Slides
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STEEL AUTHORITY OF INDIA LIMITED RESULTS PRESENTATION FOR Q2 and H1 FY’26
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SNAPSHOT H1 FY’26 Funds Debt (IndAS): Rs. 33663 crore DSCR: 3.48 Interest Coverage Ratio: 2.25 Ratios EPS: 2.69 EBITDA Margin: 11.01% Debt Equity (IndAS): 0.60 Profitability EBITDA: Rs. 5754 crore PBT: Rs. 1443 crore PAT: Rs. 1112 crore Financials Turnover: Rs. 52254 crore Revenue From Operations: Rs. 52625 crore Net Worth: Rs. 55973 crore Sales & Marketing Domestic Sales: 9.280 MT Exports: 0.182 MT Total Sales: 9.462 MT Production Hot Metal: 10.031 MT Crude Steel: 9.503 MT Saleable Steel: 9.567 MT Mining Iron Ore: 16.840 MT Limestone: 0.442 MT Dolomite: 0.286 MT
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STEEL AUTHORITY OF INDIA LIMITED Global Economic & Steel Scenario
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WORLD ECONOMIC SCENARIO -3.1 6.0 3.5 3.3 3.3 3.2 3.1 -4.5 5.2 2.6 1.7 1.8 1.6 1.6 -2.0 6.6 4.1 4.4 4.3 4.2 4.0 2020 (E) 2021 (E) 2022 (E) 2023 (E) 2024 (E) 2025 (P) 2026 (P) World Advanced Economies Emerging & Developing Economies Recovery Post 1st Phase of COVID19 Fighting Inflation, Slowdown in Advanced Economies and Russia-Ukraine War, recovery has been gradual thereafter. Projection remain lower than 2024 performance though improvement in projections is there over earlier projections. Growth Rates ( in %) IMF, in the World Economic Outlook released during Oct’25, has increased the growth projections for 2025 over the projections released during Apr’25. The overall estimates for global economy in 2026 have also been improved since Apr’25 projection though showing marginally reduction over 2025 with the Emerging & Developing Economies projected to continue outperforming the Advanced Economies. The major reason have ben steady inflation in the USA as well as lowering of the tariffs from the April highs. The risks to the outlook remain titled to downside with policy uncertainty, protectionist measures, supply chains disruptions, etc. could potentially damage consumption and investment. SOURCE: IMF E= Estimates P= Projections
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WORLD STEEL SCENARIO 1883 1963 1889 1904 1886 1065 1035 1018 1029 1005 819 927 871 875 881 2020 2021 2022 2023 2024 World China RoW SOURCE: World Steel Association (WSA) • Despite reduction in its own production, China continues to dominate the global production numbers. In fact, the share of China in the global production at 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. 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. After a marginal increase of ~0.8% in CY’23. the production continues to decline consistently. Production has declined by ~0.9% during CY’24 and Jan-Sept CY’25 is further lower by 1.6% over CPLY . Crude Steel Production (MT) 1394 1374 769 746 626 628 2024 (9M) 2025 (9M)
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WORLD STEEL SCENARIO 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%). 1788 1839 1783 1767 1751 1772 2020 2021 2022 2023 2024(F) 2025(F) Apparent Steel Consumption (MT) WSA in its Short Range Outlook for Oct’24 has projected a positive growth in demand during 2025. SOURCE: World Steel Association (WSA)
