MarketFriction

S.A.L Steel Ltd

NSE SALSTEEL · BSE 532604 · Sponge Iron
₹98.92 -0.14%
NSE close2026-10-01
52 week range26.10 - 101.53
Market cap₹1,403 Cr.
ASM long-term Price band 5% Delivery 34.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales157.00129.53139.46110.71123.52193.82116.94127.6865.732.2011.9787.37
Expenses151.23127.26130.16104.73117.65181.73117.09132.9952.762.234.8973.82
Operating Profit5.772.279.305.985.8712.09-0.15-5.3112.97-0.037.0813.55
OPM %3.68%1.75%6.67%5.40%4.75%6.24%-0.13%-4.16%19.73%-1.36%59.15%15.51%
Other Income0.000.000.000.000.00-4.160.000.000.0016.090.000.00
Interest3.203.223.173.183.224.875.104.935.145.674.576.25
Depreciation2.402.382.462.602.552.582.842.692.702.692.792.77
Profit before tax0.17-3.333.670.200.100.48-8.09-12.935.137.70-0.284.53
Tax %17.65%-25.53%26.43%20.00%40.00%241.67%-26.21%-25.21%27.29%13.90%267.86%31.79%
Net Profit0.14-2.482.700.160.06-0.68-5.97-9.673.736.63-1.033.09
EPS in Rs0.02-0.290.320.020.01-0.08-0.70-1.140.440.61-0.070.21
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales327361446571408301505496577544207167
Expenses304351440562426301509487555521193134
Operating Profit231069-18-0-4821231534
OPM %7%2.7%1.4%1.6%-4.5%-0.1%-0.7%1.7%3.7%4.3%7%20%
Other Income-31266-19442229142-31616
Interest12112200813172022
Depreciation88888991010111111
Profit before tax-29464-1917121661-7-017
Tax %0%75%34%16%7%7%29%36%26%-12%-10%
Net Profit-29142-2216121240-6-012
EPS in Rs-3.390.104.99-2.541.871.361.360.420.06-0.76-0.021.19
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-4%-7%-25%-70%
Compounded Profit Growth%%%80%
Stock Price CAGR43%58%81%245%
Return on Equity%-1%-10%-18%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8585858585858585858585145
Reserves-91-120-124-65-86-70-59-47-43-43-462
Borrowings12186172175170161146124125125178349
Other Liabilities17219916287114139123129110117122126
Total Liabilities287250296282283314295291277284338621
Fixed Assets147140133128126118155146136143151142
CWIP56252525114611311174
Investments000000000000
Other Assets8386138130147150139144137140187306
Total Assets287250296282283314295291277284338621
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity222-67-4542422826-21-84
Cash from Investing Activity0-1-1-38-35-10-2-13-18-175
Cash from Financing Activity-22-17-3-6-18-22-22-7-1339259
Net Cash Flow0-001-2010-10-00
Free Cash Flow220-644182322826-40-259
CFO/OP84%8%-61%108%-44%-295%-8,893%-729%126%123%-91%-581%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1345512858107104405142453
Inventory Days4348928528225647574081543
Days Payable3438443043751114628321758
Cash Conversion Cycle22559983435450418150110488
Working Capital Days-216-228-433523108-71322519293
ROCE %10%18%5%1%2%11%7%10%8%8%7%1%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%61.47%70.98%70.98%
FIIs0.00%0.00%0.00%0.00%0.07%0.05%0.00%0.15%0.00%0.00%0.00%0.00%
Public49.44%49.43%49.44%49.43%49.36%49.38%49.44%49.29%49.44%38.53%29.01%29.01%
No. of Shareholders43,28455,58969,41366,36065,09763,90464,48663,56560,88457,12455,13253,818

