SAIL
S A I L share price & financials
- Price
- ₹180.05
- Market cap
- ₹73.9k Cr
- Sector
- Metals & Mining
- Calls analysed
- 6
S A I L Q1 FY27
What went well
- EBITDA grew over 50% to INR4,356 crores in Q1 FY27 from INR2,925 crores CPLY.
- EBITDA margin reached 16.7%, the best since FY22.
- PAT increased by approximately 150% to INR1,636 crores in Q1 FY27 from INR685 crores CPLY.
What to watch
- Crude steel production declined to 4.8 million tonnes in Q1 FY27 from 4.9 million tonnes CPLY due to advanced capital repairs.
- Sales volume fell by 7-8% to 4.2 million tonnes in Q1 FY27 compared to the previous year.
What S A I L does
Steel Authority of India Limited is a Government of India-controlled (~65% promoter holding) integrated steel producer that mines its own iron ore, coal and limestone, and converts them through blast furnaces and steel melting shops into hot metal, crude steel and saleable finished steel (flats, longs and semis). It sells this output domestically and via exports through a network of plant sales, retail outlets and institutional/CMO channels, and also produces special and alloy steel grades for railways, defence and infrastructure customers. SAIL runs an in-house R&D centre (RDCIS) that develops process and product technology for its plants, and generates a majority of its power needs captively.
Segments
- Flat products
- Long products
- Semi-finished steel
- Integrated steel plants
- 5 (Bhilai, Durgapur, Rourkela, Bokaro, IISCO/Burnpur)
- Special/alloy steel plants
- 3 (Salem Steel Plant, Alloy Steels Plant Durgapur, Visvesvaraya Iron & Steel Plant)
- Installed crude steel capacity
- ~20 MTPA
- Manpower on rolls
- 49,752
- Iron ore sourced from captive mines
- 33.79 million tonnes/year, fully self-sufficient
- Key captive mines
- Taldih iron ore mine (7 MTPA), Gua iron ore mine (planned 10 MTPA), Tasra coal mine
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 3 delivered 3 missed 14 open- Coke Rate Reduction on track said Q4 FY26 Promised: 20 kg/ton reduction in FY27 Q1 FY27: No specific update provided on the progress towards the 20 kg/ton coke rate reduction target.
- FY28 Capex Spend revised up said Q4 FY26 Promised: INR 18,000-19,000 crores Q1 FY27: Guidance for FY28 revised up to 'in excess of INR 20,000 crores'.
- FY26 Capex Spend delivered said Q4 FY25 Promised: INR 7,500 crores Q4 FY26: FY26 capex spend was INR 9,100 crores, exceeding the original target of INR 7,500 crores but below the revised guidance of INR 10,000 crores.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 1.2%, net profit up 120.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24,675 | 24,490 | 29,316 | 25,922 | 26,704 +8% | 27,371 +12% | 30,813 +5% | 26,246 +1% |
| EBITDA | 2,913 | 2,030 | 3,484 | 2,769 | 2,528 −13% | 2,294 +13% | 4,409 +27% | 4,153 +50% |
| Net profit | 897 | 142 | 1,251 | 745 | 419 −53% | 374 +163% | 1,835 +47% | 1,644 +121% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +38.0% 1Y
1Y: ₹129.72 on 10 Sept 2025 → ₹179. High ₹206.06 (27 May 2026), low ₹125.91 (19 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.0%
- 28 Jul
- Q4 FY26
- +0.2%
- 16 May
- Q3 FY26
- +1.3%
- 6 Feb
- Q2 FY26
- −2.5%
- 30 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 2.0% a year over 3 years, FY23 to FY26. Operating margin widened to 10.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹104.4k Cr | ₹105.4k Cr | ₹102.5k Cr | ₹110.8k Cr |
| Operating profit | ₹8.0k Cr | ₹11.1k Cr | ₹10.6k Cr | ₹12.0k Cr |
| Operating margin | 7.7% | 10.6% | 10.4% | 10.8% |
| Interest | ₹2.0k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹2.2k Cr |
| Depreciation | ₹5.0k Cr | ₹5.3k Cr | ₹5.7k Cr | ₹6.0k Cr |
| Net profit | ₹2.0k Cr | ₹3.1k Cr | ₹2.4k Cr | ₹3.4k Cr |
| Net margin | 1.9% | 2.9% | 2.3% | 3.0% |
| Cash from operations | ₹-5.3k Cr | ₹2.9k Cr | ₹9.9k Cr | ₹19.0k Cr |
| Free cash flow | ₹-8.8k Cr | ₹-1.3k Cr | ₹4.5k Cr | ₹10.9k Cr |
