Steel Authority of India Limited has informed the Exchange about Investor Presentation
STEEL AUTHORITY OF INDIA LIMITED
RESULTS
PRESENTATION
FOR
Q1 FY’26
SNAPSHOT Q1 FY’26
Mining
Iron Ore: 8.791 MT
Limestone: 0.338 MT
Dolomite: 0.0.062 MT
Hot Metal: 5.128 MT
Crude Steel: 4.854 MT
Saleable Steel: 4.712 MT
Production
Domestic Sales: 4.426 MT
Sales & Marketing
Exports: 0.124 MT
Financials
Total Sales: 4.550 MT
Turnover: Rs. 25731 crore
Revenue From Operations: Rs. 25921 crore
Net Worth: Rs. 56862 crore
EBITDA: Rs. 2882 crore
Profitability
PBT: Rs. 850 crore
Ratios
PAT: Rs. 654 crore
EPS: 1.58
EBITDA Margin: 11.20%
Debt Equity (IndAS): 0.64
Debt (IndAS): Rs. 36276 crore
Funds
DSCR: 2.74
Interest Coverage Ratio: 1.98
STEEL AUTHORITY OF INDIA LIMITED
Global Economic & Steel Scenario
WORLD ECONOMIC SCENARIO
Growth Rates ( in %)
4.8
4.5
3.8
3.6
2.4
2.2
3.7
2.8
1.7
6.6
6.0
5.2
4.1
3.5
2.6
4.4
4.3
3.3
3.3
3.7
3.9
2.8
3.0
1.7
1.8
1.4
1.5
World
Advanced Economies
Emerging & Developing Economies
Recovery Post 1st Phase of COVID19
-2.0
-3.1
-4.5
Fighting Inflation, Slowdown in Advanced Economies and Russia-Ukraine War, recovery has been gradual thereafter.
Slowdown expected with the volatile situation created following the global tariff war.
2017 (E)
2018 (E)
2019 (E)
2020 (E)
2021 (E)
2022 (E)
2023 (E)
2024 (E)
2025 (P)
2026 (P)
IMF, in the World Economic Outlook released during Apr’25, has significantly reduced the growth projections for 2025 over the projections released during Jan’25. The overall estimates for global economy in 2026 also stand lower than earlier projections though showing marginally improved over 2025. Meanwhile, the Emerging & Developing Economies continue to outperform the Advanced Economies though the projections for both have also come down since Jan’25 projections. The announcement of tariffs by the US and countermeasures by other economies has created high uncertainties in trading activities, currency markets as well as monetary policies of the economies. Meanwhile, the World Bank has not reported any change in its projections made in the Global Economic Prospects of Jan’25 where it had projected a of 2.7% for 2025 as well as 2026 for the global economy.
E= Estimates P= Projections
SOURCE: IMF
WORLD STEEL SCENARIO
Crude Steel Production (MT)
1739
1831
1880
1883
1963
1889
1904
1885
871
868
929
902
995
885
1065
819
1035
927
1018
871
1029
875
1005
879
469
259
209
2017
2018
2019
2020
2021
2022
2023
2024
2025 (Q1)
World
China
RoW
Steel continued its march post 1st wave of covid with revival of economic activities and infra-spendings globally. However, CY’22 registered decline over respective previous years due to factors like inflation, tightening monetary policies, slowdown in advanced economies, Russia- Ukraine War, etc. Production has increased by ~0.8% during CY’23 and has declined by ~1% during CY’24.
• Global production has declined by ~1% during CY’24 over CPLY. • China has been consistently contributing more than 50% of the global production. The production by China stood at ~53.4% of global production during CY’24 and ~55.3% during Q1 of CY’25 production dominate the world crude steel production contributing almost 53.4% of overall global production during CY’24. The production in China during CY’24 has, however, been at lower by 2.3% over CPLY.
• Among the major producers, India (6.3%), Germany (5.2%), Turkey (9.4%) and Brazil (5.3%) have registered positive growth in production during CY’24 over CPLY. On the other hand, countries like Japan (3.4%), US (2.4%), Russia (7.0%) and South Korea (4.7%) have registered negative growth in production during CY’24 over CPLY.
• During Q1 CY’25, only India (6.8%) and Brazil (2.8%) have registered significant positive growth amongst major producers.
China has shown a marginal growth of 0.6% over CPLY.
SOURCE: World Steel Association (WSA)
WORLD STEEL SCENARIO
Apparent Steel Consumption (MT)
1638
1714
1779
1788
1839
1783
1767
1751
1772
2017
2018
2019
2020
2021
2022
2023
2024(F)
2025(F)
WSA in its Short Range Outlook for Oct’24 has projected a positive growth in demand during 2025.