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INTERNATIONAL PRICE TRENDS SOURCE: Big Mint 100 120 140 160 180 200 220 HCC PCI 80 85 90 95 100 105 110 115 Lumps Fines Australia Origin Fines Brazil Origin Coal FOB Australia (USD/t) Iron Ore CFR China (USD/t) 400 420 440 460 480 500 520 540 560 FOB Black Sea FOB China CFR Europe Hot Rolled (USD/t) 500 520 540 560 580 600 620 640 FOB Black Sea FOB China Cold Rolled (USD/t)
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STEEL AUTHORITY OF INDIA LIMITED Domestic Economic & Steel Scenario
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INDIAN ECONOMIC SCENARIO SOURCE: MOSPI, GOI -5.8 9.7 7.6 9.2 6.5 2020-21 2021-22 2022-23 2023-24 (FRE^) 2024-25 (SAE*) *FRE: First Revised Estimates ^SAE: Second Advance Estimates 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: 9.7 9.3 9.5 8.4 6.5 5.6 6.4 7.4 7.8 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Quarterly GDP GDP Growth % at Constant (2011-12) Prices Source Growth Projection Remarks WORLD BANK (Jun’25) 6.3% (FY26) & 6.5% (FY27) The projections for FY26 are retained at 6.3%. There has been marginal reduction in projections for FY27 which now stands at 6.5%. IMF (Oct’25) 6.6% (CY25) & 6.2% (CY26) The estimate for CY25 have been revised upwards to 6.6% in line with global projections while it for CY26 have been revised marginally downwards to 6.2%. RBI (Oct’25) 6.8% (FY26) The projections have been revised upwards to 6.8% for FY26. The quarterly projections stand as 7.0%, 6.5% and 6.2% for Q2, Q3 and Q4 respectively. For Q1 FY27, the projections stand at 6.4%.
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INDIAN ECONOMIC SCENARIO SOURCE: MOSPI, GOI 0.0 50.0 100.0 150.0 200.0 250.0 Apr'20 Jun'20 Aug'20 Oct'20 Dec'20 Feb'21 Apr'21 Jun'21 Aug'21 Oct'21 Dec'21 Feb'22 Apr'22 Jun'22 Aug'22 Oct'22 Dec'22 Feb'23 Apr'23 Jun'23 Aug'23 Oct'23 Dec'23 Feb'24 Apr'24 Jun'24 Aug'24 Oct'24 Dec'24 Feb'25 Apr'25 Jun'25 IIP Growth % at Constant (2011-12) Prices Primary Goods Capital Goods Intermediate Goods Infrastructure Goods Consumer Durables 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 with an almost similar trend in Apr-Jul FY’26 over CPLY.
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INDIAN STEEL SCENARIO 100.2 94.9 105.8 119.9 136.3 152.0 78.9 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 (H1) 109.1 103.5 120.0 127.2 144.3 152.0 82.1 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 (H1) The Short Range Outlook published by WorldSteel Association during Oct’24, projected steel demand in India to increase by 8.5% in CY2025. 36.2 40.6 41.5 Q2 FY'25 Q1 FY'26 Q2 FY'26 Crude Steel Production (mtpa) 37.2 38.3 40.5 Q2 FY'25 Q1 FY'26 Q2 FY'26 Finished Steel Consumption (mtpa) Source: JPC
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DOMESTIC PRICE TREND SOURCE: Big Mint 45 50 55 60 65Thousands Flats HRC Ex-Delhi CRC Ex-Delhi 0 2 4 6 8 10 12Thousands Fines/Lumps/Pellets Lumps 63% Fe, Odisha Index Fines 63% Fe, Odisha Index Pellets 63% Fe, Exw-Raipur 45 50 55 60 65Thousands Longs Wire Rod Ex-Jharkhand Rebar Ex-Delhi 30 32 34 36 38 40 42 44 46 48 50Thousands Semis/Ingot Billets Ex-Raipur Ingot DAP-Mandi All figures in Rs. thousand/tonne
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STEEL AUTHORITY OF INDIA LIMITED Operational Performance
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PRODUCTION PERFORMANCE CRUDE STEEL PRODUCTION SALEABLE STEEL PRODUCTION Quarterly Annual All figures In Million Tonne 15.1 14.6 16.9 17.2 18.4 17.9 9.6 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1) 4.8 4.9 4.6 Q2 FY25 Q1 FY26 Q2 FY26 4.6 4.7 4.9 Q2 FY25 Q1 FY26 Q2 FY26 16.2 15.2 17.4 18.3 19.2 19.2 9.5 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1)
