Bajaj Steel Industries Ltd
BAJAJSTBajaj Steel Industries Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: Promoters moved +8.3 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a downtrend (51 weeks in) while the P/E sits at the 92nd percentile of its own 8-year range. Underneath, the last four quarters read deteriorating — profit −87.2% year on year, and 103% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Bajaj Steel Industries Ltd trades at ₹397, in a downtrend and 51 weeks into that stage. That is −13.6% against its own 200-day average. It sits at 13% of a 52-week range of ₹368 to ₹584. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a downtrend — week 51 of stage 4, confirmed. At ₹397 it trades −13.6% versus its 200-day average and sits at 13% of its 52-week range (₹368–₹584).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +2,013% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 92nd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Bajaj Steel Industries Ltd trades at 22.3× P/E, at the pricey end of its own range (92nd percentile). Its long-run median P/E is 8.7×, measured across 7.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 22.3× is at the pricey end of its own range (92nd percentile), against a long-run median of 8.7× measured over 7.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −56.2% against a −39.2% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +2.6%/yr price move, ~−11.2%/yr came from earnings growth and ~+13.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Bajaj Steel Industries Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −23.9% latest (single-quarter readings) against +43.5% at its 12-quarter best), ROCE slipping at 12.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −10.4% | −1.5% | +0.5% | +5.5% |
| Profit | −56.0% | −18.4% | −10.9% | — |
| EPS | −56.2% | −18.2% | −10.9% | — |
| Share price | −39.2% | +8.9% | +2.6% | +33.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
34.4/100 — rank 14 of 16 in Capital Goods - Engineering Heavy · 77% evidence confidence
Bajaj Steel Industries Ltd scores 34.4 out of 100 against the 16 companies it is compared with in Capital Goods - Engineering Heavy, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 7.3 + 14.6 + 7.9 + 4.6 = 34.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Bajaj Steel Industries Ltd reported ₹117 Cr of revenue in the Mar 26 quarter, −23.9% year on year. Over 10 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹524 Cr. The last four reported quarters add to ₹524 Cr.
Bajaj Steel Industries Ltd reported ₹117 Cr of revenue in the Mar 26 quarter, −23.9% year on year. Over 10 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹524 Cr. The last four reported quarters add to ₹524 Cr.
FY26 revenue came in at ₹524 Cr (−10.4% on the year), capping 10 years at 5.5% compound. The latest quarter (Mar 26) printed ₹117 Cr, −23.9% year on year.
Pace check: the last four quarters averaged −10.6% growth against the decade's 5.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −10.4% over the last 4 quarters against −2.5%/yr over the last 8 — rolling over; TTM profit −56.2% vs −21.0%/yr — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: 4.8% this quarter (−10.9 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Bajaj Steel Industries Ltd's operating margin is 4.8% in the Mar 26 quarter, −10.9 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0% to 18.0%. The current quarter sits inside that band.
Bajaj Steel Industries Ltd's operating margin is 4.8% in the Mar 26 quarter, −10.9 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0% to 18.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 4.8%, −10.9 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 1.0%–18.0%.
🚨 Why the margin moved: operating margin went −10.9 pp year on year while gross margin went −7.8 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit −87.2% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Bajaj Steel Industries Ltd earned ₹2.3 Cr of net profit in the Mar 26 quarter, −87.2% year on year. Full-year FY26 profit was ₹37.0 Cr. That is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹18.1 Cr.
Bajaj Steel Industries Ltd earned ₹2.3 Cr of net profit in the Mar 26 quarter, −87.2% year on year. Full-year FY26 profit was ₹37.0 Cr. That is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹18.1 Cr.
Mar 26 profit was ₹2.3 Cr, −87.2% year on year. On the full year, FY26 printed ₹37.0 Cr (−56.0%).
🚨 Why profit moved: revenue contributed −23.9% and the margin −10.9 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −50.2% vs revenue −10.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 103% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 103% of Bajaj Steel Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹78.0 Cr of operating cash against ₹37.0 Cr of profit. After ₹19.0 Cr of capital spending, ₹59.0 Cr was left as free cash.
FY26: operating cash of ₹78.0 Cr against reported profit of ₹37.0 Cr, leaving free cash of ₹59.0 Cr after ₹19.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 103% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 103%: the cash cycle stretched 100 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.3× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹148 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Bajaj Steel Industries Ltd's cash conversion cycle runs 156 days in FY26, up from 56 days in FY21. Capital spending ran ₹148 Cr over the last 3 years. At FY26 sales of ₹524 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹224 Cr sits inside the business at any moment.
