Steel Authority of India LimitedQ2 FY27 Results & Financial Update
Steel Authority of India Limited: Q2 FY27 consolidated results and company financials – revenue ₹31,997.55 Cr, PAT ₹1,750.47 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Steel Authority of India price & chart
Market price₹162.66
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Steel Authority of India Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Steel Authority of India Limited reported consolidated revenue from operations of Rs. 31,997.55 crore for Q2 FY27, reflecting an expansion compared to Rs. 26,245.67 crore recorded in the preceding quarter (Q1 FY27).
Consolidated profit after tax (PAT) for the quarter stood at Rs. 1,750.47 crore, advancing from Rs. 1,644.05 crore in Q1 FY27, underpinned by improved sales volumes and disciplined cost management.
Profit before tax (PBT) for Q2 FY27 was recorded at Rs. 2,324.34 crore, compared to Rs. 2,186.68 crore in the previous quarter.
Total income for the quarter reached Rs. 32,229.88 crore, compared to Rs. 26,451.21 crore in Q1 FY27.
s in the press release, standalone sales volume for Q2 FY27 reached 5.16 million tonnes, reflecting growth over the corresponding period last year and an increase from 4.16 million tonnes in Q1 FY27.
Operational performance benefited from enhanced capacity utilization, better raw material usage, and an increased share of value-added steel products in the sales mix.
01 · Business model
What does Steel Authority of India do?
Steel Authority of India Limited (SAIL) is a prominent state-owned Maharatna enterprise engaged in integrated steel manufacturing, operating multiple large-scale steel plants across India.
The company produces a comprehensive portfolio of flat, long, and semi-finished steel products, catering to diverse sectors including construction, infrastructure, railways, and industrial manufacturing.
SAIL maintains an extensive captive mining infrastructure, extracting crucial raw materials such as iron ore, limestone, and dolomite to support its integrated steel plants located in Bhilai, Durgapur, Rourkela, Bokaro, and Burnpur.
02 · Historical context
What shaped the business before this quarter
Since FY 2020, following government permissions allowing sale, the company recognized sub-grade iron ore fines as by-product inventory, valued on the basis of average selling prices over the last 36 months as declared by the Indian Bureau of Mines.
Following the notification of new labour codes effective November 21, 2025, the company assessed restructuring impacts and recognized incremental liabilities in subsequent periods.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹31,997.55 Cr | ₹26,245.67 Cr |
| Total income | ₹32,229.88 Cr | ₹26,451.21 Cr |
| Profit before tax | ₹2,324.34 Cr | ₹2,186.68 Cr |
| Profit after tax | ₹1,750.47 Cr | ₹1,644.05 Cr |
| EPS | ₹4.24 | ₹3.98 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone sales volume expanded to 5.16 million tonnes in Q2 FY27, supported by stronger retail and domestic market outreach.
Key integrated steel plants, including Bhilai Steel Plant, Bokaro Steel Plant, and Rourkela Steel Plant, served as the primary revenue generators, supported by steady domestic steel demand.
What drove margins
Cost of materials consumed stood at Rs. 13,914.49 crore on a consolidated basis for Q2 FY27, reflecting the scale of production across blast furnaces.
Management emphasized increasing the proportion of high-end and value-added steel products to support realization rates and operating profitability.
05 · Demand, customers & order book
Where demand is coming from
The company expanded its retail and institutional customer reach, leading to higher quarterly sales volumes.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated segment revenue from operations of Rs. 9,124.68 crore for Q2 FY27, with segment results before interest, exceptional items, and tax at Rs. 963.71 crore.
Reported segment revenue from operations of Rs. 8,354.71 crore and segment results of Rs. 849.07 crore for Q2 FY27.
Contributed segment revenue of Rs. 7,934.52 crore with segment results of Rs. 729.80 crore during the quarter.
Recorded segment revenue of Rs. 4,275.96 crore and segment results of Rs. 366.74 crore for Q2 FY27.
Geography and market mix
Domestic sales dominated the company's dispatch volumes, leveraging robust national infrastructure spending and construction demand.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Standalone crude steel production reached 4.85 million tonnes in Q2 FY27, compared to 4.76 million tonnes in Q1 FY27.
Blast furnace productivity and specific energy consumption metrics were maintained through operational efficiency initiatives across integrated plants.
Projects, capex and execution
Ongoing capital expenditure targets plant modernization and the future establishment of beneficiation facilities to consume sub-grade iron ore fines.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic focus remains on utilizing sub-grade iron ore fines and extracting embedded iron and steel scrap from BF and LD slag.
09 · Reported developments
What changed operationally
Consolidated PAT increased to Rs. 1,750.47 crore in Q2 FY27 from Rs. 1,644.05 crore in Q1 FY27.
Total outstanding debt reduced to Rs. 20,583 crore, strengthening the balance sheet and lowering financial leverage.
10 · Pressure points & risks
What is not going smoothly
The company recorded an exceptional item of Rs. 72.69 crore during the half year ended September 30, 2026, pertaining to Voluntary Retirement compensation for employees.
11 · Items worth noticing
The line items that can distort a quick read
Revenue from operations includes sales to Government agencies aggregating Rs. 2,712.55 crore for Q2 FY27 recognized on provisional prices.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management maintained inventory discipline, managing trade receivables and working capital turnover across operating units.
Capital allocation & funding
Total borrowings (Non-IndAS) decreased to Rs. 20,583 crore as of September 30, 2026, reflecting active debt reduction efforts.
The standalone and consolidated debt-equity ratio improved to 0.52 as of September 30, 2026.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Dividend Payment
The final dividend of Rs. 2.35 per equity share amounting to Rs. 970.67 crore for FY 2025-26 was approved at the Annual General Meeting held on September 24, 2026, and paid in October 2026.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased from Rs. 26,245.67 crore in Q1 FY27 to Rs. 31,997.55 crore in Q2 FY27.
15 · Key Q&A
The quarter, answered directly
What does Steel Authority of India do?
Steel Authority of India Limited (SAIL) is a prominent state-owned Maharatna enterprise engaged in integrated steel manufacturing, operating multiple large-scale steel plants across India.
What is the clearest takeaway from Q2 FY27?
Steel Authority of India Limited reported consolidated revenue from operations of Rs. 31,997.55 crore for Q2 FY27, reflecting an expansion compared to Rs. 26,245.67 crore recorded in the preceding quarter (Q1 FY27).
What drove revenue or demand?
Standalone sales volume expanded to 5.16 million tonnes in Q2 FY27, supported by stronger retail and domestic market outreach.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 13,914.49 crore on a consolidated basis for Q2 FY27, reflecting the scale of production across blast furnaces.
What changed operationally beyond the headline numbers?
Standalone crude steel production reached 4.85 million tonnes in Q2 FY27, compared to 4.76 million tonnes in Q1 FY27.
What are the main pressure points disclosed for the quarter?
The company recorded an exceptional item of Rs. 72.69 crore during the half year ended September 30, 2026, pertaining to Voluntary Retirement compensation for employees.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Sales Volume and Realisation Trends: Monitor domestic steel demand and realization price trends across flat and long product categories.
- 02
Debt Reduction Progress: Track further deleveraging milestones and interest cost trajectories in subsequent quarters.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.