Short Range Outlook, Oct’24:
• Global steel demand is expected to decrease by 0.9% in 2024 (lower than 1.7% projected in Apr’24) and increase by
1.2% in 2025.
• Demand growth in China is expected to decline by 3% (lower than stagnant projected in Apr’24) in 2024 and by 1%
in 2025.
• Global demand excluding China is expected to grow 1.2% in 2024 (lower than 3.5% projected in Apr’24) and 3.3% in
2025 (lower than 3.5% projected in Apr’24).
• Amongst the major steel consuming nations, demand growth in 2024 is projected to be highest in India (8.0%) followed by Brazil (5.0%). During 2025 as well, demand growth in India (8.5%) is projected to be highest followed Germany (5.7%).
SOURCE: World Steel Association (WSA)
INTERNATIONAL PRICE TRENDS
260
240
220
200
180
160
140
120
100
580
560
540
520
500
480
460
440
420
400
Coal FOB Australia (USD/t)
HCC
PCI
Hot Rolled (USD/t)
FOB Black Sea
FOB China
CFR Europe
115
110
105
100
95
90
85
80
660
640
620
600
580
560
540
520
500
Iron Ore CFR China (USD/t)
Lumps
Fines Australia Origin
Fines Brazil Origin
Cold Rolled (USD/t)
FOB Black Sea
FOB China
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Domestic Economic & Steel Scenario
INDIAN ECONOMIC SCENARIO
GDP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
6.8
6.5
3.9
9.7
9.2
7.6
6.5
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2024-25 (FRE^)
2024-25 (SAE*)
Quarterly GDP
9.7
9.3
9.5
8.4
6.5
5.6
6.4
7.4
-5.8
*FRE: First Revised Estimates ^SAE: Second Advance Estimates
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25
COVID19 Pandemic saw the GDP of Indian economy slide into negative during FY’21 at -5.8%. The post COVID recovery was subsequently impacted by factors like inflation. Second Advance Estimates for the FY’25 stand at 6.5% which is substantially lower than earlier projections. Despite projections for future years lying in the range of 6.2% - 6.7%, India is likely to remain amongst the fastest growing major economies. The projections from major financial agencies are as follows:
Source
Growth Projection
Remarks
WORLD BANK (Jun’25)
6.3% (FY26) & 6.6% (FY27)
The projections for FY26 are retained at 6.3%. There has been marginal reduction in projections for FY27 which now stands at 6.6%.
IMF (Apr’25)
RBI (Jun’25)
6.2% (CY25) & 6.3% (CY26)
The estimates for both the CY25 and CY26 have been revised downwards at 6.2% and 6.3% respectively.
6.5% (FY26) & 6.7%(FY27)
The projections have been retained at 6.5% for FY26. The quarterly projections stand as 6.5%, 6.7%, 6.6% and 6.3% for Q1, Q2, Q3 and Q4 respectively.
INDIAN ECONOMIC SCENARIO
250.0
200.0
150.0
100.0
50.0
0.0
IIP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
Primary Goods
Intermediate Goods
Consumer Durables
Capital Goods
Infrastructure Goods
Consumer Non-Durables
The manufacturing activities had fallen to historic lows during lockdown due to COVID19 during Q1 FY’21. However, as economy recovered sharply on the back of financial stimulus by the Government and demand rising sharply across sectors post lockdown, the IIP also saw a steep climb. Thereafter, during Q1 FY’22 owing to second wave of COVID19, there was a marginal dip before the index started to rise again. During FY’25, the IIP has registered improvement in all use-based areas over CPLY except consumer non-durables.
INDIAN STEEL SCENARIO
Crude Steel Production (mtpa)
97.9
103.1
110.9
109.1
103.5
144.3
152.0
120.0
127.2
FY'17
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
FY'25
Finished Steel Consumption (mtpa)
88.7
90.7
98.7
100.2
94.9
152.0
136.3
119.9
105.8
36.5
40.0
40.6
Q1 FY'25 Q4 FY'25 Q1 FY'26
35.5
40.5
38.3
Q1 FY'25 Q4 FY'25 Q1 FY'26
FY'17
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
FY'25
The Short Range Outlook published by WorldSteel Association during Oct’24, projected steel demand in India to increase by 8.5% in CY2025.
