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10 Yrs X-Ray 
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Analyst Note 
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About
SAL Steel Ltd (SALSTEEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532604 NSE: SALSTEEL Steel/Sponge Iron/Pig Iron | Small Cap | SAL Steels Share Price
₹98.93 1.54 (1.58%)
As on 30-Sep'26 16:59
SAL Steel Ltd (SALSTEEL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532604 NSE: SALSTEEL Steel/Sponge Iron/Pig Iron | Small Cap | SAL Steels Share Price
₹98.93 1.54 (1.58%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,410 Cr.
Current Price
₹98.9
52-Week Low / High
₹26 / 98
TTM EPS
-
TTM Sales
-
Book Value per Share
-
P/E Ratio
Industry PE
33.7
Price to Book (P/B)
Price to Sales (P/S)
EV/EBITDA
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
%
Return on Capital Employed (ROCE)
%
Return on Assets (ROA)
%
Operating Profit Margin
0%
Net Profit Margin
-%
Gross Profit Margin
0%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-61.88%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
70.98%
Pledged shares (%) of Promoter's holding (%)
18.98%
Reserves
-
Equity
₹144.8 Cr.
Face Value
₹10
All Time Low / High
₹1.00 / 97.90
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is SAL Steel Ltd a good quality company?
SAL Steel Ltd is a weak quality company, based on a inconsistent 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 SAL Steel Ltd performance compare with that of its Peers?
Revenue growth of SAL Steel Ltd vs industry peers?
SAL Steel Ltd revenue CAGR is %, compared to the industry median CAGR of 14.73%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of SAL Steel Ltd?
Promoters hold 70.98% of the SAL Steel Ltd, with 18.98% of their stake pledged, indicating high pledge risk.
Stock return of SAL Steel Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 42.6% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
SAL Steel Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4.7% | 39.6% | -9.4% | 10.8% | 7.3% | 9.8% | 8.1% | 8% | 4.9% | 5.6% | - |
| Value Creation Index ⓘ | -0.7 | 1.8 | NA | -0.2 | -0.5 | -0.3 | -0.4 | -0.4 | -0.7 | NA | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 361 | 446 | 574 | 408 | 301 | 505 | 496 | 577 | 544 | 207 | 167 |
| Sales YoY Gr. | - | 23.7% | 28.8% | -29% | -26.2% | 67.9% | -1.9% | 16.3% | -5.6% | -61.9% | - |
| Adj EPS ⓘ | 0 | -0.4 | -1 | -1.8 | 0.9 | -0 | -0.5 | 0 | -0.4 | -0.8 | 0.9 |
| YoY Gr. | - | NA | NA | NA | NA | -101.2% | NA | NA | -1125% | NA | - |
| BVPS (₹) ⓘ | -4.6 | 2.4 | -0.2 | 1.7 | 3.1 | 4.5 | 4.9 | 5 | 4.2 | 10.1 | 10.3 |
| Adj Net Profit ⓘ | 0 | -3.6 | -8.4 | -15 | 7.2 | -0.1 | -4.6 | 0.4 | -3.5 | -11.6 | 12 |
| Cash Flow from Ops. ⓘ | -5.8 | 6.9 | -4.1 | 53.7 | 23.5 | 22.4 | 8.4 | 26.2 | -21.1 | -84.3 | - |
| Debt/CF from Ops. ⓘ | -29.5 | 25.4 | -41.2 | 3 | 6.2 | 5.6 | 15 | 4.8 | -8.4 | -4.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -6% | -7.2% | -25.2% | -61.9% | ||||
| Adj EPS ⓘ | NA | -198.8% | NA | NA | ||||
| BVPSⓘ | NA | 26.9% | 27.5% | 141.2% | ||||
| Share Price | 42.4% | 58.7% | 81.9% | 246.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -0 | 39.3 | -88.4 | -226.1 | 35.3 | -0.4 | -11.5 | 0.9 | -8.7 | -12.5 | 8.4 |
| Op. Profit Mgn % ⓘ | 2.7 | 1.4 | 1.6 | -4.5 | -0.1 | -0.7 | 1.7 | 3.7 | 4.3 | 7 | 20.1 |
| Net Profit Mgn % ⓘ | 0 | -0.8 | -1.5 | -3.7 | 2.4 | -0 | -0.9 | 0.1 | -0.7 | -5.6 | 7.4 |
| Debt to Equity ⓘ | -4.5 | 8.6 | -135.1 | 11 | 5.6 | 3.3 | 3 | 3 | 5 | 2.4 | - |
| Working Cap Days ⓘ | 99 | 106 | 87 | 132 | 174 | 101 | 102 | 86 | 108 | 428 | 600 |
| Cash Conv. Cycle ⓘ | 54 | 68 | 48 | 68 | 80 | 41 | 57 | 54 | 74 | 317 | 316 |
Valuation of SAL Steels - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 45.39 | 45.39 | 45.39 | 45.39 | 45.39 | 45.39 | 45.39 | 29.10 | 18.98 | 18.98 |
* Pledged shares as % of Promoter's holding (%)
Financials
No data found!
