# Steel - Sponge Iron — company-by-company sector analysis

> Steel - Sponge Iron: MSP Steel & Power Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-15. Not investment advice.

## Bottom line

Steel - Sponge Iron has outperformed NIFTY 500 by 116% over 52 weeks and 7.5% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. MSP Steel & Power Ltd leads with revenue of ₹2,959 crore, based on 2 of 2 comparable companies through Jun 2026.

## Sector relative strength

Steel - Sponge Iron has outperformed NIFTY 500 by 116% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.5%. 1 of 2 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. S.A.L Steel Ltd is the strongest against the sector itself at +16.2%.

13-week sector return versus NIFTY 500: -7.5%
52-week sector return versus NIFTY 500: 116%
Stocks leading NIFTY: 1/2
Stocks leading sector: 1/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 2
Combined market value: ₹2.9K 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. S.A.L Steel Ltd (SALSTEEL): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.0/35 | Capital efficiency 5.2/25 | Valuation 10.0/20 | Relative strength 19.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 13 + 5.2 + 10 + 19 = 47.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 37.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. MSP Steel & Power Ltd (MSPL): 45/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 22.5/35 | Capital efficiency 4.5/25 | Valuation 12.7/20 | Relative strength 5.4/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 22.5 + 4.5 + 12.7 + 5.4 = 45.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

S.A.L Steel Ltd has the strongest one-year price move in Steel - Sponge Iron at +275.8%. It also leads on Mansfield relative strength against NIFTY at +37.7%. 1 of 2 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-08-07.

### Strongest one-year price performers
1. S.A.L Steel Ltd (SALSTEEL): 276%
2. MSP Steel & Power Ltd (MSPL): 6.8%

### Strongest relative strength versus NIFTY 500
1. S.A.L Steel Ltd (SALSTEEL): 38%
2. MSP Steel & Power Ltd (MSPL): -0.8%

## Steel - Sponge Iron — the story behind the numbers

This is the written read behind the Steel - Sponge Iron figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 18 Apr 2026, so the words are older than the numbers. 2 themes are live here, 1 of them rated high severity.

The sector is in a state of structural flux, characterized by ownership changes and debt restructuring rather than organic growth. While EBITDA growth and interest cost reductions are positive signs, the massive revenue declines and high commodity sensitivity necessitate a cautious approach until demand stabilizes.

The Sponge Iron and Steel sector is currently navigating a period of severe revenue contraction, as evidenced by the Q3 FY26 results of MSPL and SAL Steel. MSPL saw a 10.87% YoY decline in revenue to ₹638.92 Cr, while SAL Steel experienced a near-total collapse, with revenue falling 98.86% to just ₹2.20 Cr due to extensive maintenance shutdowns.

How old this read is: STALE — this read comes from our Steel - Sponge Iron sector brief dated 18 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 | Rising coking coal costs and raw material price volatility are pressuring the sector. | MSPL is focusing on backward integration and captive production of raw materials. | quoted: "Rising coking coal costs and lower steel realizations are pressuring margins across the sector." | named for MSPL, SALSTEEL
- MEDIUM | Risks include high promoter pledging (75.95% at MSPL) and pending tax disputes regarding ocean freight at SALSTEEL. | SALSTEEL claims no malafide intention in tax matters; MSPL promoters are purchasing shares to offset pledging risks. | quoted: "Pending tax disputes regarding service tax on ocean freight and operational debt claims." | named for MSPL, SALSTEEL

Sources: our Steel - Sponge Iron sector brief, 18 Apr 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

What the numbers say: MSP Steel & Power Ltd is the scale leader at ₹2,959 crore, 14.3× the revenue of S.A.L Steel Ltd. MSP Steel & Power Ltd's growth is 4% from a ₹2,959 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: MSP Steel & Power Ltd is the scale benchmark; MSP Steel & Power Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: MSP Steel & Power Ltd's growth falls below MSP Steel & Power Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: MSP Steel & Power Ltd · ₹2,959 crore | 14.3× versus #2 · S.A.L Steel Ltd | 4/8 recent comparable periods | 2/2 companies · 30 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. MSP Steel & Power Ltd (MSPL): ₹3.0K Cr
2. S.A.L Steel Ltd (SALSTEEL): ₹208 Cr

