MoneyWorks4Me

MSP Steel & Power Ltd (MSPL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532650 NSE: MSPL Steel & Iron Products | Small Cap | MSP Steel & Power Share Price

₹31.69 0.15 (0.48%)

As on 15-Oct'26 11:23

MSP Steel & Power Ltd (MSPL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532650 NSE: MSPL Steel & Iron Products | Small Cap | MSP Steel & Power Share Price

₹31.69 0.15 (0.48%)

As on 15-Oct'26 11:23

Key Metrics
Valuation Multiples
Market Cap
₹1,711 Cr.
Current Price
₹31.7
52-Week Low / High
₹26 / 46
TTM EPS
₹0.7
TTM Sales
₹2,959 Cr.
Book Value per Share
₹17.6
P/E Ratio
45.12
Higher than its 5-year historical median
Industry PE
23.8
Price to Book (P/B)
1.72
In line with its 5-year historical median
Price to Sales (P/S)
0.58
Higher than its 5-year historical median
EV/EBITDA
10.47
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
3.51%
Underperforms industry median
Return on Capital Employed (ROCE)
1.86%
Underperforms industry median
Return on Assets (ROA)
2.10%
Operating Profit Margin
6.3%
Net Profit Margin
1.19%
Gross Profit Margin
4.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-2.14%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
32.7%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
45.12%
Pledged shares (%) of Promoter's holding (%)
63.53%
Reserves
₹430 Cr.
Equity
₹566.8 Cr.
Face Value
₹10
All Time Low / High
₹3.66 / 88.90

MSP Steel & Power stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is MSP Steel & Power Ltd a good quality company?
MSP Steel & Power Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does MSP Steel & Power Ltd performance compare with that of its Peers?
Q.1 Revenue growth of MSP Steel & Power Ltd vs industry peers?
MSP Steel & Power Ltd revenue CAGR is 10.53%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of MSP Steel & Power Ltd?
Promoters hold 45.12% of the MSP Steel & Power Ltd, with 63.53% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of MSP Steel & Power Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 10% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
MSP Steel & Power Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ1.2%4.3%5.1%2%6.3%8%1.5%8%6.4%1.9%-
Value Creation
Index ⓘ
-0.9-0.7-0.6-0.9-0.6-0.4-0.9-0.4-0.5-0.9-

Growth Parameters ⓘ

Sales ⓘ8491,1601,6701,5331,7232,3402,5502,8742,9052,8432,959
Sales YoY Gr.-36.6%43.9%-8.2%12.4%35.8%9%12.7%1.1%-2.1%-
Adj EPS ⓘ-10.6-1.5-0.5-1.70.20.8-1.40.4-0.51.90.7
YoY Gr.-NANANANA460%-261.9%NA-242.9%NA-
BVPS (₹) ⓘ47.216.515.914.214.415.313.914.216.717.117.5
Adj Net
Profit ⓘ
-93.5-58.8-19.4-65.65.632.3-52.513.3-28.510638
Cash Flow from Ops. ⓘ72.814793.873.918111085.8170189148-
Debt/CF from Ops. ⓘ16.569.111.74.27.59.34.61.42.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ14.4%10.5%3.7%-2.1%
Adj EPS ⓘNA65.6%NANA
BVPSⓘ-10.7%3.6%7.2%2.8%
Share Price 10.1% 26.2% 19.2% -10.1%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
-20.2-10.9-3-10.715.4-8.92.3-3.710.63.9
Op. Profit
Mgn % ⓘ
8.810.27.95.58.36.62.64.44.66.36.3
Net Profit
Mgn % ⓘ
-11-5.1-1.2-4.30.31.4-2.10.5-13.71.3
Debt to
Equity ⓘ
2.91.31.31.51.31.31.41.40.30.3-
Working Cap
Days ⓘ
23018813515913510310590869343
Cash Conv.
Cycle ⓘ
1158561867343434340405

