# Steel - Rolling — company-by-company sector analysis > Steel - Rolling: Mahamaya Steel Industries Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice. ## Bottom line Steel - Rolling has outperformed NIFTY 500 by 199.2% over 52 weeks and 23.9% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Mahamaya Steel Industries Ltd leads with revenue of ₹943 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength Steel - Rolling has outperformed NIFTY 500 by 199.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 23.9%. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Mahamaya Steel Industries Ltd is the strongest against the sector itself at 0%. 13-week sector return versus NIFTY 500: 24% 52-week sector return versus NIFTY 500: 199% Stocks leading NIFTY: 1/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹1.8K Cr ## 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. 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 47/100 — Mixed-negative evidence; evidence 84% - Growth & earnings 23.4/35 | Capital efficiency 4.8/25 | Valuation 6.7/20 | Relative strength 12.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 23.4 + 4.8 + 6.7 + 12.5 = 47.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Mahamaya Steel Industries Ltd has the strongest one-year price move in Steel - Rolling at +188.3%. It also leads on Mansfield relative strength against NIFTY at +35.9%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 188% ### Strongest relative strength versus NIFTY 500 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 36% ## Steel - Rolling — the story behind the numbers This is the written read behind the Steel - Rolling figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 3 themes are live here, 1 of them rated high severity. The Steel - Rolling sector, represented by MAHASTEEL this week, is showing signs of an IMPROVING demand environment despite severe margin pressures. MAHASTEEL reported a consolidated revenue of ₹224.11 crore for Q3 FY26, marking a 12.15% YoY increase and an 18.85% QoQ growth. How old this read is: STALE — this read comes from our Steel - Rolling sector brief dated 17 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs. ### Live themes, worst first - HIGH | Volatile raw material costs and weak steel prices are compressing operating margins to 2.61%. | Focus on operational efficiency and cost management. | named for MAHASTEEL - MEDIUM | Regional conflicts in the Middle East are causing LNG shortages and production cuts for small Indian steelmakers. | named for MAHASTEEL - LOW | NSE imposed a fine of ₹1,53,400 for a 26-day delay in submitting half-yearly results. | The company has paid the fine and attributed the delay to technical portal issues. | named for MAHASTEEL Sources: our Steel - Rolling sector brief, 17 Apr 2026. ## Revenue Scale & Growth Durability What the numbers say: Mahamaya Steel Industries Ltd is the scale leader at ₹943 crore, Mahamaya Steel Industries Ltd's growth is 18.3% from a ₹943 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Mahamaya Steel Industries Ltd is the scale benchmark; Mahamaya Steel Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Mahamaya Steel Industries Ltd's growth falls below Mahamaya Steel Industries Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Mahamaya Steel Industries Ltd · ₹943 crore | Not enough peers | 6/8 recent comparable periods | 1/1 companies · 15 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Mahamaya Steel Industries Ltd (MAHASTEEL): ₹943 Cr ### Revenue growth — fastest growers 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 18% ### 20-quarter Revenue history - MAHASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹152 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹211 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹224 Cr | Mar 2026 ₹263 Cr | Jun 2026 ₹268 Cr ### 20-quarter Revenue growth history - MAHASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 4.9% | Jun 2024 -4.2% | Sep 2024 -17% | Dec 2024 11% | Mar 2025 20% | Jun 2025 -1.9% | Sep 2025 22% | Dec 2025 12% | Mar 2026 11% | Jun 2026 29% ## Operating Economics & Margin Trend What the numbers say: Mahamaya Steel Industries Ltd leads both opm at 2.1% and margin change at -0.2 percentage points. Investor read: Mahamaya Steel Industries 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. Evidence: Mahamaya Steel Industries Ltd · 2.1% | Not enough peers | 4/8 recent comparable periods | 1/1 companies · 20 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 2.2% ### Margin change — fastest expanders 1. Mahamaya Steel Industries Ltd (MAHASTEEL): −0.2 pp ### 20-quarter OPM history - MAHASTEEL: Sep 2021 2.8% | Dec 2021 3.2% | Mar 2022 2.8% | Jun 2022 2.5% | Sep 2022 1.8% | Dec 2022 2.6% | Mar 2023 1.7% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.5% | Mar 2024 1.7% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 2.0% | Mar 2025 3.3% | Jun 2025 2.4% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 3.0% | Jun 2026 2.2% ### 20-quarter Margin change history - MAHASTEEL: Sep 2021 −1.8 pp | Dec 2021 −2.8 pp | Mar 2022 −3.1 pp | Jun 2022 −1.5 pp | Sep 2022 −1.0 pp | Dec 2022 −0.6 pp | Mar 2023 −1.1 pp | Jun 2023 −0.5 pp | Sep 2023 +0.4 pp | Dec 2023 −0.1 pp | Mar 2024 −0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 −0.4 pp | Mar 2025 +1.6 pp | Jun 2025 +0.