20-quarter listed-company comparison

Steel Stocks in India

Steel: Tata Steel Ltd owns the largest revenue base; India Homes Ltd has the fastest current growth.

The 10 Steel companies listed in India are JSW Steel Ltd (₹3.1 L Cr, the largest), Tata Steel Ltd, Steel Authority of India Ltd and 7 more. 8 of 9 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

Top 10 Steel Stocks in India (Sep 2026) — ranked by 4-Factor score

1Manaksia Steels Ltd₹773 Cr66.9/100Favorable setup · strongest on ROCE improvement and margin improvement
2India Homes Ltd₹1.1K Cr64.1/100Mixed-positive evidence · strongest on ROCE improvement and relative strength versus sector
3Mangalam Worldwide Ltd₹1.2K Cr59.7/100Mixed-positive evidence · strongest on relative strength versus sector and ROCE
4JSW Steel Ltd₹3.1 L Cr54.2/100Mixed-positive evidence · strongest on profit growth and margin improvement
5Steel Authority of India Ltd₹73.9K Cr46.4/100Mixed-negative evidence · strongest on PEG and margin improvement
6Tata Steel Ltd₹2.3 L Cr42.1/100Mixed-negative evidence · strongest on profit growth and ROCE improvement
7Mukand Ltd₹2.0K Cr41.9/100Mixed-negative evidence · strongest on own-history P/E and 13-week relative-strength change
8NMDC Steel Ltd₹12.8K Cr39.6/100Mixed-negative evidence · strongest on ROCE improvement and profit growth
9Safe Enterprises Retail Fixtures Ltd₹1.2K Cr58.1/100Thin evidence · provisional · strongest on ROCE and operating margin
10Rajputana Stainless Ltd₹1.6K Cr52.0/100Thin evidence · provisional · strongest on ROCE and profitable quarters

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Steel Index — Constituents & Performance

All 10 listed Indian Steel companies are named here, largest first — the same constituent set people search for as the Nifty Steel index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

JSW Steel Ltd₹3.1 L Cr
Tata Steel Ltd₹2.3 L Cr
Steel Authority of India Ltd₹73.9K Cr
NMDC Steel Ltd₹12.8K Cr
Mukand Ltd₹2.0K Cr
Rajputana Stainless Ltd₹1.6K Cr
Mangalam Worldwide Ltd₹1.2K Cr
Safe Enterprises Retail Fixtures Ltd₹1.2K Cr
India Homes Ltd₹1.1K Cr
Manaksia Steels Ltd₹773 Cr

02 · the sector itself · before any single company

How has Steel moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 142% ahead of NIFTY 500. Earnings across its companies grew 115% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 5 weeks running.

BREAKING OUT · ahead 5w✓Price and the fundamentals both up6 of 11 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑5w · 9/10 >200d (+1) · 6/11 lead (+1) · EPS 8/9↑

Steel, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

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 11 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.

03 · sector relative strength, before individual stocks

Is Steel outperforming NIFTY 500?

Steel has outperformed NIFTY 500 by 56% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.4%. 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 +26.7%. Readings are as of 2026-08-22.

+13.4%Sector vs NIFTY 500 · 13 weeks

+56.0%Sector vs NIFTY 500 · 52 weeks

8/9Stocks leading NIFTY 500

2/8Stocks leading sector

Sector metric: 20.3 as of 2026-08-22 · LEADERS · rising.

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

Steel has outperformed NIFTY 500 by 56% over 52 weeks and 13.4% over 13 weeks. 8 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 ₹2,39,755 crore, based on 9 of 10 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹6.3 L Cr

JSW Steel Ltd

Revenue growing

8/8

positive TTM year-on-year growth

Beating NIFTY 500

8/9

positive Mansfield relative strength

Comparing 5 of 10

04 · 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 67.3% evidence confidence.

