20-quarter listed-company comparison

Steel Products Stocks in India

Steel Products: Jindal Steel Ltd owns the largest revenue base; Banganga Paper Industries Ltd has the fastest current growth.

01 · the index people search for

Nifty Steel Products Index — Constituents & Performance

The Steel Products companies below are the listed Indian Steel Products universe this page tracks — the same constituent set people search for as the Nifty Steel Products index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Steel Products 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 33% ahead of NIFTY 500. Earnings across its companies fell 13% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

LEADER · ahead 17w⚠Price up, without the fundamentals confirming8 of 19 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 12/19 >200d (−1) · 8/19 lead (−5) · EPS 6/18↑

Steel Products, 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 19 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 Products outperforming NIFTY 500?

Steel Products has outperformed NIFTY 500 by 9.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.5%. 10 of 17 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kamdhenu Ltd is the strongest against the sector itself at +18.2%. Readings are as of 2026-07-19.

+7.5%Sector vs NIFTY 500 · 13 weeks

+9.4%Sector vs NIFTY 500 · 52 weeks

10/17Stocks leading NIFTY 500

6/17Stocks leading sector

Sector metric: 30.2 as of 2026-07-19 · BROADENING · falling.

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 Products has outperformed NIFTY 500 by 9.4% over 52 weeks and 7.5% over 13 weeks. 10 of 17 covered companies beat NIFTY on Mansfield relative strength, while 6 of 17 beat the sector itself. Jindal Steel Ltd leads with revenue of ₹56,413 crore, based on 17 of 17 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹1.9 L Cr

Jindal Steel Ltd

Revenue growing

12/17

positive TTM year-on-year growth

Beating NIFTY 500

10/17

positive Mansfield relative strength

Comparing 5 of 17

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%

Shyam Metalics & Energy Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

Vardhman Special Steels Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Steel Exchange India Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

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
1Shyam Metalics & Energy LtdSHYAMMETL	69.2/100Favorable setup97% evidence	LEADER	26.3/35 Revenue 22.8% · PAT 21.3% · OPM change 1 pp 95% evidence	13.8/25 ROCE 13% · OPM 14% 95% evidence	12.3/20 P/E 25.6× · PEG 1.19 100% evidence	16.8/20 RS sector 3.4% · RS bench 14.5% · 1Y 6.4%11 of 12 weeks ahead 100% evidence
Exact sum: 26.3 + 13.8 + 12.3 + 16.8 = 69.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Raghav Productivity Enhancers LtdRPEL	68.6/100Favorable setup94% evidence	TURNING	31.8/35 Revenue 34.3% · PAT 53.7% · OPM change 3 pp 100% evidence	19.5/25 ROCE 30.3% · OPM 30% 100% evidence	5.2/20 P/E 89.1× · PEG 2.31 100% evidence	12.1/20 RS sector -2.6% · RS bench 41.8% · 1Y 83.6%11 of 11 weeks ahead 70% evidence
Exact sum: 31.8 + 19.5 + 5.2 + 12.1 = 68.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Kamdhenu LtdKAMDHENU	67.0/100Favorable setup66% evidence	LEADER	19.9/35 Revenue 34.5% · PAT 74.7% · OPM change -2 pp 35% evidence	16.3/25 ROCE 16.9% · OPM 7.2% 95% evidence	11.0/20 P/E 31.8× · PEG — 50% evidence	19.8/20 RS sector 18.2% · RS bench 30.6% · 1Y 14.9%11 of 12 weeks ahead 100% evidence
Exact sum: 19.9 + 16.3 + 11 + 19.8 = 67 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Sunflag Iron & Steel Company LtdSUNFLAG	64.0/100Mixed-positive evidence96% evidence	LEADER	23.4/35 Revenue 11.4% · PAT 25.3% · OPM change 1 pp 88% evidence	10.3/25 ROCE 4.1% · OPM 12% 100% evidence	11.5/20 P/E 31.6× · PEG 0.65 100% evidence	18.8/20 RS sector 15.5% · RS bench 27% · 1Y 28.5%12 of 12 weeks ahead 100% evidence
Exact sum: 23.4 + 10.3 + 11.5 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5BMW Industries Ltd542669	60.8/100Mixed-positive evidence78% evidence	BREAKING OUT	20.8/35 Revenue 5.9% · PAT 8% · OPM change 7 pp 83% evidence	15.1/25 ROCE 12.4% · OPM 28% 76% evidence	13.3/20 P/E 13.3× · PEG — 50% evidence	11.6/20 RS sector -2.8% · RS bench 6.7% · 1Y -7%12 of 12 weeks ahead 100% evidence
Exact sum: 20.8 + 15.1 + 13.3 + 11.6 = 60.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Vardhman Special Steels LtdVSSL	57.7/100Mixed-positive evidence93% evidence	LEADER	15.7/35 Revenue 6.3% · PAT 1.1% · OPM change 4.8 pp 100% evidence	14.1/25 ROCE 16.5% · OPM 11.8% 100% evidence	15.0/20 P/E 32× · PEG 0.42 65% evidence	12.9/20 RS sector 0.2% · RS bench 11.1% · 1Y 18.1%11 of 12 weeks ahead 100% evidence
Exact sum: 15.7 + 14.1 + 15 + 12.9 = 57.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7Rhetan TMT LtdRHETAN	53.0/100Mixed-positive evidence89% evidence	FADING	23.1/35 Revenue -34.3% · PAT 100% · OPM change 76.5 pp 88% evidence	12.4/25 ROCE 10.9% · OPM 29.9% 100% evidence	3.7/20 P/E 237× · PEG 3.94 65% evidence	13.8/20 RS sector 9.8% · RS bench 21.6% · 1Y 80.2%8 of 12 weeks ahead 100% evidence
Exact sum: 23.1 + 12.4 + 3.7 + 13.8 = 53 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Kalyani Steels LtdKSL	52.3/100Mixed-positive evidence96% evidence	FADING	12.4/35 Revenue -6.9% · PAT 1.6% · OPM change -1 pp 88% evidence	17.4/25 ROCE 14.8% · OPM 20% 100% evidence	12.2/20 P/E 14.5× · PEG 1.01 100% evidence	10.3/20 RS sector -1.2% · RS bench 9.4% · 1Y -2.2%11 of 12 weeks ahead 100% evidence
Exact sum: 12.4 + 17.4 + 12.2 + 10.3 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Steel Exchange India LtdSTEELXIND	44.5/100Mixed-negative evidence80% evidence	LEADER	11.8/35 Revenue -12.8% · PAT -8.8% · OPM change 3 pp 95% evidence	9.4/25 ROCE 10.9% · OPM 13% 95% evidence	9.4/20 P/E 45.1× · PEG — 15% evidence	13.9/20 RS sector 3.2% · RS bench 13.6% · 1Y 5.9%12 of 12 weeks ahead 100% evidence
Exact sum: 11.8 + 9.4 + 9.4 + 13.9 = 44.5 · Decision use: Price leads the evidence: RS versus the benchmark is 13.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10Prakash Industries LtdPRAKASH	44.3/100Mixed-negative evidence77% evidence	ASLEEP	12.1/35 Revenue -13.3% · PAT -6.2% · OPM change 0 pp 83% evidence	12.1/25 ROCE 9.6% · OPM 16% 95% evidence	14.1/20 P/E 6.6× · PEG — 50% evidence	6.0/20 RS sector -9.1% · RS bench -14.5% · 1Y -30.1%7 of 10 weeks ahead 70% evidence
Exact sum: 12.1 + 12.1 + 14.1 + 6 = 44.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11Gallantt Ispat Ltd.GALLANTT	34.9/100Adverse evidence100% evidence	ASLEEP	8.8/35 Revenue 4.2% · PAT -3.8% · OPM change -6 pp 100% evidence	16.7/25 ROCE 18.2% · OPM 16% 100% evidence	6.9/20 P/E 34× · PEG 1.7 100% evidence	2.5/20 RS sector -12.9% · RS bench -3.7% · 1Y -3.2%8 of 12 weeks ahead 100% evidence
Exact sum: 8.8 + 16.7 + 6.9 + 2.5 = 34.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12Salasar Techno Engineering LtdSALASAR	33.7/100Adverse evidence69% evidence	ASLEEP	13.3/35 Revenue 4.9% · PAT -33.3% · OPM change -2.9 pp 62% evidence	8.2/25 ROCE 8.1% · OPM 3.1% 95% evidence	8.3/20 P/E 59.3× · PEG — 50% evidence	3.9/20 RS sector -16.5% · RS bench -27.2% · 1Y -19.7%0 of 10 weeks ahead 70% evidence
Exact sum: 13.3 + 8.2 + 8.3 + 3.9 = 33.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Panchmahal Steel LtdPANCHMSTEL	33.3/100Adverse evidence61% evidence	ASLEEP	15.2/35 Revenue 0.3% · PAT -80% · OPM change 3.5 pp 62% evidence	4.3/25 ROCE 3.1% · OPM 3.5% 76% evidence	10.0/20 P/E — · PEG — 0% evidence	3.8/20 RS sector -11.7% · RS bench -1.6% · 1Y 18.3%0 of 12 weeks ahead 100% evidence
Exact sum: 15.2 + 4.3 + 10 + 3.8 = 33.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Jindal Steel LtdJINDALSTEL	33.0/100Adverse evidence100% evidence	ASLEEP	12.3/35 Revenue 16.5% · PAT -9.8% · OPM change -7 pp 100% evidence	9.7/25 ROCE 9.7% · OPM 17% 100% evidence	6.1/20 P/E 36.4× · PEG 2.69 100% evidence	4.9/20 RS sector -11.2% · RS bench -1.2% · 1Y 10.2%1 of 12 weeks ahead 100% evidence
Exact sum: 12.3 + 9.7 + 6.1 + 4.9 = 33 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Beekay Steel Industries LtdBEEKAY	30.2/100Adverse evidence77% evidence	ASLEEP	9.6/35 Revenue 9.3% · PAT -58.9% · OPM change -2 pp 83% evidence	7.7/25 ROCE 5.5% · OPM 7% 95% evidence	8.2/20 P/E 20.4× · PEG — 50% evidence	4.7/20 RS sector -13.7% · RS bench -7.2% · 1Y -19.4%1 of 6 weeks ahead 70% evidence
Exact sum: 9.6 + 7.7 + 8.2 + 4.7 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Electrotherm (India) LtdELECTHERM	24.3/100Adverse evidence67% evidence	TURNING	5.1/35 Revenue -10.3% · PAT -80% · OPM change -3.9 pp 83% evidence	2.1/25 ROCE 0.5% · OPM 2.1% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	7.1/20 RS sector -28.1% · RS bench 13.4% · 1Y -1.5%9 of 10 weeks ahead 70% evidence
Exact sum: 5.1 + 2.1 + 10 + 7.1 = 24.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Banganga Paper Industries LtdBANGANGA	45.4/100Thin evidence · provisional45% evidence		19.7/35 Revenue 100% · PAT 100% · OPM change -2 pp 40% evidence	14.2/25 ROCE 27% · OPM 5.7% 57% evidence	8.5/20 P/E 347× · PEG — 15% evidence	3.0/20 RS sector -30.2% · RS bench -32.7% · 1Y -46.5%8 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 19.7 + 14.2 + 8.5 + 3 = 45.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Showing 10 of 17 companies

