Stainless Steel Stocks and Companies in India

The largest Stainless Steel stocks in India by market value are Jindal Stainless (₹57,611 crore), Ratnamani Metals & Tubes (₹17,213 crore) and Aeroflex Industries (₹6,389 crore), at prices of 6 Nov 2026.

• Jindal Stainless: ₹698.80 | market value ₹57,611 crore | P/E 17.4
• Ratnamani Metals & Tubes: ₹2,455.90 | market value ₹17,213 crore | P/E 39.2
• Aeroflex Industries: ₹482.70 | market value ₹6,389 crore | P/E 71.4
• Ratnaveer Precision Engineering: ₹365.75 | market value ₹3,071 crore | P/E 40.3

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian Stainless Steel companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Stainless Steel index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Jindal Stainless Ltd₹55,600 cr
2. Ratnamani Metals & Tubes Ltd₹16,300 cr
3. Aeroflex Industries Ltd₹7,150 cr
4. Ratnaveer Precision Engineering Ltd₹3,130 cr

4 Stainless Steel companies in the Stainless Steel industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Jindal Stainless (₹55,566 crore) and the smallest with a market value is Ratnaveer Precision Engineering.

Download all 4 Stainless Steel companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 49% ahead of NIFTY 500. Earnings across its companies grew 17% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 13 weeks running.

Price and the fundamentals both up. 2 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 13 weeks running; 2 of the 4 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 2 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 3 of the 4 that report earnings.

Ahead of NIFTY 500 for 13 weeks running and +78.2% over a year, with 3 → 2 of 4 stocks participating. Earnings confirming, 3 of 4 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Stainless Steel has done better than the NIFTY 500 by 78.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 34.2%. Ratnaveer Precision Engineering Ltd is the strongest against the sector itself at +43.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 79.0 as of 30 October 2026 (narrowing, rising).

Stainless Steel has done better than the NIFTY 500 by 78.2% over 52 weeks and by 34.2% over 13 weeks. 2 of 4 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of 4 are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Aeroflex Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

Aeroflex Industries Ltd has the strongest one-year price move in Stainless Steel at +186.6%. Ratnaveer Precision Engineering Ltd leads on relative strength against the NIFTY, at +93.5%. 2 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Stainless Steel itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

An earnings-backed recovery is developing inside the price range, with improving performance against NIFTY but no confirmed breakout. In the week of 5 October 2026, 100% of 4 Stainless Steel companies were beating the Nifty 500, against 75% on 25 May 2026.

From our industry review of 10 October 2026.

Aeroflex has already reported stronger profits, but Jindal faces higher energy costs and Ratnaveer's new-business timetable has slipped; this is not a uniform industry improvement.

From our industry review of 10 October 2026.

2 of 4 Stainless Steel companies held a results call for July to September 2026. Aeroflex Industries guided: Add 10m hose mpa to 30m and skids to 15k units by Dec 2026 then 30k by Mar 2028 for ₹124 crore plus ₹78 crore totaling ₹202 crore, phased.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters cut theirs by 1.6 points.

• Spending on new plants and equipment was ₹4,870 crore in the last 12 months, 21% more than a year before.
• Projects still being built grew 9% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 Stainless Steel companies, in percentage points.

Ownership and spending as of 10 October 2026.

The next things that show whether the Stainless Steel story is on course. First: Jindal's next results: restored output and customer price increases need to improve profit per tonne.

• Aeroflex's October-November machinery milestone: commissioning must become approved customer dispatches.
• Ratnaveer's late-November or early-December trial and January-February commercial production: verify delivery and binding orders.
• A completed anti-dumping decision or reinstated quality rules, rather than another expected decision date.
• Price clears its existing range while remaining ahead of NIFTY.

What would change the story

The next industry quarterly result shows profit below the same quarter a year earlier while operating margin falls further below the latest 12.24%; that combination would break the call that earnings are recovering beneath the price range.

From our industry review of 10 October 2026.

Jindal Stainless Ltd has the highest Revenue among the 4 Stainless Steel companies compared here, at ₹46,008 crore. Ratnamani Metals & Tubes Ltd is next at ₹4,315 crore. Aeroflex Industries Ltd has the highest Revenue growth at 54.8%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jindal Stainless Ltd is the largest at ₹46,008 crore, 10.7× the revenue of Ratnamani Metals & Tubes Ltd. Aeroflex Industries Ltd's growth is 54.8% from a ₹599 crore base, with 18 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Jindal Stainless Ltd is the size to compare against; Aeroflex Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Jindal Stainless Ltd's growth falls below Aeroflex Industries 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Aeroflex Industries Ltd has the highest OPM among the 4 Stainless Steel companies compared here, at 24%. Ratnamani Metals & Tubes Ltd is next at 17%. The same company also has the highest Margin change, at +1 percentage points. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Aeroflex Industries Ltd leads both opm at 24% and margin change at +1 percentage points.

What this means: Aeroflex Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Jindal Stainless Ltd has the highest Net profit among the 4 Stainless Steel companies compared here, at ₹3,329 crore. Ratnamani Metals & Tubes Ltd is next at ₹514 crore. Aeroflex Industries Ltd has the highest Profit growth at 91.5%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jindal Stainless Ltd earns the most, ₹3,329 crore of profit over the last 12 months, 547.7% above Ratnamani Metals & Tubes Ltd. Aeroflex Industries Ltd shows 91.5% growth from a profit base of ₹90 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Jindal Stainless Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Jindal Stainless Ltd has the highest ROCE among the 4 Stainless Steel companies compared here, at 19.3%. Aeroflex Industries Ltd is next at 18.9%. Aeroflex Industries Ltd has the highest ROCE change at +5.8 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jindal Stainless Ltd leads ROCE at 19.3%, 0.4 percentage points above Aeroflex Industries Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Jindal Stainless Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: Ratnamani Metals & Tubes Ltd (RATNAMANI): its two data sources disagree by up to 23% 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Ratnaveer Precision Engineering Ltd has the lowest PEG among the 4 Stainless Steel companies compared here, at 0.35×. Jindal Stainless Ltd is next at 0.67×. Jindal Stainless Ltd has the lowest P/E at 16.8×, so level and change sit with different companies. 3 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Ratnaveer Precision Engineering Ltd has the lowest comparable PEG at 0.35×, 47.8% below Jindal Stainless Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Stainless Steel companies show up on 6 of our India lists. The most are on the momentum stocks list (2 companies).

This Stainless Steel comparison names 5 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 4 Stainless Steel companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Ratnamani Metals & Tubes Ltd (RATNAMANI): its two data sources disagree by up to 23% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 23 answers restate the Stainless Steel comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.