S.a.l. Steel Limited (SALSTEEL)

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S.a.l. Steel Limited (SALSTEEL) · mywealthgrid

About

S.a.l. Steel Limited is a sponge-iron producer in the ferrous metals sector with a market cap of ₹961.76 Cr. Quarterly revenues swing sharply (₹2.2 Cr to ₹193.56 Cr), and profitability has been erratic, cycling between losses and single-digit profits. The stock has rallied 318% over twelve months, reaching ₹69.58, though valuations (PE 77.44, negative ROE) suggest the move is untethered to current earnings.

Face value: ₹10

Market cap

₹1,432 Cr

P/E

115.3×

P/B

9.8×

Dividend yield

ROE

-0.4%

ROCE

1.1%

Debt / equity

2.38

OPM

EPS (TTM)

₹0.9

Book value

₹10.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe profit volatility: The company swung from losses of ₹9.68 Cr (Jun 2025) to profits of ₹6.62 Cr (Dec 2025) to losses again (Mar 2025, Mar 2026). Verify the drivers of these swings—are they cyclical, execution-related, or seasonal?
High leverage: Debt-to-equity ratio of 2.38 leaves limited cushion if sponge-iron demand or pricing weakens. Assess debt maturity and refinancing risk over the next 12–24 months.
Tiny institutional base: No FII or DII holdings and 70.98% promoter ownership with zero institutional investors suggest limited scrutiny and high single-holder exit risk.
Revenue unpredictability: Quarterly revenue ranges from ₹2.2 Cr to ₹193.56 Cr. Verify whether this reflects project-based contracts, seasonal demand, or operational inconsistency.

Generated analysis · source review pending

Growth drivers

Jun 2026 delivered ₹87.37 Cr revenue and 15.51% OPM, the strongest recent quarter—verify whether this reflects a sustained upturn in sponge-iron demand or demand-supply tightness in the ferrous sector.
Sponge iron is a cyclical input to steelmaking; growth will depend on recovery in India's steel consumption and capex cycles—track FY27 steel demand forecasts and check whether the company is winning volume from competitors.
Margin expansion in Jun 2026 (15.51% OPM vs. losses in prior year) suggests either better realizations or lower input costs—establish which, and whether input cost tailwinds are durable.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹98.9+1.9%1Y

Quick read

rule-based

Pros

+High promoter holding of 71% with no pledge

Cons

−Low return on equity of -5% (3-yr avg)
−Thin operating margin of 7%
−Revenue shrank over the last 5 years (-7.2% a year)
−Heavily leveraged (debt/equity 2.4)
−Weak interest coverage of 0.2×
−Expensive at 115.3× trailing earnings
−Trading at 9.8× book value

Research score

Structured signal from quality, growth, valuation and momentum.

2/100

Business quality: 1
Growth

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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Financials

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

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	338	86	86	574	408	301	505	496	577	544	207
COGS	-224	60	60	416	326	209	375	372	447	450	157
Gross profit	—	26	26	158	81	92	130	123	130	94	50
	538	29	29	149	100	93	133	115	109	70	36
	24	-3	-3	9	-18	-0	-4	8	21	23	15
OPM %	7%	-3.8%	-3.8%	1.6%	-4.5%	-0.1%	-0.7%	1.7%	3.7%	4.3%	7%
Depreciation	8	2	2	8	8	9	9	10	10	11	11
Interest	12	1	1	2	2	0	0	8	13	17	20
	—	1	1	-19	44	22	29	14	2	-3	16
Profit before tax	-10	-4	-4	-19	17	12	16	6	1	-7	-0
Tax	—	3	3	3	1	1	5	2	0	-1	-0
Tax %	—	63.5%	63.5%	15.8%	7%	6.9%	28.9%	35.9%	26.6%	-12%	-10.3%
	-29	-7	-7	-22	16	12	12	4	0	-6	-0
PAT margin %	-8.5%	-8.1%	-8.1%	-3.8%	3.9%	3.8%	2.3%	0.7%	0.1%	-1.2%	-0.2%
EPS (₹)	—	-0.8	-0.8	-2.5	1.9	1.4	1.4	0.4	0.1	-0.8	-0
EPS adjusted (₹)	—	—	-0.8	-2.5	1.9	1.4	1.4	0.4	0.1	-0.8	-0
Annual report	Annual report for Mar 2016	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	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	85	85	85	85	85	85	85	85	145
Reserves	-65	-86	-70	-59	-47	-43	-43	-46	2
	167	162	146	124	124	125	125	178	349
	94	122	154	145	129	110	117	122	126
Total equity & liabilities	282	283	314	295	291	277	284	338	621
	128	126	118	155	146	136	143	151	142
CWIP	25	11	46	1	1	3	1	1	174
Investments	—	—	—	0	0	0	0	0	0
	130	147	150	139	144	137	140	187	306
Total assets	282	283	314	295	291	277	284	338	621

