Steel Authority of India Limited (SAIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+38.2%

₹228.35

vs ₹165.26 price

Levered DCF

₹261.38

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.47

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.53×	20.36×	18.97×	15.69×	3.32×	7.85×	4.49×	9.67×
P/B	1.04×	0.82×	1.02×	0.62×	0.75×	0.72×	0.23×	0.57×
P/S	0.56×	0.47×	0.56×	0.33×	0.4×	0.48×	0.16×	0.34×
EV / EBITDA	7.41×	7.28×	8.03×	6.66×	2.62×	4.94×	6.03×	6.74×
Gross margin	34.6%	38.3%	36.9%	35.4%	47.2%	50.8%	51.4%	46.9%
Operating margin	5.4%	5.3%	6.1%	4.0%	16.9%	13.0%	11.3%	10.1%
Net margin	3.0%	2.3%	2.9%	2.1%	11.9%	6.1%	3.5%	3.5%
Current ratio	0.82×	0.91×	0.9×	0.77×	0.73×	0.68×	0.91×	0.78×
Debt / equity	0.53×	0.63×	0.64×	0.56×	0.32×	0.83×	1.3×	1.14×
Interest coverage	2.79×	1.95×	2.56×	2.02×	10.81×	3.14×	1.98×	2.12×
Dividend yield	1.1%	0.9%	1.1%	3.9%	7.5%	1.3%	2.6%	0.0%
Payout ratio	19.6%	17.4%	20.2%	61.7%	25.0%	10.0%	11.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.6%	4.0%	5.4%	4.0%	22.6%	9.1%	5.1%	5.9%
Return on invested capital	4.2%	3.6%	4.4%	3.1%	15.1%	5.6%	4.4%	4.9%
Return on assets	2.5%	1.7%	2.2%	1.7%	10.2%	3.5%	1.7%	2.0%
Free cash flow yield	14.5%	7.6%	-3.1%	-27.0%	67.1%	61.1%	-56.4%	14.2%
Earnings yield	5.4%	4.9%	5.3%	6.4%	30.1%	12.7%	22.3%	10.3%
Enterprise value	₹937.7B	₹849.4B	₹943.9B	₹648.8B	₹578.6B	₹697.1B	₹634.6B	₹678.4B
Net debt / EBITDA	2.47×	3.14×	3.08×	3.15×	0.78×	2.64×	5.13×	4.48×
Cash conversion cycle (days)	85	136	125	92	41	123	292	176