Slides
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STEEL AUTHORITY OF INDIA LIMITED RESULTS PRESENTATION FOR Q2 and H1 FY’27
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SNAPSHOT H1 FY’27 Funds Debt (IndAS): Rs. 31464 crore DSCR: 2.64 Interest Coverage Ratio: 4.89 Ratios EPS: 8.25 EBITDA Margin: 15.43% Debt Equity (IndAS): 0.52 Profitability EBITDA: Rs. 8917 crore PBT: Rs. 4515 crore PAT: Rs. 3410 crore Financials Turnover: Rs. 57776 crore Revenue From Operations: Rs. 58243 crore Net Worth: Rs. 60329 crore Sales & Marketing Domestic Sales: 9.180 MT Exports: 0.146 MT Total Sales: 9.326 MT Production Hot Metal: 10.203 MT Crude Steel: 9.605 MT Saleable Steel: 8.390 MT Mining Iron Ore: 19.547 MT Limestone: 0.534 MT Dolomite: 0.241 MT
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STEEL AUTHORITY OF INDIA LIMITED Economic Scenario
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WORLD ECONOMIC SCENARIO -3.1 6.0 3.5 3.3 3.3 3.5 3.1 3.4 -4.5 5.2 2.6 1.7 1.8 2.0 2.1 1.8 -2.0 6.6 4.1 4.4 4.3 4.5 3.7 4.4 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 Oct’26, has increased the growth projections for 2026 over the projections released during Jul’26. The overall estimates for global economy in 2027 are significantly better than projections of 2026 due to significant improvement in the projections for the Emerging & Developing Economies and despite projections being lower for the Advanced Economies. The major factor impacting the projections for current year 2026 has been the prevailing scenario in the middle east causing the disruption in the energy sector and the on the other hand, investment boon in the AI induced impetus to global activity. SOURCE: IMF E= Estimates P= Projections
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INDIAN ECONOMIC SCENARIO SOURCE: MOSPI, GOI 7.3 7.2 7.8 11.0 9.7 8.9 2023-24 2024-25 (FRE*) 2025-26 (SAE^) Constant Prices Current Prices *FRE: First Revised Estimates ^SAE: Second Advance Estimates Ministry of Statistics & Programme Implementation has updated the reporting of GDP from 2011-12 series to 2022-23 series. The Annual Estimates at constant prices for FY 2025-26 stand at 7.8% as against 7.2% for FY 2024-25 whereas on current prices, the estimates for FY 2025-26 stand at 8.9% down from 9.7% for FY 2024-25. The quarterly estimates for Q1 FY 2026-27 have been higher than the expectation leading to improvement in the forecast for annual data by almost major agencies detailed as follows: 6.6 7.5 7.7 7.4 7.5 7.3 7.4 6.6 6.9 8.1 7.7 8.6 7.8 10.5 11.3 11.1 11.3 10.4 9.0 9.7 8.5 8.1 8.4 8.7 9.2 10.3 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Quarterly GDP GDP Growth % (2022-23 series) Source Growth Projection Remarks IMF (Oct’26) 7.0% (CY26) & 7.0% (CY27) The projections for CY26 and CY27 have been significantly improved from the 6.4% and 6.7% projected respectively in the WEO published in July’26. World Bank (Oct’26) 7.1% (FY27) The projection for FY27 has been improved to 7.1% from the earlier level of 6.6% (April’26). The Global Economic Prospects published in June’26 projected growth in FY’28 and FY’29 at 7.2% and 7.0% respectively. RBI (Oct’26) 7.1% (FY27) The projection has been improved from the earlier level of 6.7% (Aug’26). The quarterly projections for Q2, Q3 and Q4 FY27 and Q1FY28 stand at 7.2%, 6.9%, 6.8% and 7.1% respectively.
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INDIAN ECONOMIC SCENARIO SOURCE: MOSPI, GOI 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 Apr'23 May'23 Jun'23 Jul'23 Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 Oct'25 Nov'25 Dec'25 Jan'26 Feb'26 Mar'26 Apr'26 May'26 Jun'26 Jul'26 Aug'26 IIP Growth % at Constant (2022-23) Prices Primary Goods Capital Goods Intermediate Goods Infrastructure Goods Consumer Durables Consumer Non-Durables The IIP has shown improvement in in all six categories during first five months of FY2026-27 as against FY2025- 26. The growth has been driven majorly by Intermediate Good, Capital Goods and Consumer Non-durables.
