# Steel — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Steel has outperformed NIFTY 500 by 32.7% over 52 weeks and 5.4% over 13 weeks. 7 of 9 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself. Tata Steel Ltd leads with revenue of ₹2,32,139 crore, based on 8 of 10 comparable companies through Mar 2026.

### Is the Steel sector outperforming NIFTY 500?

Steel has outperformed NIFTY 500 by 32.7% over 52 weeks and 5.4% over 13 weeks. 7 of 9 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself.

### 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.

## Sector relative strength

Steel has outperformed NIFTY 500 by 32.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.4%. 7 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 +36.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: -5.4%
52-week sector return versus NIFTY 500: 33%
Stocks leading NIFTY: 7/9
Stocks leading sector: 2/8

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

Companies: 10
Combined market value: ₹6.2 L Cr

## 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.

1. Manaksia Steels Ltd (MANAKSTEEL): 67/100 — Favorable setup; evidence 64%
   - Growth & earnings 28.5/35 | Capital efficiency 15.0/25 | Valuation 11.9/20 | Relative strength 11.7/20
   - 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.
2. JSW Steel Ltd (JSWSTEEL): 57/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.0/35 | Capital efficiency 12.6/25 | Valuation 9.3/20 | Relative strength 12.0/20
   - Exact sum: 23 + 12.6 + 9.3 + 12 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. NMDC Steel Ltd (NSLNISP): 53/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 25.4/35 | Capital efficiency 11.9/25 | Valuation 8.5/20 | Relative strength 7.4/20
   - Exact sum: 25.4 + 11.9 + 8.5 + 7.4 = 53.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Steel Authority of India Ltd (SAIL): 51/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 16.6/35 | Capital efficiency 9.8/25 | Valuation 12.6/20 | Relative strength 12.3/20
   - Exact sum: 16.6 + 9.8 + 12.6 + 12.3 = 51.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Mangalam Worldwide Ltd (MWL): 48/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 22.5/35 | Capital efficiency 12.6/25 | Valuation 8.5/20 | Relative strength 4.6/20
   - 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.
6. Tata Steel Ltd (TATASTEEL): 48/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 20.9/35 | Capital efficiency 13.7/25 | Valuation 10.2/20 | Relative strength 3.3/20
   - Exact sum: 20.9 + 13.7 + 10.2 + 3.3 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Mukand Ltd (MUKANDLTD): 42/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 12.1/35 | Capital efficiency 5.9/25 | Valuation 12.4/20 | Relative strength 11.5/20
   - Exact sum: 12.1 + 5.9 + 12.4 + 11.5 = 41.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 60/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 15.1/35 | Capital efficiency 21.8/25 | Valuation 10.8/20 | Relative strength 11.8/20
   - Exact sum: 15.1 + 21.8 + 10.8 + 11.8 = 59.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Rajputana Stainless Ltd (RSL): 54/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 15.9/35 | Capital efficiency 18.4/25 | Valuation 9.6/20 | Relative strength 10.0/20
   - 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.
10. India Homes Ltd (ISIBARS): 52/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 18.2/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 18.1/20
   - Exact sum: 18.2 + 6.1 + 10 + 18.1 = 52.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Tata Steel Ltd · ₹2,32,139 crore | 22.4% versus #2 · JSW Steel Ltd | 3/8 recent comparable periods | 8/10 companies · 127 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Tata Steel Ltd (TATASTEEL): ₹2.3 L Cr
2. JSW Steel Ltd (JSWSTEEL): ₹1.9 L Cr
3. Steel Authority of India Ltd (SAIL): ₹1.1 L Cr
4. NMDC Steel Ltd (NSLNISP): ₹13.6K Cr
5. Mukand Ltd (MUKANDLTD): ₹4.9K Cr

### Revenue growth — fastest growers
1. Manaksia Steels Ltd (MANAKSTEEL): 79%
2. NMDC Steel Ltd (NSLNISP): 60%
3. Mangalam Worldwide Ltd (MWL): 13%
4. JSW Steel Ltd (JSWSTEEL): 12%
5. Steel Authority of India Ltd (SAIL): 6.5%

### 20-quarter Revenue history
- JSWSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹39.1K Cr | Mar 2023 ₹47.0K Cr | Jun 2023 ₹42.2K Cr | Sep 2023 ₹44.6K Cr | Dec 2023 ₹41.9K Cr | Mar 2024 ₹46.3K Cr | Jun 2024 ₹42.9K Cr | Sep 2024 ₹39.7K Cr | Dec 2024 ₹41.4K Cr | Mar 2025 ₹44.8K Cr | Jun 2025 ₹43.1K Cr | Sep 2025 ₹45.2K Cr | Dec 2025 ₹46.0K Cr | Mar 2026 ₹51.2K Cr | Jun 2026 ₹47.4K Cr
- TATASTEEL: Sep 2021 ₹60.3K Cr | Dec 2021 ₹60.8K Cr | Mar 2022 ₹69.3K Cr | Jun 2022 ₹63.4K Cr | Sep 2022 ₹59.9K Cr | Dec 2022 ₹57.1K Cr | Mar 2023 ₹63.0K Cr | Jun 2023 ₹59.5K Cr | Sep 2023 ₹55.7K Cr | Dec 2023 ₹55.3K Cr | Mar 2024 ₹58.7K Cr | Jun 2024 ₹54.8K Cr | Sep 2024 ₹53.9K Cr | Dec 2024 ₹53.6K Cr | Mar 2025 ₹56.2K Cr | Jun 2025 ₹53.2K Cr | Sep 2025 ₹58.7K Cr | Dec 2025 ₹57.0K Cr | Mar 2026 ₹63.3K Cr | Jun 2026 —
- SAIL: Sep 2021 ₹26.8K Cr | Dec 2021 ₹25.2K Cr | Mar 2022 ₹30.8K Cr | Jun 2022 ₹24.0K Cr | Sep 2022 ₹26.2K Cr | Dec 2022 ₹25.0K Cr | Mar 2023 ₹29.1K Cr | Jun 2023 ₹24.4K Cr | Sep 2023 ₹29.7K Cr | Dec 2023 ₹23.3K Cr | Mar 2024 ₹28.0K Cr | Jun 2024 ₹24.0K Cr | Sep 2024 ₹24.7K Cr | Dec 2024 ₹24.5K Cr | Mar 2025 ₹29.3K Cr | Jun 2025 ₹25.9K Cr | Sep 2025 ₹26.7K Cr | Dec 2025 ₹27.4K Cr | Mar 2026 ₹30.8K Cr | Jun 2026 ₹26.2K Cr
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- MUKANDLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹58 Cr | Dec 2024 — | Mar 2025 ₹81 Cr | Jun 2025 — | Sep 2025 ₹112 Cr | Dec 2025 — | Mar 2026 ₹106 Cr | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹233 Cr | Mar 2025 ₹248 Cr | Jun 2025 — | Sep 2025 ₹270 Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹255 Cr | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹214 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹229 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹270 Cr | Mar 2025 ₹324 Cr | Jun 2025 ₹276 Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹265 Cr | Jun 2026 ₹316 Cr
- ISIBARS: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹236 Cr | Jun 2023 ₹218 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹163 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹104 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹263 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹333 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- JSWSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.2% | Mar 2024 -1.5% | Jun 2024 1.7% | Sep 2024 -11% | Dec 2024 -1.3% | Mar 2025 -3.1% | Jun 2025 0.5% | Sep 2025 14% | Dec 2025 11% | Mar 2026 14% | Jun 2026 9.8%
- TATASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -0.7% | Dec 2022 -6.1% | Mar 2023 -9.2% | Jun 2023 -6.2% | Sep 2023 -7.0% | Dec 2023 -3.1% | Mar 2024 -6.8% | Jun 2024 -7.9% | Sep 2024 -3.2% | Dec 2024 -3.0% | Mar 2025 -4.2% | Jun 2025 -2.9% | Sep 2025 8.9% | Dec 2025 6.3% | Mar 2026 13% | Jun 2026 —
- SAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -2.2% | Dec 2022 -0.8% | Mar 2023 -5.3% | Jun 2023 1.4% | Sep 2023 13% | Dec 2023 -6.8% | Mar 2024 -4.0% | Jun 2024 -1.5% | Sep 2024 -17% | Dec 2024 4.9% | Mar 2025 4.9% | Jun 2025 8.0% | Sep 2025 8.2% | Dec 2025 12% | Mar 2026 5.1% | Jun 2026 1.3%
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 449% | Dec 2024 129% | Mar 2025 54% | Jun 2025 66% | Sep 2025 123% | Dec 2025 42% | Mar 2026 37% | Jun 2026 —
- MUKANDLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -12% | Mar 2024 -5.6% | Jun 2024 -9.0% | Sep 2024 -8.3% | Dec 2024 7.2% | Mar 2025 -11% | Jun 2025 -10% | Sep 2025 -8.1% | Dec 2025 5.3% | Mar 2026 15% | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 93% | Dec 2025 — | Mar 2026 31% | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 7.7% | Mar 2026 2.8% | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 11% | Jun 2024 14% | Sep 2024 20% | Dec 2024 49% | Mar 2025 37% | Jun 2025 21% | Sep 2025 33% | Dec 2025 30% | Mar 2026 -18% | Jun 2026 14%
- ISIBARS: Sep 2021 -88% | Dec 2021 -81% | Mar 2022 -86% | Jun 2022 -51% | Sep 2022 -71% | Dec 2022 -93% | Mar 2023 -82% | Jun 2023 -39% | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -31% | Jun 2024 -24% | Sep 2024 -37% | Dec 2024 19% | Mar 2025 25% | Jun 2025 32% | Sep 2025 153% | Dec 2025 99% | Mar 2026 63% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Safe Enterprises Retail Fixtures Ltd · 35% | 66.7% versus #2 · NMDC Steel Ltd | 1/2 recent comparable periods | 9/10 companies · 143 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 35%
2. NMDC Steel Ltd (NSLNISP): 21%
3. JSW Steel Ltd (JSWSTEEL): 20%
4. Steel Authority of India Ltd (SAIL): 16%
5. Tata Steel Ltd (TATASTEEL): 16%

### Margin change — fastest expanders
1. India Homes Ltd (ISIBARS): +190.8 pp — older report
2. NMDC Steel Ltd (NSLNISP): +31.0 pp
3. Manaksia Steels Ltd (MANAKSTEEL): +7.0 pp
4. Steel Authority of India Ltd (SAIL): +5.0 pp
5. Tata Steel Ltd (TATASTEEL): +4.0 pp

### 20-quarter OPM history
- JSWSTEEL: Sep 2021 32% | Dec 2021 24% | Mar 2022 20% | Jun 2022 11% | Sep 2022 4.1% | Dec 2022 11% | Mar 2023 17% | Jun 2023 17% | Sep 2023 18% | Dec 2023 17% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 13% | Mar 2025 14% | Jun 2025 17% | Sep 2025 16% | Dec 2025 14% | Mar 2026 17% | Jun 2026 20%
- TATASTEEL: Sep 2021 27% | Dec 2021 26% | Mar 2022 22% | Jun 2022 24% | Sep 2022 10% | Dec 2022 7.0% | Mar 2023 11% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 14% | Sep 2025 15% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- SAIL: Sep 2021 26% | Dec 2021 13% | Mar 2022 14% | Jun 2022 9.6% | Sep 2022 2.8% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 7.0% | Sep 2023 13% | Dec 2023 9.0% | Mar 2024 12% | Jun 2024 9.0% | Sep 2024 12% | Dec 2024 8.0% | Mar 2025 12% | Jun 2025 11% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 14% | Jun 2026 16%
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -53% | Sep 2023 -26% | Dec 2023 -44% | Mar 2024 -52% | Jun 2024 -20% | Sep 2024 -29% | Dec 2024 -31% | Mar 2025 -10% | Jun 2025 12% | Sep 2025 6.0% | Dec 2025 3.0% | Mar 2026 21% | Jun 2026 —
- MUKANDLTD: Sep 2021 4.6% | Dec 2021 5.2% | Mar 2022 6.6% | Jun 2022 5.6% | Sep 2022 2.6% | Dec 2022 6.0% | Mar 2023 -29% | Jun 2023 6.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 7.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 4.0% | Sep 2025 6.0% | Dec 2025 5.0% | Mar 2026 -1.0% | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 38% | Dec 2024 — | Mar 2025 34% | Jun 2025 — | Sep 2025 37% | Dec 2025 — | Mar 2026 35% | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.0% | Mar 2025 7.0% | Jun 2025 — | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- MWL: Sep 2021 2.0% | Dec 2021 — | Mar 2022 2.3% | Jun 2022 — | Sep 2022 1.7% | Dec 2022 — | Mar 2023 4.0% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 6.0% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 6.0% | Mar 2025 5.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 10% | Jun 2026 9.0%
- ISIBARS: Sep 2021 -62% | Dec 2021 -31% | Mar 2022 -782% | Jun 2022 -376% | Sep 2022 -353% | Dec 2022 -593% | Mar 2023 -485% | Jun 2023 -185% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 7.2% | Dec 2021 6.7% | Mar 2022 9.4% | Jun 2022 2.3% | Sep 2022 2.9% | Dec 2022 2.5% | Mar 2023 5.0% | Jun 2023 6.0% | Sep 2023 6.0% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 2.0% | Sep 2024 -3.0% | Dec 2024 4.0% | Mar 2025 4.0% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 5.0% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- JSWSTEEL: Sep 2021 +9.1 pp | Dec 2021 −3.2 pp | Mar 2022 −11.8 pp | Jun 2022 −24.3 pp | Sep 2022 −28.0 pp | Dec 2022 −13.0 pp | Mar 2023 −2.5 pp | Jun 2023 +5.7 pp | Sep 2023 +13.9 pp | Dec 2023 +6.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 +1.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 +3.0 pp
- TATASTEEL: Sep 2021 +11.3 pp | Dec 2021 +3.3 pp | Mar 2022 −6.7 pp | Jun 2022 −6.5 pp | Sep 2022 −17.1 pp | Dec 2022 −19.2 pp | Mar 2023 −10.7 pp | Jun 2023 −15.6 pp | Sep 2023 −2.1 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- SAIL: Sep 2021 +15.0 pp | Dec 2021 −12.1 pp | Mar 2022 −12.3 pp | Jun 2022 −22.2 pp | Sep 2022 −23.4 pp | Dec 2022 −5.5 pp | Mar 2023 −4.1 pp | Jun 2023 −2.6 pp | Sep 2023 +10.2 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 −3.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 +5.0 pp
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +32.9 pp | Sep 2024 −3.0 pp | Dec 2024 +13.0 pp | Mar 2025 +42.0 pp | Jun 2025 +32.0 pp | Sep 2025 +35.0 pp | Dec 2025 +34.0 pp | Mar 2026 +31.0 pp | Jun 2026 —
- MUKANDLTD: Sep 2021 +6.3 pp | Dec 2021 −1.1 pp | Mar 2022 +58.1 pp | Jun 2022 +1.0 pp | Sep 2022 −2.0 pp | Dec 2022 +0.8 pp | Mar 2023 −35.6 pp | Jun 2023 +0.4 pp | Sep 2023 +2.4 pp | Dec 2023 −1.0 pp | Mar 2024 +36.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −7.0 pp | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 +1.7 pp | Jun 2023 — | Sep 2023 +3.3 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +5.0 pp | Jun 2026 +3.0 pp
- ISIBARS: Sep 2021 −64.5 pp | Dec 2021 −26.2 pp | Mar 2022 −721.6 pp | Jun 2022 −258.7 pp | Sep 2022 −290.2 pp | Dec 2022 −562.8 pp | Mar 2023 +297.0 pp | Jun 2023 +190.8 pp | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 −1.0 pp | Dec 2021 −2.0 pp | Mar 2022 −1.4 pp | Jun 2022 −9.0 pp | Sep 2022 −4.3 pp | Dec 2022 −4.3 pp | Mar 2023 −4.4 pp | Jun 2023 +3.7 pp | Sep 2023 +3.1 pp | Dec 2023 +2.5 pp | Mar 2024 0.0 pp | Jun 2024 −4.0 pp | Sep 2024 −9.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 +8.0 pp | Dec 2025 +1.0 pp | Mar 2026 +7.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: JSW Steel Ltd · ₹27,995 crore | 157.2% versus #2 · Tata Steel Ltd | 6/8 recent comparable periods | 8/10 companies · 127 observations

Definition: 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 profit — largest
1. JSW Steel Ltd (JSWSTEEL): ₹28.0K Cr
2. Tata Steel Ltd (TATASTEEL): ₹10.9K Cr
3. Steel Authority of India Ltd (SAIL): ₹4.3K Cr
4. Mukand Ltd (MUKANDLTD): ₹604 Cr
5. NMDC Steel Ltd (NSLNISP): ₹59 Cr

### Profit growth — fastest growers
1. JSW Steel Ltd (JSWSTEEL): 100%
2. Manaksia Steels Ltd (MANAKSTEEL): 100%
3. Mukand Ltd (MUKANDLTD): 100%
4. Tata Steel Ltd (TATASTEEL): 100%
5. Mangalam Worldwide Ltd (MWL): 58%

### 20-quarter Net profit history
- JSWSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹474 Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹867 Cr | Sep 2024 ₹404 Cr | Dec 2024 ₹719 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹19.2K Cr | Jun 2026 ₹4.7K Cr
- TATASTEEL: Sep 2021 ₹12.5K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹9.8K Cr | Jun 2022 ₹7.7K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹-2.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹525 Cr | Sep 2023 ₹-6.5K Cr | Dec 2023 ₹522 Cr | Mar 2024 ₹555 Cr | Jun 2024 ₹919 Cr | Sep 2024 ₹759 Cr | Dec 2024 ₹295 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- SAIL: Sep 2021 ₹4.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹805 Cr | Sep 2022 ₹-329 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹212 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹423 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹897 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.6K Cr
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-131 Cr | Dec 2023 ₹-568 Cr | Mar 2024 ₹-861 Cr | Jun 2024 ₹-547 Cr | Sep 2024 ₹-595 Cr | Dec 2024 ₹-758 Cr | Mar 2025 ₹-473 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹-115 Cr | Dec 2025 ₹-244 Cr | Mar 2026 ₹392 Cr | Jun 2026 —
- MUKANDLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹555 Cr | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹17 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹31 Cr | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹10 Cr | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹12 Cr
- ISIBARS: Sep 2021 ₹-7 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-6 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹19 Cr | Jun 2026 —

### 20-quarter Profit growth history
- JSWSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 417% | Mar 2024 -65% | Jun 2024 -64% | Sep 2024 -85% | Dec 2024 -71% | Mar 2025 14% | Jun 2025 155% | Sep 2025 307% | Dec 2025 235% | Mar 2026 1,182% | Jun 2026 113%
- TATASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -21% | Sep 2022 -90% | Dec 2022 -126% | Mar 2023 -84% | Jun 2023 -93% | Sep 2023 -602% | Dec 2023 — | Mar 2024 -65% | Jun 2024 75% | Sep 2024 — | Dec 2024 -43% | Mar 2025 116% | Jun 2025 118% | Sep 2025 319% | Dec 2025 825% | Mar 2026 147% | Jun 2026 —
- SAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -79% | Sep 2022 -108% | Dec 2022 -65% | Mar 2023 -53% | Jun 2023 -74% | Sep 2023 — | Dec 2023 -22% | Mar 2024 -2.9% | Jun 2024 -61% | Sep 2024 -31% | Dec 2024 -66% | Mar 2025 11% | Jun 2025 809% | Sep 2025 -53% | Dec 2025 163% | Mar 2026 47% | Jun 2026 121%
- MUKANDLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -77% | Jun 2024 -23% | Sep 2024 8.7% | Dec 2024 -21% | Mar 2025 -62% | Jun 2025 21% | Sep 2025 -60% | Dec 2025 -33% | Mar 2026 4,945% | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 94% | Dec 2025 — | Mar 2026 41% | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 20% | Mar 2026 63% | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 71% | Jun 2024 200% | Sep 2024 250% | Dec 2024 33% | Mar 2025 -33% | Jun 2025 67% | Sep 2025 57% | Dec 2025 75% | Mar 2026 88% | Jun 2026 20%
- MANAKSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -17% | Jun 2024 -80% | Sep 2024 -89% | Dec 2024 -60% | Mar 2025 0.0% | Jun 2025 200% | Sep 2025 300% | Dec 2025 400% | Mar 2026 280% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: NMDC Steel Ltd · ₹33 crore | 725% versus #2 · Mangalam Worldwide Ltd | 1/1 recent comparable periods | 4/10 companies · 15 observations

Definition: 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.

### CAPEX — largest spenders
1. NMDC Steel Ltd (NSLNISP): ₹33 Cr
2. Mangalam Worldwide Ltd (MWL): ₹4 Cr
3. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): ₹3 Cr
4. Rajputana Stainless Ltd (RSL): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. NMDC Steel Ltd (NSLNISP): 12%
2. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 2.8%
3. Mangalam Worldwide Ltd (MWL): 1.7%
4. Rajputana Stainless Ltd (RSL): 0.4%

### 20-quarter CAPEX history
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹33 Cr | Sep 2023 ₹33 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹62 Cr | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹30 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 12% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 2.5% | Jun 2025 — | Sep 2025 55% | Dec 2025 — | Mar 2026 2.8% | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.6% | Jun 2025 — | Sep 2025 0.4% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.3% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.7% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Safe Enterprises Retail Fixtures Ltd · ₹0 crore | 100% versus #2 · Rajputana Stainless Ltd | 3/4 recent comparable periods | 10/10 companies · 115 observations

Definition: 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 debt — lowest gross debt
1. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): ₹0 Cr
2. Rajputana Stainless Ltd (RSL): ₹69 Cr
3. India Homes Ltd (ISIBARS): ₹75 Cr — older report
4. Manaksia Steels Ltd (MANAKSTEEL): ₹151 Cr
5. Mangalam Worldwide Ltd (MWL): ₹490 Cr

### Net debt — lowest net debt
1. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): ₹-130 Cr
2. Rajputana Stainless Ltd (RSL): ₹-65 Cr
3. Mangalam Worldwide Ltd (MWL): ₹484 Cr
4. Mukand Ltd (MUKANDLTD): ₹1.7K Cr
5. NMDC Steel Ltd (NSLNISP): ₹3.8K Cr

### 20-quarter Gross debt history
- JSWSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹72.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹80.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹88.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹98.8K Cr | Jun 2025 — | Sep 2025 ₹1.0 L Cr | Dec 2025 — | Mar 2026 ₹99.3K Cr | Jun 2026 —
- TATASTEEL: Sep 2021 ₹78.2K Cr | Dec 2021 ₹78.2K Cr | Mar 2022 ₹75.6K Cr | Jun 2022 ₹75.6K Cr | Sep 2022 ₹87.5K Cr | Dec 2022 ₹87.5K Cr | Mar 2023 ₹84.9K Cr | Jun 2023 ₹84.9K Cr | Sep 2023 ₹89.7K Cr | Dec 2023 ₹89.7K Cr | Mar 2024 ₹87.1K Cr | Jun 2024 ₹87.1K Cr | Sep 2024 ₹99.4K Cr | Dec 2024 ₹99.4K Cr | Mar 2025 ₹94.8K Cr | Jun 2025 ₹94.8K Cr | Sep 2025 ₹95.6K Cr | Dec 2025 ₹95.6K Cr | Mar 2026 ₹92.4K Cr | Jun 2026 —
- SAIL: Sep 2021 ₹24.7K Cr | Dec 2021 ₹24.7K Cr | Mar 2022 ₹17.3K Cr | Jun 2022 ₹17.3K Cr | Sep 2022 ₹31.4K Cr | Dec 2022 ₹31.4K Cr | Mar 2023 ₹30.8K Cr | Jun 2023 ₹30.8K Cr | Sep 2023 ₹30.7K Cr | Dec 2023 ₹30.7K Cr | Mar 2024 ₹36.3K Cr | Jun 2024 — | Sep 2024 ₹41.3K Cr | Dec 2024 ₹41.3K Cr | Mar 2025 ₹36.9K Cr | Jun 2025 ₹36.9K Cr | Sep 2025 ₹33.7K Cr | Dec 2025 ₹33.7K Cr | Mar 2026 ₹31.9K Cr | Jun 2026 —
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.7K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.8K Cr | Jun 2023 — | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- MUKANDLTD: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 ₹32 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹92 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹80 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹80 Cr | Jun 2024 ₹80 Cr | Sep 2024 — | Dec 2024 ₹90 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 ₹47 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹87 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹103 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹246 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹236 Cr | Jun 2026 ₹490 Cr
- ISIBARS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹64 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹71 Cr | Jun 2023 — | Sep 2023 ₹75 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹186 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹206 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹151 Cr | Jun 2026 —

### 20-quarter Net debt history
- TATASTEEL: Sep 2021 ₹68.9K Cr | Dec 2021 ₹68.9K Cr | Mar 2022 ₹51.4K Cr | Jun 2022 ₹51.4K Cr | Sep 2022 ₹71.8K Cr | Dec 2022 ₹71.8K Cr | Mar 2023 ₹69.1K Cr | Jun 2023 ₹69.1K Cr | Sep 2023 ₹77.1K Cr | Dec 2023 ₹77.1K Cr | Mar 2024 ₹79.3K Cr | Jun 2024 ₹79.3K Cr | Sep 2024 ₹89.0K Cr | Dec 2024 ₹89.0K Cr | Mar 2025 ₹84.8K Cr | Jun 2025 ₹84.8K Cr | Sep 2025 ₹87.2K Cr | Dec 2025 ₹87.2K Cr | Mar 2026 ₹82.4K Cr | Jun 2026 —
- SAIL: Sep 2021 ₹23.7K Cr | Dec 2021 ₹23.7K Cr | Mar 2022 ₹17.1K Cr | Jun 2022 ₹16.5K Cr | Sep 2022 ₹30.9K Cr | Dec 2022 ₹30.9K Cr | Mar 2023 ₹30.6K Cr | Jun 2023 ₹30.2K Cr | Sep 2023 ₹29.9K Cr | Dec 2023 ₹29.9K Cr | Mar 2024 ₹36.2K Cr | Jun 2024 — | Sep 2024 ₹40.5K Cr | Dec 2024 ₹40.5K Cr | Mar 2025 ₹36.6K Cr | Jun 2025 ₹36.0K Cr | Sep 2025 ₹32.7K Cr | Dec 2025 ₹32.7K Cr | Mar 2026 ₹31.2K Cr | Jun 2026 —
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- MUKANDLTD: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹12 Cr | Dec 2024 — | Mar 2025 ₹-27 Cr | Jun 2025 — | Sep 2025 ₹-103 Cr | Dec 2025 — | Mar 2026 ₹-130 Cr | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹79 Cr | Sep 2024 — | Dec 2024 ₹87 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹-65 Cr | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 ₹42 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹82 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹166 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹484 Cr | Jun 2026 ₹484 Cr

## Return On Capital Employed

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.

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.

Evidence: Safe Enterprises Retail Fixtures Ltd · 47% | 86.5% versus #2 · Rajputana Stainless Ltd | 0/2 recent comparable periods | 10/10 companies · 82 observations

Definition: 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.

