Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Steel Stocks in India

Steel: Tata Steel Ltd owns the largest revenue base; Manaksia Steels Ltd has the fastest current growth.

Nifty Steel Index — Constituents & Performance

The Steel companies below are the listed Indian Steel universe this page tracks — the same constituent set people search for as the Nifty Steel index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Steel moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 32% ahead of NIFTY 500. Earnings across its companies grew 52% on average over the last four reported quarters.

FADING · −2 in 4w✓Price and the fundamentals both up2 of 7 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 5/7 >200d (−1) · 2/7 lead (−2) · EPS 6/7↑

200202620252024202320222021 369336 TRAILING 12-MONTH EPS · 100 AT THE START0100245Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 28.2% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 11.3% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 73, against 100 at the start · up 40.8% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 63, against 100 at the start · up 85.6% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 52, against 100 at the start · down 46.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 41, against 100 at the start · down 40.2% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 38, against 100 at the start · down 24.6% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 46, against 100 at the start · down 6.7% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 33, against 100 at the start · up 7.8% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 55, against 100 at the start · up 24.1% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 237, against 100 at the start · up 129.2% on a year ago · 5 reportingJun 2026 · trailing 12-month earnings per share at 245, against 100 at the start · up 48.7% on a year ago · 3 reportingNot reported yet — earnings trail price by a quarter or two245No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200202620252024202320222021 369336 TRAILING 12-MONTH EPS · 100 AT THE START0100245Jun 24Jun 25Jun 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 28.2% on a year ago · 3 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 11.3% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 73, against 100 at the start · up 40.8% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 63, against 100 at the start · up 85.6% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 52, against 100 at the start · down 46.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 41, against 100 at the start · down 40.2% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 38, against 100 at the start · down 24.6% on a year ago · 5 reportingJun 2025 · trailing 12-month earnings per share at 46, against 100 at the start · down 6.7% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 33, against 100 at the start · up 7.8% on a year ago · 5 reportingDec 2025 · trailing 12-month earnings per share at 55, against 100 at the start · up 24.1% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 237, against 100 at the start · up 129.2% on a year ago · 5 reportingJun 2026 · trailing 12-month earnings per share at 245, against 100 at the start · up 48.7% on a year ago · 3 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Steel, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy NarrowHow much of the sector is participating, how recently, and whether the movers score well.
Together2 of 7 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +3 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 0/20
Mid 0/2−2
Small 2/30

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Steel outperforming NIFTY 500?

The 52-week comparison of Steel against NIFTY 500 is not available from the current market series. 8 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. India Homes Ltd is the strongest against the sector itself at +36%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
8/9Stocks leading NIFTY 500
2/8Stocks leading sector

Sector metric: 11.1 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 8 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Tata Steel Ltd leads with revenue of ₹2,32,139 crore, based on 8 of 10 comparable companies through Mar 2026. Manaksia Steels Ltd has the fastest current revenue growth at 78.7%, across 8 of 10 comparable companies.

Is the Steel sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 8 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Steel company is largest by revenue?

Tata Steel Ltd leads with revenue of ₹2,32,139 crore, based on 8 of 10 comparable companies through Mar 2026.

Which Steel company is growing fastest?

Manaksia Steels Ltd has the fastest current revenue growth at 78.7%, across 8 of 10 comparable companies.

Which Steel company has the strongest 4-Factor Sector Score?

Manaksia Steels Ltd ranks first at 67.1/100 with 64% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Steel company reports the most CAPEX?

NMDC Steel Ltd reports the largest latest CAPEX at ₹33 crore, with 4 of 10 companies comparable.

Which Steel company has the least gross debt?

Safe Enterprises Retail Fixtures Ltd has the lowest comparable gross debt at ₹0 crore. JSW Steel Ltd has the highest at ₹99,310 crore.

Which Steel company has the lowest comparable PEG?

Steel Authority of India Ltd has the lowest comparable Guarded PEG at 0.97, among 2 of 10 companies that pass the metric’s comparability rules.

How much history does this Steel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
10
complete canonical membership
Combined market value
₹6.2 L Cr
JSW Steel Ltd
Revenue growing
6/8
positive TTM year-on-year growth
Beating NIFTY 500
8/9
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Manaksia Steels Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 64% evidence confidence.
Mukand Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Manaksia Steels Ltd · MANAKSTEEL

67.1/100 · Favorable setup · 64% evidence

Exact sum: 28.5 + 15 + 11.9 + 11.7 = 67.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

28.5/35Growth & earnings

Revenue 78.7% · PAT 100% · OPM change 7 pp

83% evidence

15.0/25Capital efficiency

ROCE 14.4% · debt/equity 0.46×

80% evidence

11.9/20Valuation

P/E 11.6× · PEG —

50% evidence

11.7/20Relative strength

RS sector — · RS bench 20.6% · 1Y —

25% evidence

2. JSW Steel Ltd · JSWSTEEL

54.6/100 · Mixed-positive evidence · 76% evidence

Exact sum: 23 + 12.6 + 9.3 + 9.7 = 54.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.0/35Growth & earnings

Revenue 12.2% · PAT 100% · OPM change 3 pp

95% evidence

12.6/25Capital efficiency

ROCE 11% · debt/equity 0.99×

80% evidence

9.3/20Valuation

P/E 25.2× · PEG —

15% evidence

9.7/20Relative strength

RS sector -4.7% · RS bench 4% · 1Y 19.6%

100% evidence

3. NMDC Steel Ltd · NSLNISP

54.4/100 · Mixed-positive evidence · 71% evidence

Exact sum: 25.4 + 11.9 + 8.5 + 8.6 = 54.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.4/35Growth & earnings

Revenue 60.4% · PAT 100% · OPM change 31 pp

65% evidence

11.9/25Capital efficiency

ROCE 3.1% · debt/equity 0.35×

100% evidence

8.5/20Valuation

P/E 207× · PEG —

15% evidence

8.6/20Relative strength

RS sector -7.4% · RS bench 1.4% · 1Y 8.9%

100% evidence

4. Steel Authority of India Ltd · SAIL

48.8/100 · Mixed-negative evidence · 100% evidence

Exact sum: 16.6 + 9.8 + 12.6 + 9.8 = 48.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

16.6/35Growth & earnings

Revenue 6.5% · PAT 40.8% · OPM change 5 pp

100% evidence

9.8/25Capital efficiency

ROCE 7.8% · debt/equity 0.53×

100% evidence

12.6/20Valuation

P/E 13.8× · PEG 0.97

100% evidence

9.8/20Relative strength

RS sector -1.4% · RS bench 6.5% · 1Y 19.5%

100% evidence

5. Mangalam Worldwide Ltd · MWL

48.2/100 · Mixed-negative evidence · 87% evidence

Exact sum: 22.5 + 12.6 + 8.5 + 4.6 = 48.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.5/35Growth & earnings

Revenue 12.6% · PAT 57.6% · OPM change 3 pp

95% evidence

12.6/25Capital efficiency

ROCE 17.7% · debt/equity 1.61×

95% evidence

8.5/20Valuation

P/E 20.6× · PEG —

50% evidence

4.6/20Relative strength

RS sector -84.9% · RS bench 34.2% · 1Y -77.8%

100% evidence

6. Tata Steel Ltd · TATASTEEL

47.2/100 · Mixed-negative evidence · 86% evidence

Exact sum: 20.9 + 13.7 + 10.2 + 2.4 = 47.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.9/35Growth & earnings

Revenue 6.2% · PAT 100% · OPM change 4 pp

83% evidence

13.7/25Capital efficiency

ROCE 12.5% · debt/equity 0.9×

95% evidence

10.2/20Valuation

P/E 20.2× · PEG 1.74

65% evidence

2.4/20Relative strength

RS sector -8.7% · RS bench -0.8% · 1Y 14.5%

100% evidence

7. Mukand Ltd · MUKANDLTD

44.3/100 · Mixed-negative evidence · 83% evidence

Exact sum: 12.1 + 5.9 + 12.4 + 13.9 = 44.3

Decision use: Price leads the evidence: RS versus the benchmark is 8.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.1/35Growth & earnings

