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Last Updated: April 2, 2026, 3:36 am
Author: Getaka|Social: XLinkedIn

SAL Steel Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2.07Overvalued by 94.57%vs CMP ₹38.10

P/E (15.0) × ROE (5.6%) × BV (₹3.01) × DY (2.00%)

Defaults: P/E=15

₹6.08Overvalued by 84.04%vs CMP ₹38.10
MoS: -526.6% (Negative)Confidence: 58/100 (Moderate)Models: All 5: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1.6534%Over (-95.7%)
Net Asset ValueAssets₹2.2820%Over (-94%)
EV/EBITDAEnterprise₹5.1117%Over (-86.6%)
ROCE CapitalReturns₹9.7714%Over (-74.4%)
Revenue MultipleRevenue₹18.7715%Over (-50.7%)
Consensus (5 models)₹6.08100%Overvalued
Key Drivers: EPS CAGR -20.5% drags value — could be higher if earnings stabilize. | Wide model spread (₹2–₹19) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -20.5% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

44
SAL Steel Ltd scores 44/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health30/100 · Weak
ROCE 7.1% WeakROE 5.6% WeakD/E 4.75 High debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money60/100 · Moderate
FII holding stable No changePromoter increased by 9.51% Positive
Earnings Quality75/100 · Strong
OPM expanding (1% → 4%) ImprovingWorking capital: 19 days (improving) Efficient
Quarterly Momentum15/100 · Weak
Revenue (4Q): -45% YoY DecliningProfit (4Q): -336% YoY DecliningOPM: -1.4% (down 7.6% YoY) Margin pressure
Industry Rank45/100 · Moderate
ROCE 7.1% vs industry 8.8% Average3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:36 am

Market Cap 552 Cr.
Current Price 38.1
Intrinsic Value₹6.08
High / Low 50.0/14.4
Stock P/E
Book Value 3.01
Dividend Yield0.00 %
ROCE7.05 %
ROE5.62 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for SAL Steel Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
SAL Steel Ltd 552 Cr. 38.1 50.0/14.4 3.010.00 %7.05 %5.62 % 10.0
Beekay Steel Industries Ltd 685 Cr. 359 607/32011.2 5540.28 %7.86 %6.45 % 10.0
Visa Steel Ltd 383 Cr. 29.6 73.7/27.0 1060.00 %5.46 %% 10.0
Aerpace Industries Ltd 370 Cr. 24.1 32.5/16.7 3.080.00 %11.5 %15.3 % 1.00
Manaksia Steels Ltd 320 Cr. 48.8 77.8/44.212.6 46.40.00 %4.23 %3.38 % 1.00
Industry Average47,622.23 Cr296.8422.32160.060.39%8.78%7.09%7.50

All Competitor Stocks of SAL Steel Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 142.14112.31153.64157.00129.53139.46110.71123.52193.82116.94127.6865.732.20
Expenses 134.83106.52148.00151.23127.26130.16104.73117.65181.73117.09133.0052.762.23
Operating Profit 7.315.795.645.772.279.305.985.8712.09-0.15-5.3212.97-0.03
OPM % 5.14%5.16%3.67%3.68%1.75%6.67%5.40%4.75%6.24%-0.13%-4.17%19.73%-1.36%
Other Income 0.000.000.000.000.000.000.000.00-4.160.000.000.0016.09
Interest 3.853.303.143.203.223.173.183.224.875.104.935.145.67
Depreciation 2.382.392.382.402.382.462.602.552.582.842.692.702.69
Profit before tax 1.080.100.120.17-3.333.670.200.100.48-8.09-12.945.137.70
Tax % 24.07%220.00%16.67%17.65%-25.53%26.43%20.00%40.00%241.67%-26.21%-25.19%27.29%13.90%
Net Profit 0.82-0.120.100.14-2.482.700.160.06-0.68-5.97-9.683.736.63
EPS in Rs 0.10-0.010.010.02-0.290.320.020.01-0.08-0.70-1.140.440.61