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Ratios

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

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.5%	20%	30.7%	25.7%	24.9%	22.5%	17.2%	24.3%
EBITDA margin %	1.6%	-4.5%	-0.1%	-0.7%	1.7%	3.7%	4.3%	7%
EBIT margin %	0.3%	-6.3%	-3.1%	-2.5%	-0.2%	2%	2.3%	1.8%
PAT margin %	-3.8%	3.9%	3.8%	2.3%	0.7%	0.1%	-1.2%	-0.2%
Working capital
Receivable days	60	110	104	40	51	42	45	3
Inventory days	28	22	56	47	57	40	81	543
Payable days	—	—	111	46	28	32	17	58
NWC days	—	—	50	41	81	50	110	488
Leverage
Current ratio	—	—	1.06	0.58	1.5	1.42	1.18	2.31
Debt to EBITDA	17.43	—	—	—	14.74	5.84	7.65	24.05
Debt to equity	-129.98	10	4.75	3.28	3.01	2.97	4.58	2.38
Interest coverage	1.9	12.3	52.8	86.5	1.7	1.1	0.8	0.2
Asset turnover	2.03	1.3	1.02	1.74	1.79	2.03	1.61	0.33
Return ratios
Return on assets %	-7.6%	5.1%	3.9%	4%	1.3%	0.2%	-1.9%	-0.1%
Return on capital employed %	—	—	7.4%	14.2%	10.8%	7.1%	7.3%	1.1%
Return on equity %	1,728%	109.1%	44.2%	30.5%	8.5%	1.1%	-16.6%	-0.2%

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
	50.56%	50.56%	50.56%	50.56%	50.56%	50.56%	50.56%	50.56%	50.56%	61.47%	70.98%	70.98%
FII	0%	0%	0%	0%	0.07%	0.05%	0%	0.15%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	49.44%	49.44%	49.44%	49.44%	49.37%	49.39%	49.44%	49.29%	49.44%	38.53%	29.02%	29.02%
No. of shareholders	—	—	—	—	—	—	—	—	60,884	57,124	55,132	53,818

Promoter holding up 20.42 percentage points since Sep 2023.

16 deals · 2 Aug 2021 – 20 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Dec 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	8,03,926	₹27.38	₹2.20 Cr
20 Dec 2023	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	8,03,926	₹25.82	₹2.08 Cr
20 Dec 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	6,80,563	₹25.68	₹1.75 Cr
20 Dec 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	6,80,563	₹25.77	₹1.75 Cr
20 Jan 2023	NAMAN SECURITIES & FINANCE PVT LTD	Bulk	NSE	Buy	4,29,553	₹22.95	₹0.99 Cr
20 Jan 2023	NAMAN SECURITIES & FINANCE PVT LTD	Bulk	NSE	Sell	4,19,164	₹23.00	₹0.96 Cr
19 Jan 2023	VEENA RAJESH SHAH	Bulk	NSE	Sell	11,18,088	₹22.14	₹2.48 Cr
19 Jan 2023	VEENA RAJESH SHAH	Bulk	NSE	Buy	11,18,088	₹21.01	₹2.35 Cr
19 Jan 2023	CHETAN RASIKLAL SHAH	Bulk	NSE	Sell	5,34,610	₹21.39	₹1.14 Cr
19 Jan 2023	BP EQUITIES PRIVATE LIMITED	Bulk	NSE	Buy	4,60,404	₹21.96	₹1.01 Cr

1–10 of 16

1 / 2

Mr. MAHESH KUMAR AGARWALExecutive Director-Chairperson related to Promoter-MD
Mr. KAUSTUBH AGARWALExecutive Director-MD
Mr. BIPINBHAI AMULAKHBHAI GOSALIANon-Executive - Independent Director
Mr. HIREN SHIRISHCHANDRA MAHADEVIANon-Executive - Independent Director
Mrs. NIPA JAIRAJ SHAHNon-Executive - Independent Director
Mr. RAJESH MANGALNon-Executive - Non Independent Director
Mr. ANIL KUMAR SINGHExecutive Director
Mr. Devilal J ShahCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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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 S.a.l. Steel 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.