Revenue 0% · PAT 100% · OPM change -7 pp

83% evidence

5.9/25Capital efficiency

ROCE 4.4% · debt/equity 1.11×

95% evidence

12.4/20Valuation

P/E 29× · PEG —

50% evidence

13.9/20Relative strength

RS sector -1.4% · RS bench 8.2% · 1Y 5.1%

100% evidence

8. Safe Enterprises Retail Fixtures Ltd · SAFEENTP

61.2/100 · Thin evidence · provisional · 50% evidence

Exact sum: 15.1 + 21.8 + 10.8 + 13.5 = 61.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.1/35Growth & earnings

Revenue — · PAT — · OPM change 1 pp

26% evidence

21.8/25Capital efficiency

ROCE 47% · debt/equity 0×

95% evidence

10.8/20Valuation

P/E 18.2× · PEG —

15% evidence

13.5/20Relative strength

RS sector 0.4% · RS bench 9.2% · 1Y 14.6%

70% evidence

9. Rajputana Stainless Ltd · RSL

53.9/100 · Thin evidence · provisional · 38% evidence

Exact sum: 15.9 + 18.4 + 9.6 + 10 = 53.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.9/35Growth & earnings

Revenue — · PAT — · OPM change 2 pp

32% evidence

18.4/25Capital efficiency

ROCE 25.2% · debt/equity 0.19×

95% evidence

9.6/20Valuation

P/E 22.3× · PEG —

15% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

10. India Homes Ltd · ISIBARS

52.3/100 · Thin evidence · provisional · 42% evidence

Exact sum: 18.2 + 6.1 + 10 + 18 = 52.3

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.2/35Growth & earnings

Revenue -80% · PAT 48.3% · OPM change 190.8 pp

27% evidence

6.1/25Capital efficiency

ROCE -19% · debt/equity 2.03×

51% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

18.0/20Relative strength

RS sector 36% · RS bench 45.1% · 1Y 230%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Tata Steel Ltd has the highest Revenue among the 10 Steel companies compared here, at ₹2,32,139 crore. JSW Steel Ltd is next at ₹1,89,687 crore. Manaksia Steels Ltd has the highest Revenue growth at 78.7%, so level and change sit with different companies. 8 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Tata Steel Ltd is the scale leader at ₹2,32,139 crore, 22.4% ahead of JSW Steel Ltd. Manaksia Steels Ltd's growth is 78.7% from a ₹1,131 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderTata Steel Ltd · ₹2,32,139 crore
Gap22.4% versus #2 · JSW Steel Ltd
Persistence3/8 recent comparable periods
Coverage8/10 companies · 127 observations

Investor read: Tata Steel Ltd is the scale benchmark; Manaksia Steels Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Tata Steel Ltd's growth falls below Manaksia Steels Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Tata Steel Ltd TATASTEEL₹2.3 L Cr
2JSW Steel Ltd JSWSTEEL₹1.9 L Cr
3Steel Authority of India Ltd SAIL₹1.1 L Cr
4NMDC Steel Ltd NSLNISP₹13.6K Cr
5Mukand Ltd MUKANDLTD⚠ unverified₹4.9K Cr
Revenue growthfastest growers
1Manaksia Steels Ltd MANAKSTEEL79%
2NMDC Steel Ltd NSLNISP60%
3Mangalam Worldwide Ltd MWL⚠ unverified13%
4JSW Steel Ltd JSWSTEEL12%
5Steel Authority of India Ltd SAIL6.5%
Revenue · company comparison
8/10 level · 8/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Tata Steel Ltd TATASTEEL₹63.3K Cr13%Mar 2026
JSW Steel Ltd JSWSTEEL₹47.4K Cr9.8%Jun 2026
Steel Authority of India Ltd SAIL₹26.2K Cr1.3%Jun 2026
NMDC Steel Ltd NSLNISP₹3.9K Cr37%Mar 2026
Mukand Ltd MUKANDLTD⚠ unverified₹1.3K Cr15%Mar 2026
Manaksia Steels Ltd MANAKSTEEL₹333 Cr63%Mar 2026
Mangalam Worldwide Ltd MWL⚠ unverified₹316 Cr14%Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified₹255 Cr2.8%Mar 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹106 Cr31%Mar 2026
India Homes Ltd ISIBARS₹0 Cr-100%Sep 2023
Full 20-quarter history · every available company

Revenue · reported quarter history

India Homes Ltd · ISIBARS

₹5 Cr
₹9 Cr
₹7 Cr
₹1 Cr
₹2 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹0 Cr
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

—
—
—
—
—
₹39.1K Cr
₹47.0K Cr
₹42.2K Cr
₹44.6K Cr
₹41.9K Cr
₹46.3K Cr
₹42.9K Cr
₹39.7K Cr
₹41.4K Cr
₹44.8K Cr
₹43.1K Cr
₹45.2K Cr
₹46.0K Cr
₹51.2K Cr
₹47.4K Cr

Manaksia Steels Ltd · MANAKSTEEL

—
—
—
—
—
—
₹236 Cr
₹218 Cr
₹166 Cr
₹134 Cr
₹163 Cr
₹165 Cr
₹104 Cr
₹160 Cr
₹204 Cr
₹217 Cr
₹263 Cr
₹318 Cr
₹333 Cr
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
—
₹214 Cr
₹201 Cr
₹199 Cr
₹181 Cr
₹237 Cr
₹229 Cr
₹238 Cr
₹270 Cr
₹324 Cr
₹276 Cr
₹317 Cr
₹350 Cr
₹265 Cr
₹316 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

—
—
—
—
—
₹1.3K Cr
₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.2K Cr
₹1.2K Cr
₹1.3K Cr
₹1.3K Cr
₹1.3K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.3K Cr
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
₹0 Cr
—
₹0 Cr
₹0 Cr
₹277 Cr
₹926 Cr
₹1.8K Cr
₹2.0K Cr
₹1.5K Cr
₹2.1K Cr
₹2.8K Cr
₹3.4K Cr
₹3.4K Cr
₹3.0K Cr
₹3.9K Cr
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
₹233 Cr
₹248 Cr
—
₹270 Cr
₹251 Cr
₹255 Cr
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
₹58 Cr
—
₹81 Cr
—
₹112 Cr
—
₹106 Cr
—

Steel Authority of India Ltd · SAIL

₹26.8K Cr
₹25.2K Cr
₹30.8K Cr
₹24.0K Cr
₹26.2K Cr
₹25.0K Cr
₹29.1K Cr
₹24.4K Cr
₹29.7K Cr
₹23.3K Cr
₹28.0K Cr
₹24.0K Cr
₹24.7K Cr
₹24.5K Cr
₹29.3K Cr
₹25.9K Cr
₹26.7K Cr
₹27.4K Cr
₹30.8K Cr
₹26.2K Cr

Tata Steel Ltd · TATASTEEL

₹60.3K Cr
₹60.8K Cr
₹69.3K Cr
₹63.4K Cr
₹59.9K Cr
₹57.1K Cr
₹63.0K Cr
₹59.5K Cr
₹55.7K Cr
₹55.3K Cr
₹58.7K Cr
₹54.8K Cr
₹53.9K Cr
₹53.6K Cr
₹56.2K Cr
₹53.2K Cr
₹58.7K Cr
₹57.0K Cr
₹63.3K Cr
—

Revenue growth · reported quarter history

India Homes Ltd · ISIBARS

-88%
-81%
-86%
-51%
-71%
-93%
-82%
-39%
-100%
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

—
—
—
—
—
—
—
—
—
7.2%
-1.5%
1.7%
-11%
-1.3%
-3.1%
0.5%
14%
11%
14%
9.8%

Manaksia Steels Ltd · MANAKSTEEL

—
—
—
—
—
—
—
—
—
—
-31%
-24%
-37%
19%
25%
32%
153%
99%
63%
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
—
—
—
—
—
11%
14%
20%
49%
37%
21%
33%
30%
-18%
14%

Mukand Ltd · MUKANDLTD⚠ unverified

—
—
—
—
—
—
—
—
—
-12%
-5.6%
-9.0%
-8.3%
7.2%
-11%
-10%
-8.1%
5.3%
15%
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
—
—
—
—
449%
129%
54%
66%
123%
42%
37%
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7.7%
2.8%
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
93%
—
31%
—

Steel Authority of India Ltd · SAIL

—
—
—
16%
-2.2%
-0.8%
-5.3%
1.4%
13%
-6.8%
-4.0%
-1.5%
-17%
4.9%
4.9%
8.0%
8.2%
12%
5.1%
1.3%

Tata Steel Ltd · TATASTEEL

—
—
—
19%
-0.7%
-6.1%
-9.2%
-6.2%
-7.0%
-3.1%
-6.8%
-7.9%
-3.2%
-3.0%
-4.2%
-2.9%
8.9%
6.3%
13%
—
02 · compare level, then change

Operating Economics & Margin Trend

Safe Enterprises Retail Fixtures Ltd has the highest OPM among the 10 Steel companies compared here, at 35%. NMDC Steel Ltd is next at 21%. India Homes Ltd has the highest Margin change at +190.8 percentage points, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Safe Enterprises Retail Fixtures Ltd leads opm at 35%; India Homes Ltd leads margin change at +190.8 percentage points.