05 · what price has already done

Market action

Raghav Productivity Enhancers Ltd has the strongest one-year price move in Steel Products at +83.6%. It also leads on Mansfield relative strength against NIFTY at +41.8%. 10 of 17 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

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 · compare level, then change

Revenue Scale & Growth Durability

Jindal Steel Ltd has the highest Revenue among the 17 Steel Products companies compared here, at ₹56,413 crore. Shyam Metalics & Energy Ltd is next at ₹19,583 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 scale leader at ₹56,413 crore, 188.1% ahead of Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 126.6% from a ₹85 crore base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderJindal Steel Ltd · ₹56,413 crore

Gap188.1% versus #2 · Shyam Metalics & Energy Ltd

Persistence5/8 recent comparable periods

Coverage17/17 companies · 269 observations

Investor read: Jindal Steel Ltd is the scale benchmark; Banganga Paper Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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.

Revenuelargest

1Jindal Steel Ltd JINDALSTEL₹56.4K Cr

2Shyam Metalics & Energy Ltd SHYAMMETL₹19.6K Cr

3Gallantt Ispat Ltd. GALLANTT₹4.4K Cr

4Sunflag Iron & Steel Company Ltd SUNFLAG₹3.9K Cr

5Electrotherm (India) Ltd ELECTHERM⚠ unverified₹3.7K Cr

Revenue growthfastest growers

1Banganga Paper Industries Ltd BANGANGA · older report100%

2Kamdhenu Ltd KAMDHENU⚠ unverified35%

3Raghav Productivity Enhancers Ltd RPEL34%

4Shyam Metalics & Energy Ltd SHYAMMETL23%

5Jindal Steel Ltd JINDALSTEL17%

Revenue · company comparison

17/17 level · 17/17 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
Jindal Steel Ltd JINDALSTEL	₹15.5K Cr	26%	Jun 2026
Shyam Metalics & Energy Ltd SHYAMMETL	₹5.5K Cr	23%	Jun 2026
Gallantt Ispat Ltd. GALLANTT	₹1.1K Cr	1.6%	Jun 2026
Electrotherm (India) Ltd ELECTHERM⚠ unverified	₹1.1K Cr	-1.8%	Mar 2026
Sunflag Iron & Steel Company Ltd SUNFLAG	₹1.0K Cr	13%	Mar 2026
Prakash Industries Ltd PRAKASH⚠ unverified	₹920 Cr	8.9%	Mar 2026
Vardhman Special Steels Ltd VSSL	₹496 Cr	14%	Jun 2026
Kalyani Steels Ltd KSL	₹484 Cr	-11%	Mar 2026
Salasar Techno Engineering Ltd SALASAR⚠ unverified	₹445 Cr	-7.9%	Mar 2026
Beekay Steel Industries Ltd BEEKAY⚠ unverified	₹339 Cr	2.7%	Mar 2026
Steel Exchange India Ltd STEELXIND⚠ unverified	₹270 Cr	-10%	Jun 2026
Kamdhenu Ltd KAMDHENU⚠ unverified	₹253 Cr	14%	Mar 2026
BMW Industries Ltd 542669	₹210 Cr	34%	Mar 2026
Panchmahal Steel Ltd PANCHMSTEL	₹106 Cr	16%	Mar 2026
Raghav Productivity Enhancers Ltd RPEL	₹87 Cr	50%	Jun 2026
Banganga Paper Industries Ltd BANGANGA	₹20 Cr	-5.0%	Dec 2025
Rhetan TMT Ltd RHETAN	₹8 Cr	31%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹135 Cr

