	241	226	346	377	418	385	457	470	492	491
Operating Profit	9	2	22	31	38	93	52	92	81	93	46
OPM %	3.08%	0.75%	8.80%	8.28%	9.07%	18.14%	11.89%	16.77%	14.61%	15.89%	8.59%
	7	3	4	5	9	10	13	19	16	39	12
Interest	9	9	9	10	9	9	8	7	5	5	5
Depreciation	11	8	6	4	6	7	9	10	12	15	19
Profit before Tax	-4	-12	10	23	32	87	49	94	80	112	41
Tax %	23.20%	25.75%	-9.26%	39.63%	25.33%	24.59%	25.08%	28.18%	25.87%	24.66%	28.60%
Net Profit	-3	-9	11	14	24	66	36	68	59	84	29
EPS	0.00	0.00	0.00	0.00	49.74	125.83	71.58	129.45	113.49	40.55	—
Dividend Payout %	0.00%	0.00%	6.16%	6.86%	3.98%	2.38%	2.85%	2.31%	2.64%	2.47%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 7%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 29%
3 Years:: 32%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 28%
3 Years:: 24%
Last Year:: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	2	2	3	3	3	3	10
	62	53	66	78	100	169	204	271	330	377
	82	82	82	76	73	55	65	39	54	55
Trade Payables	54	35	29	40	49	72	56	76	84	71
	38	29	33	57	40	66	63	59	94	90
Total Liabilities	238	202	213	255	265	365	391	448	564	604
	52	45	51	54	72	80	86	111	185	218
Capital Work in Progress	11	13	2	4	1	4	14	24	10	19
	4	2	1	1	0	4	4	22	22	9
	75	58	57	78	75	77	93	106	142	153
	0	0	0	0	0	0	0	0	50	47
Cash & Bank	24	18	26	28	40	99	135	89	89	80
	72	67	75	91	77	101	60	96	66	77
Total Assets	238	202	213	255	265	365	391	448	564	604

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	19	2	15	28	55	116	78	55	59	57
Cash from Investing	-10	-0	2	-7	-21	-12	-20	-52	-66	-38
Cash from Financing	-2	1	0	-5	-8	-19	4	-22	19	-26
	-2	-7	9	2	12	59	39	-47	8	-12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	48.27	48.27	48.27	48.27	48.27	56.62	56.62	56.62
	0.16	0.08	0.07	0.15	0.06	0.04	0.04	0.04
	0.00	0.00	0.08	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	51.57	51.65	51.59	51.57	51.67	43.34	43.34	43.33

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for BAJAJST

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AI Stock Analyst

Bajaj Steel Industries Ltd.

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Name

BHEL

430.60

61.64

149937.65

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

1018.90

94.43

50382.66

0.58

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3680.25

73.91

43852.50

0.54

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

34514.05

55.37

30515.68

0.32

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

987.95

69.84

22468.26

0.00

57.14

-19.99

508.47

23.97

21.34

21.40

INOXINDIA

2245.75

80.12

20418.91

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2846.00

132.25

18379.96

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.10

53.80

18091.60

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

TEGA

1731.10

615.52

13005.36

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

LLOYDSENGG

82.72

57.36

12830.19

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

KRN

1595.75

107.75

10445.54

0.00

32.90

164.84

252.32

118.87

16.06

19.44

BAJAJST

364.15

25.91

757.43

0.27

-0.27

-103.64

120.35

11.93

27.95

4.89

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

153

126

174

141

152

138

154

108

175

125

117

120

128

109

148

119

127

117

129

143

116

111

121

Operating Profit

-1

OPM %

14.75%

16.36%

13.24%

14.92%

15.49%

16.62%

15.06%

15.75%

12.59%

18.21%

7.43%

4.81%

-0.47%

Interest

Depreciation

Profit before Tax

Tax %

25.29%

25.50%

24.44%

27.09%

25.18%

25.03%

25.81%

22.37%

25.48%

24.75%

26.03%

39.11%

130.71%

Net Profit

-0

18.47

32.80

4.86

10.83

16.90

8.46

6.50

8.40

3.56

10.23

2.84

1.40

-0.13

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

308

243

248

377

415

511

437

549

551

585

537

298

241

226

346

377

418

385

457

470

492

491

Operating Profit

OPM %

3.08%

0.75%

8.80%

8.28%

9.07%

18.14%

11.89%

16.77%

14.61%

15.89%

8.59%

Interest

Depreciation

Profit before Tax

-4

-12

112

Tax %

23.20%

25.75%

-9.26%

39.63%

25.33%

24.59%

25.08%

28.18%

25.87%

24.66%

28.60%

Net Profit

-3

-9

EPS

0.00

49.74

125.83

71.58

129.45

113.49

40.55

—

Dividend Payout %

0.00%

6.16%

6.86%

3.98%

2.38%

2.85%

2.31%

2.64%

2.47%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

100

169

204

271

330

377

Trade Payables

Total Liabilities

238

202

213

255

265

365

391

448

564

604

111

185

218

Capital Work in Progress

106

142

153

Cash & Bank

135

101

Total Assets

238

202

213

255

265

365

391

448

564

604

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

116

Cash from Investing

-10

-0

-7

-21

-12

-20

-52

-66

-38

Cash from Financing

-2

-5

-8

-19

-22

-26

-2

-7

-47

-12

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

48.27

56.62

0.16

0.08

0.07

0.15

0.06

0.04

0.00

0.08

0.01

Government

0.00

51.57

51.65

51.59

51.57

51.67

43.34

43.33

Bajaj Steel Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Bajaj Steel Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI