Bajaj Steel Industries Limited (BAJAJST)

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Bajaj Steel Industries Limited (BAJAJST) · mywealthgrid

About

Bajaj Steel Industries is an industrial manufacturer in the Industrial Products segment with a market cap of ₹753.27 Cr and quarterly revenues typically in the ₹90–₹150 Cr range. The company demonstrated strong capital efficiency through FY2025, with ROE of 23.68% and operating margins sustained at 14–17%. However, performance has deteriorated sharply: operating margin compressed to 4.37% (Mar 2026), net profit fell 95% year-over-year (₹19.77 Cr to ₹1.07 Cr), and the stock is down 28.99% over 1 year.

Face value: ₹5

Market cap

₹698 Cr

P/E

12.3×

P/B

2.6×

Dividend yield

0.3%

ROE

23.7%

ROCE

37.5%

Debt / equity

0.13

OPM

18%

EPS (TTM)

₹27.3

Book value

₹131.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin collapse from 17.43% (Mar 2025) to 4.37% (Mar 2026) with net profit down 95% (₹19.77 Cr to ₹1.07 Cr)—verify whether deterioration reflects cyclical industrial headwinds or structural loss of competitiveness.
Quarterly revenue and profit volatility with no discernible pattern: revenue swings ₹92.95–₹150.75 Cr; net profit ₹1.07–₹29.16 Cr—verify order pipeline stability and demand visibility.
Stock down 28.99% over 1 year despite 23.68% ROE and prior profitability—verify if market has identified operational or competitive risks not yet publicly disclosed.
Minimal institutional investor participation (FII 0.04%, DII 0.01%) suggests thin analyst coverage and potential liquidity constraints.

Generated analysis · source review pending

Growth drivers

Balance-sheet capacity: D/E ratio of 0.13 leaves significant headroom for growth capex or acquisitions—verify management's capital deployment roadmap and capex plans.
Margin recovery potential: OPM ranged 14–17% in H2 FY2025; if current 4–9% proves cyclical, restoration to prior margins would double quarterly profit (₹12–₹29 Cr range)—verify whether recent compression is demand-driven or cost-driven.
Quarterly upside from stabilization: strongest quarter (Sep 2025) showed ₹150.46 Cr revenue, 15.62% OPM, and ₹14.82 Cr profit; if company returns to these levels, profit will re-expand—verify whether recent weakness is order-cycle driven or structural.

Generated analysis · source review pending

1,610 historical price candles were omitted because the exchange source has not been verified.

₹335.7-2.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 39.6% (3-yr avg)
+High return on capital employed of 35.3%
+Profit CAGR of 37.8% over the last 5 years
+Revenue CAGR of 16.6% over the last 5 years
+Comfortable interest coverage of 14×

Cons

−Low dividend payout of 3.7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

78/100

Business quality: 81
Growth: 68
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	238	248	377	415	511	437	533
COGS	140	130	220	229	—	—	—
Gross profit	98	118	157	185	—	—	—
	97	96	126	—	—	—	—
Operating profit (EBITDA)	2	22	31	—	93	52	96
OPM %	0.7%	8.8%	8.3%	—	18.1%	11.9%	18%
Depreciation	8	6	4	6	7	9	10
Interest	9	9	10	9	9	8	7
	2	4	5	9	10	13	15
Profit before tax	-13	10	23	32	87	49	94
Tax	-3	-1	9	8	—	—	—
Tax %	-25%	-9.4%	39.6%	25.3%	—	—	—
	-10	11	14	24	66	36	68
PAT margin %	-4.2%	4.6%	3.6%	5.7%	12.8%	8.4%	12.7%
EPS (₹)	—	—	—	—	—	—	—
EPS adjusted (₹)	—	—	—	12.6	31.5	17.9	27.4
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity capital	2	3	3	3
Reserves	—	169	204	271
Borrowings	—	51	57	36
Other liabilities	110	147	131	136
Total equity & liabilities	112	369	395	446
Fixed assets	72	80	85	110
CWIP	—	—	—	—
Investments	—	—	—	—
Other assets	—	—	—	—
Total assets	112	369	395	446

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	41	89	55	27
	-21	-12	-20	-52
Cash from financing	-8	-19	4	-22
Net cash flow	12	59	39	-47
Free cash flow	24	—	—	—
CFO / Operating profit %	—	96.5%	106.1%	27.7%

