Steel Products Stocks and Companies in India

The largest Steel Products stocks in India by market value are Jindal Steel (₹1.19 lakh crore), Shyam Metalics & Energy (₹36,315 crore) and Gallantt Ispat (₹12,894 crore), at prices of 6 Nov 2026.

• Jindal Steel: ₹1,165 | market value ₹1.19 lakh crore | P/E 36.9
• Shyam Metalics & Energy: ₹1,300.60 | market value ₹36,315 crore | P/E 26.8
• Gallantt Ispat: ₹534.40 | market value ₹12,894 crore | P/E 31.6
• Sunflag Iron & Steel Company: ₹382.05 | market value ₹6,879 crore | P/E 32.3
• Kalyani Steels: ₹847.55 | market value ₹3,699 crore | P/E 12.9
• Vardhman Special Steels: ₹362.25 | market value ₹3,506 crore | P/E 21.8
• Prakash Industries: ₹113.45 | market value ₹2,032 crore | P/E 6.5
• Steel Exchange India: ₹10.79 | market value ₹1,377 crore | P/E 43.3
• BMW Industries: ₹50.42 | market value ₹1,135 crore | P/E 13.4
• Rhetan TMT: ₹13.02 | market value ₹1,038 crore | P/E 81.7

The other 6 Steel Products companies are in the full list below.

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.

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

The largest 15 of 16 listed Indian Steel Products companies are named here; all 16 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Steel Products index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Jindal Steel Ltd₹1.2 lakh cr
2. Shyam Metalics & Energy Ltd₹35,500 cr
3. Gallantt Ispat Ltd.₹13,500 cr
4. Sunflag Iron & Steel Company Ltd₹7,020 cr
5. Kalyani Steels Ltd₹3,590 cr
6. Vardhman Special Steels Ltd₹3,490 cr
7. Prakash Industries Ltd₹2,010 cr
8. Steel Exchange India Ltd₹1,220 cr
9. BMW Industries Ltd₹1,080 cr
10. Rhetan TMT Ltd₹1,070 cr
11. Kamdhenu Ltd₹1,020 cr
12. Electrotherm (India) Ltd₹738 cr
13. Beekay Steel Industries Ltd₹736 cr
14. Salasar Techno Engineering Ltd₹685 cr
15. Banganga Paper Industries Ltd₹657 cr

The remaining 1 Steel Products company are named and ranked in the scorecard.

16 Steel Products companies in the Steel Products industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 16 are listed below, largest first. The largest is Jindal Steel (₹1.17 lakh crore) and the smallest with a market value is Panchmahal Steel.

Download all 16 Steel Products 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 7% ahead of NIFTY 500. Earnings across its companies fell 2% on average over the last four reported quarters.

4 of 18 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 1 week running; 8 of the 18 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 4 of those 18 pass the momentum test (3 fewer than four weeks earlier); earnings rising at 10 of the 17 that report earnings.

Participation is shrinking, 7 → 4 of 18 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 10 of 17 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 18 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 Products has done better than the NIFTY 500 by 9.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2.3%. Sunflag Iron & Steel Company Ltd is the strongest against the sector itself at +29%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 18.4 as of 30 October 2026 (narrowing, rising).

Steel Products has done better than the NIFTY 500 by 9.3% over 52 weeks, but is 2.3% behind over the last 13 weeks. 4 of 16 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 6 of the 12 with a long enough price history 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.

Kamdhenu Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Prakash Industries Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Sunflag Iron & Steel Company Ltd has the strongest one-year price move in Steel Products at +46.3%. It also leads on relative strength against the NIFTY, at +32.1%. 9 of 16 companies we track are ahead of the index on that measure (1 has 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 Products 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 16 Steel Products companies held a results call for July to September 2026. Vardhman Special Steels guided: Operating profit per tonne ₹9,000-12,000 for foreseeable future on annual view.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters cut theirs by 2.5 points.

• Spending on new plants and equipment was ₹15,001 crore in the last 12 months, 3% less than a year before.
• Projects still being built shrank 38% in a year.
• 1 Steel Products call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 19 Steel Products companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Steel Products figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 29 Jul 2026, so the words are older than the numbers. 5 themes are live here, 4 of them rated high severity.

The Steel Products sector displays mixed performance across the five constituents analyzed for Report Week 17 July 2026. Revenue growth varies materially, with SUNFLAG reporting a 13.3% YoY increase to ₹1,003.68 cr and RHETAN achieving 30.82% YoY growth to ₹8.49 Cr. Conversely, ELECTHERM revenue declined 1.82% YoY and SALASAR consolidated revenue dropped 8% YoY.

How old this read is: OLD: this read comes from our Steel Products sector brief dated 29 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 Products sector brief, 29 Jul 2026 · company earnings-call transcripts.

Jindal Steel Ltd has the highest Revenue among the 16 Steel Products companies compared here, at ₹61,406 crore. Shyam Metalics & Energy Ltd is next at ₹21,076 crore. Banganga Paper Industries Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Jindal Steel Ltd is the largest at ₹61,406 crore, 191.4% ahead of Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 126.6% from a ₹85 crore base, with 10 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 Steel Ltd is the size to compare against; Banganga Paper 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 Steel Ltd's growth falls below Banganga Paper 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.

Kalyani Steels Ltd has the highest OPM among the 16 Steel Products companies compared here, at 22%. BMW Industries Ltd is next at 20%. Beekay Steel Industries Ltd has the highest Margin change at +5 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Kalyani Steels Ltd leads opm at 22%; Beekay Steel Industries Ltd leads margin change at +5 percentage points.

What this means: Kalyani Steels 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 Steel Ltd has the highest Net profit among the 16 Steel Products companies compared here, at ₹2,845 crore. Shyam Metalics & Energy Ltd is next at ₹1,372 crore. Banganga Paper Industries Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Jindal Steel Ltd earns the most, ₹2,845 crore of profit over the last 12 months, 107.4% above Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd shows at least 100% on the scoring scale (114.8% in full) growth from a profit base of ₹2 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Jindal 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

Kamdhenu Ltd has the highest ROCE among the 16 Steel Products companies compared here, at 29.5%. Banganga Paper Industries Ltd is next at 27%. Rhetan TMT Ltd has the highest ROCE change at +7.5 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Kamdhenu Ltd leads ROCE at 29.5%, 2.5 percentage points above Banganga Paper 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: Kamdhenu 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

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Prakash Industries Ltd has the lowest PEG among the 16 Steel Products companies compared here, at 0.19×. Beekay Steel Industries Ltd is next at 0.45×. The same company also has the lowest P/E, at 6.42×. 13 of 16 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Prakash Industries Ltd has the lowest comparable PEG at 0.19×, 57.8% below Beekay Steel Industries 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 Products companies show up on 8 of our India lists. The most are on the copper & metal stocks list (14 companies).

This Steel Products comparison names 5 specific ways its own evidence can mislead, all listed below. 1 of the 16 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 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.

This comparison is built from the reported filings of 16 Steel Products 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.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 24 answers restate the Steel Products comparison above in question form. Every one is computed from the same 16 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.