Steel Authority of India financials: balance sheet, profit and loss, cash flow

NSE: SAILBSE: 500113Ferrous MetalsMid Cap

Steel Authority of India Limited · Face value ₹10 · Listed Oct 1992 on BSE, Jul 1995 on NSE

₹161.00₹1.00 (0.62%)BSE ₹161.20

Share price at the NSE close on 29 Oct 2026. Previous close ₹162.00.

29 Oct: open ₹163.67, high ₹164.39, low ₹160.12

52-week range of traded prices to 29 Oct 2026

₹124.00Low, 19 Dec 2025₹209.70High, 14 May 2026

Market cap: ₹66,501 Cr153rd largest listed
P/E: 11.87
P/B: 1.06
Dividend yield: 1.46%
ROE: 9.3%
ROCE: 10.6%
Debt to equity: 0.33
Volume, NSE: 1,26,04,16041.5% delivered

Steel Authority of India's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Steel Authority of India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,10,811
Materials and goods−55,082
Employee costs−11,406
Other expenses−32,323
Operating profit12,000
Depreciation−5,988
Other income+894
One-off items−668
Finance costs−2,158
Profit before tax4,080
Tax−1,133
Joint ventures+425
Net profit3,373

What the company owns

Plant, investments and other assets₹1,05,104 Cr
Inventory₹23,553 Cr
Receivables₹6,507 Cr
Cash and bank₹733 Cr

What pays for it: net worth and liabilities

Net worth₹60,356 Cr
Other liabilities₹32,726 Cr
Borrowings₹31,928 Cr
Owed to suppliers₹10,886 Cr

Steel Authority of India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Steel Authority of India segment results by quarter

Revenue by segment

₹1,20,266 CrTotal

Bhilai Steel Plant₹31,873 Cr26.5% of total
Bokaro Steel Plant₹27,407 Cr22.8% of total
Rourkela Steel Plant₹25,859 Cr21.5% of total
IISCO Steel Plant₹13,065 Cr10.9% of total
Durgapur Steel Plant₹11,580 Cr9.6% of total
Others₹6,965 Cr5.8% of total
Salem Steel Plant₹2,023 Cr1.7% of total
Alloy Steel Plant₹1,235 Cr1.0% of total
Visvesaraya Iron & Steel Plant₹259 Cr0.2% of total

