Steel Exchange India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Iron and Steel: 98.4% • Power: 1.5% • Logistics: 0.1%
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
- Latest quarter profit grew 46.9% YoY, showing strong momentum
- Operating margins have improved to 12.4% from 7.3%
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 22.6% versus prior year
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 4.8% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.17x)
- Interest coverage is weak at 1.6x - earnings barely cover interest
* 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
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 251 | 269 | 256 | 313 | 264 | 261 | 328 | 291 | 300 | 232 | 240 | 287 | 270 | |
| 231 | 250 | 233 | 279 | 239 | 234 | 288 | 259 | 269 | 204 | 218 | 238 | 256 | |
| Operating Profit | 20 | 19 | 23 | 34 | 25 | 27 | 39 | 33 | 31 | 27 | 22 | 50 | 14 |
| OPM % | 8.09% | 7.07% | 9.12% | 10.94% | 9.54% | 10.28% | 12.05% | 11.25% | 10.47% | 11.85% | 9.34% | 17.31% | 5.20% |
| 1 | 1 | 1 | 0 | 2 | 0 | 0 | 17 | 5 | 1 | 1 | 0 | 1 | |
| Interest | 21 | 18 | 19 | 19 | 19 | 18 | 18 | 19 | 19 | 19 | 14 | 18 | 14 |
| Depreciation | 6 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 6 |
| Profit before Tax | -5 | -4 | 0 | 10 | 3 | 3 | 16 | 24 | 10 | 2 | 2 | 26 | 15 |
| Tax % | -0.00% | -0.00% | 0.00% | -94.87% | 0.00% | 0.00% | 0.00% | 80.39% | 0.00% | 0.00% | 0.00% | 51.72% | 0.00% |
| Net Profit | -5 | -4 | 0 | 20 | 3 | 3 | 16 | 5 | 10 | 2 | 2 | 12 | 15 |
| -0.05 | -0.03 | 0.00 | 0.17 | 0.02 | 0.02 | 0.13 | 0.04 | 0.09 | 0.02 | 0.02 | 0.10 | 0.12 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,271 | 922 | 1,024 | 781 | 898 | 1,099 | 1,375 | 1,091 | 1,144 | 1,059 | 1,029 | |
| 1,197 | 933 | 1,009 | 715 | 795 | 995 | 1,281 | 997 | 1,020 | 928 | 915 | |
| Operating Profit | 74 | -11 | 15 | 66 | 104 | 104 | 94 | 94 | 124 | 131 | 114 |
| OPM % | 5.83% | -1.19% | 1.44% | 8.48% | 11.55% | 9.47% | 6.87% | 8.62% | 10.82% | 12.37% | 11.05% |
| -46 | -39 | 8 | 4 | 90 | 22 | 7 | 6 | 20 | 7 | 3 | |
| Interest | 157 | 136 | 10 | 3 | 26 | 88 | 106 | 78 | 75 | 69 | 65 |
| Depreciation | 30 | 29 | 30 | 27 | 25 | 24 | 24 | 21 | 24 | 28 | 27 |
| Profit before Tax | -159 | -215 | -17 | 39 | 143 | 14 | -28 | 1 | 45 | 40 | 45 |
| Tax % | 1.06% | 20.76% | -113.58% | -64.14% | 1.87% | -704.23% | -107.78% | -756.21% | 43.00% | 32.93% | 29.42% |
| Net Profit | -157 | -170 | -37 | 64 | 140 | 116 | -59 | 11 | 26 | 27 | 32 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 17.41 | 13.22 | -0.71 | 0.09 | 0.22 | 0.22 | — |
| 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:
- 3%
- 3 Years:
- -8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- -28%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 9%
- 3 Years:
- 3%
- 1 Year:
- 28%
RETURN ON EQUITY
- 10 Years:
- -3%
- 5 Years:
- 13%
- 3 Years:
- 5%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 76 | 76 | 76 | 76 | 80 | 88 | 104 | 120 | 120 | 125 |
| 222 | 52 | 15 | 80 | 222 | 392 | 403 | 519 | 545 | 631 | |
| 985 | 1,087 | 1,039 | 1,033 | 457 | 440 | 300 | 401 | 376 | 393 | |
| Trade Payables | 108 | 97 | 136 | 109 | 95 | 81 | 143 | 126 | 141 | 107 |
| 326 | 222 | 161 | 90 | 135 | 46 | 142 | 53 | 73 | 98 | |
| Total Liabilities | 1,716 | 1,533 | 1,428 | 1,387 | 989 | 1,047 | 1,092 | 1,218 | 1,254 | 1,353 |
| 695 | 717 | 691 | 666 | 612 | 596 | 579 | 570 | 613 | 590 | |
| Capital Work in Progress | 54 | 5 | 5 | 4 | 6 | 7 | 13 | 30 | 3 | 6 |
| 636 | 579 | 593 | 577 | 194 | 237 | 282 | 296 | 306 | 396 | |
| 0 | 0 | 0 | 0 | 55 | 92 | 0 | 175 | 192 | 221 | |
| Cash & Bank | 16 | 8 | 4 | 26 | 5 | 15 | 19 | 20 | 21 | 16 |
| 313 | 223 | 135 | 114 | 117 | 99 | 199 | 128 | 118 | 124 | |
| Total Assets | 1,716 | 1,533 | 1,428 | 1,387 | 989 | 1,047 | 1,092 | 1,218 | 1,254 | 1,353 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -148 | 50 | 60 | 37 | 79 | 5 | 138 | -48 | 97 | -38 | |
| Cash from Investing | -6 | -2 | -3 | -2 | 13 | 9 | -14 | -49 | -15 | 8 |
| Cash from Financing | 151 | -49 | -58 | -10 | -116 | -1 | -120 | 98 | -81 | 25 |
| -4 | -0 | -1 | 25 | -23 | 13 | 4 | 1 | 1 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding a press release dated September 09, 2026, titled "Steel Exchange India Ltd Signs Strategic MoU with NMDC Limited for Long-Term Iron Ore Procurement, Securing the Supply Chain".
2026-09-09 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Execution of Memorandum of Understanding with NMDC Limited'.
2026-09-07 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding 'Payment of interest to holder of Secured Non-Convertible Debenture - Submission under Regulation 57(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
2026-09-04 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding a press release dated September 04, 2026, titled "Steel Exchange India Limited Sets New Production Record with Highest-Ever Re-Bar Output in August 2026".
2026-09-03 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding 'Operational Update-Highest Monthly Production of Re-Bars in the Rolling Mill of theCompany'.
2026-08-24 - STEEL EXCHANGE INDIA LIMITED has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 22, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-22 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding Proceedings of Annual General Meeting held on August 22, 2026
2026-08-07 - STEEL EXCHANGE INDIA LIMITED has informed the Exchange regarding 'Payment of interest to holder of Secured Non-Convertible Debenture - Submission under Regulation57(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations, 2015'.
2026-08-05 - The Exchange had sought clarification from STEEL EXCHANGE INDIA LIMITED for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
News
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