Slides
Page 1
STEEL AUTHORITY OF INDIA LIMITED RESULTS PRESENTATION FOR Q3 and 9M FY’26
Page 2
SNAPSHOT 9M FY’26 Funds Debt (IndAS): Rs. 34983 crore DSCR: 3.03 Interest Coverage Ratio: 2.10 Ratios EPS: 3.76 EBITDA Margin: 10.56% Debt Equity (IndAS): 0.62 Profitability EBITDA: Rs. 8384 crore PBT: Rs. 2010 crore PAT: Rs. 1554 crore Financials Turnover: Rs. 79425 crore Revenue From Operations: Rs. 79997 crore Net Worth: Rs. 56236 crore Sales & Marketing Domestic Sales: 14.384 MT Exports: 0.226 MT Total Sales: 14.610 MT Production Hot Metal: 15.143 MT Crude Steel: 14.350 MT Saleable Steel: 14.241 MT Mining Iron Ore: 25.925 MT Limestone: 0.648 MT Dolomite: 0.437 MT
Page 3
STEEL AUTHORITY OF INDIA LIMITED Global Economic & Steel Scenario
Page 4
WORLD ECONOMIC SCENARIO -3.1 6.0 3.5 3.3 3.3 3.3 3.3 3.2 -4.5 5.2 2.6 1.7 1.8 1.7 1.8 1.7 -2.0 6.6 4.1 4.4 4.3 4.4 4.2 4.1 2020 (E) 2021 (E) 2022 (E) 2023 (E) 2024 (E) 2025 (E) 2026 (P) 2027 (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. Projections remain lower than 2025 performance though there Is improvement in projections over earlier projections. Growth Rates ( in %) IMF, in the World Economic Outlook released during Jan’26, has increased the growth projections for 2026 over the projections released during Oct’25. The overall estimates for global economy in 2027 have been published though marginally lower than projections of 2026 with the Emerging & Developing Economies projected to continue outperforming the Advanced Economies. The major assumptions have been status quo on the current trade policies, expectations of steady growth and decline in global inflation. SOURCE: IMF E= Estimates P= Projections
Page 5
WORLD STEEL SCENARIO 1883 1963 1889 1904 1887 1849 1065 1035 1018 1029 1005 961 819 927 871 875 882 889 2020 2021 2022 2023 2024 2025 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 has been consistently more than 50% of the global production. The production by China stood at ~53.3% of global production during CY’24 and ~52.0% during CY’25. The production in China during CY’25 has, however, been at lower by 4.4% over CPLY. • Among the other major producers, India (10.4%), USA (3.1%), Turkey (3.3%) and Iran (1.4%) have registered positive growth in production during CY’25 over CPLY. On the other hand, countries like Japan (4.0), Russia (4.5%), South Korea (2.8%), Germany (8.6%) and Brazil (1.6%) have registered negative growth in production during CY’25. 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 ~2.0% during CY’25. Crude Steel Production (MT)
Page 6
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)
Page 7
INTERNATIONAL PRICE TRENDS SOURCE: Big Mint 100 120 140 160 180 200 220 240 HCC PCI 80 85 90 95 100 105 110 115 120 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 FOB Black Sea FOB China CFR Europe Hot Rolled (USD/t) 500 510 520 530 540 550 560 570 580 590 FOB Black Sea FOB China Cold Rolled (USD/t)
Page 8
STEEL AUTHORITY OF INDIA LIMITED Domestic Economic & Steel Scenario
Page 9
INDIAN ECONOMIC SCENARIO SOURCE: MOSPI, GOI -5.8 9.7 7.6 9.2 6.5 7.4 2020-21 2021-22 2022-23 2023-24 2024-25 (SAE*) 2025-26 (FAE^) *SAE: Second Advance Estimates ^FAE: First 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 with First Advance Estimates for FY’26 at 7.4%. Despite projections for future years lying in the range of 6.4% - 7.3%, India is likely to remain amongst the fastest growing major economies. The projections from major financial agencies are as follows: 6.5 5.6 6.4 7.4 7.8 8.2 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Quarterly GDP GDP Growth % at Constant (2011-12) Prices Source Growth Projection Remarks IMF (Jan’26) 6.4% (FY26) & 6.4% (FY27) The projections for FY26 are improved to 6.4%. There has been marginal reduction in projections for FY27 which now stands at 6.4%. World Bank (Jan’26) 6.5% (CY26) & 6.6% (CY27) The estimate for CY26 have been revised upwards to 6.5% in line with global projections while for CY27, the projections stand a notch higher at 6.6%. RBI (Dec’25) 7.3% (FY26) The projections have been revised upwards to 7.3% for FY26. The quarterly projections for Q3 and Q4 FY26 stand at 7.0% and 6.5% respectively. For Q1 and Q2 FY27, the projections stand at 6.7% and 6.8% respectively.