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.6 pp | Mar 2026 −0.3 pp | Jun 2026 −0.2 pp ## Profit Scale & Acceleration What the numbers say: Mahamaya Steel Industries Ltd leads with ₹10 crore of TTM profit, Mahamaya Steel Industries Ltd shows 17.9% growth from a ₹10 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Mahamaya Steel Industries 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. Evidence: Mahamaya Steel Industries Ltd · ₹10 crore | Not enough peers | 5/8 recent comparable periods | 1/1 companies · 15 observations Definition: 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 — largest 1. Mahamaya Steel Industries Ltd (MAHASTEEL): ₹10 Cr ### Profit growth — fastest growers 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 18% ### 20-quarter Net profit history - MAHASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹2 Cr ### 20-quarter Profit growth history - MAHASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 17% | Jun 2024 -48% | Sep 2024 -85% | Dec 2024 -48% | Mar 2025 278% | Jun 2025 100% | Sep 2025 717% | Dec 2025 75% | Mar 2026 -25% | Jun 2026 22% ## Return On Capital Employed What the numbers say: Mahamaya Steel Industries Ltd leads ROCE at 8.4%. Mahamaya Steel Industries Ltd has the strongest latest improvement at +2 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. Investor read: Mahamaya Steel Industries 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. Evidence: Mahamaya Steel Industries Ltd · 8.4% | Not enough peers | 7/8 recent comparable periods | 1/1 companies · 15 observations Definition: 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. ### ROCE — highest 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 8.4% ### ROCE change — fastest improvers 1. Mahamaya Steel Industries Ltd (MAHASTEEL): +2.0 pp ### 20-quarter ROCE history - MAHASTEEL: Sep 2021 7.4% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 5.3% | Dec 2022 — | Mar 2023 4.6% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 8.2% | Mar 2024 5.5% | Jun 2024 7.6% | Sep 2024 6.6% | Dec 2024 5.5% | Mar 2025 6.6% | Jun 2025 9.1% | Sep 2025 7.7% | Dec 2025 11% | Mar 2026 8.6% | Jun 2026 — ### 20-quarter ROCE change history - MAHASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 — | Mar 2023 −1.2 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 −2.7 pp | Mar 2025 +1.1 pp | Jun 2025 +1.5 pp | Sep 2025 +1.1 pp | Dec 2025 +5.7 pp | Mar 2026 +2.0 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. 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. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: 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. ### PEG — lowest PEG ### P/E — lowest P/E 1. Mahamaya Steel Industries Ltd (MAHASTEEL): 176.0 ### 20-quarter PEG history ### 20-quarter P/E history - MAHASTEEL: Sep 2021 34.5 | Dec 2021 26.5 | Mar 2022 20.1 | Jun 2022 19.1 | Sep 2022 20.1 | Dec 2022 19.6 | Mar 2023 15.4 | Jun 2023 24.1 | Sep 2023 24.7 | Dec 2023 22.7 | Mar 2024 29.4 | Jun 2024 29.7 | Sep 2024 64.4 | Dec 2024 87.5 | Mar 2025 129.3 | Jun 2025 77.9 | Sep 2025 86.9 | Dec 2025 152.6 | Mar 2026 153.3 | Jun 2026 142.9 ## What can make this comparison misleading? - 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 draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Mahamaya Steel Industries Ltd (MAHASTEEL) — market value ₹1.8K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. 1 of 1 company draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. - UNVERIFIED | MAHASTEEL | Mahamaya Steel Industries Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Steel - Rolling sector outperforming NIFTY 500? Steel - Rolling has outperformed NIFTY 500 by 199.2% over 52 weeks and 23.9% over 13 weeks. 1 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Steel - Rolling company is largest by revenue? Mahamaya Steel Industries Ltd leads with revenue of ₹943 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Steel - Rolling company is growing fastest? Mahamaya Steel Industries Ltd has the fastest current revenue growth at 18.3%, across 1 of 1 comparable companies. ### Which Steel - Rolling company has the strongest 4-Factor Sector Score? Mahamaya Steel Industries Ltd ranks first at 47.4/100 with 84% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Steel - Rolling comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Steel - Rolling index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Steel - Rolling, this page builds its own equal-weight basket of 1 listed Steel - Rolling companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Steel - Rolling stocks in India? Ranked by this page's four-factor score, Mahamaya Steel Industries Ltd places first among 1 listed Steel - Rolling companies. 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 - Rolling stocks are listed in India? This comparison covers 1 listed Steel - Rolling 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 - Rolling company is the biggest? Mahamaya Steel Industries Ltd is the largest, with trailing-twelve-month revenue of ₹943 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Steel - Rolling company has the best profit margins? Mahamaya Steel Industries Ltd has the highest operating margin at 2.1%, from 1 of 1 comparable companies. Mahamaya Steel Industries Ltd shows the biggest recent improvement, at -0.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Steel - Rolling company makes the most profit? Mahamaya Steel Industries Ltd earns the most, at ₹10 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Mahamaya Steel Industries Ltd has the fastest profit growth at 17.9%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Steel - Rolling company earns the highest return on capital? Mahamaya Steel Industries Ltd leads on return on capital employed at 8.4%, across 1 of 1 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. ### Is the Steel - Rolling sector beating the market? Steel - Rolling has outperformed NIFTY 500 by 199.2% over the last 52 weeks and 23.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Steel - Rolling stock has the strongest price momentum? Mahamaya Steel Industries 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 - Rolling company scores highest for research priority? Mahamaya Steel Industries Ltd scores 47.4 out of 100 with 84% evidence confidence, from 23.4 points on growth and earnings, 4.8 on capital efficiency, 6.7 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Steel - Rolling companies does this comparison cover, and over what period? It compares 1 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 - Rolling sector? The 1 Steel - Rolling companies on this page carry ₹1,752 crore of combined market value. Mahamaya Steel Industries Ltd is the largest at ₹1,752 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18. ### How is the Steel - Rolling sector performing? 1 of the 1 covered Steel - Rolling companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 199.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-18. ### 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.