### ROCE — highest
1. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 47%
2. Rajputana Stainless Ltd (RSL): 25%
3. Mangalam Worldwide Ltd (MWL): 18%
4. Manaksia Steels Ltd (MANAKSTEEL): 14%
5. Tata Steel Ltd (TATASTEEL): 13%

### ROCE change — fastest improvers
1. NMDC Steel Ltd (NSLNISP): +17.6 pp
2. India Homes Ltd (ISIBARS): +10.0 pp — older report
3. Manaksia Steels Ltd (MANAKSTEEL): +10.0 pp
4. Mangalam Worldwide Ltd (MWL): +3.7 pp
5. Tata Steel Ltd (TATASTEEL): +3.3 pp

### 20-quarter ROCE history
- TATASTEEL: Sep 2021 25% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 5.6% | Dec 2023 4.4% | Mar 2024 7.1% | Jun 2024 3.7% | Sep 2024 8.2% | Dec 2024 8.6% | Mar 2025 7.5% | Jun 2025 9.0% | Sep 2025 8.9% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- SAIL: Sep 2021 27% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 8.2% | Dec 2022 — | Mar 2023 5.0% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 8.0% | Mar 2024 6.9% | Jun 2024 7.6% | Sep 2024 6.4% | Dec 2024 6.8% | Mar 2025 5.8% | Jun 2025 7.7% | Sep 2025 6.0% | Dec 2025 6.8% | Mar 2026 6.5% | Jun 2026 —
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -0.9% | Dec 2023 -3.2% | Mar 2024 -9.2% | Jun 2024 -11% | Sep 2024 -16% | Dec 2024 -15% | Mar 2025 -15% | Jun 2025 -9.2% | Sep 2025 -7.3% | Dec 2025 -2.7% | Mar 2026 3.0% | Jun 2026 —
- MUKANDLTD: Sep 2021 -30% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 -9.8% | Jun 2023 — | Sep 2023 -9.0% | Dec 2023 17% | Mar 2024 10% | Jun 2024 11% | Sep 2024 24% | Dec 2024 16% | Mar 2025 21% | Jun 2025 15% | Sep 2025 14% | Dec 2025 21% | Mar 2026 5.8% | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 44% | Dec 2024 — | Mar 2025 62% | Jun 2025 — | Sep 2025 27% | Dec 2025 — | Mar 2026 26% | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 12% | Sep 2024 — | Dec 2024 20% | Mar 2025 27% | Jun 2025 35% | Sep 2025 37% | Dec 2025 — | Mar 2026 22% | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 14% | Mar 2022 20% | Jun 2022 7.3% | Sep 2022 6.9% | Dec 2022 7.0% | Mar 2023 8.2% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 21% | Sep 2024 16% | Dec 2024 21% | Mar 2025 16% | Jun 2025 24% | Sep 2025 19% | Dec 2025 27% | Mar 2026 20% | Jun 2026 28%

### 20-quarter ROCE change history
- TATASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 −17.4 pp | Jun 2023 — | Sep 2023 −17.8 pp | Dec 2023 — | Mar 2024 −4.1 pp | Jun 2024 — | Sep 2024 +2.6 pp | Dec 2024 +4.2 pp | Mar 2025 +0.4 pp | Jun 2025 +5.3 pp | Sep 2025 +0.7 pp | Dec 2025 +2.1 pp | Mar 2026 +3.3 pp | Jun 2026 —
- SAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.8 pp | Dec 2022 — | Mar 2023 −16.4 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 −1.1 pp | Dec 2024 −1.2 pp | Mar 2025 −1.1 pp | Jun 2025 +0.1 pp | Sep 2025 −0.4 pp | Dec 2025 0.0 pp | Mar 2026 +0.7 pp | Jun 2026 —
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −14.8 pp | Dec 2024 −11.8 pp | Mar 2025 −5.4 pp | Jun 2025 +2.0 pp | Sep 2025 +8.4 pp | Dec 2025 +12.3 pp | Mar 2026 +17.6 pp | Jun 2026 —
- MUKANDLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +42.4 pp | Dec 2022 — | Mar 2023 −21.7 pp | Jun 2023 — | Sep 2023 −21.5 pp | Dec 2023 — | Mar 2024 +19.9 pp | Jun 2024 — | Sep 2024 +32.6 pp | Dec 2024 −1.1 pp | Mar 2025 +10.5 pp | Jun 2025 +3.9 pp | Sep 2025 −9.5 pp | Dec 2025 +5.0 pp | Mar 2026 −14.8 pp | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −17.4 pp | Dec 2025 — | Mar 2026 −35.5 pp | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +23.5 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −5.1 pp | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.5 pp | Mar 2023 −11.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.6 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +3.3 pp | Jun 2025 +2.8 pp | Sep 2025 +3.0 pp | Dec 2025 +6.6 pp | Mar 2026 +4.1 pp | Jun 2026 +3.7 pp

## Valuation Against Growth & Quality

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.

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.

Evidence: Steel Authority of India Ltd · 0.97× | 44.3% versus #2 · Tata Steel Ltd | 0/8 recent comparable periods | 2/10 companies · 2 observations

Definition: 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 PEG — lowest PEG
1. Steel Authority of India Ltd (SAIL): 1.0
2. Tata Steel Ltd (TATASTEEL): 1.7

### P/E — lowest P/E
1. Manaksia Steels Ltd (MANAKSTEEL): 11.6
2. Steel Authority of India Ltd (SAIL): 13.8
3. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 18.2
4. Tata Steel Ltd (TATASTEEL): 20.2
5. Mangalam Worldwide Ltd (MWL): 20.6

