Steel Stocks and Companies in India

The largest Steel stocks in India by market value are JSW Steel (₹3.28 lakh crore), Tata Steel (₹2.25 lakh crore) and SAIL (₹70,421 crore), at prices of 4 Nov 2026.

• JSW Steel: ₹1,343 | market value ₹3.28 lakh crore | P/E 20.9
• Tata Steel: ₹179.93 | market value ₹2.25 lakh crore | P/E 19.0
• SAIL: ₹170.49 | market value ₹70,421 crore | P/E 11.8
• NMDC Steel: ₹39.49 | market value ₹11,573 crore | P/E 138.4
• Mukand: ₹149.36 | market value ₹2,158 crore | P/E 3.4
• Rajputana Stainless: ₹168.25 | market value ₹1,402 crore | P/E 20.2
• Mangalam Worldwide: ₹39.11 | market value ₹1,161 crore | P/E 21.0
• Safe Enterprises Retail Fixtures: ₹229.50 | market value ₹1,069 crore | P/E 16.6
• India Homes: ₹25.90 (price from the week of 23 Aug 2026) | market value ₹1,031 crore | P/E 60.9
• Manaksia Steels: ₹108.31 | market value ₹800 crore | P/E 14.3

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 10 listed Indian Steel companies are named here, largest first. This is the set of companies people mean when they search for a Nifty 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. JSW Steel Ltd₹3 lakh cr
2. Tata Steel Ltd₹2.1 lakh cr
3. Steel Authority of India Ltd₹66,500 cr
4. NMDC Steel Ltd₹11,000 cr
5. Mukand Ltd₹2,040 cr
6. Rajputana Stainless Ltd₹1,400 cr
7. Mangalam Worldwide Ltd₹1,110 cr
8. Safe Enterprises Retail Fixtures Ltd₹1,100 cr
9. India Homes Ltd₹1,030 cr
10. Manaksia Steels Ltd₹800 cr

10 Steel companies in the Steel industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 10 are listed below, largest first. The largest is JSW Steel (₹3.05 lakh crore) and the smallest with a market value is Manaksia Steels.

Download all 10 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 73% ahead of NIFTY 500. Earnings across its companies grew 142% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 12 weeks running.

Price and the fundamentals both up. 3 of 10 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 12 weeks running; 6 of the 10 companies in the industry index above their 200-day average (1 more than four weeks earlier); 3 of those 10 pass the momentum test (4 fewer than four weeks earlier); earnings rising at 8 of the 8 that report earnings.

Participation is shrinking, 7 → 3 of 10 over four weeks, after being ahead of NIFTY 500. Price-only fade, 8 of 8 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

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 10 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.

Steel has done better than the NIFTY 500 by 42.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 14.9%. Mangalam Worldwide Ltd is the strongest against the sector itself at +4.1%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 32.9 as of 30 October 2026 (consolidation, falling).

Steel has done better than the NIFTY 500 by 42.2% over 52 weeks and by 14.9% over 13 weeks. 1 of 10 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 1 of the 7 with a long enough price history is 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.

Manaksia Steels Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80.6% evidence confidence.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

Mangalam Worldwide Ltd has the strongest one-year price move in Steel at +63.7%. Manaksia Steels Ltd leads on relative strength against the NIFTY, at +53.7%. 5 of 10 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). 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 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

3 of 14 Steel companies held a results call for July to September 2026. Steel Authority of India guided: FY27 saleable sales around 21mt including around 0.5mt traded RINL on crude output around 22mt.

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 0.3 points.

• Spending on new plants and equipment was ₹41,691 crore in the last 12 months, 14% more than a year before.
• Projects still being built shrank 12% in a year.
• 1 Steel call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 10 Steel companies, in percentage points.

Ownership and spending as of 10 October 2026.

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

The steel sector pulse for the week ending 17 July 2026 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: OLD: this read comes from our Steel sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

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

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 ₹1,99,021 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 19 reported observations across the 20-quarter window.

What the numbers say: Tata Steel Ltd is the largest at ₹2,39,755 crore, 20.5% ahead of JSW Steel Ltd. India Homes Ltd's growth is capped at 100% on the scoring scale from a ₹24 crore base, with 14 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Tata Steel Ltd is the size to compare against; India Homes 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: 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.

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.

Safe Enterprises Retail Fixtures Ltd has the highest OPM among the 10 Steel companies compared here, at 35%. JSW Steel Ltd is next at 19%. 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.

What this means: Safe Enterprises Retail Fixtures 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

JSW Steel Ltd has the highest Net profit among the 10 Steel companies compared here, at ₹31,708 crore. Tata Steel Ltd is next at ₹11,263 crore. The same company also has the highest Profit growth, at the 100% top of the scoring scale. 9 of 10 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: JSW Steel Ltd earns the most, ₹31,708 crore of profit over the last 12 months, 181.5% above Tata Steel Ltd. JSW Steel Ltd shows at least 100% on the scoring scale (421.9% in full) growth from a profit base of ₹31,708 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: JSW Steel 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

Safe Enterprises Retail Fixtures Ltd has the highest ROCE among the 10 Steel companies compared here, at 47.1%. Rajputana Stainless Ltd is next at 25.3%. Mukand Ltd has the highest ROCE change at +31.4 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 47.1%, 21.8 percentage points above Rajputana Stainless 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: Safe Enterprises Retail Fixtures 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: JSW Steel Ltd (JSWSTEEL): its two data sources disagree by up to 15% on reported income across 16 comparable periods, so its derived ratios are withheld; Safe Enterprises Retail Fixtures Ltd (SAFEENTP): its two data sources disagree by up to 2.4% on reported income across 4 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

Manaksia Steels Ltd has the lowest PEG among the 10 Steel companies compared here, at 0.33×. Steel Authority of India Ltd is next at 0.57×. Mukand Ltd has the lowest P/E at 3.23×, so level and change sit with different companies. 4 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Manaksia Steels Ltd has the lowest comparable PEG at 0.33×, 42.1% below Steel Authority of India 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

Steel companies show up on 8 of our India lists. The most are on the copper & metal stocks list (8 companies).

This Steel comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 10 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 2 have 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 has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 2 companies are 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 10 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.

2 of 10 companies have 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 16 comparable periods, so its derived ratios are withheld; Safe Enterprises Retail Fixtures Ltd (SAFEENTP): its two data sources disagree by up to 2.4% on reported income across 4 comparable periods, so its derived ratios are withheld.

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.