Iron & Steel industry

15 companies · ₹8.7 L cr · 6 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: +12.7%; 64% of names up
P/E vs own 5y: +13.7%; 18.8x 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%
YoY: +120bps
Peak: 16.5%
vs peak: 0bps

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

13.52x - 37.68x across the panel today

The median name trades at 18.8x, +13.7% against this industry's own 5-year median of 16.5x, and -50.1% against its own peak of 37.7x.

Exhibit 3Structure

₹8.7 L cr

JSW Steel Ltd is 36.9% of this industry by market cap. The top 5 are 93.4% 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 18.82x, 5y ROCE above its median of 13.18%, 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.

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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	12.5x	8.4x	20.7%	26.5%	+9.8%	Unlock
Tata Steel Ltd	₹2.3 L cr	20.7x	9.2x	11.5%	14.9%	+14.3%	Unlock
Jindal Steel Ltd	₹1.1 L cr	42.0x	14.9x	7.5%	15.4%	+25.9%	Unlock
Steel Authority of India Ltd	₹73,936 cr	17.3x	8.7x	6.8%	12.0%	+1.2%	Unlock
Jindal Stainless Ltd	₹62,446 cr	19.3x	11.9x	18.2%	13.5%	+10.5%	Unlock
Sarda Energy & Minerals Ltd	₹18,459 cr	16.3x	10.3x	16.3%	34.3%	-1.5%	Unlock
Vedanta Iron & Steel Ltd	₹13,100 cr	-	-436662.0x	40.6%	-	-	Unlock
Jai Balaji Industries Ltd	₹5,947 cr	224.8x	16.6x	36.0%	6.2%	+24.0%	Unlock
NMDC Steel Ltd	₹12,818 cr	150.8x	10.9x	3.7%	11.5%	+8.8%	Unlock
Prakash Industries Ltd	₹2,219 cr	6.9x	5.0x	9.4%	19.7%	-0.5%	Unlock
Mukand Ltd	₹2,015 cr	3.2x	5.1x	35.6%	13.3%	+20.7%	Unlock
Manaksia Steels Ltd	₹767 cr	13.7x	11.3x	20.8%	8.4%	+50.6%	Unlock
Scan Steels Ltd	₹346 cr	13.7x	7.9x	8.3%	6.5%	+11.1%	Unlock
Kic Metaliks Ltd	₹115 cr	4.9x	8.2x	34.2%	16.4%	+50.1%	Unlock
Ankit Metal & Power Ltd	₹23 cr	-	-17.8x	25.2%	-26.8%	-25.5%	Unlock

JSW Steel Ltd

Mcap: ₹3.1 L cr
P/E: 12.5x
EV/EBITDA: 8.4x
ROCE: 20.7%
Margin: 26.5%
Rev YoY: +9.8%

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Tata Steel Ltd

Mcap: ₹2.3 L cr
P/E: 20.7x
EV/EBITDA: 9.2x
ROCE: 11.5%
Margin: 14.9%
Rev YoY: +14.3%

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Jindal Steel Ltd

Mcap: ₹1.1 L cr
P/E: 42.0x
EV/EBITDA: 14.9x
ROCE: 7.5%
Margin: 15.4%
Rev YoY: +25.9%

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Steel Authority of India Ltd

Mcap: ₹73,936 cr
P/E: 17.3x
EV/EBITDA: 8.7x
ROCE: 6.8%
Margin: 12.0%
Rev YoY: +1.2%

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Jindal Stainless Ltd

Mcap: ₹62,446 cr
P/E: 19.3x
EV/EBITDA: 11.9x
ROCE: 18.2%
Margin: 13.5%
Rev YoY: +10.5%

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Sarda Energy & Minerals Ltd

Mcap: ₹18,459 cr
P/E: 16.3x
EV/EBITDA: 10.3x
ROCE: 16.3%
Margin: 34.3%
Rev YoY: -1.5%

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Vedanta Iron & Steel Ltd

Mcap: ₹13,100 cr
P/E: -
EV/EBITDA: -436662.0x
ROCE: 40.6%
Margin: -
Rev YoY: -

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Jai Balaji Industries Ltd

Mcap: ₹5,947 cr
P/E: 224.8x
EV/EBITDA: 16.6x
ROCE: 36.0%
Margin: 6.2%
Rev YoY: +24.0%

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NMDC Steel Ltd

Mcap: ₹12,818 cr
P/E: 150.8x
EV/EBITDA: 10.9x
ROCE: 3.7%
Margin: 11.5%
Rev YoY: +8.8%

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Prakash Industries Ltd

Mcap: ₹2,219 cr
P/E: 6.9x
EV/EBITDA: 5.0x
ROCE: 9.4%
Margin: 19.7%
Rev YoY: -0.5%

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Mukand Ltd

Mcap: ₹2,015 cr
P/E: 3.2x
EV/EBITDA: 5.1x
ROCE: 35.6%
Margin: 13.3%
Rev YoY: +20.7%

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Manaksia Steels Ltd

Mcap: ₹767 cr
P/E: 13.7x
EV/EBITDA: 11.3x
ROCE: 20.8%
Margin: 8.4%
Rev YoY: +50.6%

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Scan Steels Ltd

Mcap: ₹346 cr
P/E: 13.7x
EV/EBITDA: 7.9x
ROCE: 8.3%
Margin: 6.5%
Rev YoY: +11.1%

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Kic Metaliks Ltd

Mcap: ₹115 cr
P/E: 4.9x
EV/EBITDA: 8.2x
ROCE: 34.2%
Margin: 16.4%
Rev YoY: +50.1%

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Ankit Metal & Power Ltd

Mcap: ₹23 cr
P/E: -
EV/EBITDA: -17.8x
ROCE: 25.2%
Margin: -26.8%
Rev YoY: -25.5%

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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 headwind2 managements mixed4 managements mixed3 managements

5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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.

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AppendixThe other 0 companies

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