Valuation of MSP Steel & Power - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *100.0098.2999.5581.3381.3381.3381.3375.9571.2763.53
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8491,1601,6701,5331,7232,3402,5502,8742,9052,843
Operating Expenses ⓘ + 7751,0431,5391,4511,5812,1842,4872,7482,7712,665
Manufacturing Costs98110153158147207283322259266
Material Costs6198611,2521,1851,3201,8702,0902,2952,3552,227
Employee Cost 28333945445158677888
Other Costs ⓘ 30399562695556658084
Operating Profit ⓘ 751171308214215564125134178
Operating Profit Margin (%) 8.8%10.1%7.8%5.4%8.3%6.6%2.5%4.4%4.6%6.2%
Other Income ⓘ + 132313123843
Exceptional Items ⓘ 05-1-200000-102
Interest ⓘ 1231297986797482888148
Depreciation ⓘ 56575554555454555455
Profit Before Tax ⓘ -104-62-2-56830-57213-24
Tax ⓘ -10-6191144-7631-57
Profit After Tax -94-56-21-68526-5114-2834
PAT Margin (%) -11.0%-4.8%-1.2%-4.4%0.3%1.1%-2.0%0.5%-1.0%1.2%
Adjusted EPS (₹)-10.6-1.4-0.5-1.80.10.7-1.30.4-0.50.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4236836655935926185705829791,006
Share Capital ⓘ 88.10416.54416.54416.54416.54416.54416.54416.54597.93597.93
Reserves ⓘ 335266249176175202153166381408
Debt +1,125842813828720778749732243311
Long Term Debt864588565566543526502477121
Short Term Debt261254248262177252247255232310
Minority Interest0000000000
Trade Payables119184157181123268206217232324
Others Liabilities ⓘ 761921104446089808035
Total Liabilities ⓘ 1,7431,7281,6571,7061,4801,7251,6151,6111,5351,675

Fixed Assets

Net Fixed Assets ⓘ +1,0701,013959906855827826816790793
Gross Block1,1901,1891,1901,1901,1941,2201,2741,3191,3471,399
Accumulated Depreciation120176231284339394447503556607
CWIP ⓘ 11211111619
Investments ⓘ 55505347404046454749
Inventories296351372526377458484490474586
Trade Receivables13610411074567076717586
Cash Equivalents 15412725279627472129
Others Assets ⓘ 171168134127125234155140121114
Total Assets ⓘ 1,7431,7281,6571,7061,4801,7251,6151,6111,5351,675
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 73147947717811086170189148
PBT ⓘ -104-62-2-56830-57213-24
Adjustment ⓘ 179187155154146124133109133203
Changes in Working Capital ⓘ -022-58-1924-42124457-41
Tax Paid ⓘ -2-0-1-2-0-2-3-3-310
Cash Flow From Investing Activity ⓘ + 1-1914-0-1-62-19-50-34-58
Capex 00-21-4-26-54-46-32-59
Net Investments 0-2015-21-3833-6-4-0
Others ⓘ 1111212222
Cash Flow From Financing Activity ⓘ + -61-122-108-79-177-11-104-106-178-90
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ -11-25-37-28-32-44-50-69-68-18
Interest Paid ⓘ -57-90-65-64-60-42-48-45-85-57
Dividend Paid ⓘ 0000000000
Others ⓘ 7-8-513-8475-68-25-15
Net Cash Flow ⓘ 1360-2-037-3715-220
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-19.97-10.36-3.2-11.320.874.47-8.992.63-3.783.51
ROCE (%)1.164.245.011.976.247.431.767.926.431.86
Asset Turnover Ratio0.540.680.990.911.091.461.531.791.851.78
PAT to CFO Conversion(x)N/AN/AN/AN/A35.64.23N/A12.14N/A4.35
Working Capital Days
Receivable Days47.6036.8023.3021.8013.709.9010.509.409.2010.30
Inventory Days110.2099.4078.80106.609564.9067.3061.7060.4067.70
Payable Days55.4064.3049.8052.104238.2041.4033.6034.8045.60

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Announcements

MSP Steel & Power Ltd FAQs

The current trading price of MSP Steel & Power on 15-Oct-2026 11:23 is ₹31.69.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Oct-2026 the market cap of MSP Steel & Power stood at ₹1,710.6 Cr

The latest P/E ratio of MSP Steel & Power as of 14-Oct-2026 is 45.05.