### Revenue growth — fastest growers
1. MSP Steel & Power Ltd (MSPL): 4.0%
2. S.A.L Steel Ltd (SALSTEEL): -62%

### 20-quarter Revenue history
- MSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹662 Cr | Mar 2023 ₹677 Cr | Jun 2023 ₹671 Cr | Sep 2023 ₹674 Cr | Dec 2023 ₹781 Cr | Mar 2024 ₹748 Cr | Jun 2024 ₹772 Cr | Sep 2024 ₹656 Cr | Dec 2024 ₹717 Cr | Mar 2025 ₹760 Cr | Jun 2025 ₹711 Cr | Sep 2025 ₹677 Cr | Dec 2025 ₹639 Cr | Mar 2026 ₹816 Cr | Jun 2026 ₹827 Cr
- SALSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹137 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹12 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 10% | Jun 2024 15% | Sep 2024 -2.7% | Dec 2024 -8.2% | Mar 2025 1.6% | Jun 2025 -7.9% | Sep 2025 3.2% | Dec 2025 -11% | Mar 2026 7.4% | Jun 2026 16%
- SALSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 14% | Dec 2023 -8.9% | Mar 2024 24% | Jun 2024 -28% | Sep 2024 -21% | Dec 2024 50% | Mar 2025 -16% | Jun 2025 15% | Sep 2025 -47% | Dec 2025 -99% | Mar 2026 -90% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: S.A.L Steel Ltd leads both opm at 59.2% and margin change at +59.4 percentage points.

Investor read: S.A.L 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 margin change signal.

Evidence: S.A.L Steel Ltd · 59.2% | 886.7% versus #2 · MSP Steel & Power Ltd | 5/8 recent comparable periods | 2/2 companies · 39 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. S.A.L Steel Ltd (SALSTEEL): 59%
2. MSP Steel & Power Ltd (MSPL): 6.0%

### Margin change — fastest expanders
1. S.A.L Steel Ltd (SALSTEEL): +59.4 pp
2. MSP Steel & Power Ltd (MSPL): 0.0 pp

### 20-quarter OPM history
- MSPL: Sep 2021 7.3% | Dec 2021 4.3% | Mar 2022 7.6% | Jun 2022 2.2% | Sep 2022 -5.8% | Dec 2022 4.6% | Mar 2023 8.0% | Jun 2023 4.4% | Sep 2023 4.3% | Dec 2023 5.0% | Mar 2024 3.3% | Jun 2024 6.0% | Sep 2024 4.1% | Dec 2024 2.7% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 3.4% | Dec 2025 5.0% | Mar 2026 9.0% | Jun 2026 6.0%
- SALSTEEL: Sep 2021 6.2% | Dec 2021 1.8% | Mar 2022 5.2% | Jun 2022 2.2% | Sep 2022 5.2% | Dec 2022 5.1% | Mar 2023 5.2% | Jun 2023 3.7% | Sep 2023 3.7% | Dec 2023 1.8% | Mar 2024 6.7% | Jun 2024 5.4% | Sep 2024 4.8% | Dec 2024 6.2% | Mar 2025 -0.1% | Jun 2025 -4.2% | Sep 2025 20% | Dec 2025 -1.4% | Mar 2026 59% | Jun 2026 —

### 20-quarter Margin change history
- MSPL: Sep 2021 −3.4 pp | Dec 2021 −3.2 pp | Mar 2022 −0.6 pp | Jun 2022 −5.1 pp | Sep 2022 −13.1 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +2.2 pp | Sep 2023 +10.1 pp | Dec 2023 +0.5 pp | Mar 2024 −4.7 pp | Jun 2024 +1.6 pp | Sep 2024 −0.2 pp | Dec 2024 −2.3 pp | Mar 2025 +2.7 pp | Jun 2025 0.0 pp | Sep 2025 −0.7 pp | Dec 2025 +2.3 pp | Mar 2026 +3.0 pp | Jun 2026 0.0 pp
- SALSTEEL: Sep 2021 +9.0 pp | Dec 2021 −4.2 pp | Mar 2022 −10.1 pp | Jun 2022 −4.1 pp | Sep 2022 −1.0 pp | Dec 2022 +3.3 pp | Mar 2023 −0.1 pp | Jun 2023 +1.4 pp | Sep 2023 −1.5 pp | Dec 2023 −3.4 pp | Mar 2024 +1.5 pp | Jun 2024 +1.7 pp | Sep 2024 +1.1 pp | Dec 2024 +4.5 pp | Mar 2025 −6.8 pp | Jun 2025 −9.6 pp | Sep 2025 +15.0 pp | Dec 2025 −7.6 pp | Mar 2026 +59.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: MSP Steel & Power Ltd leads with ₹37 crore of TTM profit, 109× the profit of S.A.L Steel Ltd. MSP Steel & Power Ltd shows ≥100% on the scoring scale growth from a ₹37 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: MSP Steel & Power 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: MSP Steel & Power Ltd · ₹37 crore | 109× versus #2 · S.A.L Steel Ltd | 4/7 recent comparable periods | 2/2 companies · 30 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. MSP Steel & Power Ltd (MSPL): ₹37 Cr
2. S.A.L Steel Ltd (SALSTEEL): ₹-0 Cr