Profit by segment

Bhilai Steel Plant₹2,832 Cr37.3% of total
Bokaro Steel Plant₹1,415 Cr18.6% of total
Rourkela Steel Plant₹1,609 Cr21.2% of total
IISCO Steel Plant₹982 Cr12.9% of total
Durgapur Steel Plant₹475 Cr6.3% of total
Others₹280 Cr3.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Bhilai Steel Plant
Revenue, ₹ crore
17,018
19,487
19,859
27,993
30,516
33,298
33,433
31,873
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,609
3,399
2,302
2,853
954
3,549
4,091
2,832
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bokaro Steel Plant
Revenue, ₹ crore
16,456
13,412
16,444
28,532
26,344
25,755
22,646
27,407
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,291
469
2,487
6,387
1,219
1,366
126
1,415
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Rourkela Steel Plant
Revenue, ₹ crore
15,605
12,538
15,146
26,831
25,600
26,269
24,091
25,859
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,110
321
2,599
6,348
1,191
1,416
829
1,609
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
IISCO Steel Plant
Revenue, ₹ crore
7,948
7,752
8,309
12,201
13,521
12,699
12,591
13,065
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
303
−433
513
827
558
295
696
982
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Durgapur Steel Plant
Revenue, ₹ crore
9,099
7,727
8,788
11,853
13,250
12,445
12,206
11,580
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
587
−108
973
1,157
502
565
536
475
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
5,078
4,737
6,029
3,324
1,445
1,435
3,277
6,965
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
393
4,278
1,265
781
622
534
440
280
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Salem Steel Plant
Revenue, ₹ crore
1,574
1,713
2,658
1,882
2,407
1,956
2,023
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−228
−54
98
−203
−227
−306
−218
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Alloy Steel Plant
Revenue, ₹ crore
821
714
553
897
1,001
1,190
1,253
1,235
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−64
−71
−71
−122
−72
−16
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Visvesaraya Iron & Steel Plant
Revenue, ₹ crore
101
168
377
311
162
200
259
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−74
−50
−36
−51
−49
−38
−41
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	73,905	68,041	77,010	1,14,666	1,13,870	1,15,661	1,11,654	1,20,266
Company revenue, as in its results	66,974	61,664	69,114	1,03,477	1,04,448	1,05,378	1,02,479	1,10,811
Revenue	17,018	19,487	19,859	27,993	30,516	33,298	33,433	31,873
Revenue growth	–	14.5%	1.9%	41.0%	9.0%	9.1%	0.4%	−4.7%
Profit	1,609	3,399	2,302	2,853	954	3,549	4,091	2,832
Profit growth	–	111.3%	−32.3%	24.0%	−66.6%	271.8%	15.3%	−30.8%
Margin	9.5%	17.4%	11.6%	10.2%	3.1%	10.7%	12.2%	8.9%
Return on capital	–	14.0%	10.3%	12.9%	3.8%	12.9%	16.2%	11.9%
Assets	–	33,072	31,082	31,351	34,203	35,944	32,435	33,879
Liabilities	–	8,819	8,691	9,195	9,301	8,405	7,221	10,041
Capital employed	–	24,254	22,391	22,156	24,902	27,539	25,214	23,838
Revenue	16,456	13,412	16,444	28,532	26,344	25,755	22,646	27,407
Revenue growth	–	−18.5%	22.6%	73.5%	−7.7%	−2.2%	−12.1%	21.0%
Profit	2,291	469	2,487	6,387	1,219	1,366	126	1,415
Profit growth	–	−79.5%	430.9%	156.8%	−80.9%	12.1%	−90.8%	1,027.4%
Margin	13.9%	3.5%	15.1%	22.4%	4.6%	5.3%	0.6%	5.2%
Return on capital	–	3.6%	20.3%	46.4%	7.6%	7.9%	0.7%	8.4%
Assets	–	16,211	15,590	20,786	22,190	23,199	26,436	24,657
Liabilities	–	3,223	3,316	7,016	6,066	5,934	7,254	7,769
Capital employed	–	12,989	12,274	13,769	16,125	17,265	19,181	16,887
Revenue	15,605	12,538	15,146	26,831	25,600	26,269	24,091	25,859
Revenue growth	–	−19.7%	20.8%	77.1%	−4.6%	2.6%	−8.3%	7.3%
Profit	2,110	321	2,599	6,348	1,191	1,416	829	1,609
Profit growth	–	−84.8%	709.1%	144.2%	−81.2%	18.8%	−41.5%	94.2%
Margin	13.5%	2.6%	17.2%	23.7%	4.7%	5.4%	3.4%	6.2%
Return on capital	–	1.9%	16.1%	36.3%	6.3%	7.1%	4.4%	8.9%
Assets	–	21,079	20,560	25,845	28,204	29,561	27,842	28,104
Liabilities	–	4,230	4,433	8,367	9,203	9,550	8,959	10,043
Capital employed	–	16,848	16,126	17,478	19,001	20,011	18,883	18,061