Jun 2023₹158 Cr

Sep 2023₹159 Cr

Dec 2023₹144 Cr

Mar 2024₹137 Cr

Jun 2024₹174 Cr

Sep 2024₹150 Cr

Dec 2024₹148 Cr

Mar 2025₹157 Cr

Jun 2025₹149 Cr

Sep 2025₹145 Cr

Dec 2025₹162 Cr

Mar 2026₹210 Cr

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹615 Cr

Mar 2023₹1.0K Cr

Jun 2023₹931 Cr

Sep 2023₹985 Cr

Dec 2023₹1.1K Cr

Mar 2024₹1.2K Cr

Jun 2024₹1.1K Cr

Sep 2024₹814 Cr

Dec 2024₹1.1K Cr

Mar 2025₹1.2K Cr

Jun 2025₹834 Cr

Sep 2025₹814 Cr

Dec 2025₹904 Cr

Mar 2026₹1.1K Cr

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021₹391 Cr

Dec 2021₹455 Cr

Mar 2022₹1.8K Cr

Jun 2022₹1.0K Cr

Sep 2022₹931 Cr

Dec 2022₹1.0K Cr

Mar 2023₹1.1K Cr

Jun 2023₹1.0K Cr

Sep 2023₹950 Cr

Dec 2023₹1.1K Cr

Mar 2024₹1.2K Cr

Jun 2024₹1.2K Cr

Sep 2024₹943 Cr

Dec 2024₹1.1K Cr

Mar 2025₹1.1K Cr

Jun 2025₹1.1K Cr

Sep 2025₹1.0K Cr

Dec 2025₹1.1K Cr

Mar 2026₹1.2K Cr

Jun 2026₹1.1K Cr

Jindal Steel Ltd · JINDALSTEL

Sep 2021₹13.6K Cr

Dec 2021₹12.5K Cr

Mar 2022₹14.3K Cr

Jun 2022₹13.0K Cr

Sep 2022₹13.5K Cr

Dec 2022₹12.5K Cr

Mar 2023₹13.7K Cr

Jun 2023₹12.6K Cr

Sep 2023₹12.3K Cr

Dec 2023₹11.7K Cr

Mar 2024₹13.5K Cr

Jun 2024₹13.6K Cr

Sep 2024₹11.2K Cr

Dec 2024₹11.8K Cr

Mar 2025₹13.2K Cr

Jun 2025₹12.3K Cr

Sep 2025₹11.7K Cr

Dec 2025₹13.0K Cr

Mar 2026₹16.2K Cr

Jun 2026₹15.5K Cr

Kalyani Steels Ltd · KSL

Sep 2021₹461 Cr

Dec 2021₹407 Cr

Mar 2022₹449 Cr

Jun 2022₹493 Cr

Sep 2022₹500 Cr

Dec 2022₹447 Cr

Mar 2023₹460 Cr

Jun 2023₹497 Cr

Sep 2023₹480 Cr

Dec 2023₹480 Cr

Mar 2024₹503 Cr

Jun 2024₹461 Cr

Sep 2024₹492 Cr

Dec 2024₹484 Cr

Mar 2025₹544 Cr

Jun 2025₹443 Cr

Sep 2025₹456 Cr

Dec 2025₹462 Cr

Mar 2026₹484 Cr

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹761 Cr

Mar 2023₹1.0K Cr

Jun 2023₹1.0K Cr

Sep 2023₹889 Cr

Dec 2023₹885 Cr

Mar 2024₹890 Cr

Jun 2024₹1.2K Cr

Sep 2024₹1.1K Cr

Dec 2024₹926 Cr

Mar 2025₹845 Cr

Jun 2025₹1.0K Cr

Sep 2025₹723 Cr

Dec 2025₹799 Cr

Mar 2026₹920 Cr

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021₹24 Cr

Dec 2021₹23 Cr

Mar 2022₹32 Cr

Jun 2022₹33 Cr

Sep 2022₹36 Cr

Dec 2022₹34 Cr

Mar 2023₹34 Cr

Jun 2023₹30 Cr

Sep 2023₹32 Cr

Dec 2023₹32 Cr

Mar 2024₹39 Cr

Jun 2024₹45 Cr

Sep 2024₹49 Cr

Dec 2024₹55 Cr

Mar 2025₹51 Cr

Jun 2025₹58 Cr

Sep 2025₹64 Cr

Dec 2025₹64 Cr

Mar 2026₹71 Cr

Jun 2026₹87 Cr

Rhetan TMT Ltd · RHETAN

Sep 2021₹16 Cr

Dec 2021₹18 Cr

Mar 2022₹18 Cr

Jun 2022₹17 Cr

Sep 2022₹17 Cr

Dec 2022₹26 Cr

Mar 2023₹26 Cr

Jun 2023₹24 Cr

Sep 2023₹10 Cr

Dec 2023₹12 Cr

Mar 2024₹18 Cr

Jun 2024₹19 Cr

Sep 2024₹5 Cr

Dec 2024₹6 Cr

Mar 2025₹6 Cr

Jun 2025₹5 Cr

Sep 2025₹5 Cr

Dec 2025₹6 Cr

Mar 2026₹8 Cr

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021₹2.5K Cr

Dec 2021₹2.6K Cr

Mar 2022₹2.9K Cr

Jun 2022₹3.2K Cr

Sep 2022₹3.1K Cr

Dec 2022₹2.9K Cr

Mar 2023₹3.4K Cr

Jun 2023₹3.3K Cr

Sep 2023₹2.9K Cr

Dec 2023₹3.3K Cr

Mar 2024₹3.6K Cr

Jun 2024₹3.6K Cr

Sep 2024₹3.6K Cr

Dec 2024₹3.8K Cr

Mar 2025₹4.1K Cr

Jun 2025₹4.4K Cr

Sep 2025₹4.5K Cr

Dec 2025₹4.4K Cr

Mar 2026₹5.2K Cr

Jun 2026₹5.5K Cr

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹304 Cr

Mar 2023₹398 Cr

Jun 2023₹251 Cr

Sep 2023₹269 Cr

Dec 2023₹256 Cr

Mar 2024₹312 Cr

Jun 2024₹264 Cr

Sep 2024₹261 Cr

Dec 2024₹328 Cr

Mar 2025₹291 Cr

Jun 2025₹300 Cr

Sep 2025₹232 Cr

Dec 2025₹240 Cr

Mar 2026₹287 Cr

Jun 2026₹270 Cr

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021₹686 Cr

Dec 2021₹696 Cr

Mar 2022₹649 Cr

Jun 2022₹897 Cr

Sep 2022₹886 Cr

Dec 2022₹869 Cr

Mar 2023₹837 Cr

Jun 2023₹784 Cr

Sep 2023₹858 Cr

Dec 2023₹854 Cr

Mar 2024₹919 Cr

Jun 2024₹895 Cr

Sep 2024₹866 Cr

Dec 2024₹892 Cr

Mar 2025₹883 Cr

Jun 2025₹1.0K Cr

Sep 2025₹973 Cr

Dec 2025₹942 Cr

Mar 2026₹1.0K Cr

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021₹336 Cr

Dec 2021₹359 Cr

Mar 2022₹343 Cr

Jun 2022₹469 Cr

Sep 2022₹443 Cr

Dec 2022₹401 Cr

Mar 2023₹422 Cr

Jun 2023₹409 Cr

Sep 2023₹415 Cr

Dec 2023₹397 Cr

Mar 2024₹439 Cr

Jun 2024₹415 Cr

Sep 2024₹495 Cr

Dec 2024₹427 Cr

Mar 2025₹428 Cr

Jun 2025₹434 Cr

Sep 2025₹432 Cr

Dec 2025₹431 Cr

Mar 2026₹458 Cr

Jun 2026₹496 Cr

Revenue growth · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20241.5%

Jun 202410%

Sep 2024-5.7%

Dec 20242.8%

Mar 202515%

Jun 2025-14%

Sep 2025-3.3%

Dec 20259.5%

Mar 202634%

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202385%

Mar 202418%

Jun 202414%

Sep 2024-17%

Dec 2024-4.9%

Mar 2025-4.7%

Jun 2025-21%

Sep 20250.0%

Dec 2025-16%

Mar 2026-1.8%

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022196%

Sep 2022138%

Dec 2022121%

Mar 2023-40%

Jun 20231.5%

Sep 20232.0%

Dec 20235.7%

Mar 20247.6%

Jun 202412%

Sep 2024-0.7%

Dec 20245.2%

Mar 2025-8.9%

Jun 2025-2.8%

Sep 20257.4%

Dec 2025-3.9%

Mar 202612%

Jun 20261.6%

Jindal Steel Ltd · JINDALSTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202223%

Sep 2022-0.7%

Dec 2022-0.6%

Mar 2023-4.5%

Jun 2023-3.5%

Sep 2023-9.4%

Dec 2023-6.0%

Mar 2024-1.5%

Jun 20248.2%

Sep 2024-8.5%

Dec 20240.4%

Mar 2025-2.3%

Jun 2025-9.7%

Sep 20254.2%

Dec 202511%

Mar 202623%

Jun 202626%

Kalyani Steels Ltd · KSL

Sep 2021—

Dec 202111%

Mar 202219%

Jun 202226%

Sep 20228.5%

Dec 20229.8%

Mar 20232.5%

Jun 20230.8%

Sep 2023-4.0%

Dec 20237.4%

Mar 20249.4%

Jun 2024-7.2%

Sep 20242.5%

Dec 20240.8%

Mar 20258.2%

Jun 2025-3.9%

Sep 2025-7.3%

Dec 2025-4.6%

Mar 2026-11%

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202316%

Mar 2024-12%

Jun 202415%

Sep 202421%

Dec 20244.6%

Mar 2025-5.1%

Jun 2025-11%

Sep 2025-33%

Dec 2025-14%

Mar 20268.9%

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202250%

Dec 202248%

Mar 20236.3%

Jun 2023-9.1%

Sep 2023-11%

Dec 2023-5.9%

Mar 202415%

Jun 202450%

Sep 202453%

Dec 202472%

Mar 202531%

Jun 202529%

Sep 202531%

Dec 202516%

Mar 202639%

Jun 202650%

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20226.3%

Sep 20226.3%

Dec 202244%

Mar 202344%

Jun 202343%

Sep 2023-38%

Dec 2023-53%

Mar 2024-31%

Jun 2024-20%

Sep 2024-53%

Dec 2024-47%

Mar 2025-64%

Jun 2025-74%

Sep 2025-3.8%

Dec 2025-3.6%

Mar 202631%

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202224%

Dec 202213%

Mar 202320%

Jun 20233.4%

Sep 2023-4.7%

Dec 202313%

Mar 20245.2%

Jun 20248.4%

Sep 202424%

Dec 202413%

Mar 202515%

Jun 202522%

Sep 202523%

Dec 202518%

Mar 202627%

Jun 202623%

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-16%

Mar 2024-22%

Jun 20245.2%

Sep 2024-3.0%

Dec 202428%

Mar 2025-6.7%

Jun 202514%

Sep 2025-11%

Dec 2025-27%

Mar 2026-1.4%

Jun 2026-10%

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202234%

Sep 202229%

Dec 202225%

Mar 202329%

Jun 2023-13%

Sep 2023-3.2%

Dec 2023-1.7%

Mar 20249.8%

Jun 202414%

Sep 20240.9%

Dec 20244.5%

Mar 2025-3.9%

Jun 202514%

Sep 202512%

Dec 20255.6%

Mar 202613%

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202232%

Dec 202212%

Mar 202323%

Jun 2023-13%

Sep 2023-6.3%

Dec 2023-1.0%

Mar 20244.0%

Jun 20241.5%

Sep 202419%

Dec 20247.6%

Mar 2025-2.5%

Jun 20254.6%

Sep 2025-13%

Dec 20250.9%

Mar 20267.0%

Jun 202614%

07 · compare level, then change

Operating Economics & Margin Trend

Raghav Productivity Enhancers Ltd has the highest OPM among the 17 Steel Products companies compared here, at 30%. Rhetan TMT Ltd is next at 29.9%. Rhetan TMT Ltd has the highest Margin change at +76.5 percentage points, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Raghav Productivity Enhancers Ltd leads opm at 30%; Rhetan TMT Ltd leads margin change at +76.5 percentage points.

LeaderRaghav Productivity Enhancers Ltd · 30%

Gap0.3% versus #2 · Rhetan TMT Ltd

Persistence4/8 recent comparable periods

Coverage17/17 companies · 311 observations

Investor read: Raghav Productivity Enhancers 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

1Raghav Productivity Enhancers Ltd RPEL30%

2Rhetan TMT Ltd RHETAN30%

3BMW Industries Ltd 54266928%

4Kalyani Steels Ltd KSL20%

5Jindal Steel Ltd JINDALSTEL17%

Margin changefastest expanders

1Rhetan TMT Ltd RHETAN+76.5 pp

2BMW Industries Ltd 542669+7.0 pp

3Vardhman Special Steels Ltd VSSL+4.8 pp

4Panchmahal Steel Ltd PANCHMSTEL+3.5 pp

5Raghav Productivity Enhancers Ltd RPEL+3.0 pp

Operating margin · company comparison

17/17 level · 17/17 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Raghav Productivity Enhancers Ltd RPEL	30%	+3.0 pp	Jun 2026
Rhetan TMT Ltd RHETAN	30%	+76.5 pp	Mar 2026
BMW Industries Ltd 542669	28%	+7.0 pp	Mar 2026
Kalyani Steels Ltd KSL	20%	−1.0 pp	Mar 2026
Jindal Steel Ltd JINDALSTEL	17%	−7.0 pp	Jun 2026
Gallantt Ispat Ltd. GALLANTT	16%	−6.0 pp	Jun 2026
Prakash Industries Ltd PRAKASH⚠ unverified	16%	0.0 pp	Mar 2026
Shyam Metalics & Energy Ltd SHYAMMETL	14%	+1.0 pp	Jun 2026
Steel Exchange India Ltd STEELXIND⚠ unverified	13%	+3.0 pp	Jun 2026
Sunflag Iron & Steel Company Ltd SUNFLAG	12%	+1.0 pp	Mar 2026
Vardhman Special Steels Ltd VSSL	12%	+4.8 pp	Jun 2026
Kamdhenu Ltd KAMDHENU⚠ unverified	7.2%	−2.0 pp	Mar 2026
Beekay Steel Industries Ltd BEEKAY⚠ unverified	7.0%	−2.0 pp	Mar 2026
Banganga Paper Industries Ltd BANGANGA	5.7%	−2.0 pp	Dec 2025
Panchmahal Steel Ltd PANCHMSTEL	3.6%	+3.5 pp	Mar 2026
Salasar Techno Engineering Ltd SALASAR⚠ unverified	3.1%	−2.9 pp	Mar 2026
Electrotherm (India) Ltd ELECTHERM⚠ unverified	2.1%	−3.9 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 202126%