Steel Authority of India Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Manaksia Steels LtdMANAKSTEEL	66.9/100Favorable setup67% evidence	TURNING	29.4/35 Revenue 81.2% · PAT 100% · OPM change 5.1 pp 95% evidence	13.4/25 ROCE 14.4% · OPM 10% 76% evidence	11.6/20 P/E 13.8× · PEG — 50% evidence	12.5/20 RS sector — · RS bench 77.7% · 1Y —4 of 4 weeks ahead 25% evidence
Exact sum: 29.4 + 13.4 + 11.6 + 12.5 = 66.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2India Homes LtdISIBARS	64.1/100Mixed-positive evidence63% evidence	BREAKING OUT	27.1/35 Revenue 100% · PAT 100% · OPM change 11094.8 pp 71% evidence	12.7/25 ROCE 17.5% · OPM — 61% evidence	8.8/20 P/E 63.3× · PEG — 15% evidence	15.5/20 RS sector 26.7% · RS bench 58.2% · 1Y 135.6%11 of 12 weeks ahead 100% evidence
Exact sum: 27.1 + 12.7 + 8.8 + 15.5 = 64.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Mangalam Worldwide LtdMWL	59.7/100Mixed-positive evidence87% evidence	LEADER	22.6/35 Revenue 12.6% · PAT 57.6% · OPM change 3 pp 95% evidence	16.3/25 ROCE 17.7% · OPM 9% 95% evidence	8.4/20 P/E 23.2× · PEG — 50% evidence	12.4/20 RS sector 6.2% · RS bench 34.6% · 1Y 119.3%9 of 12 weeks ahead 100% evidence
Exact sum: 22.6 + 16.3 + 8.4 + 12.4 = 59.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4JSW Steel LtdJSWSTEEL	54.2/100Mixed-positive evidence75% evidence	ASLEEP	23.5/35 Revenue 12.2% · PAT 100% · OPM change 3 pp 95% evidence	12.9/25 ROCE 11% · OPM 20% 76% evidence	9.5/20 P/E 25.7× · PEG — 15% evidence	8.3/20 RS sector -18.3% · RS bench 5.5% · 1Y 17.9%0 of 12 weeks ahead 100% evidence
Exact sum: 23.5 + 12.9 + 9.5 + 8.3 = 54.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Steel Authority of India LtdSAIL	46.4/100Mixed-negative evidence100% evidence	ASLEEP	15.2/35 Revenue 6.5% · PAT 40.8% · OPM change 5 pp 100% evidence	8.3/25 ROCE 7.9% · OPM 16% 100% evidence	14.3/20 P/E 15.3× · PEG 0.75 100% evidence	8.6/20 RS sector -11.2% · RS bench 13.5% · 1Y 38.5%2 of 12 weeks ahead 100% evidence
Exact sum: 15.2 + 8.3 + 14.3 + 8.6 = 46.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6Tata Steel LtdTATASTEEL	42.1/100Mixed-negative evidence93% evidence	ASLEEP	19.8/35 Revenue 10.5% · PAT 100% · OPM change 1 pp 100% evidence	10.5/25 ROCE 12.5% · OPM 15% 100% evidence	10.0/20 P/E 19.3× · PEG 1.74 65% evidence	1.8/20 RS sector -24.2% · RS bench -2.2% · 1Y 9.1%0 of 12 weeks ahead 100% evidence
Exact sum: 19.8 + 10.5 + 10 + 1.8 = 42.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Mukand LtdMUKANDLTD	41.9/100Mixed-negative evidence87% evidence	TURNING	12.0/35 Revenue 7.6% · PAT 100% · OPM change -3.7 pp 95% evidence	4.6/25 ROCE 4.4% · OPM 0.5% 95% evidence	15.0/20 P/E 3.2× · PEG — 50% evidence	10.3/20 RS sector -18.4% · RS bench 5.7% · 1Y 6.2%2 of 12 weeks ahead 100% evidence
Exact sum: 12 + 4.6 + 15 + 10.3 = 41.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8NMDC Steel LtdNSLNISP	39.6/100Mixed-negative evidence83% evidence	ASLEEP	22.2/35 Revenue 41.6% · PAT 100% · OPM change -1 pp 100% evidence	3.5/25 ROCE 3.1% · OPM 11% 100% evidence	8.5/20 P/E 153× · PEG — 15% evidence	5.4/20 RS sector -20% · RS bench 3.7% · 1Y 2.8%3 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 3.5 + 8.5 + 5.4 = 39.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Safe Enterprises Retail Fixtures LtdSAFEENTP	58.1/100Thin evidence · provisional50% evidence	ASLEEP	15.7/35 Revenue — · PAT — · OPM change 1 pp 26% evidence	22.2/25 ROCE 47% · OPM 35% 95% evidence	10.5/20 P/E 18.6× · PEG — 15% evidence	9.7/20 RS sector -17.6% · RS bench 6.3% · 1Y 27.7%4 of 12 weeks ahead 70% evidence
Exact sum: 15.7 + 22.2 + 10.5 + 9.7 = 58.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10Rajputana Stainless LtdRSL	52.0/100Thin evidence · provisional43% evidence	BREAKING OUT	14.4/35 Revenue — · PAT — · OPM change 0 pp 45% evidence	18.4/25 ROCE 25.3% · OPM 9% 95% evidence	9.2/20 P/E 27× · PEG — 15% evidence	10.0/20 RS sector — · RS bench — · 1Y —6 of 9 weeks ahead 0% evidence
Exact sum: 14.4 + 18.4 + 9.2 + 10 = 52 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

India Homes Ltd has the strongest one-year price move in Steel at +135.6%. Manaksia Steels Ltd leads on Mansfield relative strength against NIFTY at +77.7%. 8 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

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.

06 · the story behind the numbers

Steel — the story behind the numbers

This is the written read behind the Steel figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 5 themes are live here, 1 of them rated high severity.

The steel sector pulse for the week ending 2026-07-19 is defined by mixed demand signals and sharp profitability swings among reported constituents. MANAKSTEEL delivered a 310.19% YoY PAT increase to ₹19.32 crore, alongside 63.16% revenue growth. However, interest expense surged 170% sequentially to ₹6.75 crore, highlighting financing pressures.