Page 10
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 Aug'25 Oct'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 similar trend in Apr-Nov FY’26 over CPLY.
Page 11
INDIAN STEEL SCENARIO 100.2 94.9 105.8 119.9 136.3 152.0 119.3 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 (9M) 109.1 103.5 120.0 127.2 144.3 152.0 123.9 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 (9M) The Short Range Outlook published by WorldSteel Association during Oct’24, projected steel demand in India to increase by 8.5% in CY2025. 39.3 41.5 41.8 Q3 FY'25 Q2 FY'26 Q3 FY'26 Crude Steel Production (mtpa) 38.8 40.5 40.4 Q3 FY'25 Q2 FY'26 Q3 FY'26 Finished Steel Consumption (mtpa) Source: JPC
Page 12
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
Page 13
STEEL AUTHORITY OF INDIA LIMITED Operational Performance
Page 14
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 14.2 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (9M) 4.6 4.6 4.8 Q3 FY25 Q2 FY26 Q3 FY26 4.4 4.9 4.7 Q3 FY25 Q2 FY26 Q3 FY26 16.2 15.2 17.4 18.3 19.2 19.2 14.4 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (9M)
Page 15
PRODUCTION PERFORMANCE : 9M FY’26 PRODUCT MIX : 5 ISPs 50.4% 35.6% 14.0% SAIL ISP BSL RSP DSP BSP 91.7% 100.0% 22.5% 74.3% 55.6% 65.5% 25.7% 8.3% 44.4% 12.0% Flats Longs Semis
Page 16
CRUDE STEEL PRODUCTION BY PROCESS SALEABLE STEEL PRODUCTION BY PROCESS PRODUCTION PERFORMANCE : FY’25 98.5% 1.5% BOF EAF 0.7% 99.3% Ingot Route CC Route 43.8% 56.2% Commodity Value Added
Page 17
TECHNO-ECONOMIC PARAMETERS FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY 26 6.47 6.48 6.36 6.35 6.30 6.26 6.20 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M 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 9M FY 26 457 448 445 444 440 421 419 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 9M FY 26 76 78 85 97 106 113 113 CDI Rate: kg/thm
Page 18
SALES PERFORMANCE All figures In Million Tonne 14.2 14.9 16.2 16.2 17.0 17.9 14.6 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY 26 4.4 4.9 5.1 Q3 FY25 Q2 FY26 Q3 FY26 Structurals 8.3% Bars & Rods 21.7% Rly Products 8.0% PM Plates 15.8% PE Products 0.7% HR Plates/ Coils/Sheets 29% CR Coils/Sheets 6.0% Galvanized Products 1.3% Others 0.2% Semis 9.8% 5 ISPs Sales - Product Mix Sectoral Breakup Special Steels 1.7% Exports 1.7% Plant Sales 2.5% Retail 8.4% Non Retail 85.7% 5 ISPs CMO Home Sales 94.2% Annual Quarterly
Page 19
STEEL AUTHORITY OF INDIA LIMITED Financial Performance
Page 20
Rs. Crore (INDAS Compliant figures) 9M FY 25 9M FY 26 Q3 FY 25 Q2 FY 26 Q3 FY 26 Sales Turnover 72595 79425 24333 26524 27170 Total Income 73996 80792 24854 27007 27703 EBITDA 7983 8384 2389 2829 2630 Depreciation 4126 4409 1420 1453 1515 Finance Cost 2128 1626 679 484 547 PBT Before Exceptional Items 1728 2349 289 891 568 Exceptional Items 283 338 -29 338 0 PBT After Exceptional Items 1445 2010 318 553 568 Tax 475 456 192 126 126 Profit After Tax 970 1554 126 427 442 FINANCIAL PERFORMANCE
