Bajaj Steel Industries Ltd.

•

bajajngp.comBSE: 507944NSE: BAJAJST

Market Cap₹ 763 Cr.

Current Price

High / Low₹ 487 / 343

Stock P/E40.4

Book Value₹ 187

Price to Book4.01

Dividend Yield0.27 %

ROCE27.0 %

ROE23.1 %

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%

View full sector analysis →

PROS

Company has delivered good profit growth of 31.8% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 27.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.2%
Company comfortably covers its interest (25.1x coverage)
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 60.5% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.60x)
Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor sales growth of 6.5% over past five years

* 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	421.50	60.34	146768.97	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	947.70	87.83	46861.96	0.62	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3623.50	72.77	43176.29	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35564.65	57.06	31444.57	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1018.20	71.98	23156.22	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2230.95	79.60	20284.35	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2869.20	133.33	18529.79	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.00	53.79	18088.42	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	LLOYDSENGG	83.06	57.60	12882.93	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1606.65	571.27	12070.39	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1627.05	109.86	10650.42	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	BAJAJST	366.75	26.09	762.84	0.27	-0.27	-103.64	120.35	11.93	27.95	4.89

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	76	128	123	166	115	138	131	151	93	150	118	114	108
	68	111	108	141	100	116	111	124	83	127	108	109	112
Operating Profit	9	17	15	25	15	21	20	26	10	24	10	5	-5
OPM %	11.54%	13.12%	12.37%	15.08%	13.11%	15.50%	15.11%	17.43%	11.11%	15.62%	8.75%	4.37%	-4.63%
	1	1	1	12	28	1	1	6	1	1	4	5	1
Interest	1	1	1	2	1	1	1	1	1	1	1	1	1
Depreciation	2	2	2	5	3	3	3	6	4	4	4	6	5
Profit before Tax	7	14	13	30	39	19	17	25	7	20	9	3	-4
Tax %	24.86%	25.10%	25.53%	27.28%	25.13%	24.89%	25.53%	22.29%	25.26%	25.28%	24.94%	60.95%	-0.00%
Net Profit	5	11	10	21	29	14	13	20	5	15	7	1	-4
	10.36	20.98	4.77	10.30	14.03	6.93	6.14	9.23	2.39	7.12	3.23	0.80	-1.79

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	284	211	234	333	390	483	412	490	494	535	489
	271	211	215	305	355	397	365	412	429	452	456
Operating Profit	12	0	19	28	35	86	47	78	65	83	34
OPM %	4.38%	0.11%	8.30%	8.28%	8.89%	17.72%	11.36%	15.90%	13.11%	15.43%	6.91%
	5	4	4	3	7	8	13	19	15	37	11
Interest	9	9	9	10	9	9	8	7	4	4	5
Depreciation	11	8	6	4	6	7	9	10	11	14	18
Profit before Tax	-3	-13	8	17	27	78	43	80	64	101	28
Tax %	31.51%	28.37%	-10.76%	52.20%	29.44%	24.51%	24.86%	28.89%	26.15%	24.44%	32.07%
Net Profit	-2	-9	9	8	19	59	32	57	48	76	19
EPS	0.00	0.00	0.00	0.00	40.21	112.82	63.78	109.01	91.36	36.61	—
Dividend Payout %	0.00%	0.00%	7.70%	11.41%	4.91%	2.65%	3.21%	2.74%	3.28%	2.73%	—

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: 7%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: 44%
5 Years:: 32%
3 Years:: 33%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 26%
3 Years:: 22%
Last Year:: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	68	59	69	76	94	157	188	244	290	356
	81	82	82	76	73	55	65	39	54	55
Trade Payables	50	30	28	38	51	71	47	65	80	66
	29	23	21	51	32	63	49	40	77	72
Total Liabilities	231	197	202	244	252	348	353	390	503	560
	49	43	50	52	70	77	83	107	179	210
Capital Work in Progress	12	13	2	4	1	4	14	23	9	19
	14	12	11	11	11	14	14	15	15	10
	67	50	46	71	63	68	74	86	119	134
	0	0	0	0	0	0	0	0	53	46
Cash & Bank	19	16	20	24	35	89	112	73	62	69
	71	61	73	83	73	96	56	86	66	72
Total Assets	231	197	202	244	252	348	353	390	503	560

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	16	7	10	29	53	110	61	40	46	54
Cash from Investing	-11	-1	2	-7	-20	-10	-20	-34	-65	-45
Cash from Financing	-3	1	0	-5	-8	-19	4	-22	19	0
	-7	-2	4	3	12	54	26	-40	-4	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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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Bajaj Steel Industries Ltd.

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Name

BHEL

421.50

60.34

146768.97

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

947.70

87.83

46861.96

0.62

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3623.50

72.77

43176.29

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35564.65

57.06

31444.57

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1018.20

71.98

23156.22

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2230.95

79.60

20284.35

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

AZAD

2869.20

133.33

18529.79

0.00

35.16

19.46

172.60

25.90

12.04

37.29

TRITURBINE

569.00

53.79

18088.42

0.75

51.10

-20.65

442.70

19.23

35.95

11.59

LLOYDSENGG

83.06

57.60

12882.93

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1606.65

571.27

12070.39

0.12

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1627.05

109.86

10650.42

0.00

32.90

164.84

252.32

118.87

16.06

19.44

BAJAJST

366.75

26.09

762.84

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

128

123

166

115

138

131

151

150

118

114

108

111

108

141

100

116

111

124

127

108

109

112

Operating Profit

-5

OPM %

11.54%

13.12%

12.37%

15.08%

13.11%

15.50%

15.11%

17.43%

11.11%

15.62%

8.75%

4.37%

-4.63%

Interest

Depreciation

Profit before Tax

-4

Tax %

24.86%

25.10%

25.53%

27.28%

25.13%

24.89%

25.53%

22.29%

25.26%

25.28%

24.94%

60.95%

-0.00%

Net Profit

-4

10.36

20.98

4.77

10.30

14.03

6.93

6.14

9.23

2.39

7.12

3.23

0.80

-1.79

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

284

211

234

333

390

483

412

490

494

535

489

271

211

215

305

355

397

365

412

429

452

456

Operating Profit

OPM %

4.38%

0.11%

8.30%

8.28%

8.89%

17.72%

11.36%

15.90%

13.11%

15.43%

6.91%

Interest

Depreciation

Profit before Tax

-3

-13

101

Tax %

31.51%

28.37%

-10.76%

52.20%

29.44%

24.51%

24.86%

28.89%

26.15%

24.44%

32.07%

Net Profit

-2

-9

EPS

0.00

40.21

112.82

63.78

109.01

91.36

36.61

—

Dividend Payout %

0.00%

7.70%

11.41%

4.91%

2.65%

3.21%

2.74%

3.28%

2.73%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

157

188

244

290

356

Trade Payables

Total Liabilities

231

197

202

244

252

348

353

390

503

560

107

179

210

Capital Work in Progress

119

134

Cash & Bank

112

Total Assets

231

197

202

244

252

348

353

390

503

560

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

110

Cash from Investing

-11

-1

-7

-20

-10

-20

-34

-65

-45

Cash from Financing

-3

-5

-8

-19

-22

-7

-2

-40

-4

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