Iron & Steel industry

15 companies · ₹7.7 L cr · 10 with AI deep dives · Q1FY27 report

India realisations peak but coking coal costs rise and import surge set a Q2 margin reversal in motion

Turning upmargin troughed at 11.4% and has risen for 6 quarters to 16.5%, on positive revenue growth

Revenue YoY: +11.3%
EBITDA margin: 16.5%; +120bps YoY
Price, 1 year: -4.0%; 45% of names up
P/E vs own 5y: -3.4%; 16.4x now

Exhibit 1The quarter in numbers

constant panel of 11 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1.71 L cr	1.82 L cr	-6.2%	1.53 L cr	+11.3%	1.82 L cr	-6.2%
EBITDA margin	16.5%	15.8%	+70bps	15.3%	+120bps	16.5%	0bps

Revenue

Jun 26: 1.71 L cr
Mar 26: 1.82 L cr
QoQ: -6.2%
Jun 25: 1.53 L cr
YoY: +11.3%
Peak: 1.82 L cr
vs peak: -6.2%

EBITDA margin

Jun 26: 16.5%
Mar 26: 15.8%
QoQ: +70bps
Jun 25: 15.3%

Sept 26: 3 of 12 reported so far, so it is not in the trend above.

Breadth: 82% of 11 companies grew revenue year on year (was 100% a quarter earlier) and 55% expanded margin (was 73%).

Exhibit 2What it costs

12.48x - 33.21x across the panel today

The median name trades at 16.4x, -3.4% against this industry's own 5-year median of 17.0x, and -52.1% against its own peak of 34.3x.

Exhibit 3Structure

₹7.7 L cr

JSW Steel Ltd is 37.5% of this industry by market cap. The top 5 are 93.8% and the top 10 are 99.6%.

large 5mid 3small 3micro 412 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 16.43x, 5y ROCE above its median of 12.44%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (15 of 15)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
JSW Steel Ltd	₹3.1 L cr	10.8x	8.3x	10.8%	16.1%	+20.7%	Unlock
Tata Steel Ltd	₹2.1 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindCoking coal cost spike squeezes spreads sector-wide heading into Q24 managements

Every BF-route producer flagged a material QoQ rise in coking coal consumption cost in Q1 FY27, and all four guide further escalation in Q2. SAIL saw coking coal jump INR3,200/t…

SAIL (Q1FY27): “The imported coal price in quarter 1, '26-'27 was on a higher side, INR21,300 as compared…”

headwind4 managements tailwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name