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Steel Authority of India
SectorMetals & Mining
Steel Authority of India Ltd (SAIL) is India's leading steel-making company, producing basic and special steels for domestic and export markets. It operates five integrated steel plants and three special steel plants, primarily in eastern and central India. SAIL manufactures a wide range of products including hot and cold rolled sheets, galvanized sheets, structurals, railway products, plates, and stainless steel. The company has its own research and development center, engineering center, and management training institute. SAIL has undergone significant modernization and expansion, increasing its steel-making capacity to over 21 million tonnes per annum. The company has developed numerous new steel grades and supplies to various national projects. SAIL is majority-owned by the Government of India and has been granted 'Maharatna' status, giving it significant operational and financial autonomy.
In the news
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SAIL Q1 profit doubles to ₹1,644 cr, declares ₹2.35 dividend
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The Quarter story
The two most recent quarterly results, compared side-by-side.
SAIL strengthens its balance sheet and boosts profitability as steel prices recover, though mining output and sales volumes face seasonal volatility.
EBITDA margin expanded from 10.56% in Q3 FY26 to 16.7% in Q1 FY27 — pricing power recovers as steel rates rise
Iron ore production fell from 25.9 MT in Q3 FY26 to 10.4 MT in Q1 FY27 — mining output faces seasonal volatility
Borrowings dropped from ₹28,741 Cr in Q1 FY26 to ₹21,729 Cr in Q1 FY27 — debt reduction eases financial pressure
Galvanized products mix dropped from 6% in Q1 FY26 to 0.9% in Q1 FY27 — coated steel demand weakens
Debt-equity ratio fell from 0.51x in Q1 FY26 to 0.36x in Q1 FY27 — balance sheet strengthens steadily
Saleable steel production dipped from 4.9 MT in Q4 FY26 to 4.5 MT in Q1 FY27 — output constraints emerge
CR Coils and Sheets mix grew from 3% in Q1 FY26 to 6.4% in Q1 FY27 — product portfolio shifts toward higher-value items
Exceptional items turned negative at -₹144 Cr in Q1 FY27 after fluctuating earlier — net profit faces one-off drag
Exports share rose from 0.124% in Q1 FY26 to 1.4% in Q1 FY27 — overseas sales gain traction
Semis mix declined from 9.8% in Q3 FY26 to 6.3% in Q1 FY27 — downstream processing demand shifts
Company insights, generated from the most recent coverage.
Debt/equity of 0.58 is the lowest among the large Indian steelmakers, giving SAIL the most headroom to lever up for the 604 MT national capacity build.
SAIL's capex steps up from ₹15,000 crore in FY27 to over ₹20,000 crore next year and ₹25,000-26,000 crore thereafter, against ₹31,970 crore of debt — the acceleration begins only from FY28, so funding risk is deferred rather than absent.
SAIL imports about 85% of its coking coal while Australian hard coking coal rose from $176/t to $234/t in a year — it carries the sector's largest unhedged exposure to seaborne coal.