SALSTEEL

S.A.L. Steel Limited

S.A.L. Steel Limited (SALSTEEL) financial statements and selected valuation metrics through 30 June 2026.

Commodities›Metals & Mining›Ferrous Metals›Sponge Iron

salsteel.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹80.80
Market cap
1,170 Cr
Stock P/E
94.2
P/B
7.98
ROE (FY26)
-0.2%
ROCE (FY26)
4.0%
Operating margin (FY26)
1.8%
Debt / equity (FY26)
2.38
OCF / EBITDA (FY26)
-580.6%
OCF / EBITDA (3Y)
-133.2%

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

SAL Steel (S.A.L. Steel) makes ferro alloys and sponge iron, which are used as inputs in the iron and steel industry, at its works in Kutch, Gujarat.

Company snapshot

2ndBy market cap

Ranked among 4 companies in Sponge Iron.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Standalone

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

Standalone only

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
Sales157 Cr127 Cr139 Cr111 Cr123 Cr194 Cr116 Cr128 Cr66 Cr2 Cr12 Cr87 Cr
Operating expenses (approx.)151 Cr127 Cr130 Cr105 Cr118 Cr182 Cr117 Cr133 Cr53 Cr2 Cr5 Cr74 Cr
EBITDA6 Cr-0.32 Cr9 Cr6 Cr6 Cr12 Cr-0.71 Cr-5 Cr13 Cr-0.04 Cr7 Cr14 Cr
OPM %3.7%-0.3%6.7%5.4%4.7%6.0%-0.6%-4.3%19.7%-1.8%59.1%15.5%
Other income0 Cr3 Cr0 Cr0.01 Cr0.04 Cr0.26 Cr0.56 Cr0.13 Cr0 Cr0 Cr0.04 Cr0 Cr
Interest3 Cr3 Cr3 Cr3 Cr3 Cr5 Cr5 Cr5 Cr5 Cr6 Cr5 Cr6 Cr
Depreciation2 Cr2 Cr2 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr
Profit before tax0.17 Cr-3 Cr4 Cr0.20 Cr0.10 Cr0.48 Cr-8 Cr-13 Cr5 Cr8 Cr-0.27 Cr5 Cr
Tax %17.6%25.5%26.4%20.0%40.0%241.7%26.2%25.2%27.3%13.9%-277.8%31.8%
Net profit0.14 Cr-2 Cr3 Cr0.16 Cr0.06 Cr-0.68 Cr-6 Cr-10 Cr4 Cr7 Cr-1 Cr3 Cr
EPS (₹)₹0.02₹-0.29₹0.32₹0.02₹0.01₹-0.08₹-0.70₹-1.14₹0.44₹0.68₹-0.07₹0.21