Revenue	7,948	7,752	8,309	12,201	13,521	12,699	12,591	13,065
Revenue growth	–	−2.5%	7.2%	46.8%	10.8%	−6.1%	−0.8%	3.8%
Profit	303	−433	513	827	558	295	696	982
Profit growth	–	–	–	61.1%	−32.5%	−47.1%	135.8%	41.1%
Margin	3.8%	−5.6%	6.2%	6.8%	4.1%	2.3%	5.5%	7.5%
Return on capital	–	−2.6%	3.4%	5.9%	3.9%	2.1%	5.0%	6.7%
Assets	–	18,106	16,551	15,750	15,868	15,985	15,615	16,336
Liabilities	–	1,513	1,549	1,753	1,603	1,585	1,577	1,711
Capital employed	–	16,593	15,003	13,997	14,265	14,400	14,039	14,625
Revenue	9,099	7,727	8,788	11,853	13,250	12,445	12,206	11,580
Revenue growth	–	−15.1%	13.7%	34.9%	11.8%	−6.1%	−1.9%	−5.1%
Profit	587	−108	973	1,157	502	565	536	475
Profit growth	–	–	–	18.9%	−56.6%	12.4%	−5.0%	−11.4%
Margin	6.4%	−1.4%	11.1%	9.8%	3.8%	4.5%	4.4%	4.1%
Return on capital	–	−2.5%	28.5%	35.4%	12.9%	10.2%	9.6%	7.9%
Assets	–	6,931	6,232	6,283	7,440	8,869	9,344	9,753
Liabilities	–	2,588	2,823	3,017	3,547	3,314	3,768	3,744
Capital employed	–	4,343	3,409	3,266	3,893	5,555	5,576	6,009
Revenue	5,078	4,737	6,029	3,324	1,445	1,435	3,277	6,965
Revenue growth	–	−6.7%	27.3%	–	−56.5%	−0.7%	128.4%	112.5%
Profit	393	4,278	1,265	781	622	534	440	280
Profit growth	–	987.9%	−70.4%	–	−20.3%	−14.2%	−17.5%	−36.4%
Margin	7.7%	90.3%	21.0%	23.5%	43.1%	37.2%	13.4%	4.0%
Return on capital	–	–	–	–	19.7%	12.8%	5.8%	6.1%
Assets	–	28,132	24,264	15,144	16,961	20,962	18,862	17,112
Liabilities	–	29,913	31,337	17,048	13,806	16,792	11,286	12,494
Capital employed	–	−1,782	−7,073	−1,904	3,156	4,170	7,576	4,618
Revenue	–	1,574	1,713	2,658	1,882	2,407	1,956	2,023
Revenue growth	–	–	8.9%	55.2%	−29.2%	27.9%	−18.7%	3.4%
Profit	–	−228	−54	98	−203	−227	−306	−218
Margin	–	−14.5%	−3.2%	3.7%	−10.8%	−9.4%	−15.6%	−10.8%
Return on capital	–	−10.5%	−2.9%	5.8%	−10.1%	−10.5%	−14.4%	−11.0%
Assets	–	2,485	2,301	2,212	2,516	2,798	2,666	2,592
Liabilities	–	312	439	534	501	622	546	610
Capital employed	–	2,173	1,861	1,677	2,014	2,176	2,120	1,982
Revenue	821	714	553	897	1,001	1,190	1,253	1,235
Revenue growth	–	−13.0%	−22.6%	–	–	–	5.3%	−1.4%
Profit	−5	−64	−71	−71	−122	−72	−16	−3
Margin	−0.6%	−8.9%	−12.8%	−8.0%	−12.2%	−6.0%	−1.3%	−0.2%
Return on capital	–	−17.6%	−21.4%	−22.7%	−33.7%	−19.1%	−4.3%	−0.6%
Assets	–	564	545	565	619	695	749	842
Liabilities	–	203	213	250	258	321	370	359
Capital employed	–	362	332	315	361	374	379	483
Revenue	–	101	168	377	311	162	200	259
Profit	–	−74	−50	−36	−51	−49	−38	−41
Margin	–	−73.4%	−29.7%	−9.5%	−16.3%	−30.0%	−18.9%	−15.9%
Return on capital	–	−25.4%	−17.8%	−17.3%	−28.4%	−48.8%	−34.3%	−29.8%
Assets	–	347	327	271	238	225	240	278
Liabilities	–	56	46	64	60	125	129	139
Capital employed	–	291	281	208	178	100	111	139
Revenue	1,701	–	–	–	–	–	–	–
Profit	−121	–	–	–	–	–	–	–
Margin	−7.1%	–	–	–	–	–	–	–
Revenue	180	–	–	–	–	–	–	–
Profit	−73	–	–	–	–	–	–	–
Margin	−40.9%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Steel Authority of India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 27 Oct
Revenue from operations	49,829	58,966	66,974	61,664	69,114	1,03,477	1,04,448	1,05,378	1,02,479	1,10,811	1,16,428
	49,762	54,331	57,212	51,448	56,375	82,135	96,408	94,229	91,833	98,811	1,01,356
Materials and goods bought	21,279	27,877	29,687	23,794	27,490	42,611	57,025	54,354	50,997	55,082	56,983
Employee costs	–	–	8,849	8,797	10,461	12,862	12,072	11,766	11,675	11,406	11,320
Other expenses	–	–	18,676	18,857	18,424	26,663	27,312	28,109	29,161	32,323	33,052
Operating profit before depreciation	67	4,636	9,762	10,216	12,739	21,342	8,039	11,149	10,646	12,000	15,072
Operating margin	0.1%	7.9%	14.6%	16.6%	18.4%	20.6%	7.7%	10.6%	10.4%	10.8%	12.9%
Materials, % of revenue	–	–	44.3%	38.6%	39.8%	41.2%	54.6%	51.6%	49.8%	49.7%	48.9%
Employee costs, % of revenue	–	–	13.2%	14.3%	15.1%	12.4%	11.6%	11.2%	11.4%	10.3%	9.7%
Other expenses, % of revenue	–	–	27.9%	30.6%	26.7%	25.8%	26.1%	26.7%	28.5%	29.2%	28.4%
Depreciation and amortisation	2,682	3,066	3,385	3,756	4,103	4,275	4,964	5,278	5,651	5,988	6,262
Operating profit after depreciation	−2,615	1,570	6,376	6,460	8,636	17,067	3,076	5,871	4,996	6,012	8,810
Other income	449	415	495	906	861	859	950	1,067	875	894	964