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STEEL AUTHORITY OF INDIA LIMITED Steel Scenario
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WORLD STEEL SCENARIO 1883 1963 1889 1904 1887 1850 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 ~53.2% of global production during Jan-Aug CY’26. The production in China during the period has, however, been at lower by 3.1% over CPLY. • Among the other major producers, Vietnam (29.1%), Turkey (6.8%), Germany (6.3%), India (6.0%), USA (5.5%) and South Korea (2.8%) have registered positive growth in production during Jan-Aug CY’26 over CPLY. On the other hand, countries like Russia (-5.1%), Brazil (-1.9%) and Japan (-0.2%) have registered negative growth during the period. Steel Production as been coming down every year barring 2023 where marginal increase was witnessed. The first 8 months of the current year have also seen the production falling by 0.7%% over CPLY with China registering degrowth of 3.1% as against increase of 2.2% in production in Rest of the World (RoW). Crude Steel Production (MT) 1234 1225 673 652 561 573 Jan-Aug 2025 Jan-Aug 2026
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WORLD STEEL SCENARIO Short Range Outlook, Oct’26: • Global steel demand is expected to decrease by 0.1% in CY 2026 and increase by 1.7% in CY 2027. • Demand growth in China is expected to decline by 2% in CY 2026 and by 1% in CY 2027. • Global demand excluding China is expected to grow 1.5% in CY 2026 and 4.0% in CY 2027. • Amongst the major steel consuming nations, demand growth in CY 2026 is projected to be highest in Vietnam (12%) followed by India (7.9%) and Germany (3.8%). During CY 2027, demand growth will be led by India (8.0%), Germany (6.0%) and Vietnam (4.0%). 1788 1839 1783 1767 1751 1724 1722 1752 2020 2021 2022 2023 2024 2025 2026(F) 2027(F) Apparent Steel Consumption (MT) As per the Short Range Outlook by WSA in Oct’26, the decline in the consumption continues with projection as the demand is expected to further contract through marginally in CY 2026 by 0.1%. However, the demand growth is expected at 1.7% during CY 2027. SOURCE: World Steel Association (WSA)
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INTERNATIONAL PRICE TRENDS SOURCE: Big Mint 100 120 140 160 180 200 220 240 260 280 HCC PCI 80 85 90 95 100 105 110 115 120 125 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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INDIAN STEEL SCENARIO 100.2 94.9 105.8 119.9 136.3 152.1 164.2 79.0 84.9 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 FY'26 (H1) FY'27 (H1) 109.1 103.5 120.0 127.2 144.3 152.2 169.2 82.7 85.1 FY'20 FY'21 FY'22 FY'23 FY'24 FY'25 FY'26 FY'26 (H1) FY'27 (H1) The production of crude steel in India during H1 FY’27 has grown by 3% over CPLY and during Q2 FY’27, the same has grown by 5% over CPLY and 2% over previous quarter. At the same time, consumption has grown by ~8% during H1 over CPLY . During Q2 FY’27, the same has grown by 7% over CPLY and 4% over previous quarter. 40.8 42.1 43.0 Q2 FY'26 Q1 FY'27 Q2 FY'27 Crude Steel Production (mtpa) 40.6 41.6 43.4 Q2 FY'26 Q1 FY'27 Q2 FY'27 Source: JPC Finished Steel Consumption (mtpa)
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DOMESTIC PRICE TREND SOURCE: Big Mint 40 45 50 55 60 65 70 75 80Thousands Flats HRC Ex-Delhi CRC Ex-Delhi 0 2 4 6 8 10 12 14Thousands Fines/Lumps/Pellets Lumps 63% Fe, Odisha Index Fines 63% Fe, Odisha Index Pellets 63% Fe, Exw-Raipur 40 45 50 55 60 65 70Thousands 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 17.2 18.4 17.9 19.2 9.6 9.4 FY 23 FY 24 FY 25 FY 26 FY 26 (H1) FY 27 (H1) 4.7 4.8 4.8 Q2 FY'26 Q1 FY'27 Q2 FY'27 4.9 4.5 4.9 Q2 FY'26 Q1 FY'27 Q2 FY'27 18.3 19.2 19.2 19.4 9.5 9.6 FY 23 FY 24 FY 25 FY 26 FY 26 (H1) FY 27 (H1)