Fundamentals

Market Cap₹ 1,403 Cr.
Current Price₹ 97.1
Book Value₹ 10.1
ROCE1.08 %
ROE-17.7 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-70%
Compounded Profit Growth (TTM)80%
Standalone figures.
Valuation
Market capRs 1,432 Cr
Enterprise valueRs 1,781 Cr
P/E (TTM)115.30x
Price to book9.77x
Price to sales8.56x
EV / EBITDA35.86x
EV / EBIT46.00x
EV / sales10.65x
Earnings yield0.87%
P/E, 3-year average373.31x
P/B, 3-year average3.87x
P/E, 5-year average137.81x
P/B, 5-year average3.33x
Profitability
Operating margin (excl. other income)7.00%
Operating margin (incl. other income)14.84%
EBITDA margin29.69%
Pre-tax margin10.21%
Net profit margin7.43%
Net margin, latest quarter3.54%
ROE-0.38%
ROCE5.59%
ROA-0.07%
ROE, 3-year average-5.05%
ROCE, 3-year average6.17%
ROA, 3-year average-0.66%
ROE, 5-year average5.97%
ROCE, 5-year average7.29%
ROA, 5-year average0.64%
ROIC (approx.)7.01%
Tax rate10.26%
Other income / net worth11.09%
Growth
Sales growth (latest year)-61.88%
Sales CAGR, 3 years-25.21%
Sales CAGR, 5 years-7.17%
Sales growth QoQ629.91%
Sales growth YoY (latest quarter)-31.57%
Per share
EPS (TTM)Rs 0.86
EPS (latest year)Rs -0.02
EPS (latest quarter)Rs 0.21
EPS, 3-year averageRs -0.24
EPS, 5-year averageRs 0.21
Book value per shareRs 10.13
Sales per shareRs 11.55
Cash flow per shareRs -5.82
Free cash flow per shareRs -17.89
Efficiency
Asset turnover0.33x
Fixed asset turnover1.46x
Inventory turnover0.78x
Inventory days468 days
Debtor days3 days
Debtors turnover121.29x
Creditor days58 days
Cash conversion cycle488 days
Working capital days293 days
Leverage
Total debtRs 349 Cr
Cash and bankRs 0 Cr
Net debtRs 349 Cr
Debt to equity2.38x
Net debt / EBITDA7.02x
Interest coverage1.79x
Current ratio (filing 2026-03-31)2.31x
Quick ratio (filing 2026-03-31)0.48x
Trade payables (filing 2026-03-31)Rs 25 Cr
Owners' fund to total sources23.59%
Debt to assets56.19%
Cash flow
Cash from Operating Activity (latest year)Rs -84 Cr
Cash from Investing Activity (latest year)Rs -175 Cr
Cash from Financing Activity (latest year)Rs 259 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -259 Cr
FCFE (approx.: FCF + change in debt)Rs -87 Cr
Cash from ops / profit, 5 years-4.90x
Statement figures
Net sales (TTM)Rs 167 Cr
Net sales (latest year)Rs 207 Cr
Sales (latest quarter)Rs 87 Cr
Operating profit excl. other income (latest year)Rs 15 Cr
Operating profit (latest quarter)Rs 14 Cr
Other income (TTM)Rs 16 Cr
EBITDA (TTM)Rs 50 Cr
PBDT (TTM)Rs 28 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 12 Cr
Net profit (latest year)Rs -0 Cr
Net profit (latest quarter)Rs 3 Cr
Depreciation (TTM)Rs 11 Cr
Depreciation (latest quarter)Rs 3 Cr
Interest (TTM)Rs 22 Cr
Cost of goods sold (latest year)Rs 182 Cr
Total expenditure (latest year)Rs 193 Cr
Total income (latest year)Rs 224 Cr
Share capitalRs 145 Cr
ReservesRs 2 Cr
Shareholders' fundsRs 147 Cr
Total assetsRs 621 Cr
Net blockRs 142 Cr
Capital work in progressRs 174 Cr
ReceivablesRs 2 Cr
InventoryRs 233 Cr
Other liabilitiesRs 126 Cr
Shares outstanding (crore)14.48
Ownership
Promoter holding70.98% (+20.42 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 115.3 is at the 88th percentile of its own 6.5-year range (median 15.8, low 1.6, high 134.1).
P/B 9.77 is at the 88th percentile (median 5.76).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSALSTEELNifty 50Difference
1 week+10.8%-2.8% +13.6 pts
1 month+20.0%-6.8% +26.8 pts
3 months+75.1%-7.6% +82.7 pts
6 months+168.8%+0.4% +168.4 pts
1 year+247.5%-9.9% +257.4 pts
2 years+250.5%-13.6% +264.1 pts
3 years+501.3%+14.2% +487.2 pts
5 years+904.3%+27.9% +876.4 pts

