MSP Steel & Power Ltd.

•

mspsteel.comBSE: 532650NSE: MSPL

Market Cap₹ 2,001 Cr.

Current Price

High / Low₹ 46 / 26

Stock P/E52.8

Book Value₹ 19

Price to Book1.63

Dividend Yield0.00 %

ROCE6.4 %

ROE-3.8 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Iron & Steel: 100.0% • Others: 0.0%

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%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 2.8pp over 2 years
Company generates healthy free cash flow
Working capital cycle has improved - days down from 21 to 17
Company maintains a comfortable, low leverage position
Company converts assets efficiently - asset turnover of 1.9x

CONS

Company is loss-making at the operating / net level
A large part of profit comes from other income (140.0% of PBT)
Company has a low return on equity of -3.4% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -6.89x)
Company has a low return on capital employed of 5.4%
Interest coverage is weak at 1.0x - earnings barely cover interest

* 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	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MSPL	35.30	52.77	2000.79	0.00	21.98	23.20	826.52	16.27	6.43	6.36

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
	671	674	781	748	772	656	712	760	711	677	639	816	827
	638	645	742	724	729	630	692	715	666	654	606	739	799
Operating Profit	33	29	39	25	43	27	19	45	45	23	33	77	27
OPM %	4.89%	4.26%	5.02%	3.30%	5.60%	4.07%	2.70%	5.88%	6.31%	3.36%	5.09%	9.49%	3.30%
	4	10	7	18	1	0	0	2	1	-100	-1	1	3
Interest	17	20	25	25	21	22	16	23	10	10	11	17	11
Depreciation	14	14	14	13	14	13	14	13	14	14	14	14	14
Profit before Tax	6	4	7	4	10	-8	-10	10	22	-100	7	48	30
Tax %	77.58%	144.09%	77.37%	-226.82%	33.82%	-12.77%	184.47%	423.61%	17.14%	25.60%	24.76%	-77.48%	26.34%
Net Profit	0	0	0	0	7	-10	8	-34	18	-75	5	85	22
	-0.05	-0.04	0.12	0.34	0.18	-0.25	0.21	-0.64	0.31	-1.32	0.10	1.50	0.39

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
	905	849	1,160	1,670	1,533	1,723	2,340	2,550	2,874	2,905	2,959
	915	775	1,043	1,539	1,451	1,581	2,184	2,487	2,748	2,771	2,799
Operating Profit	-11	75	117	130	82	142	155	64	125	134	160
OPM %	-1.21%	8.78%	10.10%	7.81%	5.35%	8.26%	6.63%	2.50%	4.36%	4.61%	5.41%
	2	1	7	1	1	1	3	12	38	4	-97
Interest	118	123	129	79	86	79	74	82	88	81	48
Depreciation	63	56	57	55	54	55	54	54	55	54	56
Profit before Tax	-191	-104	-62	-2	-56	8	30	-57	21	3	-15
Tax %	4.57%	10.03%	9.51%	-953.44%	-20.06%	42.40%	14.10%	11.51%	30.67%	1206.75%	345.94%
Net Profit	-182	-94	-56	-21	-68	5	26	-51	14	-28	38
EPS	-20.71	-10.64	-5.79	-0.53	-1.76	0.13	0.62	-1.21	0.37	-0.50	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 14%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 13%
5 Years:: 29%
3 Years:: 43%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: -8%
5 Years:: -1%
3 Years:: -3%
Last Year:: -4%

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
	88	88	385	385	385	385	385	385	385	567
	427	335	266	249	176	175	202	153	166	381
	1,144	1,202	882	852	861	766	826	801	732	244
Trade Payables	69	119	184	157	181	123	268	206	217	232
	42	-1	10	13	102	30	43	68	111	111
Total Liabilities	1,770	1,743	1,728	1,657	1,706	1,480	1,725	1,615	1,611	1,535
	1,127	1,070	1,013	959	906	855	827	826	816	790
Capital Work in Progress	1	1	1	2	1	1	1	1	0	0
	52	55	50	53	47	40	40	46	45	47
	273	296	351	372	526	377	458	484	490	474
	0	0	0	0	0	0	0	0	71	75
Cash & Bank	4	15	41	27	25	27	96	27	47	21
	314	307	272	245	200	181	304	231	141	127
Total Assets	1,770	1,743	1,728	1,657	1,706	1,480	1,725	1,615	1,611	1,535

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
	-22	74	147	95	79	178	113	88	170	189
Cash from Investing	84	1	-19	14	-0	-1	-62	-19	-50	-34
Cash from Financing	-78	-61	-122	-108	-79	-177	-11	-104	-106	-178
	-17	13	6	0	-2	-0	37	-37	15	-22

