New Delhi: Steel Authority of India Limited (SAIL), the Maharatna public sector steel giant, reported a robust 60% growth in standalone Profit After Tax (PAT) for the first nine months of FY26, reaching ₹1,553.97 crore, up from ₹970 crore in the same period last year. The company also increased sales volume by 16.3% to 14.61 million tonnes, while crude steel production rose 2% to 14.35 million tonnes, reflecting strong operational performance.
Standalone revenue from operations for 9M FY26 stood at ₹79,996.79 crore, a 10% increase from ₹73,162.11 crore in 9M FY25.
Quarterly Highlights: Q3 FY26
In Q3 FY26, SAIL posted a PAT of ₹441.70 crore, compared to ₹125.80 crore in Q3 FY25, while revenue reached ₹27,371.39 crore. Earnings per share (EPS) were ₹1.07. The company demonstrated continued operational efficiency despite input cost volatility.
Key Q3 Financial Metrics:
- Net Profit: ₹3.74 billion (+167% YoY)
- Revenue: ₹273.7 billion (+11.8% YoY)
- EBITDA: ₹22.94 billion (+13.0% YoY)
- EBITDA Margin: 8.38% (up 9 bps)
While profitability grew sharply year-on-year, net profit slightly missed analyst estimates of ₹4.87 billion, showing a variance of -23.2%.
Read also: Employees’ Trust Pays Off: SAIL Earns ‘Great Place to Work’ Certification for Third Consecutive Year
Debt Reduction and Strong Balance Sheet
SAIL has successfully reduced its debt by nearly ₹5,000 crore during the 9M FY26 period. Standalone net worth as of December 31, 2025, stood at ₹56,236.45 crore, with a healthy debt-equity ratio of 0.62, strengthening the company’s financial stability.
Segment-Wise Performance
The company’s major plants — Bhilai, Rourkela, and IISCO — were profitable during the period, while the Salem Steel Plant reported a loss. Operational efficiency was driven by higher volumes, product mix optimization, and cost discipline, according to SAIL’s management.
Auditor Qualifications and Contingent Liabilities
The joint statutory auditors flagged three accounting matters:
- Entry Tax Provision: Disputed ₹109.86 crore not provided for.
- DVC Refund Accounting: ₹344.75 crore treatment including interest income.
- Water Charges Provision: Disputed ₹1,146.44 crore from Jharkhand Water Resources Department.
Management has classified these as contingent liabilities, pending legal outcomes, and stated that profits and equity would be lower if accounted differently.
Management Commentary
Mr. Amarendu Prakash, CMD of SAIL, said:
“We have delivered an improvement in profitability driven by higher volumes, operating leverage, and prudent financial management. Strong sales traction was supported by robust domestic demand and improved market penetration.”
He added that sustained profitability was achieved through volume growth, product mix optimization, and cost control, despite challenges from input cost fluctuations.
About SAIL
Steel Authority of India Limited (SAIL) is India’s largest integrated steel producer, operating multiple plants nationwide. As a Maharatna Central Public Sector Enterprise, SAIL plays a vital role in India’s steel industry, contributing significantly to domestic steel production, infrastructure, and economic growth.
Read also: SAIL to Announce Q3 and Nine-Month FY26 Results on January 30 Amid Market Watch