Compounded sales growth

7 years: —
5 years: 17%
3 years: 9%
1 year: 22%

Compounded profit growth

7 years: —
5 years: 43%
3 years: 42%
1 year: 85%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Margins
Gross margin %	41.4%	47.6%	41.7%	44.7%	—	—	—
EBITDA margin %	0.7%	8.8%	8.3%	—	18.1%	11.9%	18%
EBIT margin %	-2.8%	6.4%	7.3%	—	16.8%	9.8%	16.1%
PAT margin %	-4.2%	4.6%	3.6%	5.7%	12.8%	8.4%	12.7%
Working capital
Receivable days	—	—	—	—	—	—	—
Inventory days	—	—	—	—	—	—	—
Payable days	—	—	—	—	—	—	—
NWC days	—	—	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	1.85	1.97	2.01
Debt to EBITDA	—	—	—	—	0.55	1.1	0.38
Debt to equity	—	—	—	—	0.29	0.28	0.13
Interest coverage	-0.5	2.2	3.3	0.3	10.7	7.4	14
Asset turnover	—	—	—	3.71	1.38	1.11	1.2
Return ratios
Return on assets %	—	—	—	21.1%	17.8%	9.2%	15.2%
Return on capital employed %	—	—	—	—	44.2%	24.2%	37.5%
Return on equity %	—	—	—	—	38.3%	17.6%	24.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.69%	47.78%	48.39%	48.27%	48.27%	48.27%	48.27%	48.27%	48.27%	56.62%	56.62%	56.62%
	0.07%	0.07%	0.07%	0.07%	0.16%	0.08%	0.07%	0.15%	0.06%	0.04%	0.04%	0.04%
	0%	0%	0%	0%	0%	0%	0.08%	0.01%	0.01%	0.01%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	52.24%	52.15%	51.54%	51.66%	51.57%	51.65%	51.58%	51.57%	51.66%	43.33%	43.33%	43.33%
No. of shareholders	—	—	—	—	—	—	—	—	24,029	24,148	23,738	23,071

Promoter holding up 8.93 percentage points since Sep 2023.

9 deals · 24 Aug 2021 – 19 Feb 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Feb 2024	SIDHI VINIMAY PRIVATE LIMITED	Bulk	BSE	Buy	32,149	₹1,240.90	₹3.99 Cr
19 Feb 2024	DHANTERASH SUPPLIERS PRIVATE LIMITED	Bulk	BSE	Sell	32,110	₹1,240.90	₹3.98 Cr
19 Feb 2024	DHANTERASH SUPPLIERS PRIVATE LIMITED	Bulk	BSE	Buy	1,000	₹1,231.11	₹0.12 Cr
11 Nov 2022	SIDHI VINIMAY PRIVATE LIMITED	Block	BSE	Buy	1,57,800	₹887.00	₹14.00 Cr
11 Nov 2022	GLYCOSIC MERCHANTS PRIVATE LIMITED	Block	BSE	Sell	1,57,800	₹887.00	₹14.00 Cr
11 Nov 2022	SIDHI VINIMAY PRIVATE LIMITED	Bulk	BSE	Buy	1,57,800	₹887.00	₹14.00 Cr
11 Nov 2022	GLYCOSIC MERCHANTS PRIVATE LIMITED	Bulk	BSE	Sell	1,57,800	₹887.00	₹14.00 Cr
24 Aug 2021	ALPHA LEON ENTERPRISES LLP	Bulk	BSE	Sell	26,087	₹897.58	₹2.34 Cr
24 Aug 2021	ALPHA LEON ENTERPRISES LLP	Bulk	BSE	Buy	26,087	₹850.22	₹2.22 Cr

1–9 of 9

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. ROHIT HARGOVIND BAJAJExecutive Director-Chairperson-MD
Manish Mohanlal SharmaChief Financial Officer
Mr. SUNIL HARGOVIND BAJAJExecutive Director
Mr. LAV SUNIL BAJAJExecutive Director
Mr. MAHENDRA KUMAR MAHAVIR PRASAD SHARMAExecutive Director-CEO
Mr. DEEPAK RAJENDRANATH BATRANon-Executive - Non Independent Director
Mrs. BHANUPRIYA NIKHIL THAKURNon-Executive - Independent Director
Mr. PANKAJ K AGRAWALNon-Executive - Independent Director
Mr. RAKESH KUMAR KHATORNon-Executive - Independent Director
Mr. GAURAV DAMODAR SARDANon-Executive - Independent Director
Mr. Mayank Arun BhandariNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Bajaj Steel Industries Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

30 Sept 2026, 10:10 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

30 Sept 2026, 10:08 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

10 Sept 2026, 3:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

8 Sept 2026, 6:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

2 Sept 2026, 4:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 4:25 pmAGM/EGM

Fixation Of Record Date For AGM (E-Voting) And Dividend

AGM PDF

1 Sept 2026, 4:16 pmAGM/EGM

Fixation Of Book Closure For Annual General Meeting And Dividend

AGM PDF

1 Sept 2026, 4:09 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

Date	Category	Subject	Filing
30 Sept 2026, 10:10 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
30 Sept 2026, 10:08 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Bajaj Steel Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends18

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

18

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