Finance costs	2,528	2,823	3,155	3,487	2,817	1,698	2,037	2,474	2,793	2,158	2,096
Profit before one-off items and tax	−4,693	−838	3,716	3,879	6,679	16,227	1,989	4,464	3,077	4,748	7,678
One-off items	−217	26	−389	−772	58	−353	258	−841	−313	−668	−546
Profit before tax	−4,910	−811	3,326	3,107	6,738	15,874	2,247	3,623	2,765	4,080	7,132
	−1,960	−245	1,201	1,181	3,058	4,048	716	995	880	1,133	1,889
Current tax	–	–	14	81	16	7	125	613	821	1,399	2,214
Deferred tax	–	–	1,187	1,100	3,041	4,041	590	382	58	−267	−325
Share of profit of joint ventures and associates	–	–	223	194	468	418	646	439	487	425	361
	−2,756	−281	2,349	2,121	4,148	12,243	2,177	3,067	2,372	3,373	5,604
Belonging to the company's shareholders	−2,756	−281	2,349	2,121	4,148	12,243	2,177	3,067	2,372	3,373	5,604
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0	–
Other comprehensive income	–	–	355	26	161	−10	−299	−93	−187	61	−99
Total comprehensive income	–	–	2,704	2,147	4,309	12,234	1,877	2,974	2,185	3,434	5,505
Net margin	−5.5%	−0.5%	3.5%	3.4%	6.0%	11.8%	2.1%	2.9%	2.3%	3.0%	4.8%
Net margin without joint ventures and associates	–	–	3.2%	3.1%	5.3%	11.4%	1.5%	2.5%	1.8%	2.7%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 27 Oct
	39,646	41,510	45,406	54,212	54,747	57,101	58,906	60,356	62,520
	39,646	41,510	45,406	54,212	54,747	57,101	58,906	60,356	62,520
Share capital	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131	4,131
Reserves	35,516	37,380	41,276	50,081	50,616	52,971	54,775	56,225	58,389
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	0	0	0
	41,434	51,201	35,576	13,386	25,662	36,323	36,934	31,928	20,583
Repayable after a year	30,803	34,560	19,726	8,136	6,113	14,803	16,654	16,756	6,003
Repayable within a year	10,631	16,641	15,850	5,250	19,549	21,519	20,280	15,172	14,580
	41,617	44,965	46,498	39,343	49,334	53,464	46,190	43,620	48,742
Trade payables	7,225	6,322	7,015	16,922	14,342	15,332	10,504	10,886	12,011
Other financial liabilities	14,738	13,741	14,024	11,922	10,525	10,544	9,671	11,557	14,766
Other liabilities	6,707	5,757	7,555	4,077	3,534	4,566	4,196	3,861	4,387
Provisions	2,315	2,324	2,041	1,172	1,382	1,294	1,391	1,537	1,841
Tax owed	0	180	12	1	3	209	148	607	1,157
	36,689	40,453	27,342	26,555	26,400	30,143	31,275	31,920	30,280
Other financial liabilities	1,331	1,369	1,304	5,031	6,166	1,450	1,473	1,697	11,041
Other liabilities	253	398	440	2,683	2,680	1,860	493	499	492
Provisions	4,296	4,116	4,534	5,343	5,617	5,737	6,106	6,156	6,095
Deferred tax	0	0	1,334	5,358	5,821	6,286	6,543	6,806	6,643
Trade payables	7	11	4	3	3	6	6	6	6
	1,17,952	1,26,928	1,19,246	1,20,109	1,30,481	1,40,709	1,36,371	1,35,896	1,41,542
Held for sale or for a demerger	11	27	17	14	29	15	4	4	3
	85,405	85,802	87,062	91,222	92,486	92,571	94,482	99,976	1,02,936
Plant in use, after depreciation	59,922	65,384	64,133	68,383	67,111	65,415	65,061	64,710	–
Plant being built	16,014	8,753	8,881	4,017	4,891	6,141	7,206	10,552	–
Intangible assets	0	3,649	3,485	1,459	1,521	7,010	8,264	11,279	2,664
Goodwill	1,451	0	0	0	0	0	0	0	0
Property held to earn rent	1	1	0	3,835	4,911	1	1	1	1
Investments	135	133	145	170	218	310	372	514	514
Stakes in joint ventures and associates	2,840	3,107	3,298	3,587	3,968	4,279	4,603	3,825	3,865
Loans given	564	665	757	560	655	877	951	12	8
Other financial assets	255	449	4,573	236	371	445	623	1,745	1,849
Deferred tax	2,867	2,022	218	296	595	375	452	476	692
Trade receivables	0	1	1	0	0	0	–	–	–
Other assets	1,357	1,637	1,573	8,679	8,245	7,718	6,948	6,864	17,140
	32,536	41,098	32,167	28,873	37,965	48,123	41,885	35,915	38,602
Inventories	19,510	23,836	15,334	19,608	27,765	32,721	29,151	23,553	25,572
Trade receivables	4,497	8,845	7,154	4,771	5,390	8,355	7,610	6,507	5,278
Cash and cash equivalents	66	191	518	132	57	69	292	29	105
Other bank balances	222	254	278	655	494	604	675	704	1,621
Loans given	54	50	50	43	35	28	23	21	21
Other financial assets	2,161	2,189	2,478	1,341	1,263	1,369	1,222	1,455	1,381
Tax paid in advance	154	0	0	0	0	433	0	–	–
Other assets	5,871	5,733	6,354	2,324	2,962	4,542	2,912	3,646	4,624
Net debt	41,146	50,756	34,780	12,600	25,111	35,650	35,967	31,195	18,856