### Profit growth — fastest growers
1. MSP Steel & Power Ltd (MSPL): 100%

### 20-quarter Net profit history
- MSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹-75 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹85 Cr | Jun 2026 ₹22 Cr
- SALSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 -35% | Jun 2024 — | Sep 2024 — | Dec 2024 60% | Mar 2025 -362% | Jun 2025 157% | Sep 2025 — | Dec 2025 -38% | Mar 2026 — | Jun 2026 22%
- SALSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -95% | Dec 2023 -402% | Mar 2024 — | Jun 2024 60% | Sep 2024 -57% | Dec 2024 — | Mar 2025 -321% | Jun 2025 -6,150% | Sep 2025 6,117% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: MSP Steel & Power Ltd leads ROCE at 9.7%, 8.6 percentage points above S.A.L Steel Ltd. MSP Steel & Power Ltd has the strongest latest improvement at +3.7 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: MSP Steel & Power 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: MSP Steel & Power Ltd · 9.7% | 797.2% versus #2 · S.A.L Steel Ltd | 4/8 recent comparable periods | 2/2 companies · 31 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. MSP Steel & Power Ltd (MSPL): 9.7%
2. S.A.L Steel Ltd (SALSTEEL): 1.1%

### ROCE change — fastest improvers
1. MSP Steel & Power Ltd (MSPL): +3.7 pp
2. S.A.L Steel Ltd (SALSTEEL): −6.4 pp

### 20-quarter ROCE history
- MSPL: Sep 2021 10% | Dec 2021 — | Mar 2022 8.8% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 1.1% | Jun 2023 — | Sep 2023 8.6% | Dec 2023 12% | Mar 2024 6.6% | Jun 2024 11% | Sep 2024 7.6% | Dec 2024 7.6% | Mar 2025 8.0% | Jun 2025 8.2% | Sep 2025 8.3% | Dec 2025 -0.7% | Mar 2026 12% | Jun 2026 —
- SALSTEEL: Sep 2021 19% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 6.7% | Dec 2022 — | Mar 2023 7.0% | Jun 2023 13% | Sep 2023 7.9% | Dec 2023 5.3% | Mar 2024 7.0% | Jun 2024 7.2% | Sep 2024 6.9% | Dec 2024 10% | Mar 2025 7.2% | Jun 2025 -1.3% | Sep 2025 5.0% | Dec 2025 6.9% | Mar 2026 0.8% | Jun 2026 —

### 20-quarter ROCE change history
- MSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.0 pp | Dec 2022 — | Mar 2023 −7.7 pp | Jun 2023 — | Sep 2023 +8.6 pp | Dec 2023 — | Mar 2024 +5.5 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 −4.6 pp | Mar 2025 +1.4 pp | Jun 2025 −2.9 pp | Sep 2025 +0.7 pp | Dec 2025 −8.3 pp | Mar 2026 +3.7 pp | Jun 2026 —
- SALSTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.7 pp | Dec 2022 — | Mar 2023 −20.0 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 −6.0 pp | Sep 2024 −1.0 pp | Dec 2024 +4.7 pp | Mar 2025 +0.2 pp | Jun 2025 −8.5 pp | Sep 2025 −1.9 pp | Dec 2025 −3.1 pp | Mar 2026 −6.4 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 | 0/2 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. MSP Steel & Power Ltd (MSPL): 14.6