Dec 202122%

Mar 202219%

Jun 202220%

Sep 202222%

Dec 202229%

Mar 202321%

Jun 202323%

Sep 202324%

Dec 202322%

Mar 202428%

Jun 202424%

Sep 202423%

Dec 202424%

Mar 202521%

Jun 202521%

Sep 202525%

Dec 202524%

Mar 202628%

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 20210.6%

Dec 20212.5%

Mar 20221.3%

Jun 2022-3.4%

Sep 20221.7%

Dec 20226.0%

Mar 202310%

Jun 20238.0%

Sep 20239.0%

Dec 202311%

Mar 202411%

Jun 202412%

Sep 20248.0%

Dec 202410%

Mar 20256.0%

Jun 20256.0%

Sep 2025-1.5%

Dec 2025-3.4%

Mar 20262.1%

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 20214.6%

Dec 20217.1%

Mar 202213%

Jun 20227.1%

Sep 20228.4%

Dec 20228.0%

Mar 202311%

Jun 20237.0%

Sep 20239.0%

Dec 202310%

Mar 202416%

Jun 202419%

Sep 202410%

Dec 202418%

Mar 202517%

Jun 202522%

Sep 202513%

Dec 202514%

Mar 202615%

Jun 202616%

Jindal Steel Ltd · JINDALSTEL

Sep 202134%

Dec 202126%

Mar 202221%

Jun 202226%

Sep 202214%

Dec 202219%

Mar 202316%

Jun 202321%

Sep 202319%

Dec 202324%

Mar 202418%

Jun 202421%

Sep 202420%

Dec 202419%

Mar 202517%

Jun 202524%

Sep 202518%

Dec 202513%

Mar 202618%

Jun 202617%

Kalyani Steels Ltd · KSL

Sep 202119%

Dec 202115%

Mar 202222%

Jun 20224.9%

Sep 20227.9%

Dec 20229.9%

Mar 202327%

Jun 202315%

Sep 202316%

Dec 202317%

Mar 202415%

Jun 202417%

Sep 202420%

Dec 202417%

Mar 202521%

Jun 202519%

Sep 202519%

Dec 202520%

Mar 202620%

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 202111%

Dec 202110%

Mar 20229.3%

Jun 202211%

Sep 202213%

Dec 202213%

Mar 202311%

Jun 202312%

Sep 202314%

Dec 202314%

Mar 202414%

Jun 202411%

Sep 202412%

Dec 202413%

Mar 202516%

Jun 202513%

Sep 202515%

Dec 202516%

Mar 202616%

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 202124%

Dec 202126%

Mar 202221%

Jun 202223%

Sep 202225%

Dec 202228%

Mar 202329%

Jun 202328%

Sep 202330%

Dec 202331%

Mar 202431%

Jun 202427%

Sep 202426%

Dec 202426%

Mar 202528%

Jun 202527%

Sep 202529%

Dec 202530%

Mar 202630%

Jun 202630%

Rhetan TMT Ltd · RHETAN

Sep 20215.5%

Dec 20217.4%

Mar 20228.1%

Jun 20223.8%

Sep 20224.5%

Dec 202212%

Mar 202313%

Jun 20236.3%

Sep 202310%

Dec 202315%

Mar 20247.4%

Jun 20248.5%

Sep 202463%

Dec 202435%

Mar 2025-47%

Jun 202512%

Sep 202523%

Dec 202539%

Mar 202630%

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 202125%

Dec 202124%

Mar 202223%

Jun 202219%

Sep 20227.9%

Dec 20228.0%

Mar 202312%

Jun 202312%

Sep 202310%

Dec 202312%

Mar 202412%

Jun 202414%

Sep 202411%

Dec 202412%

Mar 202512%

Jun 202513%

Sep 202512%

Dec 202511%

Mar 202614%

Jun 202614%

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021-2.7%

Dec 202120%

Mar 20227.8%

Jun 20229.3%

Sep 20228.6%

Dec 20220.2%

Mar 20239.0%

Jun 20238.0%

Sep 20237.0%

Dec 20239.0%

Mar 202411%

Jun 202410%

Sep 202410%

Dec 202412%

Mar 202511%

Jun 202510%

Sep 202512%

Dec 20259.0%

Mar 202617%

Jun 202613%

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 202117%

Dec 202113%

Mar 202212%

Jun 20227.8%

Sep 202218%

Dec 202213%

Mar 202312%

Jun 202310%

Sep 202312%

Dec 202311%

Mar 202411%

Jun 20249.0%

Sep 202411%

Dec 202412%

Mar 202511%

Jun 202512%

Sep 202510%

Dec 202514%

Mar 202612%

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 202114%

Dec 202111%

Mar 202211%

Jun 20229.7%

Sep 20227.9%

Dec 20229.1%

Mar 20235.8%

Jun 20237.0%

Sep 20238.0%

Dec 20238.0%

Mar 202411%

Jun 202410%

Sep 20248.0%

Dec 20248.0%

Mar 20257.0%

Jun 20257.0%

Sep 202511%

Dec 202511%

Mar 202611%

Jun 202612%

Margin change · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 2021+2.6 pp

Dec 2021+3.2 pp

Mar 2022−6.4 pp

Jun 2022−7.9 pp

Sep 2022−3.9 pp

Dec 2022+6.9 pp

Mar 2023+2.0 pp

Jun 2023+3.3 pp

Sep 2023+1.9 pp

Dec 2023−7.0 pp

Mar 2024+7.0 pp

Jun 2024+1.0 pp

Sep 2024−1.0 pp

Dec 2024+2.0 pp

Mar 2025−7.0 pp

Jun 2025−3.0 pp

Sep 2025+2.0 pp

Dec 20250.0 pp

Mar 2026+7.0 pp

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021−5.5 pp

Dec 2021−10.0 pp

Mar 2022−10.5 pp

Jun 2022−11.3 pp

Sep 2022+1.1 pp

Dec 2022+3.5 pp

Mar 2023+8.7 pp

Jun 2023+11.4 pp

Sep 2023+7.3 pp

Dec 2023+5.0 pp

Mar 2024+1.0 pp

Jun 2024+4.0 pp

Sep 2024−1.0 pp

Dec 2024−1.0 pp

Mar 2025−5.0 pp

Jun 2025−6.0 pp

Sep 2025−9.5 pp

Dec 2025−13.4 pp

Mar 2026−3.9 pp

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021−1.9 pp

Dec 2021−6.2 pp

Mar 2022−1.7 pp

Jun 2022−5.5 pp

Sep 2022+3.9 pp

Dec 2022+0.9 pp

Mar 2023−1.7 pp

Jun 2023−0.1 pp

Sep 2023+0.6 pp

Dec 2023+2.0 pp

Mar 2024+5.0 pp

Jun 2024+12.0 pp

Sep 2024+1.0 pp

Dec 2024+8.0 pp

Mar 2025+1.0 pp

Jun 2025+3.0 pp

Sep 2025+3.0 pp

Dec 2025−4.0 pp

Mar 2026−2.0 pp

Jun 2026−6.0 pp

Jindal Steel Ltd · JINDALSTEL

Sep 2021+4.4 pp

Dec 2021−15.9 pp

Mar 2022−18.6 pp

Jun 2022+7.2 pp

Sep 2022−19.5 pp

Dec 2022−7.4 pp

Mar 2023−5.4 pp

Jun 2023−5.4 pp

Sep 2023+4.7 pp

Dec 2023+5.0 pp

Mar 2024+2.0 pp

Jun 20240.0 pp

Sep 2024+1.0 pp

Dec 2024−5.0 pp

Mar 2025−1.0 pp

Jun 2025+3.0 pp

Sep 2025−2.0 pp

Dec 2025−6.0 pp

Mar 2026+1.0 pp

Jun 2026−7.0 pp

Kalyani Steels Ltd · KSL

Sep 2021−0.1 pp

Dec 2021−8.0 pp

Mar 2022−5.0 pp

Jun 2022−20.1 pp

Sep 2022−11.1 pp

Dec 2022−5.1 pp

Mar 2023+4.7 pp

Jun 2023+10.5 pp

Sep 2023+8.4 pp

Dec 2023+6.9 pp

Mar 2024−11.9 pp

Jun 2024+1.6 pp

Sep 2024+3.7 pp

Dec 2024+0.2 pp

Mar 2025+6.2 pp

Jun 2025+2.0 pp

Sep 2025−1.0 pp

Dec 2025+3.0 pp

Mar 2026−1.0 pp

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021+2.8 pp

Dec 2021+0.5 pp

Mar 2022−0.7 pp

Jun 2022+1.9 pp

Sep 2022+2.1 pp

Dec 2022+2.7 pp

Mar 2023+1.7 pp

Jun 2023+0.8 pp

Sep 2023+0.8 pp

Dec 2023+1.0 pp

Mar 2024+3.0 pp

Jun 2024−1.0 pp

Sep 2024−2.0 pp

Dec 2024−1.0 pp

Mar 2025+2.0 pp

Jun 2025+2.0 pp

Sep 2025+3.0 pp

Dec 2025+3.0 pp

Mar 20260.0 pp

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021+1.1 pp

Dec 2021+3.7 pp

Mar 2022−5.9 pp

Jun 2022−6.1 pp

Sep 2022+0.8 pp

Dec 2022+2.2 pp

Mar 2023+7.8 pp

Jun 2023+5.0 pp

Sep 2023+5.5 pp

Dec 2023+3.0 pp

Mar 2024+2.0 pp

Jun 2024−1.0 pp

Sep 2024−4.0 pp

Dec 2024−5.0 pp

Mar 2025−3.0 pp

Jun 20250.0 pp

Sep 2025+3.0 pp

Dec 2025+4.0 pp

Mar 2026+2.0 pp

Jun 2026+3.0 pp

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−1.0 pp

Sep 2022−1.0 pp

Dec 2022+4.6 pp

Mar 2023+4.6 pp

Jun 2023+2.5 pp

Sep 2023+5.6 pp

Dec 2023+3.0 pp

Mar 2024−5.3 pp

Jun 2024+2.3 pp

Sep 2024+53.2 pp

Dec 2024+19.9 pp

Mar 2025−53.9 pp

Jun 2025+3.6 pp

Sep 2025−40.1 pp

Dec 2025+3.9 pp

Mar 2026+76.5 pp

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021+5.5 pp

Dec 2021+3.5 pp

Mar 2022−3.5 pp

Jun 2022−9.1 pp

Sep 2022−17.1 pp

Dec 2022−16.2 pp

Mar 2023−11.2 pp

Jun 2023−6.8 pp

Sep 2023+2.1 pp

Dec 2023+4.0 pp

Mar 20240.0 pp

Jun 2024+2.0 pp

Sep 2024+1.0 pp

Dec 20240.0 pp

Mar 20250.0 pp

Jun 2025−1.0 pp

Sep 2025+1.0 pp

Dec 2025−1.0 pp

Mar 2026+2.0 pp

Jun 2026+1.0 pp

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021−13.2 pp

Dec 2021+1.3 pp

Mar 2022−5.6 pp

Jun 2022−2.3 pp

Sep 2022+11.3 pp

Dec 2022−19.9 pp

Mar 2023+1.2 pp

Jun 2023−1.3 pp

Sep 2023−1.6 pp

Dec 2023+8.8 pp

Mar 2024+2.0 pp

Jun 2024+2.0 pp

Sep 2024+3.0 pp

Dec 2024+3.0 pp

Mar 20250.0 pp

Jun 20250.0 pp

Sep 2025+2.0 pp

Dec 2025−3.0 pp

Mar 2026+6.0 pp

Jun 2026+3.0 pp

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021+4.4 pp

Dec 2021+0.2 pp

Mar 2022−6.8 pp

Jun 2022−9.4 pp

Sep 2022+1.2 pp

Dec 2022+0.4 pp

Mar 2023−0.1 pp

Jun 2023+2.2 pp

Sep 2023−6.3 pp

Dec 2023−2.0 pp

Mar 2024−1.0 pp

Jun 2024−1.0 pp

Sep 2024−1.0 pp

Dec 2024+1.0 pp

Mar 20250.0 pp

Jun 2025+3.0 pp

Sep 2025−1.0 pp

Dec 2025+2.0 pp

Mar 2026+1.0 pp

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021+5.1 pp

Dec 2021−2.9 pp

Mar 2022−4.6 pp

Jun 2022−5.7 pp

Sep 2022−5.8 pp

Dec 2022−1.7 pp

Mar 2023−5.3 pp

Jun 2023−2.7 pp

Sep 2023+0.1 pp

Dec 2023−1.1 pp

Mar 2024+5.2 pp

Jun 2024+3.0 pp

Sep 20240.0 pp

Dec 20240.0 pp

Mar 2025−4.0 pp

Jun 2025−3.0 pp

Sep 2025+3.2 pp

Dec 2025+3.3 pp

Mar 2026+3.6 pp

Jun 2026+4.8 pp

08 · compare level, then change

Profit Scale & Acceleration

Jindal Steel Ltd has the highest Net profit among the 17 Steel Products companies compared here, at ₹2,709 crore. Shyam Metalics & Energy Ltd is next at ₹1,121 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 leads with ₹2,709 crore of TTM profit, 141.7% above Shyam Metalics & Energy Ltd. Banganga Paper Industries Ltd shows ≥100% on the scoring scale (114.8% uncapped) growth from a ₹2 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderJindal Steel Ltd · ₹2,709 crore