Page 21
FINANCIAL PERFORMANCE 11184 13740 22364 9379 12280 11764 8384 3171 6879 16039 2637 3688 3009 2010 2022 3850 12015 1903 2733 2148 1554 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (9M) EBITDA PBT PAT 18.4 20.1 21.8 9.0 11.7 11.6 10.6 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (9M) 7869 9199 13846 5791 7213 6574 5738 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (9M) EBITDA/ton (Rs.) EBITDA Margin (%) Profitability Trend (Rs. crore)
Page 22
FINANCIAL PERFORMANCE 7983 8384 1445 2010 970 1554 FY 25 (9M) FY 26 (9M) EBITDA PBT PATProfitability Trend (Rs. crore) EBITDA Movement (Rs. crore) 7983 8384 1436 108 3847 3348 1459 33 EBITDA 9M FY 25 Volume Raw Material Usage Input Price/Cost Sales Price/NSR Rail Price Adjustment Others EBITDA 9M FY 26
Page 23
FINANCIAL PERFORMANCE 2389 2829 2630 318 553 568 126 427 442 Q3 FY 25 Q2 FY 26 Q3 FY 26 EBITDA PBT PAT Quarterly Performance (Rs. crore) EBITDA Quarterly Movement (Rs. crore) 2389 2630 240 96 855 1014 63 EBITDA Q3 FY 25 Volume Raw Material Usage Input Price/Cost Sales Price/NSR Others EBITDA Q3 FY 26 2829 2630 246 70 483 418 51 EBITDA Q2 FY 26 Volume Raw Material Usage Input Price/Cost Sales Price/NSR Others EBITDA Q3 FY 26
Page 24
Borrowings, Interest and Net Worth in Rs. crore 30593 29811 28741 26427 24852 Mar'24 Mar'25 Jun'25 Sept'25 Dec'25 Dec'24 Mar'25 Jun'25 Sept'25 Dec'25 679 664 595 484 547 Borrowings (Non Ind AS) Quarterly Interest 0.57 0.54 0.51 0.47 0.44 Mar'24 Mar'25 Jun'25 Sept'25 Dec'25 Debt-equity (times) (Non Ind AS) 54131 55656 56224 55973 56236 Mar'24 Mar'25 Jun'25 Sept'25 Dec'25 Net Worth FINANCIAL PERFORMANCE
Page 25
STEEL AUTHORITY OF INDIA LIMITED Sustainable Operations
Page 26
SUSTENANCE PARAMETERS FY 22 FY 23 FY 24 FY 25 9M FY26 3.12 3.06 3.02 3.00 2.88 FY 22 FY 23 FY 24 FY 25 9M FY26 95 102 103 107 117 FY 22 FY 23 FY 24 FY 25 9M FY26 2.51 2.50 2.62 2.55 2.54 FY 22 FY 23 FY 24 FY 25 9M 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
Page 27
TOUCHING LIVES…. 26% 26% 8% 2% 7% 11% 8% 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. 763 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
Page 28
STEEL AUTHORITY OF INDIA LIMITED Human Resource
Page 29
MANPOWER MANPOWER 400 396 461 521 579 615 624 FY20 FY21 FY22 FY23 FY24 FY25 FY26 9M LABOUR PRODUCTIVITY (tcs/man/year) 592 620 608 Q3 FY 25 Q2 FY 26 Q3 FY 26 QUARTERLY ANNUAL Particulars 01.04.2025 01.10.2025 01.01.2026 Manpower on date 53159 51351 50612 Reduction during the quarter 791 739 Reduction during the year 2547
Page 30
• 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
Page 31
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