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Steel Authority of India
Steel Authority of India (SAIL) investor relations material
Steel Authority of India Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary2 Feb, 2026
Executive summary
Crude steel production reached 14.35 million tons in the nine months ended December 2025, with saleable steel at 14.24 million tons and total sales volume up 16.3% year-over-year to 14.61 million tons.
Revenue for the nine months rose 9% year-over-year to INR 79,997 crore, with PAT up 60% to INR 1,554 crore, driven by operational efficiency, inventory liquidation, and cost optimization.
EBITDA for the nine months was INR 8,384 crore, with an EBITDA margin of 10.56%.
Debt reduced by INR 5,000 crore during the period, with borrowings at INR 34,983 crore and a debt-equity ratio of 0.62 as of December 2025.
EPS for the nine months stood at 3.76.
Financial highlights
Revenue for nine months reached INR 79,997 crore, up from INR 72,595 crore year-over-year.
PAT increased by 60% year-over-year to INR 1,554 crore, with an operating margin of 10.48% and net profit margin of 1.94%.
Interest cost reduced by INR 500 crore in nine months, with an additional INR 500 crore reduction expected in Q4.
Debt service coverage ratio at 3.03 and interest coverage ratio at 2.10.
Net worth as of December 2025 was INR 56,236 crore.
Outlook and guidance
Q4 expected to see an uptick in pricing and margins due to stable or rising coal prices and strong market support.
Sales volume guidance for FY 2026 is 19.5 million tons, with Q4 volumes expected to exceed Q3.
CapEx guidance for FY 2026-2027 is INR 15,000 crore, with major spending on ISP expansion.
India's steel demand expected to grow by 8.5% in 2025, the highest among major economies.
Management aims to further optimize product mix and cost structure, including setting up beneficiation plants.
IISCO expansion: expected EBITDA/tonne?
Semis reduction to 0%: timeline and impact?
FY26 interest cost reduction target?
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Next Steel Authority of India earnings date
Q4 25/2626 May, 2026
Steel Authority of India
Next Steel Authority of India earnings date
Q4 25/2626 May, 2026
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Frequently asked questions
Steel Authority of India Limited is a state-owned integrated steel producer engaged in the manufacture and sale of steel products. Its offerings include flat and long steel products used in construction, engineering, automotive, and infrastructure sectors. The company is headquartered in New Delhi, India, and its shares are listed on the NSE.
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