S.A.L Steel Ltd
SALSTEELS.A.L Steel Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting.
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding.
The price is in a confirmed uptrend (48 weeks in) while the P/E sits at the 79th percentile of its own 9-year range. Underneath, the last four quarters read mixed, and 193% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
S.A.L Steel Ltd trades at ₹66.4, in a confirmed uptrend and 48 weeks into that stage. That is +36.9% against its own 200-day average. It sits at 100% of a 52-week range of ₹28 to ₹66. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a confirmed uptrend — week 48 of stage 2, confirmed. At ₹66.4 it trades +36.9% versus its 200-day average and sits at 100% of its 52-week range (₹28–₹66).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +2,315% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
S.A.L Steel Ltd trades at 29.1× P/E, at the pricey end of its own range (79th percentile). Its long-run median P/E is 6.1×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 29.1× is at the pricey end of its own range (79th percentile), against a long-run median of 6.1× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The price move, decomposed: over 5y, of the +39.3%/yr price move, ~−18.0%/yr came from earnings growth and ~+57.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
S.A.L Steel Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −61.8% | −25.1% | −7.1% | −4.4% |
| Share price | +326.0% | +57.5% | +39.3% | +36.5% |
4-Factor Sector Score
46.7/100 — rank 1 of 2 in Steel - Sponge Iron · 69% evidence confidence
S.A.L Steel Ltd scores 46.7 out of 100 against the 2 companies it is compared with in Steel - Sponge Iron, ranking 1. Price leads the evidence: RS versus the benchmark is 45.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 12.5 + 4.2 + 10 + 20 = 46.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
S.A.L Steel Ltd reported ₹87.4 Cr of revenue in the Jun 26 quarter, −31.6% year on year. Over 10 years it has compounded at −4.4% a year. The last full year, FY26, came in at ₹208 Cr. The last four reported quarters add to ₹167 Cr.
FY26 revenue came in at ₹208 Cr (−61.8% on the year), capping 10 years at −4.4% compound. The latest quarter (Jun 26) printed ₹87.4 Cr, −31.6% year on year.
Pace check: the last four quarters averaged −66.8% growth against the decade's −4.4% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −70.2% over the last 4 quarters against −44.2%/yr over the last 8 — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
S.A.L Steel Ltd's operating margin is 15.5% in the Jun 26 quarter, +19.7 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −4.5% to 7.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 15.5%, +19.7 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −4.5%–7.0%, and FY26's 7.0% is the top of that band — a record year.
Why the margin moved: operating margin went +19.7 pp year on year while gross margin went +23.2 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
S.A.L Steel Ltd earned ₹3.1 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹0.0 Cr. That is 3.5% of the quarter's revenue. The same quarter a year earlier lost ₹9.7 Cr. 5 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹3.1 Cr, null year on year. On the full year, FY26 printed ₹0.0 Cr (null).
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 193% of S.A.L Steel Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹−84.0 Cr of operating cash against ₹0.0 Cr of profit. After ₹175 Cr of capital spending, ₹−259 Cr was left as free cash.
FY26: operating cash of ₹−84.0 Cr against reported profit of ₹0.0 Cr, leaving free cash of ₹−259 Cr after ₹175 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 193% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 193%: the cash cycle stretched 438 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 6.5× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
S.A.L Steel Ltd's cash conversion cycle runs 488 days in FY26, up from 50 days in FY21. Capital spending ran ₹209 Cr over the last 3 years. At FY26 sales of ₹208 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹278 Cr sits inside the business at any moment.
FY26: debtors at 3 days, inventory at 543 days — roughly 17.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 488 days, looser than FY21's 50.
The full loop: cash goes out to suppliers and production on day 0; stock waits 543 days to sell; customers pay about 3 days after that; and suppliers themselves are paid at 58 days — netting out to the 488-day cycle.
In money terms: at FY26 sales of ₹208 Cr, each day of the cycle holds about ₹0.6 Cr — so the 488-day loop keeps roughly ₹278 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹209 Cr over the last 3 fiscal years against ₹32.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹174 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
S.A.L Steel Ltd earns a ROCE of 1% in FY26. That is up from a trough of −6% in FY14. Return on invested capital clears the cost of that capital by −10.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.0% net margin on 0.33× asset turns.
FY26 ROCE is 1%, recovered from a FY14 trough of −6% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 0.0% net margin × 0.33× asset turns × 4.22× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 1.1% − 12.0% = a −10.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
S.A.L Steel Ltd carries total debt of ₹349 Cr against shareholder equity of ₹147 Cr as of Mar 26, a debt-to-equity of 2.37. On the annual view that ratio went from 3.71 in FY22 to 2.37 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹349 Cr against shareholder equity of ₹147 Cr — a debt-to-equity of 2.37. On the annual view, debt-to-equity went from 3.71 (FY22) to 2.37 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters added 20.4 points of S.A.L Steel Ltd over 8 quarters, the biggest move on the register. That takes promoters to 71.0% of the company. Foreign institutions moved −0.1 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: +20.4 points over 8 quarters to 71.0%; Foreign institutions: −0.1 points over 8 quarters to 0.0%.