How old this read is: This read comes from our Steel sector brief dated 28 Jul 2026 — 51 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live theme	Severity	Evidence on file
Gross margins squeezed by higher input costs for iron ore and coking coal during Q4 FY26, impacting profitability despite stable revenue.Named for MANAKSTEEL	high	“Gross margins squeezed by higher input costs for iron ore and coking coal during Q4 FY26, impacting profitability despite stable revenue.” Focus on maintaining cost structure and exploring value-added product lines to enhance margins.
Global trade protectionism and uncertainties pose risks to export opportunities and competitiveness in key markets.Named for MANAKSTEEL	medium	“Global trade protectionism and uncertainties pose risks to export opportunities and competitiveness in key markets.” Focused on optimizing production efficiency and expanding into higher-margin segments to navigate challenges.
Company exposed to foreign exchange fluctuation risk with 55% raw material imports in FY24; reported forex loss of Rs 1.68 crore in FY24.Named for MANAKSTEEL	medium	“Company exposed to foreign exchange fluctuation risk with 55% raw material imports in FY24; reported forex loss of Rs 1.68 crore in FY24.” Company generally hedges its forex payables through forward contracts.
Changes in import duties and tax laws identified as key risks in forward-looking statements; past export duties impacted margins in FY23.Named for MANAKSTEEL	medium	“Changes in import duties and tax laws identified as key risks in forward-looking statements; past export duties impacted margins in FY23.” Monitoring government initiatives and National Steel Policy production targets for medium term support.
Freight cost constitutes a significant portion of manufacturing costs; Bankura plant non-operational from FY14 due to logistics costs.Named for MANAKSTEEL	low	“Freight cost constitutes a significant portion of manufacturing costs; Bankura plant non-operational from FY14 due to logistics costs.” Proximity of the plant to Haldia port area helps the company to save logistics cost.

Sources: our Steel sector brief, 28 Jul 2026 · company earnings-call transcripts.

07 · compare level, then change

Revenue Scale & Growth Durability

Tata Steel Ltd has the highest Revenue among the 10 Steel companies compared here, at ₹2,39,755 crore. JSW Steel Ltd is next at ₹1,89,687 crore. India Homes Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies. Its Revenue series carries 20 reported observations across the 20-quarter window.

What the numbers say: Tata Steel Ltd is the scale leader at ₹2,39,755 crore, 26.4% ahead of JSW Steel Ltd. India Homes Ltd's growth is stored at the ≥100% scoring cap from a ₹24 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderTata Steel Ltd · ₹2,39,755 crore

Gap26.4% versus #2 · JSW Steel Ltd

Persistence4/8 recent comparable periods

Coverage9/10 companies · 144 observations

Investor read: Tata Steel Ltd is the scale benchmark; India Homes 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 India Homes 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₹2.4 L Cr

2JSW Steel Ltd JSWSTEEL₹1.9 L Cr

3Steel Authority of India Ltd SAIL₹1.1 L Cr

4NMDC Steel Ltd NSLNISP₹13.9K Cr

5Mukand Ltd MUKANDLTD⚠ unverified₹5.1K Cr

Revenue growthfastest growers

1India Homes Ltd ISIBARS100%

2Manaksia Steels Ltd MANAKSTEEL81%

3NMDC Steel Ltd NSLNISP42%

4Mangalam Worldwide Ltd MWL⚠ unverified13%

5JSW Steel Ltd JSWSTEEL12%

Revenue · company comparison

9/10 level · 8/10 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

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.

Company	Revenue	Revenue growth	Reported
Tata Steel Ltd TATASTEEL	₹60.8K Cr	14%	Jun 2026
JSW Steel Ltd JSWSTEEL	₹47.4K Cr	9.8%	Jun 2026
Steel Authority of India Ltd SAIL	₹26.2K Cr	1.3%	Jun 2026
NMDC Steel Ltd NSLNISP	₹3.7K Cr	8.8%	Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified	₹1.4K Cr	21%	Jun 2026
Manaksia Steels Ltd MANAKSTEEL	₹327 Cr	51%	Jun 2026
Mangalam Worldwide Ltd MWL⚠ unverified	₹316 Cr	14%	Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified	₹307 Cr	32%	Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified	₹106 Cr	31%	Mar 2026
India Homes Ltd ISIBARS	₹0 Cr	-100%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

India Homes Ltd · 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₹0 Cr

Mar 2024₹0 Cr

Jun 2024₹0 Cr

Sep 2024₹0 Cr

Dec 2024₹0 Cr

Mar 2025₹0 Cr

Jun 2025₹0 Cr

Sep 2025₹0 Cr

Dec 2025₹0 Cr

Mar 2026₹24 Cr

Jun 2026₹0 Cr

JSW Steel Ltd · 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

Manaksia Steels Ltd · 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₹327 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

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

Mukand Ltd · MUKANDLTD⚠ unverified

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₹1.4K Cr

NMDC Steel Ltd · 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₹3.7K Cr

Rajputana Stainless Ltd · RSL⚠ unverified

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₹232 Cr

Sep 2025₹270 Cr

Dec 2025₹251 Cr

Mar 2026₹255 Cr

Jun 2026₹307 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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—

Steel Authority of India Ltd · 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

Tata Steel Ltd · 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₹60.8K Cr

Revenue growth · reported quarter history

India Homes Ltd · 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 2023-100%

Mar 2024-100%

Jun 2024-100%

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026-100%

JSW Steel Ltd · JSWSTEEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20237.2%