Source: JPC
DOMESTIC PRICE TREND
s d n a s u o h T
12
10
8
6
4
2
0
s d n a s u o h T
70
65
60
55
50
45
40
Fines/Lumps/Pellets
Lumps 63% Fe, Odisha Index Fines 63% Fe, Odisha Index Pellets 63% Fe, Exw-Raipur
Flats
HRC Ex-Delhi
CRC Ex-Delhi
s d n a s u o h T
s d n a s u o h T
50 48 46 44 42 40 38 36 34 32 30
70
65
60
55
50
45
40
Semis/Ingot
All figures in Rs. thousand/tonne
Billets Ex-Raipur
Ingot DAP-Mandi
Longs
Wire Rod Ex-Jharkhand
Rebar Ex-Delhi
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Operational Performance
PRODUCTION PERFORMANCE
All figures In Million Tonne
17.4
18.3
19.2
19.2
16.2
15.2
CRUDE STEEL PRODUCTION
5.0
5.1
5.1
Q1 FY25
Q4 FY25
Q1 FY26
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
Annual
Quarterly
16.9
17.2
18.4
17.9
15.1
14.6
SALEABLE STEEL PRODUCTION
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
4.7
4.7
4.2
Q1 FY25 Q4 FY25 Q1 FY26
PRODUCTION PERFORMANCE : FY’25
PRODUCT MIX : 5 ISPs
SAIL
48.7%
15.5%
35.9%
BSP
DSP
RSP
BSL
ISP
18.7%
67.3%
14.0%
57.2%
42.8%
100.0%
Flats
Longs
Semis
86.1%
13.9%
75.9%
24.1%
PRODUCTION PERFORMANCE : FY’25
CRUDE STEEL PRODUCTION BY PROCESS
1.5%
98.5%
0.7%
Ingot Route
CC Route
BOF
EAF
99.3%
SALEABLE STEEL PRODUCTION BY PROCESS
54.5%
45.5%
Commodity
Value Added
TECHNO-ECONOMIC PARAMETERS
457
Coke Rate: kg/thm 448
445
444
CDI Rate: kg/thm
440
97
106
113
114
421
415
76
78
85
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Q1 FY
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Q1 FY
26
26
Specific Energy Consumption: GCal/tcs
BF Productivity: T/m3/Day
6.47
6.48
6.36
6.35
6.30
6.26
6.23
1.80
1.81
1.79
1.84
1.88
2.11
2.02
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Q1 FY
26
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Q1 FY
26
SALES PERFORMANCE
Annual
14.2
14.9
16.2
16.2
17.0
17.9
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25
Sectoral Breakup
Galvanized Products 1%
CR Coils/Sheets 6%
CMO Home Sales 95.0%
Retail 6.1%
Non Retail 87.6%
HR Plates/ Coils/Sheets 29%
Plant Sales 2.1%
Exports 2.6%
Special Steels 1.7%
All figures In Million Tonne
Quarterly 5.3
4.0
4.6
Q1 FY25
Q4 FY25
Q1 FY26
5 ISPs Sales - Product Mix
Semis 8%
Structurals 9%
Bars & Rods 20%
Rly Products 9%
PM Plates 16%
PET Products 1%
STEEL AUTHORITY OF INDIA LIMITED
Financial Performance
FINANCIAL PERFORMANCE
Rs. Crore (INDAS Compliant figures)
Q1 FY 25
Q4 FY 25
Q1 FY 26
Sales Turnover
Total Income
EBITDA
Depreciation
Finance Cost
PBT Before Exceptional Items
Exceptional Items
PBT After Exceptional Items
Tax
Profit After Tax
23764
24198
2420
1402
595
326
-312
14
4
11
29121
29617
3781
1523
664
1593
-29
1564
386
1178
25731
26082
2925
1441
691
890
0
890
204
685
FINANCIAL PERFORMANCE
Quarterly Performance (Rs. crore)
3781
2420
2925
EBITDA PBT PAT
1564
1178
890
685
14
11
Q1 FY 25
1620
Q4 FY 25
Q1 FY 26
EBITDA Quarterly Movement (Rs. crore)
607
41
174
2420
1888
47
3781
2925
565
258
289
275
458
141
2925
FINANCIAL PERFORMANCE
Borrowings (Non Ind AS)
Net Worth
30593
29811
28741
43495
25662
52017
52139
54131
55656
56224
35350
13386
Mar'21
Mar'22
Mar'23
Mar'24
Mar'25
Jun'25
Mar'21
Mar'22
Mar'23
Mar'24
Mar'25
Jun'25
Quarterly Interest
758
691
642
679
664
Debt-equity (times) (Non Ind AS)
0.81
0.49
0.57
0.54
0.51
595
0.26
Mar'24
Jun'24
Sept'24
Dec'24
Mar'25
Jun'25
Mar'21
Mar'22
Mar'23
Mar'24
Mar'25
Jun'25
Borrowings, Interest and Net Worth in Rs. crore
STEEL AUTHORITY OF INDIA LIMITED
Sustainable Operations
SUSTENANCE PARAMETERS
PM Emission Load: kg/tcs
Specific CO2 Emission: T/tcs
0.59
0.57
0.58
0.58
2.62
0.56
2.51
2.50
2.55
2.53
FY 22
FY 23
FY 24
FY 25 Q1 FY26
FY 22
FY 23
FY 24
FY 25 Q1 FY26
Solid Waste Utilisation (%)
Specific Water Consumption: m3/tcs
102
103
95
111
107
3.12
3.06
3.02
3.00
2.91
FY 22
FY 23
FY 24
FY 25
Q1 FY26
FY 22
FY 23
FY 24
FY 25 Q1 FY26
TOUCHING LIVES….