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 (₹)	-20.71	-10.64	-1.44	-0.53	-1.76	0.13	0.67	-1.31	0.37	-0.50
Book Value (₹)	58.50	48.05	16.91	16.46	14.57	14.55	15.24	13.98	14.30	16.72
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-13.52	-4.24	0.03	0.88	-0.36	1.57	2.08	0.09	1.81	0.45
PROFITABILITY
Operating Margin %	-0.92%	8.03%	10.09%	7.90%	5.50%	8.26%	6.76%	2.95%	4.35%	4.59%
Net Margin %	-18.10%	-9.95%	-4.69%	-1.23%	-4.40%	0.28%	1.10%	-1.98%	0.50%	-0.97%
ROE %	-33.45%	-19.97%	-10.36%	-3.20%	-11.32%	0.87%	4.47%	-8.99%	2.63%	-3.78%
ROCE %	-4.19%	1.16%	4.24%	5.01%	1.97%	6.24%	7.43%	1.76%	7.92%	6.43%
	-9.55%	-5.34%	-3.21%	-1.22%	-4.03%	0.31%	1.60%	-3.03%	0.89%	-1.80%
EFFICIENCY
Debtor Days	38	48	37	23	22	14	10	10	9	9
Inventory Days	108	110	99	79	107	95	65	67	62	60
Payable Days	44	55	64	50	52	42	38	41	34	35
	102	102	72	52	76	67	37	36	37	35
FINANCIAL HEALTH
Debt to Equity (x)	2.22x	2.84x	1.29x	1.28x	1.45x	1.29x	1.34x	1.41x	1.34x	0.27x
Interest Coverage (x)	-0.61x	0.15x	0.52x	0.98x	0.34x	1.11x	1.40x	0.30x	1.24x	1.03x
	1.33x	1.20x	1.28x	1.36x	1.29x	1.55x	1.40x	1.27x	1.29x	1.26x
GROWTH
Revenue Growth %	-17.18%	-6.10%	36.62%	43.90%	-8.21%	12.42%	35.77%	9.01%	12.68%	1.09%
Operating Profit Growth %	-191.83%	911.12%	58.49%	10.47%	-36.08%	69.36%	10.64%	-52.42%	117.10%	-16.08%
Net Profit Growth %	-76.10%	48.61%	40.60%	63.00%	-228.53%	107.21%	426.38%	-297.00%	128.35%	-297.68%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	128.39%	-234.28%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	81.95x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.13x	1.63x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.86x	13.24x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.34	42.34	36.86	35.24	35.24	35.24	37.74	40.22	45.12
	0.33	1.10	0.52	0.40	0.18	0.19	0.37	0.12	1.18
	3.17	1.91	12.88	16.70	16.70	16.70	16.70	16.81	15.78
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.16	54.65	49.74	47.66	47.88	47.88	45.19	42.86	37.93

Documents

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

2026-09-04

Copy of Newspaper Publication

2026-09-04 - MSP Steel & Power Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Outcome of Board Meeting

2026-09-02 - MSP Steel & Power Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.

2026-09-02

Scheme of Arrangement

2026-09-02 - MSP Steel & Power Limited has informed the Exchange about draft Scheme of Arrangement has been approved by Board of Directors.

2026-09-02

General Updates

2026-09-02 - MSP Steel & Power Limited has informed the Exchange about General Updates

2026-08-01

Copy of Newspaper Publication

2026-08-01 - MSP Steel & Power Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31

Statement of deviation(s) or variation(s) under Reg. 32

2026-07-31 - MSP Steel & Power Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-07-31

Outcome of Board Meeting

2026-07-31 - MSP Steel & Power Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-29

Copy of Newspaper Publication

2026-07-29 - MSP Steel & Power Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-20

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-20 - MSP Steel & Power Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