Mar 2024-1.5%

Jun 20241.7%

Sep 2024-11%

Dec 2024-1.3%

Mar 2025-3.1%

Jun 20250.5%

Sep 202514%

Dec 202511%

Mar 202614%

Jun 20269.8%

Manaksia Steels Ltd · 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 202419%

Mar 202525%

Jun 202532%

Sep 2025153%

Dec 202599%

Mar 202663%

Jun 202651%

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202411%

Jun 202414%

Sep 202420%

Dec 202449%

Mar 202537%

Jun 202521%

Sep 202533%

Dec 202530%

Mar 2026-18%

Jun 202614%

Mukand Ltd · MUKANDLTD⚠ unverified

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 20247.2%

Mar 2025-11%

Jun 2025-10%

Sep 2025-8.1%

Dec 20255.3%

Mar 202615%

Jun 202621%

NMDC Steel Ltd · 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 2024449%

Dec 2024129%

Mar 202554%

Jun 202566%

Sep 2025123%

Dec 202542%

Mar 202637%

Jun 20268.8%

Rajputana Stainless Ltd · RSL⚠ unverified

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 20257.7%

Mar 20262.8%

Jun 202632%

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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 202593%

Dec 2025—

Mar 202631%

Jun 2026—

Steel Authority of India Ltd · SAIL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202216%

Sep 2022-2.2%

Dec 2022-0.8%

Mar 2023-5.3%

Jun 20231.4%

Sep 202313%

Dec 2023-6.8%

Mar 2024-4.0%

Jun 2024-1.5%

Sep 2024-17%

Dec 20244.9%

Mar 20254.9%

Jun 20258.0%

Sep 20258.2%

Dec 202512%

Mar 20265.1%

Jun 20261.3%

Tata Steel Ltd · TATASTEEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202219%

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 20258.9%

Dec 20256.3%

Mar 202613%

Jun 202614%

08 · 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%. JSW Steel Ltd is next at 20%. India Homes Ltd has the highest Margin change at +11094.8 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 +11094.8 percentage points.

LeaderSafe Enterprises Retail Fixtures Ltd · 35%

Gap75% versus #2 · JSW Steel Ltd

Persistence1/2 recent comparable periods

Coverage9/10 companies · 150 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%

2JSW Steel Ltd JSWSTEEL20%

3Steel Authority of India Ltd SAIL16%

4Tata Steel Ltd TATASTEEL15%

5NMDC Steel Ltd NSLNISP11%

Margin changefastest expanders

1India Homes Ltd ISIBARS+11,094.8 pp

2Manaksia Steels Ltd MANAKSTEEL+5.1 pp

3Steel Authority of India Ltd SAIL+5.0 pp

4JSW Steel Ltd JSWSTEEL+3.0 pp

5Mangalam Worldwide Ltd MWL⚠ unverified+3.0 pp

Operating margin · company comparison

9/10 level · 10/10 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
India Homes Ltd ISIBARS	95%	+11,094.8 pp	Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified	35%	+1.0 pp	Mar 2026
JSW Steel Ltd JSWSTEEL	20%	+3.0 pp	Jun 2026
Steel Authority of India Ltd SAIL	16%	+5.0 pp	Jun 2026
Tata Steel Ltd TATASTEEL	15%	+1.0 pp	Jun 2026
NMDC Steel Ltd NSLNISP	11%	−1.0 pp	Jun 2026
Manaksia Steels Ltd MANAKSTEEL	10%	+5.1 pp	Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified	9.0%	0.0 pp	Jun 2026
Mangalam Worldwide Ltd MWL⚠ unverified	9.0%	+3.0 pp	Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified	0.5%	−3.7 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

