Steel companies in India: list of 36 steel stocks

The only rule is the industry: a company is listed if it is classed under Ferrous Metals. Ferrous means iron-based, so the group covers integrated steelmakers, stainless steel makers, producers of sponge iron, pig iron and ferro alloys, and a few iron ore and pellet companies. There is no size, price or profit cut-off.

Market cap is share price times shares outstanding. P/E is market cap divided by the last twelve months' profit that belongs to the company's own shareholders. One-day and one-year changes are adjusted for splits and bonuses and exclude dividends.

ROCE, return on capital employed, is operating profit after depreciation, leaving out other income and one-off items, as a percentage of net worth plus borrowings. Lease liabilities are left out because results filings do not state them.

Steel companies buy iron ore and coking coal, or scrap, and sell flat products such as coils and plates and long products such as bars and rods. Metal prices are set largely by global supply and demand, so earnings swing with the price cycle. Demand comes mainly from construction, infrastructure, automobiles and machinery, and a P/E or ROCE describes one point in the cycle.

Trade policy matters for steel. A three-year safeguard duty on certain flat steel imports runs from 21 Apr 2025 to 20 Apr 2028: 12% in the first year, 11.5% in the second and 11% in the third, with imports priced above set floor prices exempt.

A company that makes steel as one of several businesses may sit in another industry and not appear here. Ratios use each company's own latest accounts, so comparing producers with different product mixes is approximate.