News

Recent coverage and analyst commentary for MSPL

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Free 5nance Account

Name

JSWSTEEL

1309.00

12.92

320109.92

0.54

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

183.65

20.78

229258.67

2.18

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

196.00

18.95

80958.30

1.20

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2646.15

30.23

69802.96

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

737.80

18.72

60825.68

0.54

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2151.00

48.59

59724.32

0.40

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1081.75

26.88

30195.09

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

310.70

30.41

19869.52

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2666.75

43.18

18691.78

0.38

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

506.95

15.81

17863.97

0.39

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

239.75

20.01

16140.90

0.42

222.37

2.75

1750.47

32.29

20.20

19.36

MSPL

35.30

52.77

2000.79

0.00

21.98

23.20

826.52

16.27

6.43

6.36

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

671

674

781

748

772

656

712

760

711

677

639

816

827

638

645

742

724

729

630

692

715

666

654

606

739

799

Operating Profit

OPM %

4.89%

4.26%

5.02%

3.30%

5.60%

4.07%

2.70%

5.88%

6.31%

3.36%

5.09%

9.49%

3.30%

-100

-1

Interest

Depreciation

Profit before Tax

-8

-10

-100

Tax %

77.58%

144.09%

77.37%

-226.82%

33.82%

-12.77%

184.47%

423.61%

17.14%

25.60%

24.76%

-77.48%

26.34%

Net Profit

-10

-34

-75

-0.05

-0.04

0.12

0.34

0.18

-0.25

0.21

-0.64

0.31

-1.32

0.10

1.50

0.39

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

905

849

1,160

1,670

1,533

1,723

2,340

2,550

2,874

2,905

2,959

915

775

1,043

1,539

1,451

1,581

2,184

2,487

2,748

2,771

2,799

Operating Profit

-11

117

130

142

155

125

134

160

OPM %

-1.21%

8.78%

10.10%

7.81%

5.35%

8.26%

6.63%

2.50%

4.36%

4.61%

5.41%

-97

Interest

118

123

129

Depreciation

Profit before Tax

-191

-104

-62

-2

-56

-57

-15

Tax %

4.57%

10.03%

9.51%

-953.44%

-20.06%

42.40%

14.10%

11.51%

30.67%

1206.75%

345.94%

Net Profit

-182

-94

-56

-21

-68

-51

-28

EPS

-20.71

-10.64

-5.79

-0.53

-1.76

0.13

0.62

-1.21

0.37

-0.50

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

385

567

427

335

266

249

176

175

202

153

166

381

1,144

1,202

882

852

861

766

826

801

732

244

Trade Payables

119

184

157

181

123

268

206

217

232

-1

102

111

Total Liabilities

1,770

1,743

1,728

1,657

1,706

1,480

1,725

1,615

1,611

1,535

1,127

1,070

1,013

959

906

855

827

826

816

790

Capital Work in Progress

273

296

351

372

526

377

458

484

490

474

Cash & Bank

314

307

272

245

200

181

304

231

141

127

Total Assets

1,770

1,743

1,728

1,657

1,706

1,480

1,725

1,615

1,611

1,535

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-22

147

178

113

170

189

Cash from Investing

-19

-0

-1

-62

-19

-50

-34

Cash from Financing

-78

-61

-122

-108

-79

-177

-11

-104

-106

-178

-17

-2

-0

-37

-22

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

-20.71

-10.64

-1.44

-0.53

-1.76

0.13

0.67

-1.31

0.37

-0.50

Book Value (₹)

58.50

48.05

16.91

16.46

14.57

14.55

15.24

13.98

14.30

16.72

Dividend per Share (₹)

0.00

Cash EPS (₹)

-13.52

-4.24

0.03

0.88

-0.36

1.57

2.08

0.09

1.81

0.45

PROFITABILITY

Operating Margin %

-0.92%

8.03%

10.09%

7.90%

5.50%

8.26%

6.76%

2.95%

4.35%

4.59%

Net Margin %

-18.10%

-9.95%

-4.69%

-1.23%

-4.40%

0.28%

1.10%

-1.98%

0.50%

-0.97%

ROE %

-33.45%

-19.97%

-10.36%

-3.20%

-11.32%

0.87%

4.47%

-8.99%

2.63%

-3.78%

ROCE %

-4.19%

1.16%

4.24%

5.01%

1.97%

6.24%

7.43%

1.76%

7.92%

6.43%

-9.55%

-5.34%

-3.21%

-1.22%

-4.03%

0.31%

1.60%

-3.03%

0.89%

-1.80%

EFFICIENCY

Debtor Days

Inventory Days

108

110

107

Payable Days

102

FINANCIAL HEALTH

Debt to Equity (x)

2.22x

2.84x

1.29x

1.28x

1.45x

1.29x

1.34x

1.41x

1.34x

0.27x

Interest Coverage (x)

-0.61x

0.15x

0.52x

0.98x

0.34x

1.11x

1.40x

0.30x

1.24x

1.03x

1.33x

1.20x

1.28x

1.36x

1.29x

1.55x

1.40x

1.27x

1.29x

1.26x

GROWTH

Revenue Growth %

-17.18%

-6.10%

36.62%

43.90%

-8.21%

12.42%

35.77%

9.01%

12.68%

1.09%

Operating Profit Growth %

-191.83%

911.12%

58.49%

10.47%

-36.08%

69.36%

10.64%

-52.42%

117.10%

-16.08%

Net Profit Growth %

-76.10%

48.61%

40.60%

63.00%

-228.53%

107.21%

426.38%

-297.00%

128.35%

-297.68%

0.00%

128.39%

-234.28%

VALUATION

P/E (x)

0.00x

81.95x

0.00x

P/B (x)

0.00x

2.13x

1.63x

Dividend Yield %

0.00%

0.00x

11.86x

13.24x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

42.34

36.86

35.24

37.74

40.22

45.12

0.33

1.10

0.52

0.40

0.18

0.19

0.37

0.12

1.18

3.17

1.91

12.88

16.70

16.81

15.78

Government

0.00

54.16

54.65

49.74

47.66

47.88

45.19

42.86

37.93

MSP Steel & Power Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

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Cash Flows

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MSP Steel & Power 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