MSP Steel & Power Ltd.

•

mspsteel.comBSE: 532650NSE: MSPL

Market Cap₹ 1,935 Cr.

Current Price

High / Low₹ 46 / 26

Stock P/E51.0

Book Value₹ 19

Price to Book1.64

Dividend Yield0.00 %

ROCE6.4 %

ROE-3.8 %

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%

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	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MSPL	34.14	51.04	1935.04	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:: 12%
5 Years:: 28%
3 Years:: 42%
1 Year:: -5%

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

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

2026-09-08

Copy of Newspaper Publication

2026-09-08 - MSP Steel & Power Limited has informed the Exchange about Copy of Newspaper Publication Post Dispatch of notice of shareholder.

2026-09-07

Shareholders meeting

2026-09-07 - MSP Steel & Power Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

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.

News

Recent coverage and analyst commentary for MSPL

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MSP Steel & Power Ltd.

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Free 5nance Account

Name

JSWSTEEL

1267.50

12.51

309961.29

0.56

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

182.85

20.69

228259.99

2.19

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

179.00

17.31

73936.40

1.31

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2676.25

30.57

70596.97

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

755.20

19.16

62260.17

0.53

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2153.00

48.64

59779.85

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1074.35

26.70

29988.53

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

311.85

30.52

19943.06

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2808.15

45.47

19682.88

0.36

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

524.75

16.37

18491.21

0.38

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

244.50

20.41

16460.69

0.41

222.37

2.75

1750.47

32.29

20.20

19.36

MSPL

34.14

51.04

1935.04

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

716

666

654

606

739

799

Operating Profit

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%

-100

-1

Interest

Depreciation

Profit before Tax

-8

-10

-100

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

-2

-10

-34

-75

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

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

117

130

142

155

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%

-97

Interest

118

123

129

Depreciation

Profit before Tax

-191

-104

-62

-2

-56

-60

-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

-54

-29

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

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

119

184

157

181

123

268

206

217

232

-1

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

816

790

Capital Work in Progress

273

296

351

372

526

377

458

484

490

474

Cash & Bank

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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

147

182

113

170

189

Cash from Investing

-21

-19

-4

-62

-18

-51

-33

Cash from Financing

-35

-61

-122

-108

-79

-177

-11

-105

-104

-178

-16

-2

-0

-37

-22

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

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

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

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