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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY19

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19
Revenue from operations	26,246	30,813	27,371	26,704	25,922	29,316	24,490	24,675	23,998	27,959	23,349	29,712	24,359	29,131	25,042	26,246	24,029	30,759	20,643	23,285	19,836	16,925	9,068	16,172	16,542	14,129	14,821	0
Other income	206	352	175	206	162	298	234	167	177	313	144	146	464	286	98.1	396	171	416	112	248	162	172	279	403	172	153	177	0
Total expenses	24,146	28,514	27,140	26,114	25,189	28,021	24,560	23,824	23,872	26,474	23,141	27,769	24,598	28,088	24,825	27,201	23,295	28,005	15,604	18,829	16,407	16,734	11,325	11,682	17,313	14,803	14,893	0
EBITDA	4,153	4,409	2,294	2,528	2,769	3,484	2,030	2,913	2,220	3,483	2,142	3,875	1,649	2,924	2,079	735	2,302	4,338	6,568	6,154	5,080	1,902	−398	6,454	1,006	1,167	1,589	0
EBITDA margin	15.8%	14.3%	8.4%	9.5%	10.7%	11.9%	8.3%	11.8%	9.3%	12.5%	9.2%	13.0%	6.8%	10.0%	8.3%	2.8%	9.6%	14.1%	31.8%	26.4%	25.6%	11.2%	-4.4%	39.9%	6.1%	8.3%	10.7%	–
Finance costs	493	532	547	484	595	664	680	758	691	642	614	605	613	517	640	506	374	440	503	540	670	720	886	909	849	940	788	0
Depreciation	1,560	1,577	1,516	1,453	1,441	1,524	1,421	1,304	1,402	1,356	1,321	1,327	1,275	1,365	1,221	1,183	1,194	1,144	1,026	1,158	981	990	973	1,055	926	901	873	0
Profit before tax	2,161	2,321	406	458	895	1,564	191	1,018	−8.6	1,296	428	1,675	225	1,288	613	−559	904	3,180	5,151	4,537	3,593	586	−1,979	4,121	−598	−521	105	0
Tax	543	666	106	137	223	406	181	276	16.3	316	140	464	75.7	403	184	−113	243	800	1,315	1,191	2,346	224	−704	1,455	−155	−167	47.8	0
Net profit	1,644	1,835	374	419	745	1,251	142	897	81.8	1,126	423	1,306	212	1,159	542	−329	805	2,479	3,897	3,470	1,468	437	−1,226	2,648	−344	−286	103	0
Net margin	6.3%	6.0%	1.4%	1.6%	2.9%	4.3%	0.6%	3.6%	0.3%	4.0%	1.8%	4.4%	0.9%	4.0%	2.2%	-1.3%	3.3%	8.1%	18.9%	14.9%	7.4%	2.6%	-13.5%	16.4%	-2.1%	-2.0%	0.7%	–
EPS (₹)	3.98	4.44	0.91	1.01	1.80	3.03	0.34	2.17	0.20	2.73	1.02	3.16	0.51	2.81	1.31	-0.80	1.95	6.00	9.44	8.40	3.55	1.06	-2.97	6.41	-0.83	-0.69	0.25	0.00
Net profit YoY	+120.8%	+46.7%	+163.6%	−53.3%	+810.5%	+11.1%	−66.4%	−31.3%	−61.5%	−2.9%	−22.0%	+496.4%	−73.6%	−53.2%	–	–	−79.4%	−28.6%	+417.8%	+31.1%	+527.3%	+252.7%	−1294.5%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	1,10,811	1,02,479	1,05,378	1,04,448	1,03,477	69,114	61,664	66,974
Other income	894	875	1,067	950	859	861	906	495
Total expenses	1,06,957	1,00,277	1,01,981	1,03,409	88,108	63,295	58,691	63,752
EBITDA	12,000	10,646	11,149	8,039	21,342	12,739	10,216	9,762
EBITDA margin	10.8%	10.4%	10.6%	7.7%	20.6%	18.4%	16.6%	14.6%
Finance costs	2,158	2,793	2,474	2,037	1,698	2,817	3,487	3,155
Depreciation	5,988	5,651	5,278	4,964	4,275	4,103	3,756	3,385
Profit before tax	4,080	2,765	3,623	2,247	15,874	6,738	3,107	3,326
Tax	1,133	880	995	716	4,048	3,058	1,181	1,201
Net profit	3,373	2,372	3,067	2,177	12,243	4,148	2,121	2,349
Net margin	3.0%	2.3%	2.9%	2.1%	11.8%	6.0%	3.4%	3.5%
EPS (₹)	8.17	5.74	7.42	5.27	29.64	10.04	5.13	5.69
Net profit YoY	+42.2%	−22.7%	+40.9%	−82.2%	+195.2%	+95.6%	−9.7%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	19,039	10,023	2,911	−5,290	30,987
Investing cash flow	−7,899	−5,377	−4,261	−3,371	−3,976
Financing cash flow	−11,403	−4,424	1,362	8,587	−27,398
Capital expenditure	8,758	6,221	4,711	3,931	3,665
Free cash flow (CFO − capex)	10,281	3,802	−1,800	−9,221	27,321

