SAL Steel Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
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.
PROS
- Promoters have been increasing their shareholding - up 20.4pp over 2 years
- Latest quarter profit grew 131.9% YoY, showing strong momentum
- Working capital cycle has improved - days down from 25 to 19
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Company is loss-making at the operating / net level
- Company has a high debt-to-equity of 4.97x
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -2.2% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.61x)
- Company has a low return on capital employed of 7.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JINDALSTEL | 1147.50 | 43.06 | 117055.11 | 0.17 | 843.80 | -43.60 | 15482.13 | 25.93 | 8.92 | 17.18 |
| LLOYDSME | 1807.60 | 21.35 | 101751.06 | 0.06 | 1733.89 | 170.25 | 7354.40 | 209.39 | 27.59 | 38.26 |
| JAIBALAJI | 68.67 | 21.39 | 6264.43 | 0.00 | 26.48 | -82.71 | 1353.35 | -13.06 | 9.63 | 5.31 |
| RSL | 189.50 | 31.79 | 1583.61 | 0.26 | 20.20 | 144.24 | 306.54 | 23.65 | 31.72 | 9.37 |
| STEELXIND | 12.03 | 395.28 | 1534.45 | 0.00 | 150.26 | — | 2697.14 | — | 11.97 | 12.70 |
| SALSTEEL | 80.19 | 93.39 | 1160.88 | 0.00 | 30.90 | 419.21 | 873.70 | 584.99 | 4.89 | 15.51 |
| VRAJ | 124.80 | 11.46 | 411.62 | 0.00 | 11.51 | 51.65 | 193.83 | 40.14 | 10.52 | 11.17 |
| VASWANI | 45.16 | 0.00 | 148.78 | 0.00 | 2.52 | — | 91.74 | — | 9.77 | 5.72 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 153 | 157 | 127 | 139 | 111 | 123 | 194 | 116 | 128 | 66 | 2 | 12 | 874 | |
| 148 | 151 | 127 | 130 | 105 | 118 | 182 | 117 | 133 | 53 | 2 | 5 | 828 | |
| Operating Profit | 5 | 6 | -0 | 9 | 6 | 6 | 12 | -1 | -5 | 13 | -0 | 7 | 45 |
| OPM % | 3.42% | 3.68% | -0.25% | 6.67% | 5.39% | 4.72% | 6.01% | -0.61% | -4.27% | 19.73% | -1.36% | 59.09% | 5.18% |
| 0 | 0 | 0 | 0 | 0 | 0 | -4 | 0 | 0 | 0 | 16 | 0 | 0 | |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 | 5 | 5 | 5 | 5 | 6 | 5 | 62 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 28 |
| Profit before Tax | 0 | 0 | -3 | 4 | 0 | 0 | 0 | -8 | -13 | 5 | 8 | -0 | 45 |
| Tax % | 16.67% | 17.65% | 25.53% | 26.43% | 20.00% | 40.00% | 241.67% | 26.21% | 25.19% | 27.29% | 13.90% | -277.78% | 31.79% |
| Net Profit | 0 | 0 | -2 | 3 | 0 | 0 | -1 | -6 | -10 | 4 | 7 | -1 | 31 |
| 0.01 | 0.02 | -0.29 | 0.32 | 0.02 | 0.01 | -0.08 | -0.41 | -1.14 | 0.44 | 0.68 | -0.07 | 0.21 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 338 | 361 | 446 | 574 | 408 | 301 | 505 | 496 | 577 | 544 | 954 | |
| 314 | 351 | 440 | 565 | 426 | 301 | 509 | 487 | 555 | 521 | 888 | |
| Operating Profit | 23 | 10 | 6 | 9 | -18 | -0 | -4 | 8 | 21 | 23 | 65 |
| OPM % | 6.88% | 2.66% | 1.43% | 1.62% | -4.46% | -0.10% | -0.73% | 1.71% | 3.71% | 4.27% | 6.85% |
| -31 | 2 | 66 | -19 | 44 | 22 | 29 | 14 | 2 | -3 | 16 | |
| Interest | 12 | 1 | 1 | 2 | 2 | 0 | 0 | 8 | 13 | 17 | 78 |
| Depreciation | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 10 | 10 | 11 | 36 |
| Profit before Tax | -29 | 4 | 64 | -19 | 17 | 12 | 16 | 6 | 1 | -7 | 58 |
| Tax % | -0.00% | 75.46% | 33.72% | -15.83% | 7.00% | 6.98% | 28.91% | 35.78% | 26.90% | 12.07% | 30.45% |
| Net Profit | -29 | 1 | 42 | -22 | 16 | 12 | 12 | 4 | 0 | -6 | 40 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.36 | 1.36 | 0.42 | 0.06 | -0.76 | — |
| 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:
- 4%
- 5 Years:
- 6%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 39%
- 5 Years:
- 47%
- 3 Years:
- 65%
- 1 Year:
- 159%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 17%
- 3 Years:
- -2%
- Last Year:
- -17%
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 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
| -120 | -124 | -65 | -86 | -70 | -59 | -47 | -43 | -43 | -49 | |
| 76 | 174 | 174 | 166 | 153 | 126 | 20 | 132 | 128 | 190 | |
| Trade Payables | 23 | 29 | 27 | 49 | 67 | 63 | 47 | 29 | 39 | 20 |
| 186 | 126 | 61 | 69 | 79 | 79 | 186 | 74 | 75 | 92 | |
| Total Liabilities | 250 | 290 | 282 | 283 | 314 | 295 | 291 | 277 | 284 | 338 |
| 140 | 133 | 128 | 126 | 118 | 155 | 146 | 136 | 143 | 151 | |
| Capital Work in Progress | 25 | 25 | 25 | 11 | 46 | 1 | 1 | 3 | 1 | 1 |
| 29 | 60 | 76 | 32 | 20 | 32 | 49 | 59 | 50 | 100 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66 | 68 | |
| Cash & Bank | 1 | 1 | 2 | 0 | 1 | 1 | 2 | 1 | 1 | 1 |
| 55 | 71 | 51 | 115 | 129 | 106 | 94 | 78 | 24 | 19 | |
| Total Assets | 250 | 290 | 282 | 283 | 314 | 295 | 291 | 277 | 284 | 338 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -30 | -6 | 7 | -4 | 54 | 26 | 27 | 11 | 26 | -21 | |
| Cash from Investing | -1 | -1 | -3 | 8 | -35 | -1 | 0 | -2 | -13 | -18 |
| Cash from Financing | -1 | 7 | -3 | -6 | -18 | -22 | -22 | -7 | -13 | 39 |
| -0 | 0 | 1 | -2 | 0 | 1 | 0 | -1 | 0 | -0 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - S.A.L. Steel Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - S.A.L. Steel Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-15 - S.A.L. Steel Limited has informed the Exchange about Copy of Newspaper Publication of Un-Audited Standalone Financial Result for the Quarter ended June 30,2026
2026-08-14 - S.A.L. Steel Limited has informed the Exchange regarding Appointment of Mrs Monika Goyal (DIN:11881952) as Non- Executive Independent Director of the company w.e.f. August 14, 2026.
2026-08-14 - S.A.L. Steel Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2026.
2026-08-14 - S.A.L. Steel Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05 - S.A.L. Steel Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-20 - S.A.L. Steel Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
2026-07-07 - S.A.L. Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for SALSTEEL
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