India Homes Ltd · 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 202695%

Jun 2026—

JSW Steel Ltd · JSWSTEEL

Sep 202132%

Dec 202124%

Mar 202220%

Jun 202211%

Sep 20224.1%

Dec 202211%

Mar 202317%

Jun 202317%

Sep 202318%

Dec 202317%

Mar 202413%

Jun 202413%

Sep 202414%

Dec 202413%

Mar 202514%

Jun 202517%

Sep 202516%

Dec 202514%

Mar 202617%

Jun 202620%

Manaksia Steels Ltd · MANAKSTEEL

Sep 20217.2%

Dec 20216.7%

Mar 20229.4%

Jun 20222.3%

Sep 20222.9%

Dec 20222.5%

Mar 20234.8%

Jun 20236.0%

Sep 20236.0%

Dec 20234.7%

Mar 20244.9%

Jun 20241.9%

Sep 2024-3.0%

Dec 20243.6%

Mar 20254.4%

Jun 20254.9%

Sep 20254.7%

Dec 20254.8%

Mar 202611%

Jun 202610%

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 20212.0%

Dec 2021—

Mar 20222.3%

Jun 2022—

Sep 20221.7%

Dec 2022—

Mar 20234.0%

Jun 20233.2%

Sep 20234.5%

Dec 20236.0%

Mar 20244.9%

Jun 20245.0%

Sep 20245.0%

Dec 20246.0%

Mar 20254.7%

Jun 20256.0%

Sep 20257.0%

Dec 20257.0%

Mar 202610%

Jun 20269.0%

Mukand Ltd · MUKANDLTD⚠ unverified

Sep 20214.6%

Dec 20215.2%

Mar 20226.6%

Jun 20225.6%

Sep 20222.6%

Dec 20226.0%

Mar 2023-29%

Jun 20236.0%

Sep 20235.0%

Dec 20235.0%

Mar 20247.0%

Jun 20246.0%

Sep 20246.0%

Dec 20246.0%

Mar 20256.0%

Jun 20254.2%

Sep 20256.0%

Dec 20255.0%

Mar 2026-1.4%

Jun 20260.5%

NMDC Steel Ltd · 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 202512%

Sep 20256.0%

Dec 20253.2%

Mar 202621%

Jun 202611%

Rajputana Stainless Ltd · RSL⚠ unverified

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 20248.0%

Mar 20257.0%

Jun 20259.0%

Sep 20259.0%

Dec 20259.0%

Mar 20269.0%

Jun 20269.0%

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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 202438%

Dec 2024—

Mar 202534%

Jun 2025—

Sep 202537%

Dec 2025—

Mar 202635%

Jun 2026—

Steel Authority of India Ltd · SAIL

Sep 202126%

Dec 202113%

Mar 202214%

Jun 20229.6%

Sep 20222.8%

Dec 20228.0%

Mar 202310%

Jun 20237.0%

Sep 202313%

Dec 20239.0%

Mar 202412%

Jun 20249.0%

Sep 202412%

Dec 20248.0%

Mar 202512%

Jun 202511%

Sep 20259.0%

Dec 20258.0%

Mar 202614%

Jun 202616%

Tata Steel Ltd · TATASTEEL

Sep 202127%

Dec 202126%

Mar 202222%

Jun 202224%

Sep 202210%

Dec 20227.0%

Mar 202311%

Jun 20238.0%

Sep 20238.0%

Dec 202311%

Mar 202411%

Jun 202412%

Sep 202411%

Dec 202411%

Mar 202512%

Jun 202514%

Sep 202515%

Dec 202514%

Mar 202616%

Jun 202615%

Margin change · reported quarter history

India Homes Ltd · 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+11,094.8 pp

Jun 2026—

JSW Steel Ltd · 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

Manaksia Steels Ltd · 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 2023−4.6 pp

Jun 2023+3.7 pp

Sep 2023+3.1 pp

Dec 2023+2.2 pp

Mar 2024+0.1 pp

Jun 2024−4.1 pp

Sep 2024−9.0 pp

Dec 2024−1.1 pp

Mar 2025−0.5 pp

Jun 2025+3.0 pp

Sep 2025+7.7 pp

Dec 2025+1.2 pp

Mar 2026+6.6 pp

Jun 2026+5.1 pp

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.3 pp

Dec 2022—

Mar 2023+1.7 pp

Jun 2023—

Sep 2023+2.8 pp

Dec 2023—

Mar 2024+0.9 pp

Jun 2024+1.8 pp

Sep 2024+0.5 pp

Dec 20240.0 pp

Mar 2025−0.2 pp

Jun 2025+1.0 pp

Sep 2025+2.0 pp

Dec 2025+1.0 pp

Mar 2026+5.3 pp

Jun 2026+3.0 pp

Mukand Ltd · MUKANDLTD⚠ unverified

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 20240.0 pp

Sep 2024+1.0 pp

Dec 2024+1.0 pp

Mar 2025−1.0 pp

Jun 2025−1.8 pp

Sep 20250.0 pp

Dec 2025−1.0 pp

Mar 2026−7.4 pp

Jun 2026−3.7 pp

NMDC Steel Ltd · 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+34.2 pp

Mar 2026+31.0 pp

Jun 2026−1.0 pp

Rajputana Stainless Ltd · RSL⚠ unverified

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 20260.0 pp

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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—

Steel Authority of India Ltd · 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 20250.0 pp

Jun 2025+2.0 pp

Sep 2025−3.0 pp

Dec 20250.0 pp

Mar 2026+2.0 pp

Jun 2026+5.0 pp

Tata Steel Ltd · 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 20240.0 pp

Jun 2024+4.0 pp

Sep 2024+3.0 pp

Dec 20240.0 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+1.0 pp

09 · 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 ₹11,263 crore. The same company also holds the highest Profit growth, at the 100% top of the scoring scale. 9 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, 148.6% 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

Gap148.6% versus #2 · Tata Steel Ltd

Persistence6/8 recent comparable periods

Coverage9/10 companies · 144 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₹11.3K Cr