Why the register moved: promoters drove it (+20.4 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
S.A.L Steel Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1S.A.L Steel Ltdthis pageSALSTEEL | 46.7/100Mixed-negative evidence69% evidence | TURNING | 12.5/35 Revenue -70.2% · PAT 100% · OPM change 19.7 pp 71% evidence | 4.2/25 ROCE 1.1% · OPM 15.5% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 20.0/20 RS sector 23.2% · RS bench 45.7% · 1Y 317.5%8 of 12 weeks ahead 100% evidence |
| Exact sum: 12.5 + 4.2 + 10 + 20 = 46.7 · Decision use: Price leads the evidence: RS versus the benchmark is 45.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 2MSP Steel & Power LtdMSPL | 42.5/100Mixed-negative evidence84% evidence | ASLEEP | 22.5/35 Revenue 4% · PAT 100% · OPM change 0 pp 95% evidence | 4.5/25 ROCE 9.7% · OPM 6% 95% evidence | 12.7/20 P/E 13.6× · PEG — 35% evidence | 2.8/20 RS sector -24.8% · RS bench -7.3% · 1Y 6.4%7 of 12 weeks ahead 100% evidence |
| Exact sum: 22.5 + 4.5 + 12.7 + 2.8 = 42.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
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.
Frequently asked questions
What is S.A.L Steel Ltd's share price today?
S.A.L Steel Ltd trades at ₹66.4, +326.0% over the past year. The company is valued at ₹962 Cr. The stock sits at the very top of its 52-week range (₹28–₹66), +36.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 48 weeks in. — as of 14 August 2026.
What were S.A.L Steel Ltd's latest quarterly results?
S.A.L Steel Ltd reported revenue of ₹87.4 Cr and net profit of ₹3.1 Cr for the Jun 26 quarter. Earnings per share were ₹0.21. The operating margin was 15.5%, 19.7 pp higher than a year earlier. — as of 14 August 2026.
What is S.A.L Steel Ltd's revenue?
S.A.L Steel Ltd reported revenue of ₹87.4 Cr in the Jun 26 quarter, −31.6% year on year. For the full FY26 fiscal year, revenue was ₹208 Cr (−61.8%). Over the last 10 years revenue compounded at −4.4% a year. — as of 14 August 2026.
What is S.A.L Steel Ltd's profit?
S.A.L Steel Ltd earned ₹3.1 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹0.0 Cr. The operating margin ran 15.5% in the latest quarter. — as of 14 August 2026.
What is S.A.L Steel Ltd's market cap?
S.A.L Steel Ltd's market capitalisation is ₹962 Cr at a share price of ₹66.4. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is S.A.L Steel Ltd's P/E ratio?
S.A.L Steel Ltd trades at a P/E of 29.1×, at the 79th percentile of its own 9-year range, against a long-run median of 6.1×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does S.A.L Steel Ltd pay a dividend?
No — S.A.L Steel Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 14 August 2026.
Is S.A.L Steel Ltd overvalued?
On its own history, S.A.L Steel Ltd looks expensive: its P/E of 29.1× sits at the 79th percentile of its 9-year range (long-run median 6.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
How is S.A.L Steel Ltd performing?
S.A.L Steel Ltd is in a confirmed uptrend, 48 weeks in. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 14 August 2026.
Is S.A.L Steel Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 48 of stage 2), trading +36.9% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is S.A.L Steel Ltd beating the market?
On recent form, yes — S.A.L Steel Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +2,315% against the NIFTY 500's +284% — ahead of the index over the full window. — as of 14 August 2026.
Will S.A.L Steel Ltd's share price go up?
This page publishes no price forecast for S.A.L Steel Ltd. What it measures instead: the share price is ₹66.4, the price is in a confirmed uptrend 48 weeks in. Its P/E of 29.1× sits at the 79th percentile of its own 9-year range. — as of 14 August 2026.
Who owns S.A.L Steel Ltd?
Promoters hold 71.0% of S.A.L Steel Ltd, foreign institutions 0.0%, domestic institutions null% and the public 29.0% (latest quarter). The biggest move on the register over the last two years: Promoters added 20.4 points over 8 quarters. — as of 14 August 2026.
Does S.A.L Steel Ltd have too much debt?
It carries real leverage — S.A.L Steel Ltd's debt-to-equity is 2.37, and operating profit covers the interest bill 1×. FY26 borrowings were ₹349 Cr against equity of ₹147 Cr. Read the returns on this page with that leverage in mind — as of 14 August 2026.
What is S.A.L Steel Ltd's capex?
S.A.L Steel Ltd spent ₹209 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹175 Cr, with ₹174 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is S.A.L Steel Ltd's cash flow?
S.A.L Steel Ltd consumed ₹84.0 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−259 Cr). Reported profit that year was ₹0.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is S.A.L Steel Ltd's profit real cash?
Yes — over the last 3 fiscal years, 193% of S.A.L Steel Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−84.0 Cr against reported profit of ₹0.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is S.A.L Steel Ltd in its business cycle?
S.A.L Steel Ltd's FY26 operating margin was 7.0%, against a 13-year band of −4.5%–7.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 15.5%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the S.A.L Steel Ltd story?
Biggest watch item: margins are the best this company has ever printed — every ratio flatters at record profitability, so the whole story leans on margins holding. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is S.A.L Steel Ltd a stock worth studying right now?
This is not investment advice. The machine read: S.A.L Steel Ltd is printing record margins on a fuller multiple. From here the earnings must do all the lifting. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.