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PRODUCTION PERFORMANCE : FY’25 PRODUCT MIX : 5 ISPs 49.3% 35.7% 15.1% SAIL ISP BSL RSP DSP BSP 88.9% 100.0% 21.4% 75.7% 55.7% 64.7% 24.3% 11.1% 44.3% 13.8% Flats Longs Semis
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CRUDE STEEL PRODUCTION BY PROCESS SALEABLE STEEL PRODUCTION BY PROCESS PRODUCTION PERFORMANCE : FY’25 98.5% 1.5% BOF EAF 0.8% 99.2% Ingot Route CC Route 43.0% 57.0% Commodity Value Added
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TECHNO-ECONOMIC PARAMETERS FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY 26 6.47 6.48 6.36 6.35 6.30 6.26 6.18 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY 26 1.80 1.81 1.79 1.84 1.88 2.02 2.08 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY 26 457 448 445 444 440 421 418 Coke Rate: kg/thm BF Productivity: T/m3/Day Specific Energy Consumption: GCal/tcs FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 FY 26 76 78 85 97 106 113 114 CDI Rate: kg/thm
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SALES PERFORMANCE All figures In Million Tonne 14.2 14.9 16.2 16.2 17.0 17.9 9.5 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1) 4.1 4.6 4.9 Q2 FY25 Q1 FY26 Q2 FY26 Structurals 9% Bars & Rods 22% Rly Products 8% PM Plates 16% PET Products 1% HR Plates/ Coils/Sheets 29% CR Coils/Sheets 6% Galvanized Products 1% Others 0% Semis 8.5% 5 ISPs Sales - Product Mix Sectoral Breakup Special Steels 1.7% Exports 1.8% Plant Sales 2.2% Retail 7.2% Non Retail 87.0% CMO Home Sales 94.2% Annual Quarterly
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STEEL AUTHORITY OF INDIA LIMITED Financial Performance
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Rs. Crore (INDAS Compliant figures) H1 FY 25 H1 FY 26 Q2 FY 25 Q1 FY 26 Q2 FY 26 Sales Turnover 48262 52254 24498 25731 26524 Total Income 49142 53089 24944 26082 27007 EBITDA 5593 5754 3174 2925 2829 Depreciation 2706 2894 1304 1441 1453 Finance Cost 1449 1079 758 691 484 PBT Before Exceptional Items 1439 1781 1113 890 891 Exceptional Items 312 338 0 0 338 PBT After Exceptional Items 1127 1443 1113 890 553 Tax 283 330 279 204 126 Profit After Tax 844 1112 834 685 427 FINANCIAL PERFORMANCE
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FINANCIAL PERFORMANCE 11184 13740 22364 9379 12280 11764 5754 3171 6879 16039 2637 3688 3009 1443 2022 3850 12015 1903 2733 2148 1112 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1) EBITDA PBT PAT 18.4 20.1 21.8 9.0 11.7 11.6 11.0 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1) 7869 9199 13846 5791 7213 6574 6081 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (H1) EBITDA/ton (Rs.) EBITDA Margin (%) Profitability Trend (Rs. crore)
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FINANCIAL PERFORMANCE 5593 5754 1127 1443 844 1112 FY 25 (H1) FY 26 (H1) EBITDA PBT PATProfitability Trend (Rs. crore) EBITDA Movement (Rs. crore) 5593 5754 1279 475 2313 1369 1462 125 EBITDA H1 FY 25 Volume/Mix Raw Material Usage Input Price/Cost Sales Price/NSR Rail Price Adjustment Others EBITDA H1 FY 26
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FINANCIAL PERFORMANCE 3174 2925 2829 1113 890 553 834 685 427 Q2 FY 25 Q1 FY 26 Q2 FY 26 EBITDA PBT PAT Quarterly Performance (Rs. crore) EBITDA Quarterly Movement (Rs. crore) 3174 2829 286 458 2995 1441 1621 106 2925 2829 266 226 199 792 159 162