LeaderSafe Enterprises Retail Fixtures Ltd · 35%
Gap66.7% versus #2 · NMDC Steel Ltd
Persistence1/2 recent comparable periods
Coverage9/10 companies · 143 observations

Investor read: Safe Enterprises Retail Fixtures Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified35%
2NMDC Steel Ltd NSLNISP21%
3JSW Steel Ltd JSWSTEEL20%
4Steel Authority of India Ltd SAIL16%
5Tata Steel Ltd TATASTEEL16%
Margin changefastest expanders
1India Homes Ltd ISIBARS · older report+190.8 pp
2NMDC Steel Ltd NSLNISP+31.0 pp
3Manaksia Steels Ltd MANAKSTEEL+7.0 pp
4Steel Authority of India Ltd SAIL+5.0 pp
5Tata Steel Ltd TATASTEEL+4.0 pp
Operating margin · company comparison
9/10 level · 10/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified35%+1.0 ppMar 2026
NMDC Steel Ltd NSLNISP21%+31.0 ppMar 2026
JSW Steel Ltd JSWSTEEL20%+3.0 ppJun 2026
Tata Steel Ltd TATASTEEL16%+4.0 ppMar 2026
Steel Authority of India Ltd SAIL16%+5.0 ppJun 2026
Manaksia Steels Ltd MANAKSTEEL11%+7.0 ppMar 2026
Rajputana Stainless Ltd RSL⚠ unverified9.0%+2.0 ppMar 2026
Mangalam Worldwide Ltd MWL⚠ unverified9.0%+3.0 ppJun 2026
Mukand Ltd MUKANDLTD⚠ unverified-1.0%−7.0 ppMar 2026
India Homes Ltd ISIBARS-185%+190.8 ppSep 2023
Full 20-quarter history · every available company

OPM · reported quarter history

India Homes Ltd · ISIBARS

-62%
-31%
-782%
-376%
-353%
-593%
-485%
-185%
—
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

32%
24%
20%
11%
4.1%
11%
17%
17%
18%
17%
13%
13%
14%
13%
14%
17%
16%
14%
17%
20%

Manaksia Steels Ltd · MANAKSTEEL

7.2%
6.7%
9.4%
2.3%
2.9%
2.5%
5.0%
6.0%
6.0%
5.0%
5.0%
2.0%
-3.0%
4.0%
4.0%
5.0%
5.0%
5.0%
11%
—

Mangalam Worldwide Ltd · MWL⚠ unverified

2.0%
—
2.3%
—
1.7%
—
4.0%
3.0%
5.0%
6.0%
5.0%
5.0%
5.0%
6.0%
5.0%
6.0%
7.0%
7.0%
10%
9.0%

Mukand Ltd · MUKANDLTD⚠ unverified

4.6%
5.2%
6.6%
5.6%
2.6%
6.0%
-29%
6.0%
5.0%
5.0%
7.0%
6.0%
6.0%
6.0%
6.0%
4.0%
6.0%
5.0%
-1.0%
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
-53%
-26%
-44%
-52%
-20%
-29%
-31%
-10%
12%
6.0%
3.0%
21%
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
8.0%
7.0%
—
9.0%
9.0%
9.0%
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
38%
—
34%
—
37%
—
35%
—

Steel Authority of India Ltd · SAIL

26%
13%
14%
9.6%
2.8%
8.0%
10%
7.0%
13%
9.0%
12%
9.0%
12%
8.0%
12%
11%
9.0%
8.0%
14%
16%

Tata Steel Ltd · TATASTEEL

27%
26%
22%
24%
10%
7.0%
11%
8.0%
8.0%
11%
11%
12%
11%
11%
12%
14%
15%
14%
16%
—

Margin change · reported quarter history

India Homes Ltd · ISIBARS

−64.5 pp
−26.2 pp
−721.6 pp
−258.7 pp
−290.2 pp
−562.8 pp
+297.0 pp
+190.8 pp
—
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

+9.1 pp
−3.2 pp
−11.8 pp
−24.3 pp
−28.0 pp
−13.0 pp
−2.5 pp
+5.7 pp
+13.9 pp
+6.0 pp
−4.0 pp
−4.0 pp
−4.0 pp
−4.0 pp
+1.0 pp
+4.0 pp
+2.0 pp
+1.0 pp
+3.0 pp
+3.0 pp

Manaksia Steels Ltd · MANAKSTEEL

−1.0 pp
−2.0 pp
−1.4 pp
−9.0 pp
−4.3 pp
−4.3 pp
−4.4 pp
+3.7 pp
+3.1 pp
+2.5 pp
0.0 pp
−4.0 pp
−9.0 pp
−1.0 pp
−1.0 pp
+3.0 pp
+8.0 pp
+1.0 pp
+7.0 pp
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
−0.3 pp
—
+1.7 pp
—
+3.3 pp
—
+1.0 pp
+2.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+5.0 pp
+3.0 pp

Mukand Ltd · MUKANDLTD⚠ unverified

+6.3 pp
−1.1 pp
+58.1 pp
+1.0 pp
−2.0 pp
+0.8 pp
−35.6 pp
+0.4 pp
+2.4 pp
−1.0 pp
+36.0 pp
0.0 pp
+1.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
0.0 pp
−1.0 pp
−7.0 pp
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
—
—
—
+32.9 pp
−3.0 pp
+13.0 pp
+42.0 pp
+32.0 pp
+35.0 pp
+34.0 pp
+31.0 pp
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+1.0 pp
+2.0 pp
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−1.0 pp
—
+1.0 pp
—

Steel Authority of India Ltd · SAIL

+15.0 pp
−12.1 pp
−12.3 pp
−22.2 pp
−23.4 pp
−5.5 pp
−4.1 pp
−2.6 pp
+10.2 pp
+1.0 pp
+2.0 pp
+2.0 pp
−1.0 pp
−1.0 pp
0.0 pp
+2.0 pp
−3.0 pp
0.0 pp
+2.0 pp
+5.0 pp

Tata Steel Ltd · TATASTEEL

+11.3 pp
+3.3 pp
−6.7 pp
−6.5 pp
−17.1 pp
−19.2 pp
−10.7 pp
−15.6 pp
−2.1 pp
+4.0 pp
0.0 pp
+4.0 pp
+3.0 pp
0.0 pp
+1.0 pp
+2.0 pp
+4.0 pp
+3.0 pp
+4.0 pp
—
03 · compare level, then change

Profit Scale & Acceleration

JSW Steel Ltd has the highest Net profit among the 10 Steel companies compared here, at ₹27,995 crore. Tata Steel Ltd is next at ₹10,885 crore. The same company also holds the highest Profit growth, at the 100% top of the scoring scale. 8 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: JSW Steel Ltd leads with ₹27,995 crore of TTM profit, 157.2% above Tata Steel Ltd. JSW Steel Ltd shows ≥100% on the scoring scale (479.3% uncapped) growth from a ₹27,995 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderJSW Steel Ltd · ₹27,995 crore
Gap157.2% versus #2 · Tata Steel Ltd
Persistence6/8 recent comparable periods
Coverage8/10 companies · 127 observations