Gap141.7% versus #2 · Shyam Metalics & Energy Ltd

Persistence1/8 recent comparable periods

Coverage17/17 companies · 269 observations

Investor read: Jindal 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

1Jindal Steel Ltd JINDALSTEL₹2.7K Cr

2Shyam Metalics & Energy Ltd SHYAMMETL₹1.1K Cr

3Gallantt Ispat Ltd. GALLANTT₹436 Cr

4Prakash Industries Ltd PRAKASH⚠ unverified₹333 Cr

5Kalyani Steels Ltd KSL₹259 Cr

Profit growthfastest growers

1Banganga Paper Industries Ltd BANGANGA · older report100%

2Rhetan TMT Ltd RHETAN100%

3Raghav Productivity Enhancers Ltd RPEL54%

4Sunflag Iron & Steel Company Ltd SUNFLAG25%

5Shyam Metalics & Energy Ltd SHYAMMETL21%

Net profit · company comparison

17/17 level · 14/17 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Jindal Steel Ltd JINDALSTEL	₹844 Cr	-44%	Jun 2026
Shyam Metalics & Energy Ltd SHYAMMETL	₹351 Cr	21%	Jun 2026
Gallantt Ispat Ltd. GALLANTT	₹124 Cr	-29%	Jun 2026
Prakash Industries Ltd PRAKASH⚠ unverified	₹93 Cr	2.2%	Mar 2026
Kalyani Steels Ltd KSL	₹72 Cr	-10%	Mar 2026
Vardhman Special Steels Ltd VSSL	₹41 Cr	105%	Jun 2026
Sunflag Iron & Steel Company Ltd SUNFLAG	₹34 Cr	-21%	Mar 2026
BMW Industries Ltd 542669	₹33 Cr	83%	Mar 2026
Raghav Productivity Enhancers Ltd RPEL	₹20 Cr	67%	Jun 2026
Steel Exchange India Ltd STEELXIND⚠ unverified	₹15 Cr	50%	Jun 2026
Electrotherm (India) Ltd ELECTHERM⚠ unverified	₹14 Cr	-92%	Mar 2026
Kamdhenu Ltd KAMDHENU⚠ unverified	₹5 Cr	37%	Mar 2026
Rhetan TMT Ltd RHETAN	₹2 Cr	363%	Mar 2026
Banganga Paper Industries Ltd BANGANGA	₹0 Cr	-91%	Dec 2025
Panchmahal Steel Ltd PANCHMSTEL	₹-2 Cr	-26%	Mar 2026
Salasar Techno Engineering Ltd SALASAR⚠ unverified	₹-14 Cr	-42%	Mar 2026
Beekay Steel Industries Ltd BEEKAY⚠ unverified	₹-20 Cr	-500%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023₹16 Cr

Jun 2023₹16 Cr

Sep 2023₹18 Cr

Dec 2023₹12 Cr

Mar 2024₹19 Cr

Jun 2024₹22 Cr

Sep 2024₹18 Cr

Dec 2024₹17 Cr

Mar 2025₹18 Cr

Jun 2025₹15 Cr

Sep 2025₹15 Cr

Dec 2025₹18 Cr

Mar 2026₹33 Cr

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹7 Cr

Mar 2023₹42 Cr

Jun 2023₹39 Cr

Sep 2023₹68 Cr

Dec 2023₹107 Cr

Mar 2024₹104 Cr

Jun 2024₹109 Cr

Sep 2024₹59 Cr

Dec 2024₹88 Cr

Mar 2025₹186 Cr

Jun 2025₹28 Cr

Sep 2025₹-22 Cr

Dec 2025₹-35 Cr

Mar 2026₹14 Cr

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021₹7 Cr

Dec 2021₹22 Cr

Mar 2022₹120 Cr

Jun 2022₹25 Cr

Sep 2022₹28 Cr

Dec 2022₹21 Cr

Mar 2023₹68 Cr

Jun 2023₹31 Cr

Sep 2023₹47 Cr

Dec 2023₹52 Cr

Mar 2024₹95 Cr

Jun 2024₹122 Cr

Sep 2024₹49 Cr

Dec 2024₹114 Cr

Mar 2025₹116 Cr

Jun 2025₹174 Cr

Sep 2025₹89 Cr

Dec 2025₹100 Cr

Mar 2026₹123 Cr

Jun 2026₹124 Cr

Jindal Steel Ltd · JINDALSTEL

Sep 2021₹2.6K Cr

Dec 2021₹1.6K Cr

Mar 2022₹1.5K Cr

Jun 2022₹2.0K Cr

Sep 2022₹219 Cr

Dec 2022₹518 Cr

Mar 2023₹466 Cr

Jun 2023₹1.7K Cr

Sep 2023₹1.4K Cr

Dec 2023₹1.9K Cr

Mar 2024₹933 Cr

Jun 2024₹1.3K Cr

Sep 2024₹860 Cr

Dec 2024₹951 Cr

Mar 2025₹-304 Cr

Jun 2025₹1.5K Cr

Sep 2025₹635 Cr

Dec 2025₹189 Cr

Mar 2026₹1.0K Cr

Jun 2026₹844 Cr

Kalyani Steels Ltd · KSL

Sep 2021₹62 Cr

Dec 2021₹43 Cr

Mar 2022₹73 Cr

Jun 2022₹24 Cr

Sep 2022₹35 Cr

Dec 2022₹39 Cr

Mar 2023₹70 Cr

Jun 2023₹61 Cr

Sep 2023₹58 Cr

Dec 2023₹65 Cr

Mar 2024₹64 Cr

Jun 2024₹52 Cr

Sep 2024₹67 Cr

Dec 2024₹56 Cr

Mar 2025₹80 Cr

Jun 2025₹62 Cr

Sep 2025₹63 Cr

Dec 2025₹62 Cr

Mar 2026₹72 Cr

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹45 Cr

Mar 2023₹58 Cr

Jun 2023₹89 Cr

Sep 2023₹89 Cr

Dec 2023₹81 Cr

Mar 2024₹89 Cr

Jun 2024₹90 Cr

Sep 2024₹90 Cr

Dec 2024₹84 Cr

Mar 2025₹91 Cr

Jun 2025₹91 Cr

Sep 2025₹62 Cr

Dec 2025₹87 Cr

Mar 2026₹93 Cr

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021₹7 Cr

Dec 2021₹4 Cr

Mar 2022₹6 Cr

Jun 2022₹5 Cr

Sep 2022₹6 Cr

Dec 2022₹7 Cr

Mar 2023₹7 Cr

Jun 2023₹6 Cr

Sep 2023₹6 Cr

Dec 2023₹6 Cr

Mar 2024₹8 Cr

Jun 2024₹8 Cr

Sep 2024₹9 Cr

Dec 2024₹10 Cr

Mar 2025₹10 Cr

Jun 2025₹12 Cr

Sep 2025₹14 Cr

Dec 2025₹14 Cr

Mar 2026₹15 Cr

Jun 2026₹20 Cr

Rhetan TMT Ltd · RHETAN

Sep 2021₹0 Cr

Dec 2021₹1 Cr

Mar 2022₹1 Cr

Jun 2022₹1 Cr

Sep 2022₹1 Cr

Dec 2022₹2 Cr

Mar 2023₹2 Cr

Jun 2023₹1 Cr

Sep 2023₹1 Cr

Dec 2023₹1 Cr

Mar 2024₹1 Cr

Jun 2024₹1 Cr

Sep 2024₹2 Cr

Dec 2024₹1 Cr

Mar 2025₹0 Cr

Jun 2025₹1 Cr

Sep 2025₹3 Cr

Dec 2025₹4 Cr

Mar 2026₹2 Cr

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021₹414 Cr

Dec 2021₹421 Cr

Mar 2022₹431 Cr

Jun 2022₹415 Cr

Sep 2022₹114 Cr

Dec 2022₹65 Cr

Mar 2023₹254 Cr

Jun 2023₹202 Cr

Sep 2023₹482 Cr

Dec 2023₹126 Cr

Mar 2024₹220 Cr

Jun 2024₹276 Cr

Sep 2024₹216 Cr

Dec 2024₹197 Cr

Mar 2025₹220 Cr

Jun 2025₹291 Cr

Sep 2025₹260 Cr

Dec 2025₹198 Cr

Mar 2026₹312 Cr

Jun 2026₹351 Cr

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022₹-25 Cr

Mar 2023₹-43 Cr

Jun 2023₹-5 Cr

Sep 2023₹-4 Cr

Dec 2023₹0 Cr

Mar 2024₹20 Cr

Jun 2024₹3 Cr

Sep 2024₹3 Cr

Dec 2024₹16 Cr

Mar 2025₹5 Cr

Jun 2025₹10 Cr

Sep 2025₹2 Cr

Dec 2025₹2 Cr

Mar 2026₹12 Cr

Jun 2026₹15 Cr

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021₹65 Cr

Dec 2021₹43 Cr

Mar 2022₹41 Cr

Jun 2022₹921 Cr

Sep 2022₹95 Cr

Dec 2022₹60 Cr

Mar 2023₹40 Cr

Jun 2023₹26 Cr

Sep 2023₹39 Cr

Dec 2023₹36 Cr

Mar 2024₹43 Cr

Jun 2024₹28 Cr

Sep 2024₹41 Cr

Dec 2024₹50 Cr

Mar 2025₹43 Cr

Jun 2025₹63 Cr

Sep 2025₹46 Cr

Dec 2025₹60 Cr

Mar 2026₹34 Cr

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021₹24 Cr

Dec 2021₹19 Cr

Mar 2022₹29 Cr

Jun 2022₹30 Cr

Sep 2022₹28 Cr

Dec 2022₹28 Cr

Mar 2023₹14 Cr

Jun 2023₹19 Cr

Sep 2023₹18 Cr

Dec 2023₹22 Cr

Mar 2024₹33 Cr

Jun 2024₹26 Cr

Sep 2024₹26 Cr

Dec 2024₹21 Cr

Mar 2025₹20 Cr

Jun 2025₹20 Cr

Sep 2025₹35 Cr

Dec 2025₹34 Cr

Mar 2026₹34 Cr

Jun 2026₹41 Cr

Profit growth · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202419%

Jun 202438%

Sep 20240.0%

Dec 202442%

Mar 2025-5.3%

Jun 2025-32%

Sep 2025-17%

Dec 20255.9%

Mar 202683%

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231,429%

Mar 2024148%

Jun 2024179%

Sep 2024-13%

Dec 2024-18%

Mar 202579%

Jun 2025-74%

Sep 2025-137%

Dec 2025-140%

Mar 2026-92%

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-7.4%

Sep 2022300%

Dec 2022-4.6%

Mar 2023-43%

Jun 202324%

Sep 202368%

Dec 2023148%

Mar 202440%

Jun 2024294%

Sep 20244.3%

Dec 2024119%

Mar 202522%

Jun 202543%

Sep 202582%

Dec 2025-12%

Mar 20266.0%

Jun 2026-29%

Jindal Steel Ltd · JINDALSTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202214,279%

