Iron & Steel Products industry

148 companies · ₹3.5 L cr · 48 with AI deep dives · Q1FY27 report

Hormuz closure and JJM trough strike simultaneously; H2 recovery needs two unrelated unknowns to resolve

Turning upmargin troughed at 11.4% and has risen for 7 quarters to 11.9%, on positive revenue growth

Revenue YoY: +15.3%
EBITDA margin: 11.9%; -50bps YoY
Price, 1 year: +2.8%; 56% of names up
P/E vs own 5y: +36.2%; 27.6x now

Exhibit 1The quarter in numbers

constant panel of 45 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	45,564 cr	46,679 cr	-2.4%	39,519 cr	+15.3%	46,679 cr	-2.4%
EBITDA margin	11.9%	11.9%	0bps	12.4%	-50bps	12.4%	-50bps

Revenue

Jun 26: 45,564 cr
Mar 26: 46,679 cr
QoQ: -2.4%
Jun 25: 39,519 cr
YoY: +15.3%
Peak: 46,679 cr
vs peak: -2.4%

EBITDA margin

Jun 26: 11.9%
Mar 26: 11.9%
QoQ: 0bps
Jun 25: 12.4%

Sept 26: 7 of 52 reported so far, so it is not in the trend above.

Breadth: 77% of 48 companies grew revenue year on year (was 70% a quarter earlier) and 56% expanded margin (was 57%).

Exhibit 2What it costs

16.69x - 38.36x across the panel today

The median name trades at 27.6x, +36.2% against this industry's own 5-year median of 20.3x, and -7.6% against its own peak of 29.9x.

Exhibit 3Structure

₹3.5 L cr

Welspun Corp Ltd is 18.2% of this industry by market cap. The top 5 are 52.2% and the top 10 are 68.2%.

large 2mid 6small 32micro 10852 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 27.64x, 5y ROCE above its median of 12.43%, 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 (25 of 149)

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
Welspun Corp Ltd	₹61,801 cr	26.8x	27.0x	23.0%	13.3%	+14.9%	Unlock
APL Apollo Tubes Ltd	₹57,477 cr

Exhibit 6What managements said

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

headwindStrait of Hormuz/Middle East closure: export volumes frozen, freight costs elevated sector-wide11 managements

From March 2026, all seaborne MENA-bound shipments from India suspended. JINDALSAW's 600,000 MT Saudi work order is on hold; USHAMART Middle East wire rope fell 28% YoY accounting…

JINDALSAW (Q1FY27): “While we hold a strong order book, including a 6 lakh metric ton work order from Saudi…”

headwind3 managements tailwind8 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.

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AppendixThe other 124 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Sunflag Iron & Steel Company Ltd	₹6,976 cr	33.9x	15.4x	4.1%	12.1%	+6.5%	Unlock