The latest P/B ratio of MSP Steel & Power as of 14-Oct-2026 is 1.72.

The 52-week high of MSP Steel & Power is ₹46.43 and the 52-week low is ₹26.16.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of MSP Steel & Power is ₹2,959 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that MSP Steel & Power Ltd is a average quality company.

The key valuation ratios of MSP Steel & Power Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of MSP Steel & Power Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About MSP Steel & Power Ltd

The company was incorporated in India on November 18, 1968 as Adhunik Rollers Private Limited in West Bengal. The name of the company was changed to MSP Steel & Power Private Limited on March 7, 2003. The company subsequently became a public company under the name of MSP Steel & Power Limited with effect from September 9, 2003. The company is currently involved in manufacturing of sponge iron and trading of steel products.

The company is the part of MSP Group. The Group embarked on its journey in the steel industry in a modest manner in the year 1996. An 18000 TPA MS Ingot plant was set up in West Bengal to utilize the waste scrap available in the market.

The industry faced a downturn in the next few years. A lesson was learnt -- the key to survival lay in integration along the value chain of production. As a part of this drive a Re - Rolling mill was established in 1998 for production of high quality construction bars. Looking into the huge potential that lay in making its own raw material for steel melting, the company was among the pioneers in setting up a mini sponge iron plant in the year 1999.

Following its principle of integration and capacity expansion, the group has risen to one of the leading secondary steel manufacturers in Eastern India. Today the group has manufacturing facilities in the states of West Bengal, Orissa, Jharkhand, Andhra Pradesh, Chhattisgarh and Maharashtra.

The company’s production facility is situated in Jangaon village of Chattisgarh. It has the capacity to produce 2000000 TPA of Sponge Iron, 36 MW of power, 150000 tpa of MS Billet, 90000 TPA of Construction Bars. In addition to that it also had the facility of Railway Shading and had Coal Washery of 350000mt/pa.

Some of the clients of the company are Bhushan Steel & Strip Limited, Bhushan Power & Steel Limited, Tata Motors, Hari Machines Private Limited, Lyods Steel Limited, Rajgarh Jute & Textiles Limited, Nalwa Sponge Iron Limited, OCL India Limited, Aarti Steels Limited, Maheswari Ispat Limited, etc.

The group’s largest project so far is being set up at Raigarh, Chattisgarh at a cost of Rs 124 crore. This is a completely integrated steel project, which in due course will also have its captive coal and iron ore mines. The company is in an advanced stage of obtaining lease for iron ore mines in Orissa and Chhattisgarh and has been earmarked for captive coal blocks as per the norms of ministry of coal. Once operational, the unit will become totally self sufficient and one of the least cost producers of steel.

The company is the part of MSP Group. Other companies of the group are Howrah Gases Limited, MSP Rolling Mills Private Limited, MSP Sponge Iron Limited, MSP Steels Private Limited, MSP Metallics Limited, Chaman Metallics Limited, Ashirwad Steels & Inds Limited.

In 2010 the company started operation of its 115500 MTPA of Sponge Iron Plant and 18 MW Power Plant

Product range of the company includes:

  • Sponge Iron- Sponge Iron has become the preferred raw material for secondary steel production in India. The company has consolidated its position to meet the growing demand and is one of the leading coal based DRI manufacturer in India as on date.
  • Billets/Ingots- The Company produces high quality mild steel billets/ingots for its re-rolling mills. This ensures high quality standards.Power.
  • Construction Bars (TMT)- MSP is a fully integrated steel manufacturer producing high grade TMT construction rods. MSP uses fully killed steel manufactured from virgin raw materials. The mill is technologically advanced and uses automatic rolling to ensure the quality. All raw material used is tested to ensure the high MSP quality standards.

Awards/Achievements

The company is ISO9001: 2000 certified.

Over the years it had received certificate for Industrial research from Shriram Institute.

In 2012 MSP STEEL & POWER LTD won the TIMES OF INDIA Award for Innovative Talent Management & Succession Planning for the year 2012.

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