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Borrowings, Interest and Net Worth in Rs. crore 35350 13386 25662 30593 29811 28741 26427 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sept'25 Mar'24 Jun'24 Sept'24 Dec'24 Mar'25 Jun'25 Sept'25 642 691 758 679 664 595 484 Borrowings (Non Ind AS) Quarterly Interest 0.81 0.26 0.49 0.57 0.54 0.51 0.47 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sept'25 Debt-equity (times) (Non Ind AS) 43495 52017 52139 54131 55656 56224 55973 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sept'25 Net Worth FINANCIAL PERFORMANCE
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STEEL AUTHORITY OF INDIA LIMITED Sustainable Operations
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SUSTENANCE PARAMETERS FY 22 FY 23 FY 24 FY 25 H1 FY26 3.12 3.06 3.02 3.00 2.90 FY 22 FY 23 FY 24 FY 25 H1 FY26 95 102 103 107 114 FY 22 FY 23 FY 24 FY 25 H1 FY26 2.51 2.50 2.62 2.55 2.54 FY 22 FY 23 FY 24 FY 25 H1 FY26 0.59 0.57 0.58 0.56 0.58 PM Emission Load: kg/tcs Specific CO2 Emission: T/tcs Solid Waste Utilisation (%) Specific Water Consumption: m3/tcs
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TOUCHING LIVES…. 26% 25% 8% 2% 7% 11% 9% 2% 7% 3% Education Health care Livelihood Generation Women Empowerment Drinking Water & Sanitation Sports, Art & Culture Rural Development Social Security Environment Sustainability Others Total CSR spends since FY’15: ~Rs. 741 crore Basic and specialised healthcare to more than a million lives annually. Drinking Water facility to more than 50 lakh people. 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’. Key Activites
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STEEL AUTHORITY OF INDIA LIMITED Human Resource
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MANPOWER MANPOWER 400 396 461 521 579 615 629 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 LABOUR PRODUCTIVITY (tcs/man/year) 607 643 620 Q2 FY 25 Q1 FY 26 Q2 FY 26 QUARTERLY ANNUAL Particulars 01.04.2025 01.07.2025 01.10.2025 Manpower on date 53159 52142 51351 Reduction during the quarter 1017 791 Reduction during the year 1808
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• FOB Freight On Board • JPC Joint Plant Committee • Kg/thm Kilo Gram Per Tonne of Hot Metal • Tpd Tonnes Per Day • MT Million Tonne • Mtpa Million Tonne Per Annum • EBITDA Earnings Before Interest, Taxes, Depreciation & Amortization. • PAT Profit After Tax • PBT Profit Before Tax • RINL Rashtriya Ispat Nigam Limited • CS Crude Steel • CDI Coal Dust Injection • CC Continuous Casting • BOO Build-Own-Operate • GoI Government of India • MOEF Ministry of Environment & Forests • BF Blast Furnace • SMS Steel Melting Shop • BOF Basic Oxygen Furnace • THF Twin Hearth Furnace • EAF Electric Arc Furnace • BSP Bhilai Steel Plant • DSP Durgapur Steel Plant • RSP Rourkela Steel Plant • BSL Bokaro Steel Limited • SSP Salem Steel Plant • VISL Visvesvaraya Iron & Steel Plant • ASP Alloy Steels Plant • CPLY Corresponding Period Last Year • G.Cal/tcs Giga Calories per tonne of Crude Steel • ISP Integrated Steel Plant • HDGL Hot Dip Galvanizing Line • CR Cold Rolled • HR Hot Rolled Abbreviations used
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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. Disclaimer