Beekay Steel Industries Ltd.

•

beekaysteel.comBSE: 539018NSE: BEEKAY

Market Cap₹ 802 Cr.

Current Price

High / Low₹ 472 / 370

Stock P/E18.5

Book Value₹ 569

Price to Book0.87

Dividend Yield0.24 %

ROCE10.3 %

ROE9.0 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

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PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.12x)
Working capital cycle has improved - days down from 123 to 89
Company generates healthy free cash flow
Company comfortably covers its interest (7.3x coverage)
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 40.6% versus prior year
A large part of profit comes from other income (34.5% of PBT)
Company has delivered a poor profit growth of 2.3% over past five years
Operating margins have contracted to 11.4% from 18.5%
Company has delivered a poor sales growth of 5.8% over past five years

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

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

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

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	BEEKAY	420.55	18.46	802.08	0.24	38.07	22.17	374.71	32.48	10.28	10.90

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
	269	248	230	253	246	229	271	330	283	266	288	339	375
	228	221	195	220	214	202	237	301	265	245	256	314	352
Operating Profit	41	27	35	34	32	27	34	30	18	21	32	24	23
OPM %	15.15%	11.03%	15.15%	13.26%	13.04%	11.80%	12.64%	8.97%	6.28%	7.75%	11.14%	7.18%	6.19%
	15	15	9	10	16	21	10	-8	31	7	4	-20	24
Interest	3	3	3	3	4	3	5	5	4	6	7	7	7
Depreciation	5	6	6	10	7	6	10	11	9	9	11	13	11
Profit before Tax	48	34	35	30	38	39	29	5	36	12	17	-16	47
Tax %	17.94%	19.91%	24.07%	-22.31%	20.18%	16.40%	30.25%	-3.09%	13.96%	6.56%	22.79%	-27.77%	19.66%
Net Profit	0	0	0	0	31	33	21	5	31	12	14	-20	38
	20.76	14.39	13.92	19.26	16.11	17.18	10.76	2.71	16.34	6.10	7.26	-10.75	19.96

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
	519	721	978	965	812	874	1,296	1,128	1,001	1,076	1,267
	454	637	845	785	688	740	1,074	962	864	953	1,167
Operating Profit	65	84	133	180	124	134	223	166	137	123	100
OPM %	12.57%	11.67%	13.64%	18.64%	15.31%	15.37%	17.17%	14.75%	13.67%	11.43%	7.90%
	2	3	10	2	2	5	18	14	49	38	15
Interest	21	19	18	16	10	10	12	10	12	18	26
Depreciation	16	15	15	16	23	22	22	27	27	33	45
Profit before Tax	30	53	110	150	93	107	207	143	147	110	61
Tax %	34.83%	35.40%	35.64%	34.56%	15.67%	26.07%	24.59%	26.08%	11.81%	20.68%	29.99%
Net Profit	19	34	71	98	78	79	156	105	129	88	43
EPS	0.00	0.00	0.00	0.00	0.00	42.77	82.88	55.01	68.25	46.73	—
Dividend Payout %	9.89%	5.53%	2.70%	3.85%	2.43%	2.38%	1.22%	1.80%	1.47%	2.14%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 6%
3 Years:: -6%

COMPOUNDED PROFIT GROWTH

10 Years:: 19%
5 Years:: 3%
3 Years:: -17%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 16%
3 Years:: 13%
Last Year:: 9%

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	19	19	19	19	19	19	19	19	19	19
	178	213	282	379	452	532	688	791	920	993
	172	201	197	134	101	155	276	247	247	300
Trade Payables	50	33	36	36	26	35	35	34	51	69
	90	55	61	45	44	39	35	35	25	53
Total Liabilities	510	522	595	614	642	780	1,053	1,125	1,262	1,433
	192	189	187	208	213	207	197	265	334	466
Capital Work in Progress	24	23	25	23	21	22	23	213	273	217
	0	1	1	2	37	79	109	199	174	203
	121	156	172	214	219	249	280	226	218	272
	0	0	0	0	0	0	0	0	154	158
Cash & Bank	4	9	4	5	5	30	7	2	5	2
	169	145	206	162	147	195	437	220	103	117
Total Assets	510	522	595	614	642	780	1,053	1,125	1,262	1,433

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
	51	51	86	107	109	118	-53	437	129	147
Cash from Investing	-12	-10	-15	-36	-61	-58	-31	-373	-90	-107
Cash from Financing	-34	-21	-39	-19	-18	-13	110	-37	-38	-41
	-1	5	-6	1	2	24	-25	-3	1	-1

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
PER SHARE
EPS (₹)	10.11	18.08	37.03	51.96	41.17	41.97	82.21	55.60	68.25	46.73
Book Value (₹)	102.03	121.92	157.77	208.56	247.13	288.90	370.77	424.78	492.60	530.76
Dividend per Share (₹)	1.00	1.00	1.00	2.00	1.00	1.00	1.00	1.00	1.00	1.00
Cash EPS (₹)	18.48	25.80	44.98	60.10	53.06	53.25	93.00	69.63	81.85	63.36
PROFITABILITY
Operating Margin %	11.94%	11.15%	14.46%	18.90%	15.51%	15.98%	18.55%	15.98%	13.67%	11.43%
Net Margin %	3.45%	4.41%	7.13%	10.18%	9.62%	9.06%	12.02%	9.34%	12.92%	8.14%
ROE %	10.38%	16.10%	26.54%	28.13%	17.98%	15.49%	24.76%	13.90%	14.77%	8.98%
ROCE %	14.32%	18.56%	28.53%	33.15%	19.08%	18.54%	25.92%	15.02%	14.18%	10.28%
	3.72%	6.67%	12.68%	16.26%	12.44%	11.13%	16.99%	9.68%	10.83%	6.50%
EFFICIENCY
Debtor Days	47	39	40	47	48	53	45	54	60	53
Inventory Days	83	65	60	73	97	98	74	82	81	83
Payable Days	73	31	19	22	24	20	16	18	27	34
	57	72	81	98	122	131	103	118	115	102
FINANCIAL HEALTH
Debt to Equity (x)	0.84x	0.80x	0.60x	0.30x	0.19x	0.28x	0.39x	0.30x	0.26x	0.29x
Interest Coverage (x)	2.40x	3.82x	6.95x	10.52x	10.06x	11.50x	17.79x	14.81x	13.31x	7.30x
	1.32x	1.52x	1.70x	2.63x	3.63x	2.95x	3.28x	3.45x	2.61x	1.86x
GROWTH
Revenue Growth %	0.11%	38.87%	35.64%	-1.38%	-15.84%	7.68%	48.28%	-12.96%	-11.34%	7.58%
Operating Profit Growth %	7.48%	30.11%	65.09%	27.04%	-30.92%	10.92%	72.14%	-25.01%	2.77%	-13.01%
Net Profit Growth %	23.77%	78.04%	105.87%	38.80%	-20.48%	1.35%	96.70%	-32.32%	22.60%	-32.21%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	22.75%	-31.53%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.25x	9.84x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.14x	0.87x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.18%	0.22%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.08x	7.27x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.50	71.50	71.49	71.50	71.75	71.75	71.75	71.75	71.91
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.50	28.50	28.50	28.50	28.25	28.25	28.25	28.25	28.09

Documents

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

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