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales397 Cr509 Cr574 Cr408 Cr301 Cr505 Cr496 Cr577 Cr544 Cr207 CrSign in free for the trailing twelve months
Operating expenses (approx.)387 Cr502 Cr565 Cr426 Cr301 Cr509 Cr487 Cr555 Cr521 Cr193 CrSign in free for the trailing twelve months
EBITDA10 Cr6 Cr9 Cr-18 Cr-0.28 Cr-4 Cr8 Cr21 Cr23 Cr15 CrSign in free for the trailing twelve months
OPM %2.4%1.3%1.6%-4.5%-0.1%-0.7%1.7%3.7%4.3%7.0%Sign in free for the trailing twelve months
Other income2 Cr3 Cr1 Cr44 Cr22 Cr29 Cr14 Cr2 Cr0.87 Cr0.17 CrSign in free for the trailing twelve months
Interest0.73 Cr1 Cr2 Cr2 Cr0.24 Cr0.19 Cr8 Cr13 Cr17 Cr20 CrSign in free for the trailing twelve months
Depreciation8 Cr8 Cr8 Cr8 Cr9 Cr9 Cr10 Cr10 Cr11 Cr11 CrSign in free for the trailing twelve months
Profit before tax4 Cr64 Cr-19 Cr17 Cr12 Cr16 Cr6 Cr0.64 Cr-7 Cr-0.39 CrSign in free for the trailing twelve months
Tax %75.5%33.7%-15.8%7.0%6.9%28.9%35.9%26.6%12.0%10.3%Sign in free for the trailing twelve months
Net profit0.88 Cr42 Cr-22 Cr16 Cr12 Cr12 Cr4 Cr0.47 Cr-6 Cr-0.35 CrSign in free for the trailing twelve months
EPS (₹)₹0.10₹4.99₹-2.54₹1.87₹1.36₹1.36₹0.42₹0.06₹-0.76₹-0.04Sign 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 capital85 Cr85 Cr85 Cr85 Cr85 Cr85 Cr85 Cr85 Cr85 Cr145 Cr
Reserves-124 Cr-81 Cr-86 Cr-70 Cr-59 Cr-47 Cr-43 Cr-43 Cr-46 Cr2 Cr
Borrowings169 Cr167 Cr162 Cr146 Cr146 Cr124 Cr125 Cr125 Cr178 Cr349 Cr
Other liabilities165 Cr111 Cr122 Cr153 Cr123 Cr129 Cr110 Cr117 Cr122 Cr126 Cr
Total liabilities296 Cr282 Cr283 Cr314 Cr295 Cr291 Cr277 Cr284 Cr338 Cr621 Cr
Fixed assets (net)133 Cr128 Cr126 Cr118 Cr155 Cr146 Cr136 Cr142 Cr151 Cr142 Cr
CWIP25 Cr25 Cr11 Cr46 Cr1 Cr1 Cr3 Cr1 Cr1 Cr174 Cr
Investments——————0 Cr0 Cr0 Cr0 Cr
Loans & advances——————0 Cr0.05 Cr0.05 Cr0 Cr
Inventories60 Cr76 Cr32 Cr20 Cr32 Cr49 Cr59 Cr50 Cr100 Cr233 Cr
Trade receivables54 Cr37 Cr91 Cr120 Cr86 Cr55 Cr70 Cr66 Cr68 Cr2 Cr
Cash & bank1 Cr2 Cr0.26 Cr0.19 Cr0.87 Cr0.99 Cr0.22 Cr0.21 Cr0.19 Cr0.47 Cr
Other assets23 Cr14 Cr23 Cr10 Cr20 Cr39 Cr8 Cr24 Cr19 Cr70 Cr
Total assets296 Cr282 Cr283 Cr314 Cr295 Cr291 Cr277 Cr284 Cr338 Cr621 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 activity-6 Cr7 Cr-4 Cr54 Cr24 Cr22 Cr8 Cr26 Cr-21 Cr-84 Cr
Cash from investing-0.63 Cr-3 Cr8 Cr-35 Cr-0.83 Cr0.08 Cr-2 Cr-13 Cr-18 Cr-175 Cr
Cash from financing7 Cr-3 Cr-6 Cr-18 Cr-22 Cr-22 Cr-7 Cr-13 Cr39 Cr259 Cr
Net cash flow0.12 Cr1 Cr-2 Cr0.36 Cr0.71 Cr0.32 Cr-0.74 Cr0.03 Cr-0.02 Cr0.30 Cr
Free cash flow (OCF − Capex)-6 Cr4 Cr-16 Cr18 Cr24 Cr22 Cr6 Cr13 Cr-39 Cr-259 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—38.1%—11.6%7.3%10.1%8.0%8.0%4.3%4.0%
ROE %—1118.0%—109.1%44.2%30.5%8.5%1.1%-16.6%-0.2%
Debtor days492758107104405142453
Inventory days918230235547574178427
Days payable442546771084528321646
Cash conversion cycle9783425351418050107385
OCF / EBITDA %n.m.n.m.n.m.———n.m.122.5%-89.1%-580.6%
OCF / EBITDA % (3 years)——n.m.———n.m.n.m.26.2%-133.2%
Debt / equity—44.12—10.035.583.283.012.974.582.38
Current ratio——————1.501.421.182.31
Net debt / EBITDA17.5125.88————14.715.837.6424.02