Investor read: JSW Steel Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1JSW Steel Ltd JSWSTEEL₹28.0K Cr
2Tata Steel Ltd TATASTEEL₹10.9K Cr
3Steel Authority of India Ltd SAIL₹4.3K Cr
4Mukand Ltd MUKANDLTD⚠ unverified₹604 Cr
5NMDC Steel Ltd NSLNISP₹59 Cr
Profit growthfastest growers
1JSW Steel Ltd JSWSTEEL100%
2Manaksia Steels Ltd MANAKSTEEL100%
3Mukand Ltd MUKANDLTD⚠ unverified100%
4Tata Steel Ltd TATASTEEL100%
5Mangalam Worldwide Ltd MWL⚠ unverified58%
Net profit · company comparison
8/10 level · 6/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
JSW Steel Ltd JSWSTEEL₹4.7K Cr113%Jun 2026
Tata Steel Ltd TATASTEEL₹3.0K Cr147%Mar 2026
Steel Authority of India Ltd SAIL₹1.6K Cr121%Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified₹555 Cr4,945%Mar 2026
NMDC Steel Ltd NSLNISP₹392 Cr—Mar 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹31 Cr41%Mar 2026
Manaksia Steels Ltd MANAKSTEEL₹19 Cr280%Mar 2026
Rajputana Stainless Ltd RSL⚠ unverified₹13 Cr63%Mar 2026
Mangalam Worldwide Ltd MWL⚠ unverified₹12 Cr20%Jun 2026
India Homes Ltd ISIBARS₹-6 Cr—Sep 2023
Full 20-quarter history · every available company

Net profit · reported quarter history

India Homes Ltd · ISIBARS

₹-7 Cr
₹-4 Cr
₹-35 Cr
₹-8 Cr
₹-9 Cr
₹-8 Cr
₹-11 Cr
₹-5 Cr
₹-6 Cr
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

—
—
—
—
—
₹474 Cr
₹3.7K Cr
₹2.4K Cr
₹2.8K Cr
₹2.5K Cr
₹1.3K Cr
₹867 Cr
₹404 Cr
₹719 Cr
₹1.5K Cr
₹2.2K Cr
₹1.6K Cr
₹2.4K Cr
₹19.2K Cr
₹4.7K Cr

Manaksia Steels Ltd · MANAKSTEEL

—
—
—
—
—
—
₹6 Cr
₹10 Cr
₹9 Cr
₹5 Cr
₹5 Cr
₹2 Cr
₹1 Cr
₹2 Cr
₹5 Cr
₹6 Cr
₹4 Cr
₹10 Cr
₹19 Cr
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
—
₹7 Cr
₹2 Cr
₹2 Cr
₹6 Cr
₹12 Cr
₹6 Cr
₹7 Cr
₹8 Cr
₹8 Cr
₹10 Cr
₹11 Cr
₹14 Cr
₹15 Cr
₹12 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

—
—
—
—
—
₹19 Cr
₹125 Cr
₹31 Cr
₹23 Cr
₹19 Cr
₹29 Cr
₹24 Cr
₹25 Cr
₹15 Cr
₹11 Cr
₹29 Cr
₹10 Cr
₹10 Cr
₹555 Cr
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
₹0 Cr
—
₹0 Cr
₹0 Cr
₹-131 Cr
₹-568 Cr
₹-861 Cr
₹-547 Cr
₹-595 Cr
₹-758 Cr
₹-473 Cr
₹26 Cr
₹-115 Cr
₹-244 Cr
₹392 Cr
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
₹10 Cr
₹8 Cr
—
₹13 Cr
₹12 Cr
₹13 Cr
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
₹17 Cr
—
₹22 Cr
—
₹33 Cr
—
₹31 Cr
—

Steel Authority of India Ltd · SAIL

₹4.3K Cr
₹1.5K Cr
₹2.5K Cr
₹805 Cr
₹-329 Cr
₹542 Cr
₹1.2K Cr
₹212 Cr
₹1.3K Cr
₹423 Cr
₹1.1K Cr
₹82 Cr
₹897 Cr
₹142 Cr
₹1.3K Cr
₹745 Cr
₹419 Cr
₹374 Cr
₹1.8K Cr
₹1.6K Cr

Tata Steel Ltd · TATASTEEL

₹12.5K Cr
₹9.6K Cr
₹9.8K Cr
₹7.7K Cr
₹1.3K Cr
₹-2.5K Cr
₹1.6K Cr
₹525 Cr
₹-6.5K Cr
₹522 Cr
₹555 Cr
₹919 Cr
₹759 Cr
₹295 Cr
₹1.2K Cr
₹2.0K Cr
₹3.2K Cr
₹2.7K Cr
₹3.0K Cr
—

Profit growth · reported quarter history

JSW Steel Ltd · JSWSTEEL

—
—
—
—
—
—
—
—
—
417%
-65%
-64%
-85%
-71%
14%
155%
307%
235%
1,182%
113%

Manaksia Steels Ltd · MANAKSTEEL

—
—
—
—
—
—
—
—
—
—
-17%
-80%
-89%
-60%
0.0%
200%
300%
400%
280%
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
—
—
—
—
—
71%
200%
250%
33%
-33%
67%
57%
75%
88%
20%

Mukand Ltd · MUKANDLTD⚠ unverified

—
—
—
—
—
—
—
—
—
0.0%
-77%
-23%
8.7%
-21%
-62%
21%
-60%
-33%
4,945%
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
20%
63%
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
94%
—
41%
—

Steel Authority of India Ltd · SAIL

—
—
—
-79%
-108%
-65%
-53%
-74%
—
-22%
-2.9%
-61%
-31%
-66%
11%
809%
-53%
163%
47%
121%

Tata Steel Ltd · TATASTEEL

—
—
—
-21%
-90%
-126%
-84%
-93%
-602%
—
-65%
75%
—
-43%
116%
118%
319%
825%
147%
—
04 · compare level, then change

Capacity Spending & Returns On It

NMDC Steel Ltd has the highest CAPEX among the 10 Steel companies compared here, at ₹33 crore. Mangalam Worldwide Ltd is next at ₹4 crore. The same company also holds the highest CAPEX intensity, at 11.9%. 4 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: NMDC Steel Ltd reports ₹33 crore of CAPEX; NMDC Steel Ltd has the highest covered intensity at 11.9%. Coverage is only 4 of 10 companies and 15 reported observations, so this is partial evidence—not a complete sector rank.

LeaderNMDC Steel Ltd · ₹33 crore
Gap725% versus #2 · Mangalam Worldwide Ltd
Persistence1/1 recent comparable periods
Coverage4/10 companies · 15 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1NMDC Steel Ltd NSLNISP₹33 Cr
2Mangalam Worldwide Ltd MWL⚠ unverified₹4 Cr
3Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹3 Cr
4Rajputana Stainless Ltd RSL⚠ unverified₹1 Cr
CAPEX intensityhighest reinvestment intensity
1NMDC Steel Ltd NSLNISP12%
2Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified2.8%
3Mangalam Worldwide Ltd MWL⚠ unverified1.7%
4Rajputana Stainless Ltd RSL⚠ unverified0.4%
Capital expenditure · company comparison
4/10 level · 4/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: JSW Steel Ltd (JSWSTEEL) — its two data sources disagree by up to 15% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
NMDC Steel Ltd NSLNISP₹33 Cr12%Mar 2026
Mangalam Worldwide Ltd MWL⚠ unverified₹4 Cr1.7%Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹3 Cr2.8%Mar 2026
Rajputana Stainless Ltd RSL⚠ unverified₹1 Cr0.4%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
₹30 Cr
₹30 Cr
₹5 Cr
₹5 Cr
—
—
—
₹4 Cr
—
—
—
—
—
—
—
—
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
₹33 Cr
₹33 Cr
—
—
—
—
—
—
—
—
—
—
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹1 Cr
—
—
₹4 Cr
₹1 Cr
₹1 Cr
—
—
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
₹0 Cr
—
₹2 Cr
—
₹62 Cr
—
₹3 Cr
—

CAPEX intensity · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
—
2.3%
—
—
—
1.7%
—
—
—
—
—
—
—
—
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
12%
—
—
—
—
—
—
—
—
—
—
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.6%
—
0.4%
—
—
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
0.0%
—
2.5%
—
55%
—
2.8%
—
Annual capital allocation · 10-year view
10/10 capacity base · 10/10 OCF · 10/10 CAPEX · 10/10 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

India Homes Ltd · ISIBARS

—
—
₹249 Cr
₹239 Cr
₹231 Cr
₹224 Cr
₹216 Cr
—
—
—

JSW Steel Ltd · JSWSTEEL

₹63.1K Cr
₹63.8K Cr
₹74.5K Cr
₹89.3K Cr
₹97.5K Cr
₹1.2 L Cr
₹1.3 L Cr
₹1.4 L Cr
₹1.5 L Cr
₹1.4 L Cr