FY26: debtors at 40 days, inventory at 251 days — roughly 8.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 156 days, looser than FY21's 56.
The full loop: cash goes out to suppliers and production on day 0; stock waits 251 days to sell; customers pay about 40 days after that; and suppliers themselves are paid at 134 days — netting out to the 156-day cycle.
In money terms: at FY26 sales of ₹524 Cr, each day of the cycle holds about ₹1.4 Cr — so the 156-day loop keeps roughly ₹224 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹148 Cr over the last 3 fiscal years against ₹45.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹27.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 12% and the ROIC − WACC spread is −3.4 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
Bajaj Steel Industries Ltd earns a ROCE of 12% in FY26. That is up from a trough of −3% in FY17. Return on invested capital clears the cost of that capital by −3.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 7.1% net margin on 0.75× asset turns.
FY26 ROCE is 12%, recovered from a FY17 trough of −3% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 7.1% net margin × 0.75× asset turns × 1.65× balance-sheet leverage ≈ 8.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 8.6% − 12.0% = a −3.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.15.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Bajaj Steel Industries Ltd carries total debt of ₹63.0 Cr against shareholder equity of ₹424 Cr as of Mar 26, a debt-to-equity of 0.15 — effectively unlevered. On the annual view that ratio went from 0.31 in FY22 to 0.15 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹63.0 Cr against shareholder equity of ₹424 Cr — a debt-to-equity of 0.15. On the annual view, debt-to-equity went from 0.31 (FY22) to 0.15 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Promoters added 8.3 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters added 8.3 points of Bajaj Steel Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 56.6% of the company. Foreign institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: +8.3 points over 8 quarters to 56.6%; Foreign institutions: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.
Why the register moved: promoters drove it (+8.3 points) — steady accumulation by institutions reading the same numbers this page reads.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Bajaj Steel Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Bajaj Steel Industries Ltd this page | 22.3× | ₹823 Cr | Deteriorating | |||
| Bharat Heavy Electricals Ltd | 59.7× | ₹1.5L Cr | Mixed | |||
| Suzlon Energy Ltd | 22.5× | ₹71,276 Cr | Mixed | |||
| Inox Wind Ltd | 32.8× | ₹13,302 Cr | No read | |||
| Praj Industries Ltd | 299.0× | ₹5,946 Cr | Turning around | |||
| John Cockerill India Ltd | — | ₹4,413 Cr | No read | |||
| The Anup Engineering Ltd | 38.1× | ₹4,246 Cr | Topping out | |||
| Windsor Machines Ltd | 2,498.0× | ₹3,023 Cr | No read | |||
| JNK India Ltd | 40.6× | ₹2,635 Cr | Turning around | |||
| Concord Control Systems Ltd | 60.1× | ₹2,548 Cr | Mixed | |||
| Concord Control Systems Ltd | 78.9× | ₹2,400 Cr | No read | |||
| John Cockerill India Ltd | 105.0× | ₹2,138 Cr | No read | |||
| Disa India Ltd | 31.3× | ₹1,761 Cr | Mixed | |||
| Walchandnagar Industries Ltd | — | ₹1,609 Cr | No read | |||
| Kabra Extrusion Technik Ltd | — | ₹1,318 Cr | Deteriorating | |||
| Eimco Elecon (India) Ltd | 27.0× | ₹1,032 Cr | Mixed | |||
| Bajaj Steel Industries Ltd | 13.5× | ₹710 Cr | Mixed | |||
| Integra Engineering India Ltd | 39.2× | ₹582 Cr | Deteriorating | |||
| Integra Engineering India Ltd | 33.2× | ₹535 Cr | Mixed | |||
| Hercules Investments Ltd | 8.6× | ₹317 Cr | Turning around |
Frequently asked questions
What is Bajaj Steel Industries Ltd's share price today?
Bajaj Steel Industries Ltd trades at ₹397, −39.2% over the past year. The company is valued at ₹823 Cr. The stock sits at 13% of its 52-week range of ₹368–₹584, −13.6% versus its 200-day average. On the tape, the price is in a downtrend, 51 weeks in. — as of 24 July 2026.