3Steel Authority of India Ltd SAIL₹4.3K Cr

4Mukand Ltd MUKANDLTD⚠ unverified₹632 Cr

5NMDC Steel Ltd NSLNISP₹84 Cr

Profit growthfastest growers

1JSW Steel Ltd JSWSTEEL100%

2Manaksia Steels Ltd MANAKSTEEL100%

3Mukand Ltd MUKANDLTD⚠ unverified100%

4NMDC Steel Ltd NSLNISP100%

5Tata Steel Ltd TATASTEEL100%

Net profit · company comparison

9/10 level · 7/10 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
JSW Steel Ltd JSWSTEEL	₹4.7K Cr	113%	Jun 2026
Tata Steel Ltd TATASTEEL	₹2.4K Cr	19%	Jun 2026
Steel Authority of India Ltd SAIL	₹1.6K Cr	121%	Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified	₹57 Cr	97%	Jun 2026
NMDC Steel Ltd NSLNISP	₹51 Cr	96%	Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified	₹31 Cr	41%	Mar 2026
Manaksia Steels Ltd MANAKSTEEL	₹23 Cr	283%	Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified	₹20 Cr	82%	Jun 2026
Mangalam Worldwide Ltd MWL⚠ unverified	₹12 Cr	20%	Jun 2026
India Homes Ltd ISIBARS	₹3 Cr	-154%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

India Homes Ltd · 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₹-6 Cr

Mar 2024₹6 Cr

Jun 2024₹-4 Cr

Sep 2024₹-2 Cr

Dec 2024₹-3 Cr

Mar 2025₹-3 Cr

Jun 2025₹-1 Cr

Sep 2025₹-3 Cr

Dec 2025₹0 Cr

Mar 2026₹23 Cr

Jun 2026₹3 Cr

JSW Steel Ltd · 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

Manaksia Steels Ltd · 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₹23 Cr

Mangalam Worldwide Ltd · MWL⚠ unverified

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

Mukand Ltd · MUKANDLTD⚠ unverified

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₹57 Cr

NMDC Steel Ltd · 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₹51 Cr

Rajputana Stainless Ltd · RSL⚠ unverified

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₹11 Cr

Sep 2025₹13 Cr

Dec 2025₹12 Cr

Mar 2026₹13 Cr

Jun 2026₹20 Cr

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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—

Steel Authority of India Ltd · 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

Tata Steel Ltd · 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₹2.4K Cr

Profit growth · reported quarter history

India Homes Ltd · ISIBARS

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 2025-154%

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

JSW Steel Ltd · JSWSTEEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023417%

Mar 2024-65%

Jun 2024-64%

Sep 2024-85%

Dec 2024-71%

Mar 202514%

Jun 2025155%

Sep 2025307%

Dec 2025235%

Mar 20261,182%

Jun 2026113%

Manaksia Steels Ltd · 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 20250.0%

Jun 2025200%

Sep 2025300%

Dec 2025400%

Mar 2026280%

Jun 2026283%

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202471%

Jun 2024200%

Sep 2024250%

Dec 202433%

Mar 2025-33%

Jun 202567%

Sep 202557%

Dec 202575%

Mar 202688%

Jun 202620%

Mukand Ltd · MUKANDLTD⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20230.0%

Mar 2024-77%

Jun 2024-23%

Sep 20248.7%

Dec 2024-21%

Mar 2025-62%

Jun 202521%

Sep 2025-60%

Dec 2025-33%

Mar 20264,945%

Jun 202697%

NMDC Steel Ltd · 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—

Jun 202696%

Rajputana Stainless Ltd · RSL⚠ unverified

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 202520%

Mar 202663%

Jun 202682%

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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 202594%

Dec 2025—

Mar 202641%

Jun 2026—

Steel Authority of India Ltd · 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 202511%

Jun 2025809%

Sep 2025-53%

Dec 2025163%

Mar 202647%

Jun 2026121%

Tata Steel Ltd · 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 202475%

Sep 2024—

Dec 2024-43%

Mar 2025116%

Jun 2025118%

Sep 2025319%

Dec 2025825%

Mar 2026147%

Jun 202619%

10 · 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 25.3%. India Homes Ltd has the highest ROCE change at +27 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%, 21.7 percentage points above Rajputana Stainless Ltd. India Homes Ltd has the strongest latest improvement at +27 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%

Gap85.8% versus #2 · Rajputana Stainless Ltd

Persistence0/2 recent comparable periods

Coverage10/10 companies · 84 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%

4India Homes Ltd ISIBARS18%

5Manaksia Steels Ltd MANAKSTEEL14%

ROCE changefastest improvers

1India Homes Ltd ISIBARS+27.0 pp

2NMDC Steel Ltd NSLNISP+17.6 pp

3Manaksia Steels Ltd MANAKSTEEL+10.0 pp

4Mangalam Worldwide Ltd MWL⚠ unverified+3.7 pp

5JSW Steel Ltd JSWSTEEL+3.0 pp

Return on capital · company comparison

10/10 level · 10/10 change

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

Company	ROCE	ROCE change	Reported
Mangalam Worldwide Ltd MWL⚠ unverified	28%	+3.7 pp	Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified	26%	−35.5 pp	Mar 2026
Rajputana Stainless Ltd RSL⚠ unverified	22%	−5.1 pp	Jun 2026
Tata Steel Ltd TATASTEEL	12%	+3.0 pp	Jun 2026
Steel Authority of India Ltd SAIL	6.5%	+0.7 pp	Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified	5.8%	−14.8 pp	Jun 2026
NMDC Steel Ltd NSLNISP	3.0%	+17.6 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 2021—