Sep 2022-92%

Dec 2022-68%

Mar 2023-69%

Jun 2023-16%

Sep 2023535%

Dec 2023272%

Mar 2024100%

Jun 2024-21%

Sep 2024-38%

Dec 2024-51%

Mar 2025-133%

Jun 202512%

Sep 2025-26%

Dec 2025-80%

Mar 2026—

Jun 2026-44%

Kalyani Steels Ltd · KSL

Sep 2021—

Dec 2021-28%

Mar 2022-4.0%

Jun 2022-66%

Sep 2022-44%

Dec 2022-9.3%

Mar 2023-4.1%

Jun 2023154%

Sep 202366%

Dec 202367%

Mar 2024-8.6%

Jun 2024-15%

Sep 202416%

Dec 2024-14%

Mar 202525%

Jun 202519%

Sep 2025-6.0%

Dec 202511%

Mar 2026-10%

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202380%

Mar 202453%

Jun 20241.1%

Sep 20241.1%

Dec 20243.7%

Mar 20252.3%

Jun 20251.1%

Sep 2025-31%

Dec 20253.6%

Mar 20262.2%

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-14%

Dec 202275%

Mar 202317%

Jun 202320%

Sep 20230.0%

Dec 2023-14%

Mar 202414%

Jun 202433%

Sep 202450%

Dec 202467%

Mar 202525%

Jun 202550%

Sep 202556%

Dec 202540%

Mar 202650%

Jun 202667%

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022100%

Mar 2023100%

Jun 2023-24%

Sep 2023-32%

Dec 2023-49%

Mar 2024-52%

Jun 20246.6%

Sep 2024234%

Dec 202435%

Mar 2025-50%

Jun 2025-6.2%

Sep 202526%

Dec 2025220%

Mar 2026363%

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-72%

Dec 2022-85%

Mar 2023-41%

Jun 2023-51%

Sep 2023323%

Dec 202394%

Mar 2024-13%

Jun 202437%

Sep 2024-55%

Dec 202456%

Mar 20250.0%

Jun 20255.4%

Sep 202520%

Dec 20250.5%

Mar 202642%

Jun 202621%

Steel Exchange India Ltd · STEELXIND⚠ 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 2025-75%

Jun 2025233%

Sep 2025-33%

Dec 2025-88%

Mar 2026140%

Jun 202650%

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221,254%

Sep 202246%

Dec 202240%

Mar 2023-2.4%

Jun 2023-97%

Sep 2023-59%

Dec 2023-40%

Mar 20247.5%

Jun 20247.7%

Sep 20245.1%

Dec 202439%

Mar 20250.0%

Jun 2025125%

Sep 202512%

Dec 202520%

Mar 2026-21%

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202217%

Dec 202247%

Mar 2023-52%

Jun 2023-37%

Sep 2023-36%

Dec 2023-21%

Mar 2024136%

Jun 202437%

Sep 202444%

Dec 2024-4.6%

Mar 2025-39%

Jun 2025-23%

Sep 202535%

Dec 202562%

Mar 202670%

Jun 2026105%

09 · compare level, then change

Return On Capital Employed

Raghav Productivity Enhancers Ltd has the highest ROCE among the 17 Steel Products companies compared here, at 30.3%. Banganga Paper Industries Ltd is next at 27%. The same company also holds the highest ROCE change, at +6.5 percentage points. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Raghav Productivity Enhancers Ltd leads ROCE at 30.3%, 3.3 percentage points above Banganga Paper Industries Ltd. Raghav Productivity Enhancers Ltd has the strongest latest improvement at +6.5 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.

LeaderRaghav Productivity Enhancers Ltd · 30.3%

Gap12.2% versus #2 · Banganga Paper Industries Ltd

Persistence7/8 recent comparable periods

Coverage17/17 companies · 202 observations

Investor read: Raghav Productivity Enhancers 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

1Raghav Productivity Enhancers Ltd RPEL30%

2Banganga Paper Industries Ltd BANGANGA · older report27%

3Gallantt Ispat Ltd. GALLANTT18%

4Kamdhenu Ltd KAMDHENU⚠ unverified17%

5Vardhman Special Steels Ltd VSSL17%

ROCE changefastest improvers

1Raghav Productivity Enhancers Ltd RPEL+6.5 pp

2Shyam Metalics & Energy Ltd SHYAMMETL+1.9 pp

3Kamdhenu Ltd KAMDHENU⚠ unverified+1.6 pp

4Rhetan TMT Ltd RHETAN+1.0 pp

5Sunflag Iron & Steel Company Ltd SUNFLAG+0.6 pp

Return on capital · company comparison

17/17 level · 16/17 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Raghav Productivity Enhancers Ltd RPEL	35%	+6.5 pp	Jun 2026
Kamdhenu Ltd KAMDHENU⚠ unverified	23%	+1.6 pp	Mar 2026
Gallantt Ispat Ltd. GALLANTT	16%	−2.2 pp	Jun 2026
Shyam Metalics & Energy Ltd SHYAMMETL	15%	+1.9 pp	Jun 2026
Kalyani Steels Ltd KSL	14%	−2.0 pp	Mar 2026
Vardhman Special Steels Ltd VSSL	14%	−3.6 pp	Jun 2026
Steel Exchange India Ltd STEELXIND⚠ unverified	11%	−1.9 pp	Jun 2026
Salasar Techno Engineering Ltd SALASAR⚠ unverified	9.9%	−1.9 pp	Mar 2026
Electrotherm (India) Ltd ELECTHERM⚠ unverified	8.6%	−136.1 pp	Mar 2026
Prakash Industries Ltd PRAKASH⚠ unverified	8.5%	−1.9 pp	Mar 2026
Jindal Steel Ltd JINDALSTEL	7.2%	−1.6 pp	Jun 2026
Rhetan TMT Ltd RHETAN	4.5%	+1.0 pp	Mar 2026
Beekay Steel Industries Ltd BEEKAY⚠ unverified	4.5%	−3.6 pp	Mar 2026
Sunflag Iron & Steel Company Ltd SUNFLAG	3.5%	+0.6 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021-126%