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

1 Oct 2026, 2:56 pmCompany Update

Announcement Under Regulation 30 Interalia Availing Of Additional Term Loan Facilities Of Rs 75,00,00,000 (Rupees Seventy Five Crore Only) From Kotak Mahindra Bank Limited

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.5%	20%	30.7%	25.7%	24.9%	22.5%	17.2%	24.3%
EBITDA margin %	1.6%	-4.5%	-0.1%	-0.7%	1.7%	3.7%	4.3%	7%
EBIT margin %	0.3%	-6.3%	-3.1%	-2.5%	-0.2%	2%	2.3%	1.8%
PAT margin %	-3.8%	3.9%	3.8%	2.3%	0.7%	0.1%	-1.2%	-0.2%
Working capital
Receivable days	60	110	104	40	51	42	45	3
Inventory days	28	22	56	47	57	40	81	543
Payable days	—	—	111	46	28	32	17	58
NWC days	—	—	50	41	81	50	110	488
Leverage
Current ratio	—	—	1.06	0.58	1.5	1.42	1.18	2.31
Debt to EBITDA	17.43	—	—	—	14.74	5.84	7.65	24.05
Debt to equity	-129.98	10	4.75	3.28	3.01	2.97	4.58	2.38
Interest coverage	1.9	12.3	52.8	86.5	1.7	1.1	0.8	0.2
Asset turnover	2.03	1.3	1.02	1.74	1.79	2.03	1.61	0.33
Return ratios
Return on assets %	-7.6%	5.1%	3.9%	4%	1.3%	0.2%	-1.9%	-0.1%
Return on capital employed %	—	—	7.4%	14.2%	10.8%	7.1%	7.3%	1.1%
Return on equity %	1,728%	109.1%	44.2%	30.5%	8.5%	1.1%	-16.6%	-0.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kiocl LimitedKIOCLKIOCL	₹19,684 Cr	₹19,684 Cr	₹681 Cr	₹-6 Cr	-4.8%	₹39 Cr	2.7%	1.3%	1%	1,644
S.a.l. Steel LimitedSALSTEELSALSTEEL	₹1,432 Cr	₹1,782 Cr	₹167 Cr	₹34 Cr	7%	₹12 Cr	-0.2%	1.1%	-0.4%	488
Vraj Iron And Steel LimitedVRAJVRAJ	₹402 Cr	₹443 Cr	₹643 Cr	₹63 Cr	9.7%	₹36 Cr	5.4%	9.7%	7.7%	66
Vaswani Industries LimitedVASWANIVASWANI	₹146 Cr	₹423 Cr	₹471 Cr	₹44 Cr	8.6%	₹-0 Cr	0.9%	9.6%	2.9%	48
Bihar Sponge Iron LtdBIHSPONGBIHSPONG	₹110 Cr	₹222 Cr	₹22 Cr	₹6 Cr	-5%	₹4 Cr	4.6%	23.1%	—	48

Date	Category	Subject	Filing
1 Oct 2026, 2:56 pm	Company Update General	Announcement Under Regulation 30 Interalia Availing Of Additional Term Loan Facilities Of Rs 75,00,00,000 (Rupees Seventy Five Crore Only) From Kotak Mahindra Bank Limited	PDF
1 Oct 2026, 1:01 pm	Others Outcome without intimation	Board Meeting Outcome for For Board Meeting Held On October 01,2026	PDF
22 Sept 2026, 11:00 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
2 Sept 2026, 12:53 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Sept 2026, 4:13 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
1 Sept 2026, 3:57 pm	AGM/EGM AGM	23Rd Annual General Meeting Is Scheduled To Be Held On Friday, September 25, 2026 At 12.30 PM	PDF
15 Aug 2026, 12:50 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 2:21 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	-4	54	24	22	8	26	-21	-84
	-3	8	-35	-1	0	-2	-13	-18	-175
	-3	-6	-18	-22	-22	-7	-13	39	259
Net cash flow	1	-2	0	1	0	-1	0	-0	0
Free cash flow	4	—	—	24	22	6	13	-39	-259
CFO / Operating profit %	—	-44.2%	—	—	—	98.6%	122.5%	-89.1%	-580.7%

S.a.l. Steel Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

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

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1