### 20-quarter PEG history

### 20-quarter P/E history
- MSPL: Sep 2021 12.6 | Dec 2021 19.6 | Mar 2022 18.8 | Jun 2022 14.9 | Sep 2022 132.9 | Dec 2022 140.7 | Mar 2023 -6.0 | Jun 2023 — | Sep 2023 — | Dec 2023 50.7 | Mar 2024 56.7 | Jun 2024 70.0 | Sep 2024 95.0 | Dec 2024 101.5 | Mar 2025 59.4 | Jun 2025 58.8 | Sep 2025 — | Dec 2025 111.2 | Mar 2026 95.3 | Jun 2026 17.5
- SALSTEEL: Sep 2021 5.4 | Dec 2021 4.7 | Mar 2022 4.3 | Jun 2022 6.1 | Sep 2022 16.6 | Dec 2022 16.2 | Mar 2023 13.6 | Jun 2023 38.0 | Sep 2023 40.1 | Dec 2023 220.9 | Mar 2024 228.2 | Jun 2024 322.6 | Sep 2024 517.1 | Dec 2024 — | Mar 2025 27.9 | Jun 2025 29.1 | Sep 2025 -19.0 | Dec 2025 -85.6 | Mar 2026 — | Jun 2026 —


## 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.
- 2 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- MSP Steel & Power Ltd (MSPL) — market value ₹2.0K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- S.A.L Steel Ltd (SALSTEEL) — market value ₹894 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 0. Unverified: 2. Withheld: 0. Graded companies: 2.

2 of 2 companies draw 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 | MSPL | MSP Steel & Power Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SALSTEEL | S.A.L Steel Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-07.
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 - Sponge Iron sector outperforming NIFTY 500?

Steel - Sponge Iron has outperformed NIFTY 500 by 116% over 52 weeks and 7.5% over 13 weeks. 1 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

### Which Steel - Sponge Iron company is largest by revenue?

MSP Steel & Power Ltd leads with revenue of ₹2,959 crore, based on 2 of 2 comparable companies through Jun 2026.

### Which Steel - Sponge Iron company is growing fastest?

MSP Steel & Power Ltd has the fastest current revenue growth at 4%, across 2 of 2 comparable companies.

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

S.A.L Steel Ltd ranks first at 47.2/100 with 65.4% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Steel - Sponge Iron 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 - Sponge Iron 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 - Sponge Iron, this page builds its own equal-weight basket of 2 listed Steel - Sponge Iron 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 - Sponge Iron stocks in India?

Ranked by this page's four-factor score, S.A.L Steel Ltd places first among 2 listed Steel - Sponge Iron companies, followed by MSP Steel & Power 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 - Sponge Iron stocks are listed in India?

This comparison covers 2 listed Steel - Sponge Iron 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 - Sponge Iron company is the biggest?

MSP Steel & Power Ltd is the largest, with trailing-twelve-month revenue of ₹2,959 crore, ahead of S.A.L Steel Ltd at ₹208 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.

### Which Steel - Sponge Iron company has the best profit margins?

S.A.L Steel Ltd has the highest operating margin at 59.2%, from 2 of 2 comparable companies. S.A.L Steel Ltd shows the biggest improvement (+59.4 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking.

### Which Steel - Sponge Iron company makes the most profit?

MSP Steel & Power Ltd earns the most, at ₹37 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. MSP Steel & Power Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Steel - Sponge Iron company earns the highest return on capital?

MSP Steel & Power Ltd leads on return on capital employed at 9.7%, across 2 of 2 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 - Sponge Iron sector beating the market?

Steel - Sponge Iron has outperformed NIFTY 500 by 116% over the last 52 weeks and 7.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Steel - Sponge Iron stock has the strongest price momentum?

S.A.L Steel 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 - Sponge Iron company scores highest for research priority?

S.A.L Steel Ltd scores 47.2 out of 100 with 65.4% evidence confidence, from 13 points on growth and earnings, 5.2 on capital efficiency, 10 on valuation and 19 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 - Sponge Iron companies does this comparison cover, and over what period?

It compares 2 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 - Sponge Iron sector?

The 2 Steel - Sponge Iron companies on this page carry ₹2,935 crore of combined market value. MSP Steel & Power Ltd is the largest at ₹2,041 crore, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-15.

### How is the Steel - Sponge Iron sector performing?

1 of the 2 covered Steel - Sponge Iron companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 116% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-15.

### 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.