Manaksia Steels Ltd · MANAKSTEEL

—
₹75 Cr
₹103 Cr
₹102 Cr
₹88 Cr
₹82 Cr
₹79 Cr
₹91 Cr
₹155 Cr
₹185 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

—
₹1 Cr
₹1 Cr
₹1 Cr
₹2 Cr
₹51 Cr
₹92 Cr
₹105 Cr
₹99 Cr
₹111 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹732 Cr
₹585 Cr
₹528 Cr
₹546 Cr
₹473 Cr
₹516 Cr
₹518 Cr
₹486 Cr
₹679 Cr
₹726 Cr

NMDC Steel Ltd · NSLNISP

—
—
—
₹0 Cr
₹0 Cr
₹18.2K Cr
₹20.7K Cr
₹21.5K Cr
₹20.8K Cr
₹20.0K Cr

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
₹57 Cr
₹57 Cr
₹58 Cr
₹68 Cr
₹70 Cr
₹72 Cr
₹75 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
₹5 Cr
₹10 Cr
₹74 Cr

Steel Authority of India Ltd · SAIL

₹73.6K Cr
₹77.0K Cr
₹77.4K Cr
₹77.8K Cr
₹76.5K Cr
₹78.4K Cr
₹78.4K Cr
₹78.6K Cr
₹80.5K Cr
₹86.5K Cr

Tata Steel Ltd · TATASTEEL

₹1.1 L Cr
₹1.1 L Cr
₹1.4 L Cr
₹1.5 L Cr
₹1.5 L Cr
₹1.6 L Cr
₹1.8 L Cr
₹1.8 L Cr
₹1.9 L Cr
₹2.1 L Cr

Operating cash flow · fiscal-year history

India Homes Ltd · ISIBARS

—
—
₹-4 Cr
₹-42 Cr
₹-40 Cr
₹-4 Cr
₹-1 Cr
—
—
—

JSW Steel Ltd · JSWSTEEL

₹7.9K Cr
₹12.4K Cr
₹14.6K Cr
₹12.8K Cr
₹18.8K Cr
₹26.3K Cr
₹23.3K Cr
₹12.1K Cr
₹20.9K Cr
₹25.2K Cr

Manaksia Steels Ltd · MANAKSTEEL

—
₹-10 Cr
₹130 Cr
₹-4 Cr
₹36 Cr
₹-1 Cr
₹24 Cr
₹-52 Cr
₹14 Cr
₹62 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

—
₹0 Cr
₹-5 Cr
₹-15 Cr
₹6 Cr
₹2 Cr
₹-61 Cr
₹-10 Cr
₹-87 Cr
₹24 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹319 Cr
₹894 Cr
₹-56 Cr
₹150 Cr
₹-328 Cr
₹-102 Cr
₹106 Cr
₹65 Cr
₹180 Cr
₹-441 Cr

NMDC Steel Ltd · NSLNISP

—
—
—
₹0 Cr
₹0 Cr
₹743 Cr
₹1.5K Cr
₹-2.8K Cr
₹2.0K Cr
₹1.8K Cr

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
₹19 Cr
₹15 Cr
₹-2 Cr
₹25 Cr
₹31 Cr
₹7 Cr
₹32 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
₹3 Cr
₹9 Cr
₹13 Cr
₹31 Cr
₹34 Cr

Steel Authority of India Ltd · SAIL

₹2.2K Cr
₹6.2K Cr
₹7.2K Cr
₹-618 Cr
₹23.4K Cr
₹31.0K Cr
₹-5.3K Cr
₹2.9K Cr
₹9.9K Cr
₹19.0K Cr

Tata Steel Ltd · TATASTEEL

₹10.8K Cr
₹8.0K Cr
₹25.3K Cr
₹20.2K Cr
₹44.3K Cr
₹44.4K Cr
₹21.7K Cr
₹20.3K Cr
₹23.1K Cr
₹35.1K Cr

CAPEX · reported cash flow · fiscal-year history

India Homes Ltd · ISIBARS

—
—
—
₹1 Cr
₹0 Cr
₹1 Cr
₹-1 Cr
—
—
—

JSW Steel Ltd · JSWSTEEL

₹3.1K Cr
₹4.1K Cr
₹14.8K Cr
₹19.0K Cr
₹12.9K Cr
₹25.3K Cr
₹17.3K Cr
₹23.7K Cr
₹12.6K Cr
₹3.6K Cr

Manaksia Steels Ltd · MANAKSTEEL

—
—
₹34 Cr
₹8 Cr
₹-4 Cr
₹5 Cr
₹7 Cr
₹19 Cr
₹70 Cr
₹41 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
₹0 Cr
₹0 Cr
₹1 Cr
₹50 Cr
₹46 Cr
₹20 Cr
₹3 Cr
₹22 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹-1.7K Cr
₹11 Cr
₹1 Cr
₹93 Cr
₹-4 Cr
₹88 Cr
₹54 Cr
₹18 Cr
₹244 Cr
₹109 Cr

NMDC Steel Ltd · NSLNISP

—
—
—
—
₹0 Cr
₹18.2K Cr
₹2.5K Cr
₹1.4K Cr
₹313 Cr
₹216 Cr

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
₹4 Cr
₹6 Cr
₹17 Cr
₹10 Cr
₹11 Cr
₹12 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
₹6 Cr
₹66 Cr

Steel Authority of India Ltd · SAIL

₹5.4K Cr
₹6.5K Cr
₹3.8K Cr
₹4.2K Cr
₹2.8K Cr
₹6.2K Cr
₹5.0K Cr
₹5.4K Cr
₹7.6K Cr
₹12.0K Cr

Tata Steel Ltd · TATASTEEL

₹5.3K Cr
₹10.7K Cr
₹37.7K Cr
₹19.4K Cr
₹10.0K Cr
₹9.7K Cr
₹31.8K Cr
₹15.2K Cr
₹19.8K Cr
₹27.8K Cr

Free cash flow · fiscal-year history

India Homes Ltd · ISIBARS

—
—
—
₹-43 Cr
₹-40 Cr
₹-5 Cr
₹0 Cr
—
—
—

JSW Steel Ltd · JSWSTEEL

₹4.8K Cr
₹8.3K Cr
₹-143 Cr
₹-6.2K Cr
₹5.9K Cr
₹967 Cr
₹6.0K Cr
₹-11.6K Cr
₹8.3K Cr
₹21.6K Cr

Manaksia Steels Ltd · MANAKSTEEL

—
—
₹96 Cr
₹-12 Cr
₹40 Cr
₹-6 Cr
₹17 Cr
₹-71 Cr
₹-56 Cr
₹21 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
₹-5 Cr
₹-15 Cr
₹5 Cr
₹-48 Cr
₹-107 Cr
₹-30 Cr
₹-90 Cr
₹2 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹2.0K Cr
₹883 Cr
₹-57 Cr
₹57 Cr
₹-324 Cr
₹-190 Cr
₹52 Cr
₹47 Cr
₹-64 Cr
₹-550 Cr

NMDC Steel Ltd · NSLNISP

—
—
—
—
₹0 Cr
₹-17.4K Cr
₹-977 Cr
₹-4.2K Cr
₹1.7K Cr
₹1.6K Cr

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
₹11 Cr
₹-8 Cr
₹8 Cr
₹21 Cr
₹-4 Cr
₹20 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
₹25 Cr
₹-32 Cr

Steel Authority of India Ltd · SAIL

₹-3.2K Cr
₹-347 Cr
₹3.5K Cr
₹-4.8K Cr
₹20.6K Cr
₹24.8K Cr
₹-10.3K Cr
₹-2.5K Cr
₹2.3K Cr
₹7.0K Cr