Dec 2021—

Mar 20220.1%

Jun 2022—

Sep 20229.6%

Dec 2022—

Mar 2023-10%

Jun 2023—

Sep 2023-380%

Dec 2023—

Mar 2024-249%

Jun 2024—

Sep 2024145%

Dec 2024146%

Mar 2025145%

Jun 2025166%

Sep 202584%

Dec 202558%

Mar 20268.6%

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 202115%

Dec 2021—

Mar 202211%

Jun 2022—

Sep 202213%

Dec 2022—

Mar 202311%

Jun 2023—

Sep 202311%

Dec 202312%

Mar 202413%

Jun 202419%

Sep 202417%

Dec 202422%

Mar 202519%

Jun 202522%

Sep 202519%

Dec 202520%

Mar 202616%

Jun 2026—

Jindal Steel Ltd · JINDALSTEL

Sep 202130%

Dec 2021—

Mar 202225%

Jun 2022—

Sep 202218%

Dec 2022—

Mar 202313%

Jun 2023—

Sep 202312%

Dec 202313%

Mar 202412%

Jun 202413%

Sep 202411%

Dec 202411%

Mar 20257.9%

Jun 20258.8%

Sep 20257.5%

Dec 20256.9%

Mar 20268.1%

Jun 20267.2%

Kalyani Steels Ltd · KSL

Sep 202124%

Dec 202126%

Mar 202218%

Jun 2022—

Sep 202212%

Dec 2022—

Mar 202314%

Jun 2023—

Sep 202319%

Dec 2023—

Mar 202417%

Jun 2024—

Sep 202416%

Dec 2024—

Mar 202516%

Jun 202520%

Sep 202515%

Dec 202519%

Mar 202614%

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 20216.6%

Dec 2021—

Mar 20227.0%

Jun 2022—

Sep 20227.1%

Dec 2022—

Mar 20237.7%

Jun 2023—

Sep 20238.7%

Dec 202311%

Mar 202410%

Jun 202412%

Sep 202410%

Dec 202412%

Mar 202510%

Jun 202512%

Sep 20259.3%

Dec 202510%

Mar 20268.5%

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 202118%

Dec 2021—

Mar 202220%

Jun 2022—

Sep 202221%

Dec 2022—

Mar 202323%

Jun 2023—

Sep 202322%

Dec 202325%

Mar 202421%

Jun 202424%

Sep 202422%

Dec 202426%

Mar 202523%

Jun 202528%

Sep 202525%

Dec 202531%

Mar 202627%

Jun 202635%

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 20217.4%

Mar 202211%

Jun 20224.2%

Sep 20224.0%

Dec 20226.3%

Mar 20238.3%

Jun 2023—

Sep 20239.5%

Dec 2023—

Mar 20246.9%

Jun 20246.1%

Sep 20248.7%

Dec 20248.4%

Mar 20253.5%

Jun 20256.8%

Sep 20250.5%

Dec 20259.6%

Mar 20264.5%

Jun 2026—

Salasar Techno Engineering Ltd · SALASAR⚠ unverified

Sep 202121%

Dec 2021—

Mar 202219%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202319%

Jun 202324%

Sep 202320%

Dec 202324%

Mar 202422%

Jun 202425%

Sep 202416%

Dec 202419%

Mar 202512%

Jun 202515%

Sep 202513%

Dec 202513%

Mar 20269.9%

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 202136%

Dec 2021—

Mar 202237%

Jun 2022—

Sep 202223%

Dec 2022—

Mar 202314%

Jun 2023—

Sep 20239.8%

Dec 202312%

Mar 20248.9%

Jun 202413%

Sep 202410%

Dec 202414%

Mar 20259.9%

Jun 202513%

Sep 202510%

Dec 202513%

Mar 202611%

Jun 202615%

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 2021—

Mar 20229.9%

Jun 2022—

Sep 202216%

Dec 2022—

Mar 20239.7%

Jun 2023—

Sep 20236.5%

Dec 202310%

Mar 20247.5%

Jun 20249.5%

Sep 20249.1%

Dec 202412%

Mar 202510%

Jun 202513%

Sep 202511%

Dec 202511%

Mar 20269.7%

Jun 202611%

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 202116%

Dec 2021—

Mar 202215%

Jun 2022—

Sep 202210%

Dec 2022—

Mar 20239.3%

Jun 2023—

Sep 20235.5%

Dec 20236.4%

Mar 20244.5%

Jun 20245.5%

Sep 20243.4%

Dec 20244.4%

Mar 20252.9%

Jun 20254.3%

Sep 20253.3%

Dec 20253.9%

Mar 20263.5%

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 202128%

Dec 2021—

Mar 202225%

Jun 2022—

Sep 202225%

Dec 2022—

Mar 202321%

Jun 2023—

Sep 202317%

Dec 2023—

Mar 202418%

Jun 202421%

Sep 202420%

Dec 202422%

Mar 202517%

Jun 2025—

Sep 202511%

Dec 2025—

Mar 202614%

Jun 2026—

ROCE change · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+135.9 pp

Dec 2022—

Mar 2023−10.4 pp

Jun 2023—

Sep 2023−389.2 pp

Dec 2023—

Mar 2024−238.3 pp

Jun 2024—

Sep 2024+524.1 pp

Dec 2024—

Mar 2025+393.3 pp

Jun 2025—

Sep 2025−60.1 pp

Dec 2025−87.7 pp

Mar 2026−136.1 pp

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.1 pp

Dec 2022—

Mar 2023+0.2 pp

Jun 2023—

Sep 2023−2.5 pp

Dec 2023—

Mar 2024+1.5 pp

Jun 2024—

Sep 2024+5.8 pp

Dec 2024+9.5 pp

Mar 2025+6.0 pp

Jun 2025+2.8 pp

Sep 2025+2.3 pp

Dec 2025−1.3 pp

Mar 2026−2.2 pp

Jun 2026—

Jindal Steel Ltd · JINDALSTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−12.3 pp

Dec 2022—

Mar 2023−11.5 pp

Jun 2023—

Sep 2023−6.0 pp

Dec 2023—

Mar 2024−1.5 pp

Jun 2024—

Sep 2024−0.9 pp

Dec 2024−2.3 pp

Mar 2025−3.8 pp

Jun 2025−4.3 pp

Sep 2025−3.2 pp

Dec 2025−3.8 pp

Mar 2026+0.2 pp

Jun 2026−1.6 pp

Kalyani Steels Ltd · KSL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−11.7 pp

Dec 2022—

Mar 2023−4.8 pp

Jun 2023—

Sep 2023+6.6 pp

Dec 2023—

Mar 2024+3.7 pp

Jun 2024—

Sep 2024−2.4 pp

Dec 2024—

Mar 2025−1.4 pp

Jun 2025—

Sep 2025−1.3 pp

Dec 2025—

Mar 2026−2.0 pp

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.5 pp

Dec 2022—

Mar 2023+0.7 pp

Jun 2023—

Sep 2023+1.6 pp

Dec 2023—

Mar 2024+2.6 pp

Jun 2024—

Sep 2024+1.6 pp

Dec 2024+0.3 pp

Mar 2025+0.1 pp

Jun 2025−0.3 pp

Sep 2025−1.0 pp

Dec 2025−1.2 pp

Mar 2026−1.9 pp

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.8 pp

Dec 2022—

Mar 2023+2.7 pp

Jun 2023—

Sep 2023+1.3 pp

Dec 2023—

Mar 2024−2.1 pp

Jun 2024—

Sep 2024−0.3 pp

Dec 2024+1.9 pp

Mar 2025+2.3 pp

Jun 2025+3.7 pp

Sep 2025+3.3 pp

Dec 2025+4.3 pp

Mar 2026+3.7 pp

Jun 2026+6.5 pp

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−1.1 pp

Mar 2023−2.5 pp

Jun 2023—

Sep 2023+5.5 pp

Dec 2023—

Mar 2024−1.4 pp

Jun 2024—

Sep 2024−0.8 pp

Dec 2024—

Mar 2025−3.4 pp

Jun 2025+0.7 pp

Sep 2025−8.2 pp

Dec 2025+1.2 pp

Mar 2026+1.0 pp

Jun 2026—

Salasar Techno Engineering Ltd · SALASAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−6.4 pp

Dec 2022—

Mar 2023+0.1 pp

Jun 2023—

Sep 2023+4.7 pp

Dec 2023—

Mar 2024+3.7 pp

Jun 2024+1.7 pp

Sep 2024−4.1 pp

Dec 2024−5.2 pp

Mar 2025−10.5 pp

Jun 2025−10.5 pp

Sep 2025−2.8 pp

Dec 2025−5.8 pp

Mar 2026−1.9 pp

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−13.0 pp

Dec 2022—

Mar 2023−23.1 pp

Jun 2023—

Sep 2023−13.3 pp

Dec 2023—

Mar 2024−4.8 pp

Jun 2024—

Sep 2024+0.4 pp

Dec 2024+1.3 pp

Mar 2025+1.0 pp

Jun 20250.0 pp

Sep 20250.0 pp

Dec 2025−1.1 pp

Mar 2026+1.5 pp

Jun 2026+1.9 pp

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023−0.2 pp

Jun 2023—

Sep 2023−9.0 pp

Dec 2023—

Mar 2024−2.2 pp

Jun 2024—

Sep 2024+2.6 pp

Dec 2024+1.9 pp

Mar 2025+2.8 pp

Jun 2025+3.3 pp

Sep 2025+1.4 pp

Dec 2025−0.9 pp

Mar 2026−0.6 pp

Jun 2026−1.9 pp

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−6.3 pp

Dec 2022—

Mar 2023−5.6 pp

Jun 2023—

Sep 2023−4.5 pp

Dec 2023—

Mar 2024−4.8 pp

Jun 2024—

Sep 2024−2.1 pp

Dec 2024−2.0 pp

Mar 2025−1.6 pp

Jun 2025−1.2 pp

Sep 2025−0.1 pp

Dec 2025−0.5 pp

Mar 2026+0.6 pp

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.7 pp

Dec 2022—

Mar 2023−4.7 pp

Jun 2023—

Sep 2023−8.3 pp

Dec 2023—

Mar 2024−2.3 pp

Jun 2024—

Sep 2024+3.7 pp

Dec 2024—

Mar 2025−1.2 pp

Jun 2025—

Sep 2025−9.0 pp

Dec 2025—

Mar 2026−3.6 pp

Jun 2026—

10 · compare level, then change

Valuation Against Growth & Quality

Vardhman Special Steels Ltd has the lowest PEG among the 17 Steel Products companies compared here, at 0.42×. Sunflag Iron & Steel Company Ltd is next at 0.65×. Prakash Industries Ltd has the lowest P/E at 6.63×, so level and change sit with different companies. 8 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Vardhman Special Steels Ltd has the lowest comparable PEG at 0.42×, 35.4% below Sunflag Iron & Steel Company Ltd. Only 8 of 17 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.

LeaderVardhman Special Steels Ltd · 0.42×

Gap35.4% versus #2 · Sunflag Iron & Steel Company Ltd

Persistence0/8 recent comparable periods

Coverage8/17 companies · 56 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

1Vardhman Special Steels Ltd VSSL0.4

2Sunflag Iron & Steel Company Ltd SUNFLAG0.7

3Kalyani Steels Ltd KSL1.0

4Shyam Metalics & Energy Ltd SHYAMMETL1.2

5Gallantt Ispat Ltd. GALLANTT1.7

P/Elowest P/E

1Prakash Industries Ltd PRAKASH⚠ unverified6.6

2BMW Industries Ltd 54266913.3

3Kalyani Steels Ltd KSL14.5

4Beekay Steel Industries Ltd BEEKAY⚠ unverified20.4

5Shyam Metalics & Energy Ltd SHYAMMETL25.6

Valuation · company comparison

8/17 level · 15/17 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Rhetan TMT Ltd RHETAN	3.9	225.0	Mar 2026
Jindal Steel Ltd JINDALSTEL	2.7	26.8	Jun 2026
Raghav Productivity Enhancers Ltd RPEL	2.3	101.0	Jun 2026
Gallantt Ispat Ltd. GALLANTT	1.7	35.4	Jun 2026
Shyam Metalics & Energy Ltd SHYAMMETL	1.2	24.7	Jun 2026
Kalyani Steels Ltd KSL	1.0	9.9	Mar 2026
Sunflag Iron & Steel Company Ltd SUNFLAG	0.7	16.8	Mar 2026
Vardhman Special Steels Ltd VSSL	0.4	25.1	Jun 2026
BMW Industries Ltd 542669	—	9.8	Mar 2026
Prakash Industries Ltd PRAKASH⚠ unverified	—	6.3	Mar 2026
Steel Exchange India Ltd STEELXIND⚠ unverified	—	57.4	Jun 2026
Electrotherm (India) Ltd ELECTHERM⚠ unverified	—	14.6	Mar 2026
Salasar Techno Engineering Ltd SALASAR⚠ unverified	—	49.8	Mar 2026
Kamdhenu Ltd KAMDHENU⚠ unverified	—	16.5	Mar 2026
Beekay Steel Industries Ltd BEEKAY⚠ unverified	—	10.9	Mar 2026
Banganga Paper Industries Ltd BANGANGA	—	250.7	Dec 2025
Panchmahal Steel Ltd PANCHMSTEL	—	150.0	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Gallantt Ispat Ltd. · GALLANTT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.4

Dec 2022—

Mar 20230.4

Jun 20230.2

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20250.8

Dec 20250.5

Mar 20261.0

Jun 20261.7

Jindal Steel Ltd · JINDALSTEL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.2

