Steel Authority of India (SAIL) Q4 25/26 earnings summary

Executive summary

• Achieved record crude steel production of 19.434 MT and saleable steel sales of 19.177 MT in FY'26, with total sales at 19.932 MT, reflecting strong operational performance year-over-year.

• Revenue from operations reached an all-time high of ₹110,810 crore, up from ₹101,716 crore in FY'25.

• Profit after tax (PAT) surged to ₹3,233 crore, up 50.5% year-over-year, driven by inventory liquidation and cost optimization.

• Maintained a healthy debt-equity ratio of 0.55 and interest coverage ratio of 2.86, supporting financial stability.

• Board recommended a final dividend of ₹2.35 per share (23.5% of paid-up equity) for FY 2025-26.

Financial highlights

• Standalone revenue from operations for FY'26 was ₹110,810 crore, up from ₹101,716 crore in FY'25.

• EBITDA for FY'26 stood at ₹13,146 crore, with margin improving to 11.95% from 11.6% in FY'25.

• PAT increased to ₹3,233 crore in FY'26 from ₹2,148 crore in FY'25.

• EPS for FY'26 was 7.83.

• Net worth rose to ₹58,195 crore as of March 2026.

Outlook and guidance

• Global steel production declined by 2.3% in Q1 2026, with China’s output down 4.6%, but India and other emerging economies showed positive growth.

• IMF and other agencies project India’s GDP growth to remain robust at 6.5–7.4% for FY'26 and FY'27, supporting domestic steel demand.

• Finished steel consumption in India grew by ~8% and crude steel production by ~11% year-over-year in FY'26.

• Management expects continued growth in domestic steel consumption, supported by infrastructure development.

• Focus will be on increasing the share of value-added and special steel products.