Red flags

F-score 2 of 8
explainHigh accruals Profit exceeded operating cash by 14% of total assets in 2026
explainShare dilution Share count up 70% in a year, 70% in three
lookInventory outrunning sales Inventory grew 134% vs sales -62% in 2026
lookRepeated losses Net loss in each of the last two years
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹87 Cr -31.6% vs Jun 2025. Net profit ₹3 Cr +132.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2022-09-07Annual General Meeting
2021-09-13 Annual General Meeting
2020-12-09 Annual General Meeting
2019-09-11 Annual General Meeting
2018-09-11 Annual General Meeting (Date Revised)
2017-09-20 Annual General Meeting
2016-09-14 Annual General Meeting
2015-09-14Annual General Meeting
2014-09-15Annual General Meeting
2013-09-13Annual General Meeting
2012-09-13Annual General Meeting
2011-09-15Annual General Meeting
2010-09-08Annual General Meeting
2009-09-08Annual General Meeting
2008-09-08Annual General Meeting
2007-09-06Agm
2006-09-15Agm
DateTypeWhat it says
2026-10-01General UpdatesAvailing Term Loan of Rs 75,00,00,000 (Seventy Five Crore only) from Kotak Mahindra Bank Limited
2026-10-01General UpdatesAvailing additional Term Loan of Rs 75,00,00,000 (Rupees Seventy Five Crore only) from Kotak Mahindra Bank Limited
2026-10-01Board meeting outcomeOutcome of Board Meeting held on October 01, 2026.
2026-09-26Shareholder meetingVoting results.
2026-09-25Shareholder meetingProceedings of Annual General Meeting held on September 25, 2026
2026-09-24Disclosure under SEBI TakeovS.A.L. Steel Limited has submitted to  the Exchange a copy of Disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011.
2026-09-01Shareholder meetingNotice of Annual General Meeting to be held on September 25, 2026
2026-08-14AppointmentAppointment of Mrs Monika Goyal (DIN:11881952) as Non- Executive Independent Director of the company w.e.f. August 14, 2026.
2026-08-14Board meeting outcomeOutcome of Board Meeting held on August 14, 2026.
2026-08-14Board meeting outcomeS.A.L. Steel Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-20Disclosure under SEBI TakeovS.A.L. Steel Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-07-06Disclosure under SEBI TakeovS.A.L. Steel Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substant...
2026-07-01AppointmentAppointment of Shri Anil Kumar Singh as Chief Financial Officer of the company w.e.f. July 01, 2026.
2026-07-01Board meeting outcomeOutcome of Board Meeting held on July 01, 2026.
2026-06-25Reply to Clarification- FinaThe Exchange had sought clarification from S.A.L. Steel Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing O...
2026-06-15Disclosure under SEBI TakeovShah Alloys Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substanti...
2026-05-30General UpdatesGeneral Updates-Submission of News Paper Publication for Quarter and Year ended as on March 31, 2026
2026-05-30General UpdatesGeneral Updates-Statement of Deviation ,or variation in the use of proceeds of Equity share/warrants for the Quarter ended March 31,2026
2026-05-29General UpdatesGeneral Updates inter alia availing Term Loan From Axis Finance Limited
2026-05-29General UpdatesGeneral Updates inter alia Appointment of Cost Auditor of the Company
2026-05-29AppointmentAppointment of M/s NRPS and Associates, LLP as Other of the company w.e.f. May 29, 2026.
2026-05-29General UpdatesGeneral Updates for Change in Registered office of the company
2026-05-29Board meeting outcomeOutcome of Board Meeting held on May 29, 2026.
2026-05-29Board meeting outcomeS.A.L. Steel Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-19General UpdatesGeneral Updates
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03