Tata Steel Ltd · TATASTEEL

₹5.6K Cr
₹-2.6K Cr
₹-12.4K Cr
₹763 Cr
₹34.4K Cr
₹34.7K Cr
₹-10.2K Cr
₹5.1K Cr
₹3.4K Cr
₹7.2K Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Safe Enterprises Retail Fixtures Ltd has the lowest Gross debt among the 10 Steel companies compared here, at ₹0 crore. Rajputana Stainless Ltd is next at ₹69 crore. The same company also holds the lowest Net debt, at ₹130 crore net cash. 10 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Safe Enterprises Retail Fixtures Ltd has the clearest covered balance-sheet capacity with ₹130 crore net cash and gross debt of ₹0 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderSafe Enterprises Retail Fixtures Ltd · ₹0 crore
Gap100% versus #2 · Rajputana Stainless Ltd
Persistence3/4 recent comparable periods
Coverage10/10 companies · 115 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹0 Cr
2Rajputana Stainless Ltd RSL⚠ unverified₹69 Cr
3India Homes Ltd ISIBARS · older report₹75 Cr
4Manaksia Steels Ltd MANAKSTEEL₹151 Cr
5Mangalam Worldwide Ltd MWL⚠ unverified₹490 Cr
Net debtlowest net debt
1Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹-130 Cr
2Rajputana Stainless Ltd RSL⚠ unverified₹-65 Cr
3Mangalam Worldwide Ltd MWL⚠ unverified₹484 Cr
4Mukand Ltd MUKANDLTD⚠ unverified₹1.7K Cr
5NMDC Steel Ltd NSLNISP₹3.8K Cr
Debt and balance-sheet capacity · company comparison
10/10 level · 7/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
JSW Steel Ltd JSWSTEEL₹99.3K Cr—Jun 2026
Tata Steel Ltd TATASTEEL₹92.4K Cr₹82.4K CrMar 2026
Steel Authority of India Ltd SAIL₹31.9K Cr₹31.2K CrJun 2026
NMDC Steel Ltd NSLNISP₹4.6K Cr₹3.8K CrMar 2026
Mukand Ltd MUKANDLTD⚠ unverified₹1.7K Cr₹1.7K CrMar 2026
Mangalam Worldwide Ltd MWL⚠ unverified₹490 Cr₹484 CrJun 2026
Manaksia Steels Ltd MANAKSTEEL₹151 Cr—Mar 2026
India Homes Ltd ISIBARS₹75 Cr—Sep 2023
Rajputana Stainless Ltd RSL⚠ unverified₹69 Cr₹-65 CrMar 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified₹0 Cr₹-130 CrMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

India Homes Ltd · ISIBARS

—
—
₹64 Cr
—
—
—
₹71 Cr
—
₹75 Cr
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

—
—
₹72.2K Cr
—
—
—
₹80.9K Cr
—
—
—
₹88.0K Cr
—
—
—
₹98.8K Cr
—
₹1.0 L Cr
—
₹99.3K Cr
—

Manaksia Steels Ltd · MANAKSTEEL

—
—
₹10 Cr
—
—
—
₹49 Cr
—
—
—
₹186 Cr
—
—
—
₹206 Cr
—
—
—
₹151 Cr
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
₹47 Cr
₹47 Cr
₹26 Cr
₹26 Cr
₹86 Cr
₹85 Cr
₹87 Cr
—
—
₹103 Cr
₹169 Cr
₹236 Cr
₹236 Cr
₹192 Cr
₹246 Cr
₹223 Cr
₹372 Cr
₹236 Cr
₹490 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹1.7K Cr
₹1.7K Cr
₹2.0K Cr
₹2.0K Cr
₹2.2K Cr
₹2.2K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹1.8K Cr
₹1.7K Cr
—

NMDC Steel Ltd · NSLNISP

—
—
₹1.7K Cr
—
—
—
₹3.8K Cr
—
₹5.2K Cr
₹5.2K Cr
₹6.7K Cr
₹6.7K Cr
₹6.5K Cr
₹6.5K Cr
₹5.9K Cr
₹5.9K Cr
₹5.3K Cr
₹5.3K Cr
₹4.6K Cr
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
₹92 Cr
—
—
—
₹80 Cr
—
—
—
₹80 Cr
₹80 Cr
—
₹90 Cr
₹102 Cr
₹88 Cr
₹88 Cr
₹88 Cr
₹69 Cr
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
₹1 Cr
—
₹32 Cr
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

Steel Authority of India Ltd · SAIL

₹24.7K Cr
₹24.7K Cr
₹17.3K Cr
₹17.3K Cr
₹31.4K Cr
₹31.4K Cr
₹30.8K Cr
₹30.8K Cr
₹30.7K Cr
₹30.7K Cr
₹36.3K Cr
—
₹41.3K Cr
₹41.3K Cr
₹36.9K Cr
₹36.9K Cr
₹33.7K Cr
₹33.7K Cr
₹31.9K Cr
—

Tata Steel Ltd · TATASTEEL

₹78.2K Cr
₹78.2K Cr
₹75.6K Cr
₹75.6K Cr
₹87.5K Cr
₹87.5K Cr
₹84.9K Cr
₹84.9K Cr
₹89.7K Cr
₹89.7K Cr
₹87.1K Cr
₹87.1K Cr
₹99.4K Cr
₹99.4K Cr
₹94.8K Cr
₹94.8K Cr
₹95.6K Cr
₹95.6K Cr
₹92.4K Cr
—

Net debt · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

—
₹42 Cr
₹42 Cr
₹20 Cr
₹20 Cr
₹74 Cr
₹74 Cr
₹82 Cr
—
—
₹166 Cr
₹166 Cr
₹220 Cr
₹220 Cr
₹240 Cr
₹240 Cr
₹356 Cr
₹356 Cr
₹484 Cr
₹484 Cr

Mukand Ltd · MUKANDLTD⚠ unverified

₹1.7K Cr
₹1.7K Cr
₹2.0K Cr
₹2.0K Cr
₹2.0K Cr
₹2.0K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.5K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.5K Cr
₹1.8K Cr
₹1.8K Cr
₹1.7K Cr
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
₹4.1K Cr
₹4.1K Cr
₹6.5K Cr
₹5.9K Cr
₹5.8K Cr
₹5.8K Cr
₹5.5K Cr
₹5.5K Cr
₹4.5K Cr
₹4.5K Cr
₹3.8K Cr
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹79 Cr
—
₹87 Cr
₹99 Cr
₹82 Cr
₹82 Cr
₹82 Cr
₹-65 Cr
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
₹12 Cr
—
₹-27 Cr
—
₹-103 Cr
—
₹-130 Cr
—

Steel Authority of India Ltd · SAIL

₹23.7K Cr
₹23.7K Cr
₹17.1K Cr
₹16.5K Cr
₹30.9K Cr
₹30.9K Cr
₹30.6K Cr
₹30.2K Cr
₹29.9K Cr
₹29.9K Cr
₹36.2K Cr
—
₹40.5K Cr
₹40.5K Cr
₹36.6K Cr
₹36.0K Cr
₹32.7K Cr
₹32.7K Cr
₹31.2K Cr
—

Tata Steel Ltd · TATASTEEL

₹68.9K Cr
₹68.9K Cr
₹51.4K Cr
₹51.4K Cr
₹71.8K Cr
₹71.8K Cr
₹69.1K Cr
₹69.1K Cr
₹77.1K Cr
₹77.1K Cr
₹79.3K Cr
₹79.3K Cr
₹89.0K Cr
₹89.0K Cr
₹84.8K Cr
₹84.8K Cr
₹87.2K Cr
₹87.2K Cr
₹82.4K Cr
—
06 · compare level, then change

Return On Capital Employed

Safe Enterprises Retail Fixtures Ltd has the highest ROCE among the 10 Steel companies compared here, at 47%. Rajputana Stainless Ltd is next at 25.2%. NMDC Steel Ltd has the highest ROCE change at +17.6 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Safe Enterprises Retail Fixtures Ltd leads ROCE at 47%, 21.8 percentage points above Rajputana Stainless Ltd. NMDC Steel Ltd has the strongest latest improvement at +17.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderSafe Enterprises Retail Fixtures Ltd · 47%
Gap86.5% versus #2 · Rajputana Stainless Ltd
Persistence0/2 recent comparable periods
Coverage10/10 companies · 82 observations