No data found!
No data found!
No data found!
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SAL Steel Ltd FAQs
The current trading price of SAL Steels on 30-Sep-2026 16:59 is ₹98.93.
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 29-Sep-2026 the market cap of SAL Steels stood at ₹1,409.9 Cr
The latest P/E ratio of SAL Steels as of 29-Sep-2026 is 113.4.
The latest P/B ratio of SAL Steels as of 29-Sep-2026 is 9.42.
The 52-week high of SAL Steels is ₹97.90 and the 52-week low is ₹26.11.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of SAL Steels is ₹167 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that SAL Steel Ltd is a below average quality company.
The key valuation ratios of SAL Steel Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of SAL Steel Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About SAL Steel Ltd
S A L Steel was incorporated on November 6, 2003 under the Companies Act, 1956 as a private limited company and as such did not require any certificate of commencement of business. Pursuant to its conversion from a private limited company to a public limited company, a fresh Certificate of Incorporation was issued on December 17, 2003 and its name was changed from S A L Steel Private Limited to S A L Steel Limited.
SAL achieved assessment standard of ISO 9001:2000 in April 2002 from SGS Yarsley International Certification Services for manufacture and supply of mild steel, stainless steel and other alloy steel plates and coils.
In 2011 S A L Steel entered into a Memorandum of Understanding with the Government of Gujarat for establishment of the Cement project at Kachchh.
Business areas of the company:
SAL is engaged in manufacture of stainless steel (SS) products. The main products of the company include stainless steel, hot rolled (HR) sheets, coils, plates, slabs, flats, rounds, bars, etc. The stainless steel products are used for manufacture/preparation of utensils, railway coaches, wagons, electrical appliances, food processing equipment, pharmaceutical equipment, telecommunication equipment, household kitchenware, petroleum refining equipment, pressure vessels, large mufflers for engines, silencers, pipes and emission control units, bulk solid handling areas, surgical instruments, vegetable choppers, tableware, cutlery, washing machine parts, automobile components, etc.
Group companies:
- Shah Steel and Rolling Industries (SSRI)
SSRI is a partnership firm managed by Rajendra V. Shah and Ragini R. Shah. The firm commenced operations in 1997-98 to manufacture M S angles, CTD bars, sections and melting scrap. The firm has stopped its manufacturing activity. Its main source of income is labour charges and rent income.
- Shah Industries Unit - I (SIU-I)
SIU-I is a proprietorship firm managed by Rajendra V Shah. The firm commenced operations in 1986-87. It has stopped its manufacturing activity. Its main source of income is rent, commission, etc.
- Shah Steel Udyog (SSU)
SSU is a proprietorship firm managed by Rajendra V Shah HUF. The firm commenced operations in 1998-99 and is in business of manufacturing of M S angles, CTD bars, sections and melting scrap.
- Shah Steel Craft and Rolling Industries (SSCRI)
SSCRI is a proprietorship firm managed by Ragini R Shah. The firm commenced operations in 1987-88 and is in the business of manufacture M S angles, CTD bars, sections, channels, etc. The concern has stopped its manufacturing activity. The main source of income is rent.
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