MSPL

MSP Steel & Power Limited

Integrated iron and steel producer with captive power

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

mspsteel.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹31.55
Market cap
1,788 Cr
Stock P/E
47.2
P/B
1.74
ROE (FY26)
3.3%
ROCE (FY26)
1.8%
Operating margin (FY26)
4.3%
Debt / equity (FY26)
0.30
OCF / EBITDA (FY26)
83.4%
OCF / EBITDA (3Y)
116.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

MSP Steel & Power manufactures and trades iron and steel products, reported as a single business segment, with consolidated revenue of ₹2,843 crore in FY26.

Company snapshot

31stBy market cap

Ranked among 64 companies in Iron & Steel Products.

What we see

Positives
  • ✓116% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 1.2% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales674 Cr781 Cr748 Cr772 Cr656 Cr717 Cr760 Cr711 Cr677 Cr639 Cr816 Cr827 Cr
Operating expenses (approx.)645 Cr738 Cr724 Cr729 Cr630 Cr698 Cr715 Cr666 Cr654 Cr606 Cr739 Cr774 Cr
EBITDA29 Cr42 Cr25 Cr43 Cr27 Cr19 Cr45 Cr45 Cr23 Cr33 Cr77 Cr53 Cr
OPM %4.3%5.4%3.3%5.6%4.1%2.7%5.9%6.3%3.4%5.1%9.5%6.4%
Other income10 Cr7 Cr18 Cr1 Cr0.13 Cr0.46 Cr2 Cr0.54 Cr1 Cr0.14 Cr1 Cr3 Cr
Interest20 Cr25 Cr25 Cr21 Cr22 Cr16 Cr23 Cr10 Cr10 Cr11 Cr17 Cr11 Cr
Depreciation14 Cr14 Cr13 Cr14 Cr13 Cr13 Cr13 Cr14 Cr14 Cr14 Cr14 Cr14 Cr
Profit before tax4 Cr10 Cr4 Cr10 Cr-8 Cr-10 Cr10 Cr22 Cr-100 Cr7 Cr48 Cr30 Cr
Tax %144.0%52.3%-227.3%33.8%-12.8%184.6%422.8%17.2%25.6%24.7%-77.5%26.3%
Net profit-2 Cr5 Cr13 Cr7 Cr-10 Cr8 Cr-34 Cr18 Cr-75 Cr5 Cr85 Cr22 Cr
EPS (₹)₹-0.04₹0.12₹0.34₹0.18₹-0.25₹0.21₹-0.64₹0.31₹-1.32₹0.10₹1.50₹0.39