Investor read: Safe Enterprises Retail Fixtures Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified47%
2Rajputana Stainless Ltd RSL⚠ unverified25%
3Mangalam Worldwide Ltd MWL⚠ unverified18%
4Manaksia Steels Ltd MANAKSTEEL14%
5Tata Steel Ltd TATASTEEL13%
ROCE changefastest improvers
1NMDC Steel Ltd NSLNISP+17.6 pp
2India Homes Ltd ISIBARS · older report+10.0 pp
3Manaksia Steels Ltd MANAKSTEEL+10.0 pp
4Mangalam Worldwide Ltd MWL⚠ unverified+3.7 pp
5Tata Steel Ltd TATASTEEL+3.3 pp
Return on capital · company comparison
10/10 level · 10/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: JSW Steel Ltd (JSWSTEEL) — its two data sources disagree by up to 15% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Mangalam Worldwide Ltd MWL⚠ unverified28%+3.7 ppJun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified26%−35.5 ppMar 2026
Rajputana Stainless Ltd RSL⚠ unverified22%−5.1 ppMar 2026
Tata Steel Ltd TATASTEEL11%+3.3 ppMar 2026
Steel Authority of India Ltd SAIL6.5%+0.7 ppJun 2026
Mukand Ltd MUKANDLTD⚠ unverified5.8%−14.8 ppMar 2026
NMDC Steel Ltd NSLNISP3.0%+17.6 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

—
14%
20%
7.3%
6.9%
7.0%
8.2%
—
—
—
13%
21%
16%
21%
16%
24%
19%
27%
20%
28%

Mukand Ltd · MUKANDLTD⚠ unverified

-30%
—
12%
—
13%
—
-9.8%
—
-9.0%
17%
10%
11%
24%
16%
21%
15%
14%
21%
5.8%
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
-0.9%
-3.2%
-9.2%
-11%
-16%
-15%
-15%
-9.2%
-7.3%
-2.7%
3.0%
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
12%
—
20%
27%
35%
37%
—
22%
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
44%
—
62%
—
27%
—
26%
—

Steel Authority of India Ltd · SAIL

27%
—
21%
—
8.2%
—
5.0%
—
7.5%
8.0%
6.9%
7.6%
6.4%
6.8%
5.8%
7.7%
6.0%
6.8%
6.5%
—

Tata Steel Ltd · TATASTEEL

25%
—
29%
—
23%
—
11%
—
5.6%
4.4%
7.1%
3.7%
8.2%
8.6%
7.5%
9.0%
8.9%
11%
11%
—

ROCE change · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
—
−6.5 pp
−11.7 pp
—
—
—
+4.6 pp
—
—
—
+3.3 pp
+2.8 pp
+3.0 pp
+6.6 pp
+4.1 pp
+3.7 pp

Mukand Ltd · MUKANDLTD⚠ unverified

—
—
—
—
+42.4 pp
—
−21.7 pp
—
−21.5 pp
—
+19.9 pp
—
+32.6 pp
−1.1 pp
+10.5 pp
+3.9 pp
−9.5 pp
+5.0 pp
−14.8 pp
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
—
—
—
—
−14.8 pp
−11.8 pp
−5.4 pp
+2.0 pp
+8.4 pp
+12.3 pp
+17.6 pp
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
+23.5 pp
—
—
−5.1 pp
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−17.4 pp
—
−35.5 pp
—

Steel Authority of India Ltd · SAIL

—
—
—
—
−18.8 pp
—
−16.4 pp
—
−0.7 pp
—
+1.9 pp
—
−1.1 pp
−1.2 pp
−1.1 pp
+0.1 pp
−0.4 pp
0.0 pp
+0.7 pp
—

Tata Steel Ltd · TATASTEEL

—
—
—
—
−1.8 pp
—
−17.4 pp
—
−17.8 pp
—
−4.1 pp
—
+2.6 pp
+4.2 pp
+0.4 pp
+5.3 pp
+0.7 pp
+2.1 pp
+3.3 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Steel Authority of India Ltd has the lowest Guarded PEG among the 10 Steel companies compared here, at 0.97×. Tata Steel Ltd is next at 1.74×. Manaksia Steels Ltd has the lowest P/E at 11.6×, so level and change sit with different companies. 2 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Steel Authority of India Ltd has the lowest comparable Guarded PEG at 0.97×, 44.3% below Tata Steel Ltd. Only 2 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderSteel Authority of India Ltd · 0.97×
Gap44.3% versus #2 · Tata Steel Ltd
Persistence0/8 recent comparable periods
Coverage2/10 companies · 2 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Steel Authority of India Ltd SAIL1.0
2Tata Steel Ltd TATASTEEL1.7
P/Elowest P/E
1Manaksia Steels Ltd MANAKSTEEL11.6
2Steel Authority of India Ltd SAIL13.8
3Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified18.2
4Tata Steel Ltd TATASTEEL20.2
5Mangalam Worldwide Ltd MWL⚠ unverified20.6
Valuation · company comparison
2/10 level · 9/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Tata Steel Ltd TATASTEEL1.724.6Mar 2026
JSW Steel Ltd JSWSTEEL—31.4Jun 2026
Steel Authority of India Ltd SAIL—18.4Jun 2026
NMDC Steel Ltd NSLNISP—165.7Mar 2026
Mukand Ltd MUKANDLTD⚠ unverified—27.9Mar 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified—14.8Mar 2026
Rajputana Stainless Ltd RSL⚠ unverified—17.8Mar 2026
Mangalam Worldwide Ltd MWL⚠ unverified—22.0Jun 2026
Manaksia Steels Ltd MANAKSTEEL—12.5Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Tata Steel Ltd · TATASTEEL

—
—
0.1
—
—
—
—
—
—
—
—
—
—
—
1.7
—
—
—
—
—

P/E · reported quarter history

JSW Steel Ltd · JSWSTEEL

11.0
7.9
8.0
6.5
9.5
24.6
45.2
52.2
36.7
24.0
18.6
26.8
35.2
43.2
73.6
66.9
54.2
43.8
35.4
31.4

Manaksia Steels Ltd · MANAKSTEEL

5.8
6.6
8.7
6.6
9.3
10.5
14.3
23.6
13.7
10.9
12.6
12.5
22.0
32.5
26.1
41.4
26.2
26.8
12.5
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
0.1
34.8
34.5
24.1
22.2
19.1
20.7
15.8
15.2
14.4
14.0
16.5
20.6
23.5
18.7
22.0

Mukand Ltd · MUKANDLTD⚠ unverified

19.9
18.5
27.8
8.2
10.9
16.7
20.1
10.5
13.8
14.4
10.8
22.7
24.6
19.3
13.8
26.9
23.3
29.6
27.9
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-6.7
—
—
165.7
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
17.8
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
16.1
—
14.8
—

Steel Authority of India Ltd · SAIL

4.8
3.3
3.1
2.2
3.4
7.2
10.5
17.8
27.9
15.3
16.4
16.6
15.0
15.1
16.3
20.3
17.8
19.6
20.0
18.4

Tata Steel Ltd · TATASTEEL

6.9
4.2
4.3
2.6
3.1
4.8
7.1
15.9
62.6
58.2
87.6
34.0
121.6
53.6
63.5
56.5
43.7
28.7
24.6
—
08 · compare level, then change

Enterprise Value & Book Value

Steel Authority of India Ltd has the lowest EV/EBITDA among the 10 Steel companies compared here, at 7.6×. Manaksia Steels Ltd is next at 9×. NMDC Steel Ltd has the lowest P/BV at 0.92×, so level and change sit with different companies. 9 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Steel Authority of India Ltd leads ev/ebitda at 7.6×; NMDC Steel Ltd leads p/bv at 0.92×.