Dec 202114%

Mar 202220%

Jun 20227.3%

Sep 20226.9%

Dec 20227.0%

Mar 20238.2%

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202413%

Jun 202421%

Sep 202416%

Dec 202421%

Mar 202516%

Jun 202524%

Sep 202519%

Dec 202527%

Mar 202620%

Jun 202628%

Mukand Ltd · MUKANDLTD⚠ unverified

Sep 2021-30%

Dec 2021—

Mar 202212%

Jun 2022—

Sep 202213%

Dec 2022—

Mar 2023-9.8%

Jun 2023—

Sep 2023-9.0%

Dec 202317%

Mar 202410%

Jun 202411%

Sep 202424%

Dec 202416%

Mar 202521%

Jun 202515%

Sep 202514%

Dec 202521%

Mar 20265.8%

Jun 2026—

NMDC Steel Ltd · 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 20263.0%

Jun 2026—

Rajputana Stainless Ltd · RSL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202412%

Sep 2024—

Dec 202420%

Mar 202527%

Jun 202535%

Sep 202537%

Dec 202544%

Mar 202622%

Jun 2026—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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 202444%

Dec 2024—

Mar 202562%

Jun 2025—

Sep 202527%

Dec 2025—

Mar 202626%

Jun 2026—

Steel Authority of India Ltd · SAIL

Sep 202127%

Dec 2021—

Mar 202221%

Jun 2022—

Sep 20228.2%

Dec 2022—

Mar 20235.0%

Jun 2023—

Sep 20237.5%

Dec 20238.0%

Mar 20246.9%

Jun 20247.6%

Sep 20246.4%

Dec 20246.8%

Mar 20255.8%

Jun 20257.7%

Sep 20256.0%

Dec 20256.8%

Mar 20266.5%

Jun 2026—

Tata Steel Ltd · TATASTEEL

Sep 202125%

Dec 2021—

Mar 202229%

Jun 2022—

Sep 202223%

Dec 2022—

Mar 202311%

Jun 2023—

Sep 20235.6%

Dec 20234.4%

Mar 20247.1%

Jun 20243.7%

Sep 20248.2%

Dec 20248.6%

Mar 20257.5%

Jun 20259.0%

Sep 20258.9%

Dec 202511%

Mar 202611%

Jun 202612%

ROCE change · reported quarter history

Mangalam Worldwide Ltd · MWL⚠ unverified

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

Mukand Ltd · MUKANDLTD⚠ unverified

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—

NMDC Steel Ltd · 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—

Rajputana Stainless Ltd · RSL⚠ unverified

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+24.1 pp

Mar 2026−5.1 pp

Jun 2026—

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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—

Steel Authority of India Ltd · 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 20250.0 pp

Mar 2026+0.7 pp

Jun 2026—

Tata Steel Ltd · 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+3.0 pp

11 · compare level, then change

Valuation Against Growth & Quality

Steel Authority of India Ltd has the lowest PEG among the 10 Steel companies compared here, at 0.75×. Tata Steel Ltd is next at 1.74×. Mukand Ltd has the lowest P/E at 3.19×, 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 PEG at 0.75×, 56.9% below Tata Steel Ltd. Only 2 of 10 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderSteel Authority of India Ltd · 0.75×

Gap56.9% versus #2 · Tata Steel Ltd

Persistence0/8 recent comparable periods

Coverage2/10 companies · 1 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 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.

PEGlowest PEG

1Steel Authority of India Ltd SAIL0.8

2Tata Steel Ltd TATASTEEL1.7

P/Elowest P/E

1Mukand Ltd MUKANDLTD⚠ unverified3.2

2Manaksia Steels Ltd MANAKSTEEL13.8

3Steel Authority of India Ltd SAIL15.3

4Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified18.6

5Tata Steel Ltd TATASTEEL19.3

Valuation · company comparison

2/10 level · 10/10 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Tata Steel Ltd TATASTEEL	1.7	20.8	Jun 2026
JSW Steel Ltd JSWSTEEL	—	31.4	Jun 2026
Steel Authority of India Ltd SAIL	—	18.4	Jun 2026
NMDC Steel Ltd NSLNISP	—	218.4	Jun 2026
Mukand Ltd MUKANDLTD⚠ unverified	—	3.2	Jun 2026
Rajputana Stainless Ltd RSL⚠ unverified	—	18.7	Jun 2026
Mangalam Worldwide Ltd MWL⚠ unverified	—	22.0	Jun 2026
Safe Enterprises Retail Fixtures Ltd SAFEENTP⚠ unverified	—	14.8	Mar 2026
India Homes Ltd ISIBARS	—	49.1	Jun 2026
Manaksia Steels Ltd MANAKSTEEL	—	12.1	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Tata Steel Ltd · TATASTEEL