What were Bajaj Steel Industries Ltd's latest quarterly results?
Bajaj Steel Industries Ltd reported revenue of ₹117 Cr and net profit of ₹2.3 Cr for the Mar 26 quarter. Revenue fell 23.9% and profit fell 87.2% year on year. Earnings per share were ₹1.12. The operating margin was 4.8%, 10.9 pp lower than a year earlier. — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's revenue?
Bajaj Steel Industries Ltd reported revenue of ₹117 Cr in the Mar 26 quarter, −23.9% year on year. For the full FY26 fiscal year, revenue was ₹524 Cr (−10.4%). Over the last 10 years revenue compounded at 5.5% a year. — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's profit?
Bajaj Steel Industries Ltd earned ₹2.3 Cr of net profit in the Mar 26 quarter, −87.2% year on year. Full-year FY26 profit was ₹37.0 Cr. The operating margin ran 4.8% in the latest quarter. — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's market cap?
Bajaj Steel Industries Ltd's market capitalisation is ₹823 Cr at a share price of ₹397. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's P/E ratio?
Bajaj Steel Industries Ltd trades at a P/E of 22.3×, at the 92nd percentile of its own 8-year range, against a long-run median of 8.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Is Bajaj Steel Industries Ltd overvalued?
On its own history, Bajaj Steel Industries Ltd looks expensive against its own history: its P/E of 22.3× sits at the 92nd percentile of its 8-year range (long-run median 8.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Bajaj Steel Industries Ltd growing?
Not right now — Bajaj Steel Industries Ltd's latest numbers are shrinking: latest-quarter revenue −23.9% year on year, profit −87.2%, and the margin −10.9 pp at 4.8%. The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Bajaj Steel Industries Ltd performing?
Bajaj Steel Industries Ltd is in a downtrend, 51 weeks in. Its latest quarter's revenue fell 23.9% and profit fell 87.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Bajaj Steel Industries Ltd in?
Deteriorating — revenue and profit growth are shrinking (revenue growth −23.9% latest (single-quarter readings) against +43.5% at its 12-quarter best), ROCE slipping at 12.0%. The read comes from the last 12 quarters of growth (revenue growth −23.9% latest, profit growth −87.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Bajaj Steel Industries Ltd in an uptrend?
No — the price is in a downtrend (week 51 of stage 4), trading −13.6% versus its 200-day average and at 13% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Bajaj Steel Industries Ltd beating the market?
Not lately — on a trailing-13-week view Bajaj Steel Industries Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-06-19), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +2,013% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.
Will Bajaj Steel Industries Ltd's share price go up?
This page publishes no price forecast for Bajaj Steel Industries Ltd. What it measures instead: the share price is ₹397, the price is in a downtrend 51 weeks in. Its P/E of 22.3× sits at the 92nd percentile of its own 8-year range. — as of 24 July 2026.
Who owns Bajaj Steel Industries Ltd?
Promoters hold 56.6% of Bajaj Steel Industries Ltd, foreign institutions 0.0%, domestic institutions 0.0% and the public 43.4% (latest quarter). The biggest move on the register over the last two years: Promoters added 8.3 points over 8 quarters. — as of 24 July 2026.
Does Bajaj Steel Industries Ltd have too much debt?
No — Bajaj Steel Industries Ltd's debt-to-equity is 0.15, and operating profit covers the interest bill 12×. FY26 borrowings were ₹63.0 Cr against equity of ₹424 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's capex?
Bajaj Steel Industries Ltd spent ₹148 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹19.0 Cr, with ₹27.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Bajaj Steel Industries Ltd's cash flow?
Bajaj Steel Industries Ltd generated ₹78.0 Cr of operating cash flow in FY26 and ₹59.0 Cr of free cash flow after ₹19.0 Cr of capital spending. Reported profit that year was ₹37.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Bajaj Steel Industries Ltd's profit real cash?
Yes — over the last 3 fiscal years, 103% of Bajaj Steel Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹78.0 Cr against reported profit of ₹37.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Bajaj Steel Industries Ltd in its business cycle?
Bajaj Steel Industries Ltd's FY26 operating margin was 12.0%, against a 13-year band of 1.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 4.8%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Bajaj Steel Industries Ltd story?
The sharpest disagreement: Promoters moved +8.3 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Bajaj Steel Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Bajaj Steel Industries Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.