Key Activites
Basic and specialised healthcare to more than a million lives annually.
26%
Drinking Water facility to more than 50 lakh people.
6% 3%
2%
9%
11%
Total CSR spends since FY’15: ~Rs. 716 crore
7%
2%
8%
26%
Education Health care Livelihood Generation Women Empowerment Drinking Water & Sanitation Sports, Art & Culture Rural Development Social Security Environment Sustainability Others
More than 80 lakh people connected to mainstream by construction of roads
Quality education to almost 50000 students across more than 96 schools.
Special Schools providing support to needy students.
Mid-day meals to more than 60000 students through Akshay Patra Foundation.
Providing equipment like tricycle, motorized vehicles, callipers, hearing aids, artificial limbs, etc. to Divyangs
Running Eklavya Archery Academy and other sports academies for Hockey, Football, Athletics, etc. Athletes from SAIL academies have won medals at National and International Level.
Integrated Development Centre (IDC) at Digha Village in Saranda Forest with facilities like Bank, Telecom Office, Panchayat Office, Ration Shop, etc.
Development of 79 ‘Model Steel Villages’.
STEEL AUTHORITY OF INDIA LIMITED
Human Resource
MANPOWER
LABOUR PRODUCTIVITY (tcs/man/year)
ANNUAL
615
579
521
461
400
396
QUARTERLY
670
643
592
FY20
FY21
FY22
FY23
FY24
FY25
Q1 FY 25 Q4 FY 25 Q1 FY 26
MANPOWER
Particulars
01.04.2024
01.04.2025
01.07.2025
Manpower on date
55989
53159
52142
Reduction during the quarter
1017
Reduction during the year
2830
Abbreviations used
• • • • • • • • • • •
• •
•
• • • •
BF SMS BOF THF EAF BSP DSP RSP BSL SSP VISL
ASP CPLY
G.Cal/tcs
ISP HDGL CR HR
Blast Furnace Steel Melting Shop Basic Oxygen Furnace Twin Hearth Furnace Electric Arc Furnace Bhilai Steel Plant Durgapur Steel Plant Rourkela Steel Plant Bokaro Steel Limited Salem Steel Plant Visvesvaraya Iron & Steel Plant Alloy Steels Plant Corresponding Period Last Year Giga Calories per tonne of Crude Steel Integrated Steel Plant Hot Dip Galvanizing Line Cold Rolled Hot Rolled
• • •
• • • •
• • •
• • • • • •
FOB JPC Kg/thm
Tpd MT Mtpa EBITDA
PAT PBT RINL
CS CDI CC BOO GoI MOEF
Freight On Board Joint Plant Committee Kilo Gram Per Tonne of Hot Metal Tonnes Per Day Million Tonne Million Tonne Per Annum Earnings Before Interest, Taxes, Depreciation & Amortization. Profit After Tax Profit Before Tax Rashtriya Ispat Nigam Limited Crude Steel Coal Dust Injection Continuous Casting Build-Own-Operate Government of India Ministry of Environment & Forests
Disclaimer
Statements / Data which do not relate to SAIL and are used / made in this
presentation are from sources which are considered reliable and
Company cannot be held for its authenticity.
Further, statements describing the Company’s projections, estimates,
expectations are “forward looking statements” within the meaning of
applicable securities laws and regulations. Actual results may differ
materially from those expressed depending on the circumstances /
situations.
Major factors that could affect the Company’s operations include, among
others, economic conditions affecting demand / supply and prices in the
domestic and global markets in which the Company operates, changes in
Government regulations, tax laws and other statutes, etc.