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.6

Jun 2024—

Sep 20240.5

Dec 20241.1

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 20262.7

Kalyani Steels Ltd · KSL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.2

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20241.0

Dec 2024—

Mar 20250.5

Jun 20251.0

Sep 20251.7

Dec 20252.2

Mar 20261.0

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 20217.8

Dec 20217.6

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.6

Jun 20231.2

Sep 20231.4

Dec 20233.4

Mar 20244.8

Jun 2024—

Sep 202410.2

Dec 2024—

Mar 20251.8

Jun 20252.0

Sep 20253.1

Dec 20252.8

Mar 2026—

Jun 20262.3

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 202317.1

Sep 2023—

Dec 20233.6

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20256.5

Sep 20257.1

Dec 202520.9

Mar 20263.9

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20240.9

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20255.0

Sep 2025—

Dec 2025—

Mar 20263.1

Jun 20261.2

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20220.2

Mar 2023—

Jun 2023—

Sep 20230.7

Dec 2023—

Mar 20242.9

Jun 20243.2

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20250.7

Dec 20250.7

Mar 2026—

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 2021—

Dec 2021—

Mar 20220.9

Jun 20221.0

Sep 20220.6

Dec 20220.2

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20240.7

Sep 20240.7

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 20250.8

Mar 20260.4

Jun 2026—

P/E · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

BMW Industries Ltd · 542669

Sep 202111.9

Dec 202111.4

Mar 20226.8

Jun 202216.2

Sep 202219.8

Dec 202222.7

Mar 202318.6

Jun 202311.8

Sep 202316.5

Dec 202317.7

Mar 202420.4

Jun 202420.9

Sep 202421.9

Dec 202417.4

Mar 202513.9

Jun 202516.7

Sep 202514.6

Dec 202513.5

Mar 20269.8

Jun 2026—

Electrotherm (India) Ltd · ELECTHERM⚠ unverified

Sep 2021—

Dec 20211.4

Mar 20222.6

Jun 20222.5

Sep 2022—

Dec 2022-1.2

Mar 2023-6.0

Jun 20234.4

Sep 20231.4

Dec 20231.6

Mar 20242.4

Jun 20243.2

Sep 20243.1

Dec 20244.2

Mar 20253.1

Jun 20254.8

Sep 20255.4

Dec 20256.5

Mar 202614.6

Jun 2026—

Gallantt Ispat Ltd. · GALLANTT

Sep 20215.0

Dec 20215.2

Mar 20224.8

Jun 20225.2

Sep 20223.8

Dec 20223.9

Mar 20234.0

Jun 20234.2

Sep 202314.6

Dec 202326.0

Mar 202423.4

Jun 202438.3

Sep 202427.9

Dec 202426.6

Mar 202524.2

Jun 202531.7

Sep 202535.0

Dec 202525.4

Mar 202627.3

Jun 202635.4

Jindal Steel Ltd · JINDALSTEL

Sep 20217.0

Dec 20215.6

Mar 20229.1

Jun 20226.1

Sep 20226.5

Dec 202211.6

Mar 202312.7

Jun 202316.6

Sep 202318.6

Dec 202317.6

Mar 202415.6

Jun 202417.9

Sep 202418.8

Dec 202418.6

Mar 202522.8

Jun 202526.1

Sep 202527.5

Dec 202528.0

Mar 202640.5

Jun 202626.8

Kalyani Steels Ltd · KSL

Sep 20216.7

Dec 20215.2

Mar 20225.5

Jun 20224.9

Sep 20225.4

Dec 20226.5

Mar 20235.3

Jun 20236.4

Sep 20239.6

Dec 20238.7

Mar 202415.3

Jun 202416.7

Sep 202415.2

Dec 202420.3

Mar 202513.5

Jun 202515.9

Sep 202512.8

Dec 202512.2

Mar 20269.9

Jun 2026—

Prakash Industries Ltd · PRAKASH⚠ unverified

Sep 20218.9

Dec 20215.8

Mar 20227.4

Jun 20225.3

Sep 20225.4

Dec 20225.7

Mar 20234.9

Jun 20237.2

Sep 202310.8

Dec 202310.6

Mar 20249.4

Jun 20249.5

Sep 20249.2

Dec 20248.1

Mar 20258.1

Jun 20258.2

Sep 20258.5

Dec 20257.5

Mar 20266.3

Jun 2026—

Raghav Productivity Enhancers Ltd · RPEL

Sep 202190.8

Dec 202188.8

Mar 202236.7

Jun 202230.0

Sep 202231.1

Dec 202246.9

Mar 202338.7

Jun 202345.6

Sep 202343.2

Dec 202365.2

Mar 202453.7

Jun 202467.5

Sep 202487.6

Dec 2024104.2

Mar 202569.3

Jun 202586.2

Sep 202582.4

Dec 2025121.1

Mar 202676.2

Jun 2026101.0

Rhetan TMT Ltd · RHETAN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202249.6

Dec 2022237.8

Mar 2023296.0

Jun 2023200.0

Sep 2023137.9

Dec 2023142.9

Mar 2024119.3

Jun 2024373.8

Sep 2024377.5

Dec 2024386.8

Mar 2025243.4

Jun 2025324.5

Sep 2025354.8

Dec 2025347.9

Mar 2026225.0

Jun 2026—

Shyam Metalics & Energy Ltd · SHYAMMETL

Sep 202110.4

Dec 20215.7

Mar 20225.5

Jun 20224.2

Sep 20224.3

Dec 20225.8

Mar 20236.5

Jun 202310.7

Sep 202317.5

Dec 202315.8

Mar 202414.1

Jun 202416.9

Sep 202421.6

Dec 202424.6

Mar 202526.3

Jun 202526.3

Sep 202527.4

Dec 202523.5

Mar 202622.2

Jun 202624.7

Steel Exchange India Ltd · STEELXIND⚠ unverified

Sep 2021—

Dec 202146.1

Mar 202218.1

Jun 202212.2

Sep 20228.2

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-24.2

Mar 2024152.0

Jun 202492.4

Sep 202460.9

Dec 202429.9

Mar 202535.9

Jun 202536.2

Sep 202536.2

Dec 202561.7

Mar 202632.7

Jun 202657.4

Sunflag Iron & Steel Company Ltd · SUNFLAG

Sep 20216.3

Dec 20214.8

Mar 20224.7

Jun 20226.6

Sep 20228.2

Dec 20229.7

Mar 202311.8

Jun 202312.9

Sep 202316.3

Dec 202323.0

Mar 202423.9

Jun 202426.8

Sep 202430.0

Dec 202431.4

Mar 202526.1

Jun 202533.3

Sep 202523.5

Dec 202523.7

Mar 202616.8

Jun 2026—

Vardhman Special Steels Ltd · VSSL

Sep 20219.7

Dec 202110.5

Mar 20229.2

Jun 20229.0

Sep 20229.2

Dec 202210.7

Mar 202316.1

Jun 202317.3

Sep 202321.1

Dec 202324.5

Mar 202418.9

Jun 202427.8

Sep 202426.4

Dec 202420.6

Mar 202515.3

Jun 202523.1

Sep 202523.9

Dec 202524.9

Mar 202619.4

Jun 202625.1

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Steel Products comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 17 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 6 draw at least one figure from a second feed with too little overlap to cross-check.

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.
1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
6 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.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 17 Steel Products 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 2026-07-31. 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 2026-07-31 · 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 standing8 cross-checked · 9 unverified · 0 withheld, of 17 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.

13 · questions investors ask, short speakable answers

Steel Products company comparison FAQs

These 24 answers restate the Steel Products comparison above in question form. Every one is computed from the same 17 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Steel Products sector outperforming NIFTY 500?

Steel Products has outperformed NIFTY 500 by 9.4% over 52 weeks and 7.5% over 13 weeks. 10 of 17 covered companies beat NIFTY on Mansfield relative strength, while 6 of 17 beat the sector itself.

Which Steel Products company is largest by revenue?

Jindal Steel Ltd leads with revenue of ₹56,413 crore, based on 17 of 17 comparable companies through Jun 2026.

Which Steel Products company is growing fastest?

Banganga Paper Industries Ltd has the fastest current revenue growth at 100%, across 17 of 17 comparable companies.

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

Shyam Metalics & Energy Ltd ranks first at 69.2/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Steel Products company has the lowest comparable PEG?

Vardhman Special Steels Ltd has the lowest comparable PEG at 0.42, among 8 of 17 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Steel Products 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.

What is the Nifty Steel Products index?

The Nifty Steel Products index tracks India's listed Steel Products companies as a single basket. This page follows the same 17 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Steel Products sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Steel Products stocks in India?

Ranked by this page's four-factor score, Shyam Metalics & Energy Ltd places first among 17 listed Steel Products companies, followed by Raghav Productivity Enhancers 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 Products stocks are listed in India?

This comparison covers 17 listed Steel Products 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 Products company is the biggest?

Jindal Steel Ltd is the largest, with trailing-twelve-month revenue of ₹56,413 crore, ahead of Shyam Metalics & Energy Ltd at ₹19,583 crore. That covers 17 of 17 companies with comparable reporting through Jun 2026.

Which Steel Products company has the best profit margins?

Raghav Productivity Enhancers Ltd has the highest operating margin at 30%, from 17 of 17 comparable companies. Rhetan TMT Ltd shows the biggest recent improvement, at +76.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Steel Products company makes the most profit?

Jindal Steel Ltd earns the most, at ₹2,709 crore of trailing-twelve-month net profit, from 17 of 17 comparable companies. Banganga Paper Industries Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Steel Products company earns the highest return on capital?

Raghav Productivity Enhancers Ltd leads on return on capital employed at 30.3%, across 17 of 17 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 Products stock is the cheapest?

On PEG — where a LOWER number is cheaper — Vardhman Special Steels Ltd screens cheapest at 0.42×. Only 8 of 17 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 Products sector beating the market?

Steel Products has outperformed NIFTY 500 by 9.4% over the last 52 weeks and 7.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Steel Products stock has the strongest price momentum?

Raghav Productivity Enhancers 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 Products company scores highest for research priority?

Shyam Metalics & Energy Ltd scores 69.2 out of 100 with 97% evidence confidence, from 26.3 points on growth and earnings, 13.8 on capital efficiency, 12.3 on valuation and 16.8 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 Products companies does this comparison cover, and over what period?

It compares 17 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 Products sector?

The 17 Steel Products companies on this page carry ₹1,87,419 crore of combined market value. Jindal Steel Ltd is the largest at ₹1,12,455 crore, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 17 Steel Products companies on this page is 32×, measured on the 15 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 2026-08-05.

How is the Steel Products sector performing?

10 of the 17 covered Steel Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.