### 20-quarter Guarded PEG history
- TATASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 0.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- JSWSTEEL: Sep 2021 11.0 | Dec 2021 7.9 | Mar 2022 8.0 | Jun 2022 6.5 | Sep 2022 9.5 | Dec 2022 24.6 | Mar 2023 45.2 | Jun 2023 52.2 | Sep 2023 36.7 | Dec 2023 24.0 | Mar 2024 18.6 | Jun 2024 26.8 | Sep 2024 35.2 | Dec 2024 43.2 | Mar 2025 73.6 | Jun 2025 66.9 | Sep 2025 54.2 | Dec 2025 43.8 | Mar 2026 35.4 | Jun 2026 31.4
- TATASTEEL: Sep 2021 6.9 | Dec 2021 4.2 | Mar 2022 4.3 | Jun 2022 2.6 | Sep 2022 3.1 | Dec 2022 4.8 | Mar 2023 7.1 | Jun 2023 15.9 | Sep 2023 62.6 | Dec 2023 58.2 | Mar 2024 87.6 | Jun 2024 34.0 | Sep 2024 121.6 | Dec 2024 53.6 | Mar 2025 63.5 | Jun 2025 56.5 | Sep 2025 43.7 | Dec 2025 28.7 | Mar 2026 24.6 | Jun 2026 —
- SAIL: Sep 2021 4.8 | Dec 2021 3.3 | Mar 2022 3.1 | Jun 2022 2.2 | Sep 2022 3.4 | Dec 2022 7.2 | Mar 2023 10.5 | Jun 2023 17.8 | Sep 2023 27.9 | Dec 2023 15.3 | Mar 2024 16.4 | Jun 2024 16.6 | Sep 2024 15.0 | Dec 2024 15.1 | Mar 2025 16.3 | Jun 2025 20.3 | Sep 2025 17.8 | Dec 2025 19.6 | Mar 2026 20.0 | Jun 2026 18.4
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -6.7 | Sep 2025 — | Dec 2025 — | Mar 2026 165.7 | Jun 2026 —
- MUKANDLTD: Sep 2021 19.9 | Dec 2021 18.5 | Mar 2022 27.8 | Jun 2022 8.2 | Sep 2022 10.9 | Dec 2022 16.7 | Mar 2023 20.1 | Jun 2023 10.5 | Sep 2023 13.8 | Dec 2023 14.4 | Mar 2024 10.8 | Jun 2024 22.7 | Sep 2024 24.6 | Dec 2024 19.3 | Mar 2025 13.8 | Jun 2025 26.9 | Sep 2025 23.3 | Dec 2025 29.6 | Mar 2026 27.9 | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 16.1 | Dec 2025 — | Mar 2026 14.8 | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 17.8 | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 34.8 | Mar 2023 34.5 | Jun 2023 24.1 | Sep 2023 22.2 | Dec 2023 19.1 | Mar 2024 20.7 | Jun 2024 15.8 | Sep 2024 15.2 | Dec 2024 14.4 | Mar 2025 14.0 | Jun 2025 16.5 | Sep 2025 20.6 | Dec 2025 23.5 | Mar 2026 18.7 | Jun 2026 22.0
- MANAKSTEEL: Sep 2021 5.8 | Dec 2021 6.6 | Mar 2022 8.7 | Jun 2022 6.6 | Sep 2022 9.3 | Dec 2022 10.5 | Mar 2023 14.3 | Jun 2023 23.6 | Sep 2023 13.7 | Dec 2023 10.9 | Mar 2024 12.6 | Jun 2024 12.5 | Sep 2024 22.0 | Dec 2024 32.5 | Mar 2025 26.1 | Jun 2025 41.4 | Sep 2025 26.2 | Dec 2025 26.8 | Mar 2026 12.5 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Steel Authority of India Ltd · 7.6× | 15.6% versus #2 · Manaksia Steels Ltd | 0/8 recent comparable periods | 9/10 companies · 119 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Steel Authority of India Ltd (SAIL): 7.6
2. Manaksia Steels Ltd (MANAKSTEEL): 9.0
3. Tata Steel Ltd (TATASTEEL): 10.0
4. Mukand Ltd (MUKANDLTD): 11.4
5. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 11.6

### P/BV — lowest P/BV
1. NMDC Steel Ltd (NSLNISP): 0.9
2. Steel Authority of India Ltd (SAIL): 1.1
3. Mukand Ltd (MUKANDLTD): 1.3
4. Manaksia Steels Ltd (MANAKSTEEL): 1.4
5. Tata Steel Ltd (TATASTEEL): 2.2

### 20-quarter EV/EBITDA history
- JSWSTEEL: Sep 2021 7.1 | Dec 2021 5.7 | Mar 2022 5.7 | Jun 2022 4.6 | Sep 2022 6.2 | Dec 2022 10.0 | Mar 2023 10.8 | Jun 2023 12.6 | Sep 2023 11.2 | Dec 2023 10.1 | Mar 2024 8.8 | Jun 2024 9.9 | Sep 2024 11.7 | Dec 2024 12.5 | Mar 2025 14.9 | Jun 2025 14.1 | Sep 2025 14.2 | Dec 2025 13.1 | Mar 2026 12.9 | Jun 2026 12.6
- TATASTEEL: Sep 2021 5.0 | Dec 2021 3.6 | Mar 2022 3.7 | Jun 2022 2.5 | Sep 2022 3.1 | Dec 2022 4.0 | Mar 2023 4.5 | Jun 2023 6.2 | Sep 2023 9.4 | Dec 2023 11.2 | Mar 2024 11.1 | Jun 2024 12.9 | Sep 2024 11.4 | Dec 2024 9.7 | Mar 2025 10.5 | Jun 2025 10.7 | Sep 2025 10.5 | Dec 2025 9.8 | Mar 2026 10.0 | Jun 2026 —
- SAIL: Sep 2021 3.9 | Dec 2021 2.6 | Mar 2022 2.7 | Jun 2022 2.9 | Sep 2022 3.4 | Dec 2022 5.2 | Mar 2023 4.6 | Jun 2023 5.4 | Sep 2023 7.5 | Dec 2023 6.7 | Mar 2024 7.0 | Jun 2024 7.2 | Sep 2024 7.2 | Dec 2024 7.3 | Mar 2025 7.3 | Jun 2025 7.5 | Sep 2025 7.2 | Dec 2025 7.2 | Mar 2026 7.6 | Jun 2026 7.6
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 29.2 | Jun 2026 —
- MUKANDLTD: Sep 2021 9.3 | Dec 2021 7.3 | Mar 2022 8.3 | Jun 2022 9.7 | Sep 2022 10.5 | Dec 2022 12.1 | Mar 2023 12.0 | Jun 2023 9.0 | Sep 2023 9.9 | Dec 2023 10.6 | Mar 2024 9.2 | Jun 2024 12.3 | Sep 2024 12.6 | Dec 2024 10.9 | Mar 2025 8.8 | Jun 2025 11.6 | Sep 2025 11.0 | Dec 2025 12.3 | Mar 2026 11.4 | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 16.3 | Dec 2025 — | Mar 2026 11.6 | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 11.8 | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27.1 | Dec 2022 24.1 | Mar 2023 16.4 | Jun 2023 18.1 | Sep 2023 18.1 | Dec 2023 12.6 | Mar 2024 14.0 | Jun 2024 10.2 | Sep 2024 10.2 | Dec 2024 12.4 | Mar 2025 11.0 | Jun 2025 9.7 | Sep 2025 12.8 | Dec 2025 13.9 | Mar 2026 11.6 | Jun 2026 13.2
- ISIBARS: Sep 2021 86.3 | Dec 2021 108.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 4.3 | Dec 2021 4.5 | Mar 2022 5.8 | Jun 2022 4.6 | Sep 2022 5.3 | Dec 2022 5.7 | Mar 2023 5.8 | Jun 2023 8.9 | Sep 2023 7.4 | Dec 2023 5.9 | Mar 2024 6.7 | Jun 2024 7.1 | Sep 2024 13.7 | Dec 2024 14.9 | Mar 2025 13.3 | Jun 2025 21.1 | Sep 2025 16.7 | Dec 2025 15.6 | Mar 2026 9.0 | Jun 2026 —