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales843 Cr1,188 Cr1,670 Cr1,533 Cr1,723 Cr2,340 Cr2,550 Cr2,874 Cr2,905 Cr2,843 CrSign in free for the trailing twelve months
Operating expenses (approx.)768 Cr1,071 Cr1,539 Cr1,451 Cr1,581 Cr2,184 Cr2,488 Cr2,748 Cr2,771 Cr2,665 CrSign in free for the trailing twelve months
EBITDA74 Cr117 Cr130 Cr82 Cr142 Cr155 Cr62 Cr125 Cr134 Cr178 CrSign in free for the trailing twelve months
OPM %8.8%9.9%7.8%5.4%8.3%6.6%2.4%4.4%4.6%6.2%Sign in free for the trailing twelve months
Other income1 Cr3 Cr2 Cr3 Cr0.93 Cr3 Cr12 Cr38 Cr4 Cr3 CrSign in free for the trailing twelve months
Interest123 Cr129 Cr79 Cr86 Cr79 Cr74 Cr77 Cr88 Cr81 Cr48 CrSign in free for the trailing twelve months
Depreciation56 Cr57 Cr55 Cr54 Cr55 Cr54 Cr54 Cr55 Cr54 Cr55 CrSign in free for the trailing twelve months
Profit before tax-104 Cr-62 Cr-2 Cr-56 Cr8 Cr30 Cr-57 Cr21 Cr3 Cr-24 CrSign in free for the trailing twelve months
Tax %10.0%9.5%-953.4%-20.1%42.4%14.1%11.5%30.7%1206.8%242.8%Sign in free for the trailing twelve months
Net profit-94 Cr-56 Cr-21 Cr-68 Cr5 Cr26 Cr-51 Cr14 Cr-28 Cr34 CrSign in free for the trailing twelve months
EPS (₹)₹-10.64₹-5.79₹-0.53₹-1.76₹0.13₹0.67₹-1.31₹0.37₹-0.62₹0.60Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%—0.0%—0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital88 Cr—385 Cr385 Cr385 Cr385 Cr385 Cr385 Cr567 Cr567 Cr
Reserves335 Cr—280 Cr207 Cr207 Cr233 Cr185 Cr197 Cr412 Cr463 Cr
Borrowings1,125 Cr—813 Cr828 Cr720 Cr826 Cr801 Cr781 Cr261 Cr311 Cr
Other liabilities248 Cr—221 Cr316 Cr199 Cr307 Cr276 Cr274 Cr294 Cr386 Cr
Total liabilities1,796 Cr—1,699 Cr1,737 Cr1,511 Cr1,751 Cr1,648 Cr1,638 Cr1,535 Cr1,728 Cr
Fixed assets (net)1,070 Cr—959 Cr906 Cr854 Cr826 Cr826 Cr816 Cr789 Cr781 Cr
CWIP0.65 Cr—2 Cr1 Cr1 Cr0.59 Cr0.59 Cr0.59 Cr1 Cr18 Cr
Investments54 Cr—53 Cr47 Cr40 Cr40 Cr46 Cr45 Cr47 Cr59 Cr
Inventories296 Cr—372 Cr526 Cr377 Cr458 Cr484 Cr490 Cr474 Cr586 Cr
Trade receivables136 Cr—110 Cr74 Cr56 Cr70 Cr76 Cr71 Cr75 Cr86 Cr
Cash & bank7 Cr—14 Cr11 Cr11 Cr48 Cr11 Cr26 Cr4 Cr4 Cr
Other assets232 Cr—190 Cr172 Cr172 Cr308 Cr205 Cr188 Cr144 Cr193 Cr
Total assets1,796 Cr—1,699 Cr1,737 Cr1,511 Cr1,751 Cr1,648 Cr1,638 Cr1,535 Cr1,728 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity103 Cr—94 Cr77 Cr178 Cr110 Cr81 Cr170 Cr189 Cr148 Cr
Cash from investing-5 Cr—14 Cr-0.30 Cr-1 Cr-62 Cr-19 Cr-50 Cr-34 Cr-58 Cr
Cash from financing-93 Cr—-108 Cr-79 Cr-177 Cr-11 Cr-99 Cr-106 Cr-178 Cr-90 Cr
Net cash flow6 Cr—0.23 Cr-2 Cr-0.20 Cr37 Cr-37 Cr15 Cr-22 Cr0.45 Cr
Free cash flow (OCF − Capex)——92 Cr75 Cr174 Cr84 Cr27 Cr125 Cr157 Cr89 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %1.2%—5.2%2.1%6.7%7.2%1.5%7.9%6.7%1.8%
ROE %-22.2%—-3.1%-11.4%0.8%4.2%-8.9%2.5%-2.9%3.3%
Debtor days59—24181211119911
Inventory days181—1071651058886777396
Days payable73—4557345237343653
Cash conversion cycle167—86126824860524754
OCF / EBITDA %138.7%—72.0%94.2%125.3%71.0%n.m.135.9%141.4%83.4%
OCF / EBITDA % (3 years)————98.5%96.4%102.7%105.5%137.1%116.2%
Debt / equity2.66—1.221.401.221.341.411.340.270.30
Current ratio1.21—1.361.291.551.401.271.281.261.17
Net debt / EBITDA15.020.006.139.954.985.0112.706.021.921.72