MSP Steel & Power Ltd.

•

mspsteel.comBSE: 532650NSE: MSPL

Market Cap₹ 2,001 Cr.

Current Price

High / Low₹ 46 / 26

Stock P/E52.7

Book Value₹ 19

Price to Book1.64

Dividend Yield0.00 %

ROCE6.4 %

ROE-3.8 %

Face Value₹ 10

Add ratio to table

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%

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 (162.0% of PBT)
Company has a low return on equity of -3.6% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -6.54x)
Company has a low return on capital employed of 5.3%
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

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
	671	674	781	748	772	656	712	760	711	677	639	816	827
	638	645	742	724	729	630	692	716	666	654	606	739	799
Operating Profit	33	29	39	25	43	27	19	44	45	23	33	77	27
OPM %	4.89%	4.26%	5.02%	3.30%	5.60%	4.04%	2.71%	5.82%	6.32%	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 %	77.29%	144.09%	77.83%	-222.36%	33.82%	-12.77%	185.42%	438.28%	17.14%	25.60%	24.73%	-77.29%	26.35%
Net Profit	1	-2	1	13	7	-10	8	-34	18	-75	5	85	22
	0.04	-0.04	0.03	0.34	0.18	-0.25	0.21	-0.65	0.31	-1.32	0.10	1.51	0.39

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
	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	1,450	1,581	2,184	2,487	2,748	2,772	2,799
Operating Profit	-11	75	117	130	82	142	155	64	125	133	160
OPM %	-1.21%	8.78%	10.10%	7.81%	5.37%	8.27%	6.63%	2.50%	4.36%	4.59%	5.41%
	2	1	7	1	1	1	12	12	38	4	-97
Interest	118	123	129	79	85	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	9	38	-60	21	2	-15
Tax %	4.57%	10.04%	9.51%	-956.82%	-20.14%	41.50%	11.03%	10.93%	30.58%	1399.32%	348.66%
Net Profit	-182	-94	-56	-21	-67	5	34	-54	14	-29	38
EPS	-20.71	-10.64	-5.79	-0.53	-1.75	0.13	0.82	-1.29	0.37	-0.51	—
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:: -4%
Last Year:: -4%

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
	88	88	385	385	385	385	385	385	385	567
	420	328	249	228	161	168	202	151	163	378
	1,144	1,202	882	852	860	765	825	799	731	243
Trade Payables	69	119	184	157	181	123	268	206	217	232
	42	-1	10	13	99	29	43	68	111	111
Total Liabilities	1,763	1,736	1,710	1,637	1,686	1,471	1,724	1,609	1,607	1,531
	1,126	1,070	1,013	959	906	855	826	826	816	790
Capital Work in Progress	0	0	0	1	1	1	0	0	0	0
	47	48	33	33	33	33	41	44	43	45
	273	296	351	372	526	377	458	484	490	474
	0	0	0	0	0	0	0	0	70	74
Cash & Bank	4	15	41	27	22	27	95	25	47	20
	314	307	272	245	199	180	303	230	141	127
Total Assets	1,763	1,736	1,710	1,637	1,686	1,471	1,724	1,609	1,607	1,531

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
	40	74	147	95	76	182	113	88	170	189
Cash from Investing	-21	1	-19	14	3	-4	-62	-18	-51	-33
Cash from Financing	-35	-61	-122	-108	-79	-177	-11	-105	-104	-178
	-16	13	6	0	-2	-0	37	-37	15	-22

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
PER SHARE
EPS (₹)	-20.71	-10.62	-1.45	-0.53	-1.75	0.13	0.88	-1.39	0.37	-0.51
Book Value (₹)	57.68	47.21	16.46	15.93	14.19	14.35	15.25	13.91	14.23	16.67
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	-4.22	0.03	0.88	-0.35	1.57	2.29	0.01	1.81	0.44
PROFITABILITY
Operating Margin %	-0.92%	8.03%	10.09%	7.90%	5.51%	8.27%	6.76%	2.96%	4.35%	4.58%
Net Margin %	-18.10%	-9.94%	-4.69%	-1.23%	-4.39%	0.29%	1.45%	-2.10%	0.50%	-0.98%
ROE %	-33.56%	-20.26%	-10.61%	-3.30%	-11.62%	0.92%	5.95%	-9.56%	2.65%	-3.84%
ROCE %	-4.27%	1.17%	4.28%	5.07%	2.00%	6.31%	8.04%	1.54%	7.95%	6.42%
	-9.86%	-5.35%	-3.23%	-1.23%	-4.06%	0.32%	2.13%	-3.22%	0.89%	-1.83%
EFFICIENCY
Debtor Days	38	48	37	23	22	13	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	66	36	36	37	35
FINANCIAL HEALTH
Debt to Equity (x)	2.25x	2.89x	1.32x	1.32x	1.49x	1.31x	1.33x	1.41x	1.35x	0.27x
Interest Coverage (x)	-0.61x	0.16x	0.52x	0.98x	0.34x	1.11x	1.51x	0.26x	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 %	-17.17%	-6.10%	36.62%	43.90%	-8.21%	12.42%	35.77%	9.01%	12.68%	1.09%
Operating Profit Growth %	-183.46%	911.25%	58.49%	10.47%	-36.01%	69.26%	10.63%	-52.43%	117.05%	-16.30%
Net Profit Growth %	-77.85%	48.69%	40.49%	63.03%	-227.50%	107.49%	571.61%	-258.15%	126.80%	-299.53%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	126.80%	-235.68%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	81.78x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.14x	1.64x
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	13.28x

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

Loading news…

🤖

AI Stock Analyst

MSP Steel & Power Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account