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	23,430	30,987	−5,290	2,911	10,023	19,039	7,489
	23,457	31,078	−4,869	3,014	10,558	19,723	8,336
	10,064	9,484	−13,732	−7,650	−428	7,838	27
Receivables	1,623	3,313	−718	−2,999	595	1,112	1,215
Inventories	4,122	−4,852	−8,435	−5,039	3,488	5,718	−1,958
Payables	686	8,878	−2,335	993	−4,829	382	1,124
Other working capital	3,634	2,146	−2,244	−605	318	626	−355
Tax paid	−26	−92	−421	−104	−644	−684	−846
Capital spending	3,673	3,665	3,931	4,711	6,221	8,758	5,333
Free cash flow	19,758	27,321	−9,221	−1,800	3,802	10,281	2,156
	−3,413	−3,976	−3,371	−4,261	−5,377	−7,899	−5,069
Plant and property sold	143	236	409	503	844	661	112
Interest received	129	196	202	196	0	217	98
Dividends received	3	0	5	6	0	9	2
	−19,690	−27,398	8,587	1,362	−4,424	−11,403	−2,343
Borrowings raised	0	0	12,009	5,000	1,250	1,125	1,225
Borrowings repaid	−16,335	−22,409	0	−61	−2,040	−9,311	−2,311
Interest paid	−2,942	−1,922	−2,080	−2,157	−2,398	−1,454	−580
Lease payments	0	0	0	−801	−822	−1,102	−678
Dividends paid	413	3,067	1,342	620	413	661	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	328	−387	−74	12	222	−263	77