### 20-quarter P/BV history
- JSWSTEEL: Sep 2021 3.5 | Dec 2021 2.6 | Mar 2022 2.9 | Jun 2022 3.0 | Sep 2022 2.5 | Dec 2022 3.0 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 2.9 | Dec 2023 2.9 | Mar 2024 2.8 | Jun 2024 3.4 | Sep 2024 3.1 | Dec 2024 2.8 | Mar 2025 3.3 | Jun 2025 3.2 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 3.3 | Jun 2026 3.8
- TATASTEEL: Sep 2021 2.0 | Dec 2021 1.5 | Mar 2022 1.8 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.4 | Sep 2024 2.3 | Dec 2024 1.9 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 2.5 | Jun 2026 —
- SAIL: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.2
- NSLNISP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- MUKANDLTD: Sep 2021 4.0 | Dec 2021 3.3 | Mar 2022 3.4 | Jun 2022 3.2 | Sep 2022 2.0 | Dec 2022 2.7 | Mar 2023 3.0 | Jun 2023 2.6 | Sep 2023 2.9 | Dec 2023 3.2 | Mar 2024 2.4 | Jun 2024 2.7 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 1.4 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- SAFEENTP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.3 | Dec 2025 — | Mar 2026 4.1 | Jun 2026 —
- RSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.4 | Jun 2026 —
- MWL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.2 | Dec 2022 2.1 | Mar 2023 2.1 | Jun 2023 2.4 | Sep 2023 2.3 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.4 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 2.6 | Dec 2025 3.0 | Mar 2026 2.8 | Jun 2026 4.3
- ISIBARS: Sep 2021 0.3 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 0.8 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANAKSTEEL: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.6 | Mar 2026 1.0 | Jun 2026 —

## Market action

India Homes Ltd has the strongest one-year price move in Steel at +227.9%. It also leads on Mansfield relative strength against NIFTY at +44.3%. 7 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. India Homes Ltd (ISIBARS): 228%
2. JSW Steel Ltd (JSWSTEEL): 20%
3. Steel Authority of India Ltd (SAIL): 18%
4. Tata Steel Ltd (TATASTEEL): 13%
5. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 9.9%

### Strongest relative strength versus NIFTY 500
1. India Homes Ltd (ISIBARS): 44%
2. Mangalam Worldwide Ltd (MWL): 31%
3. Manaksia Steels Ltd (MANAKSTEEL): 13%
4. Steel Authority of India Ltd (SAIL): 7.0%
5. Safe Enterprises Retail Fixtures Ltd (SAFEENTP): 6.4%

## What can make this comparison misleading?
- 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.

## Every company
- JSW Steel Ltd (JSWSTEEL) — market value ₹3.0 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Tata Steel Ltd (TATASTEEL) — market value ₹2.3 L Cr; latest fundamentals Mar 2026
- Steel Authority of India Ltd (SAIL) — market value ₹66.7K Cr; latest fundamentals Jun 2026
- NMDC Steel Ltd (NSLNISP) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Mukand Ltd (MUKANDLTD) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Safe Enterprises Retail Fixtures Ltd (SAFEENTP) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Rajputana Stainless Ltd (RSL) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Mangalam Worldwide Ltd (MWL) — market value ₹1.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- India Homes Ltd (ISIBARS) — market value ₹875 Cr; latest fundamentals Sep 2023
- Manaksia Steels Ltd (MANAKSTEEL) — market value ₹463 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 6. Withheld: 1. Graded companies: 10.

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.

- WITHHELD | JSWSTEEL | JSW Steel Ltd | diff_gt_2pct | disagreement up to 14.93% over 15 comparable periods

- UNVERIFIED | MUKANDLTD | Mukand Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SAFEENTP | Safe Enterprises Retail Fixtures Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RSL | Rajputana Stainless Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MWL | Mangalam Worldwide Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

### Is the Steel sector beating the market?

Steel has outperformed NIFTY 500 by 32.7% over the last 52 weeks and 5.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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?

7 of the 9 covered Steel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 32.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/steel