LeaderSteel Authority of India Ltd · 7.6×
Gap15.6% versus #2 · Manaksia Steels Ltd
Persistence0/8 recent comparable periods
Coverage9/10 companies · 119 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Steel Authority of India Ltd SAIL7.6
2Manaksia Steels Ltd MANAKSTEEL9.0
3Tata Steel Ltd TATASTEEL10.0
4Mukand Ltd MUKANDLTD⚠ unverified11.4
5Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified11.6
P/BVlowest P/BV
1NMDC Steel Ltd NSLNISP0.9
2Steel Authority of India Ltd SAIL1.1
3Mukand Ltd MUKANDLTD⚠ unverified1.3
4Manaksia Steels Ltd MANAKSTEEL1.4
5Tata Steel Ltd TATASTEEL2.2
Enterprise and book valuation · company comparison
9/10 level · 10/10 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
India Homes Ltd ISIBARS108.01.7Sep 2023
NMDC Steel Ltd NSLNISP29.20.8Mar 2026
Mangalam Worldwide Ltd MWL⚠ unverified13.24.3Jun 2026
JSW Steel Ltd JSWSTEEL12.63.8Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified11.82.4Mar 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified11.64.1Mar 2026
Mukand Ltd MUKANDLTD⚠ unverified11.41.8Mar 2026
Tata Steel Ltd TATASTEEL10.02.5Mar 2026
Manaksia Steels Ltd MANAKSTEEL9.01.0Mar 2026
Steel Authority of India Ltd SAIL7.61.2Jun 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

India Homes Ltd · ISIBARS

86.3
108.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

7.1
5.7
5.7
4.6
6.2
10.0
10.8
12.6
11.2
10.1
8.8
9.9
11.7
12.5
14.9
14.1
14.2
13.1
12.9
12.6

Manaksia Steels Ltd · MANAKSTEEL

4.3
4.5
5.8
4.6
5.3
5.7
5.8
8.9
7.4
5.9
6.7
7.1
13.7
14.9
13.3
21.1
16.7
15.6
9.0
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
27.1
24.1
16.4
18.1
18.1
12.6
14.0
10.2
10.2
12.4
11.0
9.7
12.8
13.9
11.6
13.2

Mukand Ltd · MUKANDLTD⚠ unverified

9.3
7.3
8.3
9.7
10.5
12.1
12.0
9.0
9.9
10.6
9.2
12.3
12.6
10.9
8.8
11.6
11.0
12.3
11.4
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
29.2
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11.8
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
16.3
—
11.6
—

Steel Authority of India Ltd · SAIL

3.9
2.6
2.7
2.9
3.4
5.2
4.6
5.4
7.5
6.7
7.0
7.2
7.2
7.3
7.3
7.5
7.2
7.2
7.6
7.6

Tata Steel Ltd · TATASTEEL

5.0
3.6
3.7
2.5
3.1
4.0
4.5
6.2
9.4
11.2
11.1
12.9
11.4
9.7
10.5
10.7
10.5
9.8
10.0
—

P/BV · reported quarter history

India Homes Ltd · ISIBARS

0.3
1.4
1.2
0.8
1.3
1.2
0.7
0.8
1.7
—
—
—
—
—
—
—
—
—
—
—

JSW Steel Ltd · JSWSTEEL

3.5
2.6
2.9
3.0
2.5
3.0
2.5
2.8
2.9
2.9
2.8
3.4
3.1
2.8
3.3
3.2
3.5
3.2
3.3
3.8

Manaksia Steels Ltd · MANAKSTEEL

0.9
0.9
1.2
1.0
0.8
0.8
0.9
1.1
1.1
1.0
1.2
1.2
1.4
1.3
1.0
1.4
1.3
1.6
1.0
—

Mangalam Worldwide Ltd · MWL⚠ unverified

—
—
—
—
2.2
2.1
2.1
2.4
2.3
1.9
2.1
2.4
2.1
2.1
2.4
2.3
2.6
3.0
2.8
4.3

Mukand Ltd · MUKANDLTD⚠ unverified

4.0
3.3
3.4
3.2
2.0
2.7
3.0
2.6
2.9
3.2
2.4
2.7
2.6
2.0
1.4
2.2
2.0
2.0
1.8
—

NMDC Steel Ltd · NSLNISP

—
—
—
—
—
—
—
0.8
0.9
0.9
0.9
1.0
1.0
0.9
0.7
0.8
1.0
0.9
0.8
—

Rajputana Stainless Ltd · RSL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2.4
—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.3
—
4.1
—

Steel Authority of India Ltd · SAIL

1.0
0.8
0.8
0.6
0.6
0.6
0.6
0.7
0.7
0.9
1.0
1.1
1.0
0.8
0.8
0.9
0.9
0.9
1.0
1.2

Tata Steel Ltd · TATASTEEL

2.0
1.5
1.8
0.9
1.1
1.3
1.1
1.3
1.5
1.9
2.1
2.4
2.3
1.9
2.1
2.2
2.3
2.2
2.5
—
09 · let price answer last

Market action

India Homes Ltd has the strongest one-year price move in Steel at +230%. It also leads on Mansfield relative strength against NIFTY at +45.1%. 8 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Steel comparison names 8 specific ways its own evidence can mislead, all listed below. 1 of the 10 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 4 draw at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
  • 4 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
  • 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
  • Thin comparisons: Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 10 companies in the canonical Steel membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
JSW Steel Ltd JSWSTEEL21/26 WEEKS₹3.0 L Cr₹1,2412026-07-19Jun 2026Second feed withheld
Tata Steel Ltd TATASTEEL₹2.3 L Cr₹1832026-07-19Mar 2026Cross-checked
Steel Authority of India Ltd SAIL23/26 WEEKS₹66.7K Cr₹1612026-07-19Jun 2026Cross-checked
NMDC Steel Ltd NSLNISP18/26 WEEKS₹12.1K Cr₹41.42026-07-19Mar 2026Cross-checked
Mukand Ltd MUKANDLTD18/26 WEEKS⚠ unverified₹2.0K Cr₹1382026-07-19Mar 2026Includes unverified figures
Safe Enterprises Retail Fixtures Ltd SAFEENTPAHEAD⚠ unverified₹1.2K Cr₹2522026-07-19Mar 2026Includes unverified figures
Rajputana Stainless Ltd RSL⚠ unverified₹1.1K Cr₹1332026-07-19Mar 2026Includes unverified figures
Mangalam Worldwide Ltd MWLAHEAD24/26 WEEKS⚠ unverified₹1.1K Cr₹36.02026-07-19Jun 2026Includes unverified figures
India Homes Ltd ISIBARS₹875 Cr₹22.02026-07-19Sep 2023Primary source only
Manaksia Steels Ltd MANAKSTEEL₹463 Cr₹70.72026-07-19Mar 2026Primary source only
How each company's sources stand: 4 of 10 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 1 of 10 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JSW Steel Ltd (JSWSTEEL) — its two data sources disagree by up to 15% on reported income across 15 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 10 Steel companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 6 unverified · 1 withheld, of 10 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Steel company comparison FAQs

These 18 answers restate the Steel comparison above in question form. Every one is computed from the same 10 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Steel index?

The Nifty Steel index tracks India's listed Steel companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Steel sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Steel stocks in India?

Ranked by this page's four-factor score, Manaksia Steels Ltd places first among 10 listed Steel companies, followed by JSW Steel Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Steel stocks are listed in India?

This comparison covers 10 listed Steel companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Steel company is the biggest?

Tata Steel Ltd is the largest, with trailing-twelve-month revenue of ₹2,32,139 crore, ahead of JSW Steel Ltd at ₹1,89,687 crore. That covers 8 of 10 companies with comparable reporting through Mar 2026.

Which Steel company is growing fastest?

Manaksia Steels Ltd has the fastest revenue growth at 78.7% year on year, across 8 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Steel company has the best profit margins?

Safe Enterprises Retail Fixtures Ltd has the highest operating margin at 35%, from 9 of 10 comparable companies. India Homes Ltd shows the biggest recent improvement, at +190.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Steel company makes the most profit?

JSW Steel Ltd earns the most, at ₹27,995 crore of trailing-twelve-month net profit, from 8 of 10 comparable companies. JSW Steel Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Steel company earns the highest return on capital?

Safe Enterprises Retail Fixtures Ltd leads on return on capital employed at 47%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Steel stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Steel Authority of India Ltd screens cheapest at 0.97×. Only 2 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Steel company has the strongest balance sheet?

Safe Enterprises Retail Fixtures Ltd carries the lowest comparable gross debt at ₹0 crore, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Steel stock has the strongest price momentum?

India Homes Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Steel company scores highest for research priority?

Manaksia Steels Ltd scores 67.1 out of 100 with 64% evidence confidence, from 28.5 points on growth and earnings, 15 on capital efficiency, 11.9 on valuation and 11.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Steel companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Steel sector?

The 10 Steel companies on this page carry ₹6,16,983 crore of combined market value. JSW Steel Ltd is the largest at ₹3,03,432 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Steel sector's P/E ratio?

The median price-to-earnings ratio across the 10 Steel companies on this page is 20.6×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Steel sector performing?

8 of the 9 covered Steel companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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