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Steel Authority of India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Earnings per share	−₹6.67	−₹0.68	₹5.69	₹5.13	₹10.04	₹29.64	₹5.27	₹7.42	₹5.74	₹8.17
Diluted earnings per share	−₹6.67	−₹0.68	₹5.69	₹5.13	₹10.04	₹29.64	₹5.27	₹7.42	₹5.74	₹8.17
Dividend per share	–	–	₹0.50	–	₹2.80	₹8.75	₹1.50	₹2.00	₹1.60	₹2.35
Book value per share	–	–	₹95.98	₹100.50	₹109.93	₹131.25	₹132.54	₹138.24	₹142.61	₹146.12
Dividend payout	–	–	8.8%	–	27.9%	29.5%	28.5%	26.9%	27.9%	28.8%
Shareholder yield	–	–	–	–	1.3%	7.5%	3.9%	1.1%	0.9%	1.1%
Market cap at the year end (₹ crore)	25,320	28,996	22,202	9,521	32,549	40,706	34,159	55,452	47,575	62,544

Ratios

Consolidated, years to March.Steel Authority of India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	26.1%	–	–	−7.9%	12.1%	49.7%	0.9%	0.9%	−2.8%	8.1%
Operating profit growth	–	6,809.5%	110.6%	4.7%	24.7%	67.5%	−62.3%	38.7%	−4.5%	12.7%
Net profit growth	–	–	–	−9.7%	95.6%	195.2%	−82.2%	40.9%	−22.7%	42.2%
Earnings per share growth	–	–	–	−9.8%	95.7%	195.2%	−82.2%	40.8%	−22.6%	42.3%
	–	–	5.9%	5.2%	9.5%	24.6%	4.0%	5.5%	4.1%	5.7%
	–	–	–	−0.7 pts	4.3 pts	15.0 pts	−20.6 pts	1.5 pts	−1.4 pts	1.6 pts
From the net margin	–	–	–	−0.1 pts	3.9 pts	9.3 pts	−20.3 pts	1.6 pts	−1.1 pts	1.3 pts
From asset turnover	–	–	–	−0.7 pts	1.0 pts	10.2 pts	−0.2 pts	−0.4 pts	−0.2 pts	0.5 pts
From borrowing	–	–	–	0.1 pts	−0.6 pts	−4.4 pts	−0.2 pts	0.3 pts	−0.1 pts	−0.3 pts
Return on capital employed	–	–	7.9%	7.0%	10.7%	25.2%	3.8%	6.3%	5.2%	6.5%
Cash conversion	–	–	–	–	564.8%	253.1%	−243.1%	94.9%	422.6%	564.5%
Interest cover	–	0.6	2.0	1.9	3.1	10.1	1.5	2.4	1.8	2.8
Debt to equity	–	–	1.05	1.23	0.78	0.25	0.47	0.64	0.63	0.53
Receivable days	–	–	25	52	38	17	19	29	27	21
Inventory days	–	–	240	366	204	168	178	220	209	156
Payable days	–	–	89	97	93	145	92	103	75	72
Cash conversion cycle, days	–	–	176	321	148	40	105	146	161	105
Working capital days	–	–	7	73	4	−21	27	54	53	22
Asset turnover	–	–	0.57	0.50	0.56	0.86	0.83	0.78	0.74	0.81
Assets per rupee of net worth	–	–	2.98	3.02	2.83	2.40	2.30	2.42	2.39	2.28
Sales per rupee of plant	–	–	1.12	0.94	1.08	1.51	1.56	1.61	1.58	1.71
Capital spending to depreciation	–	–	–	–	0.90	0.86	0.79	0.89	1.10	1.46
Plant being built, % of plant in use	–	–	26.7%	13.4%	13.8%	5.9%	7.3%	9.4%	11.1%	16.3%

