India · Delayed Price · Currency is INR Steel Authority of India Earnings Call Transcripts
Fiscal Year 2026
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Sales volume grew 16.3% and revenue rose 9% year-over-year, with PAT up 60% due to operational efficiency and inventory reduction. Q4 is expected to see higher prices and margins, while major CapEx and expansion projects are underway to boost future profitability.
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Sales volume grew 17% year-over-year in H1, driving 8% revenue growth and 32% higher net profit. Debt was reduced by over INR 3,000 crore, with strong byproduct sales and cost control supporting margins. CapEx and sales volumes are set to rise further as expansion projects progress.
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Q1 FY26 saw record sales volumes and a 2.7x jump in profit before tax, despite a one-time INR 1,050 crore stock valuation hit from lower coking coal prices. CapEx is on track, with major IISCO expansion to drive higher spending from FY27.
Fiscal Year 2025
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Q4 and FY 2025 saw record sales volumes and improved profitability, with operational efficiencies driving cost reductions and lower debt. Expansion plans target 35 million tons capacity by 2030, with CapEx ramping up and margins expected to improve as domestic demand strengthens.
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Q3 FY25 saw strong sales growth and operational improvements, with volumes up 16.3% year-over-year and cost relief from lower coal prices. CapEx and expansion plans remain on track, with a focus on decarbonization and maintaining a 1:1 debt-equity ratio.
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Revenue and sales volumes declined year-over-year due to lower realizations and weak global demand, but cost reductions and improved long product prices are expected to support margins in coming quarters. Expansion projects and debt reduction remain key priorities.
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Q1 FY25 saw higher domestic sales and improved EBITDA, but margins were pressured by lower steel prices and increased working capital. CapEx and expansion plans continue, with debt expected to reduce as inventories are liquidated.