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 20251.7

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

India Homes Ltd · ISIBARS

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—

Jun 202649.1

JSW Steel Ltd · JSWSTEEL

Sep 202111.0

Dec 20217.9

Mar 20228.0

Jun 20226.5

Sep 20229.5

Dec 202224.6

Mar 202345.2

Jun 202352.2

Sep 202336.7

Dec 202324.0

Mar 202418.6

Jun 202426.8

Sep 202435.2

Dec 202443.2

Mar 202573.6

Jun 202566.9

Sep 202554.2

Dec 202543.8

Mar 202635.4

Jun 202631.4

Manaksia Steels Ltd · MANAKSTEEL

Sep 20215.8

Dec 20216.6

Mar 20228.7

Jun 20226.6

Sep 20229.3

Dec 202210.5

Mar 202314.3

Jun 202323.6

Sep 202313.7

Dec 202310.9

Mar 202412.6

Jun 202412.5

Sep 202422.0

Dec 202432.5

Mar 202526.1

Jun 202541.4

Sep 202526.2

Dec 202526.8

Mar 202612.5

Jun 202612.1

Mangalam Worldwide Ltd · MWL⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.1

Dec 202234.8

Mar 202334.5

Jun 202324.1

Sep 202322.2

Dec 202319.1

Mar 202420.7

Jun 202415.8

Sep 202415.2

Dec 202414.4

Mar 202514.0

Jun 202516.5

Sep 202520.6

Dec 202523.5

Mar 202618.7

Jun 202622.0

Mukand Ltd · MUKANDLTD⚠ unverified

Sep 202119.9

Dec 202118.5

Mar 202227.8

Jun 20228.2

Sep 202210.9

Dec 202216.7

Mar 202320.1

Jun 202310.5

Sep 202313.8

Dec 202314.4

Mar 202410.8

Jun 202422.7

Sep 202424.6

Dec 202419.3

Mar 202513.8

Jun 202526.9

Sep 202523.3

Dec 202529.6

Mar 202627.9

Jun 20263.2

NMDC Steel Ltd · 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 2026165.7

Jun 2026218.4

Rajputana Stainless Ltd · RSL⚠ unverified

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 202617.8

Jun 202618.7

Safe Enterprises Retail Fixtures Ltd · SAFEENTP⚠ unverified

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 202516.6

Dec 2025—

Mar 202614.8

Jun 2026—

Steel Authority of India Ltd · SAIL

Sep 20214.8

Dec 20213.3

Mar 20223.1

Jun 20222.2

Sep 20223.4

Dec 20227.2

Mar 202310.5

Jun 202317.8

Sep 202327.9

Dec 202315.3

Mar 202416.4

Jun 202416.6

Sep 202415.0

Dec 202415.1

Mar 202516.3

Jun 202520.3

Sep 202517.8

Dec 202519.6

Mar 202620.0

Jun 202618.4

Tata Steel Ltd · TATASTEEL

Sep 20216.9

Dec 20214.2

Mar 20224.3

Jun 20222.6

Sep 20223.1

Dec 20224.8

Mar 20237.1

Jun 202315.9

Sep 202362.6

Dec 202358.2

Mar 202487.6

Jun 202434.0

Sep 2024121.6

Dec 202453.6

Mar 202563.5

Jun 202556.5

Sep 202543.7

Dec 202528.7

Mar 202624.6

Jun 202620.8

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Steel comparison names 7 specific ways its own evidence can mislead, all listed below. All 10 companies here report on comparable dates, so no rank carries a stale marker. 4 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

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.
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.

13 · 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 2026-09-11. 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 2026-09-11 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG 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.

How a second data feed is admitted, and what happens when it disagrees

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.

14 · questions investors ask, short speakable answers

Steel company comparison FAQs

These 24 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 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

Is the Steel sector outperforming NIFTY 500?

Steel has outperformed NIFTY 500 by 56% over 52 weeks and 13.4% over 13 weeks. 8 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 ₹2,39,755 crore, based on 9 of 10 comparable companies through Jun 2026.

Which Steel company is growing fastest?

India Homes Ltd has the fastest current revenue growth at 100%, across 8 of 10 comparable companies.

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

Manaksia Steels Ltd ranks first at 66.9/100 with 67.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Steel company has the lowest comparable PEG?

Steel Authority of India Ltd has the lowest comparable PEG at 0.75, among 2 of 10 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Steel comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Steel index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Steel, this page builds its own equal-weight basket of 10 listed Steel companies — one company, one vote, regardless of market value — so no single large company dominates the reading. 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 India Homes 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 ₹2,39,755 crore, ahead of JSW Steel Ltd at ₹1,89,687 crore. That covers 9 of 10 companies with comparable reporting through Jun 2026.

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 improvement (+11094.8 percentage points — see the chart above for the starting level). 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 9 of 10 comparable companies. JSW Steel Ltd has the fastest profit growth at the ≥100% scoring cap, 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 PEG — where a LOWER number is cheaper — Steel Authority of India Ltd screens cheapest at 0.75×. Only 2 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Steel sector beating the market?

Steel has outperformed NIFTY 500 by 56% over the last 52 weeks and 13.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 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?

Manaksia Steels 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 66.9 out of 100 with 67.3% evidence confidence, from 29.4 points on growth and earnings, 13.4 on capital efficiency, 11.6 on valuation and 12.5 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, 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 ₹6,32,383 crore of combined market value. JSW Steel Ltd is the largest at ₹3,09,350 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

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

The median price-to-earnings ratio across the 10 Steel companies on this page is 23.2×, measured on the 10 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 2026-09-17.

How is the Steel sector performing?

8 of the 9 covered Steel companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 56% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

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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