Net profit trend

annual, ₹ crore

FY21

₹4,148

FY22

₹12,243+195%

FY23

₹2,177−82%

FY24

₹3,067+41%

FY25

₹2,372−23%

FY26

₹3,373+42%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	–	PDF on NSE XBRL
Q3 FY26	Consolidated	31 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	31 Jan 2026	PDF on NSE XBRL
Q3 FY26	Standalone	–	PDF on NSE XBRL
Q2 FY26	Consolidated	29 Oct 2025	PDF on NSE XBRL
Q2 FY26	Standalone	29 Oct 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2610.66 MB FY259.56 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 18.1×17.9×

P/B5Y avg 0.84×1.27×

ROEFY26, on average equity5.7%

Net margin3.0%

Debt / equity0.53×

Revenue CAGR (3Y)2.0%

Profit CAGR (3Y)15.7%

EPS (TTM)₹10.34

Market cap₹76,415 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

1.27×

vs 8-point avg 0.84× (+52%)

0.59× low0.84× avg1.27× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹1.36L Cr−0%

Net worth₹60,356 Cr+2%

Total borrowings₹31,928 Cr−14%

Cash & bank balances₹29 Cr−90%

Investments₹514 Cr+38%

Inventories₹23,553 Cr−19%

Trade receivables₹6,507 Cr−14%

Trade payables₹10,886 Cr+4%

Change vs the same date a year earlier.

Revenue mix FY26

Bhilai Steel Plant26.5%result ₹2,832 Cr

Bokaro Steel Plant22.8%result ₹1,415 Cr

Rourkela Steel Plant21.5%result ₹1,609 Cr

IISCO Steel Plant10.9%result ₹982 Cr

Durgapur Steel Plant9.6%result ₹475 Cr

Others5.8%result ₹280 Cr

Salem Steel Plant1.7%result ₹−218 Cr

Alloy Steel Plant1.0%result ₹−2.7 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	65.00	65.00	65.00	65.00	65.00	65.00	65.00	65.00	65.00	65.00	65.00	65.00
FII	7.09	5.01	4.53	3.76	3.65	3.20	2.59	2.82	3.00	3.18	4.34	3.68
DII	16.86	18.41	17.84	18.09	17.31	15.75	15.87	16.03	15.72	15.86	15.46	14.61
of which MF	8.74	8.69	7.15	6.51	5.59	–	–	–	–	–	–	–
Retail	8.90	9.80	11.22	11.66	12.59	14.27	14.78	14.32	13.92	13.50	12.97	14.34
Other public	2.15	1.78	1.41	1.49	1.45	1.78	1.76	1.83	2.36	2.46	2.23	2.37

15,09,426 shareholders · NSE shareholding pattern filings.