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PRODUCTION PERFORMANCE : H1 FY’27 PRODUCT MIX : 5 ISPs 52.4% 34.8% 12.8% SAIL ISP BSL RSP DSP BSP 91.6% 100.0% 25.2% 77.0% 55.9% 64.2% 23.0% 8.4% 44.1% 10.7% Flats Longs Semis
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CRUDE STEEL PRODUCTION BY PROCESS SALEABLE STEEL PRODUCTION BY PROCESS PRODUCTION PERFORMANCE : H1 FY’27 98.7% 1.3% BOF EAF 0.7% 99.3% Ingot Route CC Route 55.8% 44.2% Value Added Commodity
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TECHNO-ECONOMIC PARAMETERS: H1 FY 27 FY 23 FY 24 FY 25 FY 26 FY 27 H1 6.35 6.30 6.26 6.18 6.22 FY 23 FY 24 FY 25 FY 26 FY 27 H1 1.84 1.88 2.02 2.09 2.05 FY 23 FY 24 FY 25 FY 26 FY 27 H1 444 440 421 419 424 Coke Rate: kg/thm BF Productivity: T/m3/Day Specific Energy Consumption: GCal/tcs FY 23 FY 24 FY 25 FY 26 FY 27 H1 97 106 113 113 110 CDI Rate: kg/thm
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SALES PERFORMANCE All figures In Million Tonne 16.2 17.0 17.9 19.9 9.5 9.3 FY 23 FY 24 FY 25 FY 26 FY 26 H1 FY 27 H1 4.9 4.2 5.2 Q2 FY'26 Q1 FY'27 Q2 FY'27 Structurals 8.3% Bars & Rods 22.2% Rly Products 8.3% PM Plates 16.3% PE Products 0.9% HR Plates/ Coils/Sheets 29% CR Coils/Sheets 6.2% Galvanized Products 1.2% Semis 7.0% Others 0.2% 5 ISPs Sales - Product Mix Annual Quarterly
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STEEL AUTHORITY OF INDIA LIMITED Financial Performance
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Rs. Crore (INDAS Compliant figures) H1 FY’26 H1 FY’27 Q2 FY’26 Q1 FY’27 Q2 FY’27 Sales Turnover 52254 57776 26524 26010 31766 Total Income 53089 58788 27007 26449 32339 EBITDA 5754 8917 2829 4356 4561 Depreciation 2894 3168 1453 1560 1609 Finance Cost 1079 1016 484 493 523 PBT Before Exceptional Items 1781 4732 891 2303 2429 Exceptional Items -338 -217 -338 -144 -73 PBT After Exceptional Items 1443 4515 553 2159 2356 Tax 330 1105 126 523 583 Profit After Tax 1112 3410 427 1636 1774 FINANCIAL PERFORMANCE
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FINANCIAL PERFORMANCE 9379 12280 11764 13146 5754 8917 2637 3688 3009 4334 1443 4515 1903 2733 2148 3233 1112 3410 FY 23 FY 24 FY 25 FY 26 H1 FY 26 H1 FY 27 EBITDA PBT PAT 9.0 11.7 11.6 12.0 15.4 FY 23 FY 24 FY 25 FY 26 Q1 FY 27 5791 7213 6574 6595 9561 FY 23 FY 24 FY 25 FY 26 H1 FY 27 EBITDA/ton (Rs.) EBITDA Margin (%) Profitability Trend Rs. crore
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FINANCIAL PERFORMANCE: H1 FY 27 5754 8917 1443 4515 1112 3410 FY 26 (H1) FY 27 (H1) EBITDA PBT PAT EBITDA Movement 5754 8917 902 117 4365 6343 482 265 382 EBITDA H1 FY 26 Volume Raw Material Usage Input Price/Cost Sales Price/NSR Rail Price Adjustment Sale of Iron Ore Others EBITDA H1 FY 27 All figures in Rs. crore
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FINANCIAL PERFORMANCE: Q2 FY 27 2829 4356 4561 553 2159 2356 427 1636 1774 Q2 FY 26 Q1 FY 27 Q2 FY 27 EBITDA PBT PAT EBITDA Movement 4356 4561 1344 131 658 694 295 51 2829 4561 213 335 2486 4121 118 101 All figures in Rs. crore
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Borrowings, Interest and Net Worth in Rs. crore 29811 28741 26427 24852 21663 21729 20583 Mar'25 Jun'25 Sept'25 Dec'25 Mar'26 Jun'26 Sept'26 Mar'25 Jun'25 Sept'25 Dec'25 Mar'26 Jun'26 Sept'26 664 595 484 547 532 493 523 Borrowings (Non IndAS) Quarterly Interest 0.54 0.51 0.47 0.44 0.37 0.36 0.34 Mar'25 Jun'25 Sept'25 Dec'25 Mar'26 Jun'26 Sept'26 Debt-equity (times) (Non IndAS) 55656 56224 55973 56236 58195 59720 60329 Mar'25 Jun'25 Sept'25 Dec'25 Mar'26 Jun'26 Sept'26 Net Worth FINANCIAL PERFORMANCE
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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