Interest cover is left blank for the year to Mar 2017: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.5%
Cash from operations against operating profit: 158.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	9.9%	2.0%
Profit growth, yearly rate	–	−4.1%	15.7%
Return on equity, average	–	8.8%	5.1%
Return on capital employed, average	–	9.4%	6.0%
Operating margin, average	11.8%	12.0%	10.6%
Net margin, average	2.9%	4.4%	2.8%
Asset turnover, average	–	0.81	0.78
Cash conversion cycle, days, average	–	111	137
Interest cover, average	2.9	3.7	2.3
Debt to equity, average	–	0.50	0.60

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	57,670	31,973	19,039
Cash from investing	−24,884	−17,537	−7,899
Cash from financing	−33,276	−14,465	−11,403
Capital spending	27,286	19,690	8,758
Dividends paid	6,103	1,694	661
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	19,384	7,375	1,125
Borrowings repaid	33,820	11,412	9,311

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	7	8	5	6	6	7
Altman Z-scorePublished threshold 1.81	1.25	1.10	1.45	2.19	1.62	1.77	1.78	1.97
Beneish M-scorePublished threshold −1.78	–	–	−3.28	−3.15	−2.07	−2.07	−2.82	−3.05
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−12.89	−12.34	8.65	3.26	−1.64	−5.71
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	2.65	1.64	1.00	3.63
Receivables growth less revenue growthOur threshold 0 percentage points	–	104.59	−31.20	−83.03	12.04	54.13	−6.17	−22.63
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	42.02	−51.20	−27.13	7.77	22.54	−4.73	−27.21
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.43	1.32	−4.99	0.54	2.01	−2.16	0.87
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.95	3.11	0.47	1.33	1.71	1.36	1.87
Effective tax ratePublished threshold 17.16 per cent	36.09	38.00	45.38	25.50	31.86	27.47	31.82	27.76
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	24.93	13.11	24.61	8.52	11.00

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	CARE Ratings Limited	BondsLong-term scale	WithdrawnWithdrawn
6 Oct 2026	CARE Ratings Limited	Fund-based - ST-Working Capital LimitsShort-term scale	CARE A1+Review, Re-affirm		48,250
6 Oct 2026	CARE Ratings Limited	Fund-based - LT-Term LoanLong-term scale	CARE AAReview, Re-affirmOutlook revised	Positive	14,850
6 Oct 2026	CARE Ratings Limited	Commercial PaperShort-term scale	CARE A1+Review, Re-affirmProposed		8,000
2 Sep 2026	India Ratings and Research Private Limited	Commercial paper	IND A1+Review, Re-affirm		8,000
2 Sep 2026	India Ratings and Research Private Limited	Bond	WDReview, Other		14
2 Sep 2026	India Ratings and Research Private Limited	Fixed deposit [by NBFCs,HFCs, FIs]	IND AA+Review, Upgrade	Stable	1,000
2 Sep 2026	India Ratings and Research Private Limited	Issuer Rating	IND AA+Review, Upgrade	Stable
2 Sep 2026	India Ratings and Research Private Limited	Bank loan facilities	IND AA+; IND A1+Review, Other	Stable	22,000
7 Oct 2025	CARE Ratings Limited	Fixed Deposit	WithdrawnReview, Other
3 Sep 2025	India Ratings and Research Private Limited	Term deposit	IND AAReview, Re-affirm	Stable	1,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Steel Authority of India business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

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