Bajaj Steel Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Steel Division: 100.0%
AI Sector View
AI GENERATEDCapital Goods
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.
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
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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