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Steel Authority of India (SAIL) investor relations material
Steel Authority of India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary30 Oct, 2025
Executive summary
Revenue from operations for H1 FY 2025-26 reached INR 52,625 crore, up from INR 48,672 crore in H1 FY25, driven by a 16.7% increase in sales volume and steady crude steel production at 9.5 million tonnes, with total sales at 9.46 million tonnes.
Profit after tax for H1 FY 2025-26 stood at INR 1,112 crore, a 32% year-over-year increase, with EPS at 2.69.
EBITDA for H1 FY 2025-26 was INR 5,754 crore, with an EBITDA margin of 11.01%, and profit before tax at INR 1,443 crore, up 28%.
The company focused on inventory liquidation, aggressive byproduct and scrap sales, and cost control, supporting improved cash flow and reduced borrowings.
Net worth increased to INR 55,973 crore as of September 2025.
Financial highlights
Borrowings reduced by over INR 3,000 crore in H1, with non-index borrowings at INR 26,427 crore as of September 30, 2025.
Finance cost reduced to INR 1,079 crore in H1 FY'26 from INR 1,449 crore in H1 FY'25.
Standalone net profit for Q2 FY26 was INR 427 crore, with total income from operations at INR 26,704 crore.
Value-added products comprised 57% of sales in Q2, up from 55% in Q1, with a target of over 60% in coming quarters.
EBITDA margin for H1 was 11.01%, expected to improve in Q3 and Q4, potentially reaching 14-15% in Q4.
Outlook and guidance
Sales and production volumes are expected to grow 5-7% in FY 2026-27 over FY 2025-26, driven by debottlenecking and inventory liquidation.
CapEx for FY 2025-26 is targeted at over INR 7,500 crore, rising to more than INR 10,000 crore in FY 2026-27, mainly for ISCO expansion and debottlenecking projects.
Borrowings are expected to continue declining through FY 2025-26, with a debt-equity ratio target of 0.35-0.4 by year-end, before rising to fund expansion.
India is projected to lead global steel demand growth at 8.5% in 2025.
Imported coal prices are expected to remain elevated in Q3 and Q4, with landed costs possibly rising to INR 18,000 per tonne.
How will debt reduction support future CapEx?
What drives H2 margin improvement?
Steel price outlook and product mix strategy?
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Next Steel Authority of India earnings date
Q3 25/2611 Feb, 2026
Next Steel Authority of India earnings date
Q3 25/2611 Feb, 2026
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Frequently asked questions
Steel Authority of India Limited is a state-owned integrated steel producer engaged in the manufacture and sale of steel products. Its offerings include flat and long steel products used in construction, engineering, automotive, and infrastructure sectors. The company is headquartered in New Delhi, India, and its shares are listed on the NSE.
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