Last Updated: March 3, 2026, 3:02 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 4:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 326363327361446571408301505496577544313
Expenses 326337304351440562426301509487555521305
Operating Profit -026231069-18-0-4821237
OPM % -0%7%7%3%1%2%-4%-0%-1%2%4%4%2%
Other Income 2-47-31266-19442229142-316
Interest 3030121122008131721
Depreciation 179888889910101111
Profit before tax -47-59-29464-1917121661-7-8
Tax % -24%28%0%75%34%16%7%7%29%36%26%-12%
Net Profit -35-76-29142-2216121240-6-5
EPS in Rs -4.17-8.93-3.390.104.99-2.541.871.361.360.420.06-0.76-0.79
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)-117.14%61.84%103.45%4100.00%-152.38%172.73%-25.00%0.00%-66.67%-100.00%
Change in YoY Net Profit Growth (%)0.00%178.98%41.61%3996.55%-4252.38%325.11%-197.73%25.00%-66.67%-33.33%

SAL Steel Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:6%
3 Years:3%
TTM:5%
Compounded Profit Growth
10 Years:7%
5 Years:%
3 Years:%
TTM:-2650%
Stock Price CAGR
10 Years:27%
5 Years:40%
3 Years:29%
1 Year:-21%
Return on Equity
10 Years:%
5 Years:14%
3 Years:1%
Last Year:-6%

Last Updated: September 5, 2025, 1:15 pm

Balance Sheet

Last Updated: December 4, 2025, 1:54 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 85858585858585858585858585
Reserves -15-91-120-124-65-86-70-59-47-43-43-46-52
Borrowings 17612186172175170161146124125125178198
Other Liabilities 1671721991628711413912312911011712269
Total Liabilities 413287250296282283314295291277284338300
Fixed Assets 156147140133128126118155146136143151145
CWIP 1045625252511461131121
Investments 0000000000000
Other Assets 1538386138130147150139144137140187134
Total Assets 413287250296282283314295291277284338300

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -17222-67-4542422826-21
Cash from Investing Activity + 10-1-1-38-35-10-2-13-18
Cash from Financing Activity + 11-22-17-3-6-18-22-22-7-1339
Net Cash Flow -40-001-2010-10-0
Free Cash Flow -16220-644182322826-21
CFO/OP 3,479%84%8%-61%108%-44%-295%-8,893%-729%126%123%-91%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-176.00-95.00-63.00-162.00-169.00-161.00-179.00-146.00-128.00-117.00-104.00-155.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 54134551285810710440514245
Inventory Days 574348928528225647574081
Days Payable 3534384430437511146283217
Cash Conversion Cycle 7622559983435450418150110
Working Capital Days -201-216-228-433523108-71322519
ROCE %-6%10%18%5%1%2%11%7%10%8%8%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Feb 2026
Promoters 50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%50.56%61.47%70.98%
FIIs 0.00%0.00%0.00%0.00%0.00%0.07%0.05%0.00%0.15%0.00%0.00%0.00%
Public 49.44%49.44%49.43%49.44%49.43%49.36%49.38%49.44%49.29%49.44%38.53%29.01%
No. of Shareholders 42,11143,28455,58969,41366,36065,09763,90464,48663,56560,88457,12455,863