| ROCE | 6.0% | 8.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4.1k Cr | ₹4.1k Cr | ₹4.1k Cr | ₹4.1k Cr | ₹4.1k Cr | ₹4.1k Cr |
| Reserves | ₹41.3k Cr | ₹50.1k Cr | ₹50.6k Cr | ₹53.0k Cr | ₹51.8k Cr | ₹56.2k Cr |
| Borrowings | ₹37.7k Cr | ₹17.3k Cr | ₹30.8k Cr | ₹36.3k Cr | ₹33.7k Cr | ₹31.9k Cr |
| Other liabilities | ₹35.0k Cr | ₹48.9k Cr | ₹45.3k Cr | ₹47.6k Cr | ₹42.0k Cr | ₹43.6k Cr |
| Total liabilities | ₹118.1k Cr | ₹120.4k Cr | ₹130.8k Cr | ₹141.0k Cr | ₹131.7k Cr | ₹135.9k Cr |
| Fixed assets | ₹67.6k Cr | ₹73.7k Cr | ₹73.5k Cr | ₹72.4k Cr | ₹72.4k Cr | ₹76.0k Cr |
| Capital work in progress | ₹8.9k Cr | ₹4.7k Cr | ₹4.9k Cr | ₹6.1k Cr | ₹8.8k Cr | ₹10.6k Cr |
| Investments | ₹3.4k Cr | ₹3.8k Cr | ₹4.2k Cr | ₹4.6k Cr | ₹1.8k Cr | ₹4.3k Cr |
| Other assets | ₹38.1k Cr | ₹38.2k Cr | ₹48.2k Cr | ₹57.9k Cr | ₹48.6k Cr | ₹45.0k Cr |
| Total assets | ₹118.1k Cr | ₹120.4k Cr | ₹130.8k Cr | ₹141.0k Cr | ₹131.7k Cr | ₹135.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +3.44 pp while the public trimmed −2.98 pp. The shareholder count shrank 21% to 15,09,426.
- Promoters
- 65.0%
- FIIs
- 7.1%
- DIIs
- 16.9%
- Public
- 11.1%
Since Jun 2025
- FIIs +3.44 pp
- Public −2.98 pp
- DIIs −0.43 pp
How it drifted, 12 quarters
Over this window the public fell from 16.7% to 11.1% — −5.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 65.0%, FIIs 3.7%, DIIs 14.6%, Public 16.7%.Dec '23: Promoters 65.0%, FIIs 4.3%, DIIs 15.5%, Public 15.2%.Mar '24: Promoters 65.0%, FIIs 3.2%, DIIs 15.9%, Public 16.0%.Jun '24: Promoters 65.0%, FIIs 3.0%, DIIs 15.7%, Public 16.3%.Sep '24: Promoters 65.0%, FIIs 2.8%, DIIs 16.0%, Public 16.1%.Dec '24: Promoters 65.0%, FIIs 2.6%, DIIs 15.9%, Public 16.6%.Mar '25: Promoters 65.0%, FIIs 3.2%, DIIs 15.8%, Public 16.1%.Jun '25: Promoters 65.0%, FIIs 3.6%, DIIs 17.3%, Public 14.0%.Sep '25: Promoters 65.0%, FIIs 3.8%, DIIs 18.1%, Public 13.1%.Dec '25: Promoters 65.0%, FIIs 4.5%, DIIs 17.8%, Public 12.6%.Mar '26: Promoters 65.0%, FIIs 5.0%, DIIs 18.4%, Public 11.6%.Jun '26: Promoters 65.0%, FIIs 7.1%, DIIs 16.9%, Public 11.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Arbitrage Fund Mutual fund +0.18 pp 2.45% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of S A I L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 65.00% | unchanged |
| LICI Asm Non Par Insurer | 5.88% | −1.97 pp |
| Mirae Asset Arbitrage Fund Mutual fund | 2.45% | +0.18 pp |
| SBI Arbitrage Oppoptunities Fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SAIL
Filings to Aug 2026
0 new, 11 added, 4 trimmed, 1 sold out — net −46.14 L shares (−8.1%).
- Held by funds
- ₹971 Cr
- 18 schemes
- Biggest holder
- SBI Arbitrage Fund
- ₹238 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Arbitrage Fund SBI Mutual Fund | ₹238 Cr | −10.43 L | Feb '22 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹205 Cr | +10.25 L | Jun '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹146 Cr | held | Apr '25 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹133 Cr | +11.47 L | Aug '24 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹120 Cr | held | Sep '21 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹27 Cr | +0.82 L | Sep '22 |
| SBI Comma Fund SBI Mutual Fund | ₹26 Cr | −10.00 L | Feb '24 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹21 Cr | +0.16 L | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 4 trimmed — net −46.14 L shares (−8.1%)
- Funds are sitting on
- +32%
- vs est. average cost
- Held by funds
- ₹971 Cr
- 18 schemes · ≈ 1.3% of the company
- Biggest holder
- SBI Arbitrage Fund
- ₹238 Cr · 0.5% of that fund
- Longest holder
- SBI Multi Asset Allocation Fund
- 5y · since Sep '21
Shares held by these funds +21%
Aug '23 5.78 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse S A I L
Guides on how to read this kind of business and the numbers that matter.