Shareholding Pattern Chart

No. of Shareholders

SAL Steel Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -0.760.060.421.361.36
Diluted EPS (Rs.) -0.760.060.421.361.36
Cash EPS (Rs.) 0.481.191.542.442.42
Book Value[Excl.RevalReserv]/Share (Rs.) 4.564.954.894.453.08
Book Value[Incl.RevalReserv]/Share (Rs.) 4.564.954.894.453.08
Revenue From Operations / Share (Rs.) 64.0467.8758.3459.4735.41
PBDIT / Share (Rs.) 2.842.712.693.012.55
PBIT / Share (Rs.) 1.591.571.571.931.49
PBT / Share (Rs.) -0.850.070.641.911.46
Net Profit / Share (Rs.) -0.750.050.411.361.36
PBDIT Margin (%) 4.423.984.615.067.20
PBIT Margin (%) 2.482.312.693.254.20
PBT Margin (%) -1.340.111.113.214.12
Net Profit Margin (%) -1.180.080.712.283.83
Return on Networth / Equity (%) -16.591.118.5330.5044.15
Return on Capital Employeed (%) 7.407.127.1227.327.35
Return On Assets (%) -1.890.161.283.963.91
Long Term Debt / Equity (X) 3.232.973.010.004.74
Total Debt / Equity (X) 4.582.973.013.284.75
Asset Turnover Ratio (%) 1.752.061.751.720.98
Current Ratio (X) 1.181.421.500.581.06
Quick Ratio (X) 0.530.900.840.370.80
Inventory Turnover Ratio (X) 7.288.197.009.378.20
Interest Coverage Ratio (X) 1.451.812.93136.2691.52
Interest Coverage Ratio (Post Tax) (X) 0.861.041.4562.4649.79
Enterprise Value (Cr.) 325.61300.03239.99207.14149.13
EV / Net Operating Revenue (X) 0.590.520.480.400.49
EV / EBITDA (X) 13.5213.0510.498.096.88
MarketCap / Net Operating Revenue (X) 0.270.300.230.160.08
Price / BV (X) 3.834.192.792.241.00
Price / Net Operating Revenue (X) 0.270.300.230.160.08
EarningsYield -0.040.000.030.130.43

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

SAL Steel Ltd. is a Public Limited Listed company incorporated on 06/11/2003 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L29199GJ2003PLC043148 and registration number is 043148. Currently company belongs to the Industry of Steel - Pig Iron. Company's Total Operating Revenue is Rs. 544.12 Cr. and Equity Capital is Rs. 84.97 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Pig Iron5/1, Shreeji House, B/h M.J. Library, Ahmedabad Gujarat 380006Contact not found
Management
NamePosition Held
Mr. Rajendrakumar ShahNon Executive Chairman
Mr. Babulal M SinghalWhole Time Director
Mr. Mrinal SinhaWhole Time Director
Mr. Nipa Jairaj ShahIndependent Director
Mrs. Shefali M PatelIndependent Director
Mr. Mitesh V JariwalaIndependent Director
Mr. Bipinbhai A GosaliaIndependent Director

FAQ

What is the intrinsic value of SAL Steel Ltd and is it undervalued?

As of 16 April 2026, SAL Steel Ltd's intrinsic value is ₹6.08, which is 84.04% lower than the current market price of ₹38.10, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (5.62 %), book value (₹3.01), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of SAL Steel Ltd?

SAL Steel Ltd is trading at ₹38.10 as of 16 April 2026, with a FY2026-2027 high of ₹50.0 and low of ₹14.4. The stock is currently in the middle of its 52-week range. Market cap stands at ₹552 Cr..

How does SAL Steel Ltd's P/E ratio compare to its industry?

SAL Steel Ltd has a P/E ratio of , which is below the industry average of 22.32. This is broadly in line with or below the industry average.

Is SAL Steel Ltd financially healthy?

Key indicators for SAL Steel Ltd: ROCE of 7.05 % is on the lower side compared to the industry average of 8.78%; ROE of 5.62 % is below ideal levels (industry average: 7.09%). Dividend yield is 0.00 %.

Is SAL Steel Ltd profitable and how is the profit trend?

SAL Steel Ltd reported a net profit of ₹-6 Cr in Mar 2025 on revenue of ₹544 Cr. Compared to ₹12 Cr in Mar 2022, the net profit shows a declining trend.

Does SAL Steel Ltd pay dividends?

SAL Steel Ltd has a dividend yield of 0.00 % at the current price of ₹38.10. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in SAL Steel Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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