Industry research
India is one of the world's largest steel producers. This page measures the whole industry, listed and private companies together, from statutory filings and exchange prices, and sets it against related industries, buyer searches, news, geography and the wider steel ecosystem.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Tata Steel | Listed · TATASTEEL | 2,18,543 | 12.3 | Maharashtra |
| 2 | JSW Steel | Listed · JSWSTEEL | 1,68,824 | 14.0 | Maharashtra |
| 3 | Steel Authority of India | Listed · SAIL | 1,02,479 | 11.2 | Delhi |
| 4 | ArcelorMittal Nippon Steel India (AM/NS India) | Private | 52,185 | 14.2 | Gujarat |
| 5 | Jindal Steel & Power (Jindal Steel) | Listed · JINDALSTEL | 49,765 | 19.1 | Haryana |
| 6 | Orissa Metaliks | Private | 17,500 | 18.8 | West Bengal |
| 7 | Shyam Metalics and Energy | Listed · SHYAMMETL | 15,138 | 13.8 | West Bengal |
| 8 | POSCO Maharashtra Steel | Private | 11,296 | 14.8 | Maharashtra |
| 9 | Rashmi Metaliks | Private | 8,923 | 14.3 | West Bengal |
| 10 | ESL Steel | Private | 8,147 | 6.8 | Jharkhand |
| 11 | Orissa Alloy Steel | Private | 7,585 | 16.9 | West Bengal |
| 12 | Shyam Steel Industries | Private | 7,088 | 11.6 | West Bengal |
| 13 | Kirloskar Ferrous Industries | Listed · KIRLFER | 6,564 | 12.3 | Maharashtra |
| 14 | Jai Balaji Group | Listed · JAIBALAJI | 6,351 | 14.7 | West Bengal |
| 15 | Godawari Power & Ispat | Listed · GPIL | 5,376 | 24.0 | Chhattisgarh |
| 16 | Rimjhim Ispat | Private | 5,212 | 7.6 | Uttar Pradesh |
| 17 | Shri Bajrang Power and Ispat | Private | 5,190 | 11.1 | Chhattisgarh |
| 18 | Sarda Energy and Minerals | Listed · SARDAEN | 4,643 | 30.4 | Maharashtra |
| 19 | Gallantt Group | Listed · GALLANTT | 4,227 | 10.8 | Delhi |
| 20 | Prakash Industries | Listed · PRAKASH | 4,014 | 13.6 | Haryana |
| 21 | Shakambhari Ispat & Power | Private | 3,612 | 6.9 | West Bengal |
| 22 | Sunflag Iron and Steel | Listed · SUNFLAG | 3,536 | 11.5 | Maharashtra |
| 23 | Real Ispat and Power | Private | 3,461 | 10.9 | Chhattisgarh |
| 24 | Arjas Steel | Private | 2,884 | 6.6 | Andhra Pradesh |
| 25 | Apollo Metalex | Private | 2,851 | 11.2 | Delhi |
| 26 | Mukand Sumi Special Steel | Private | 2,726 | 15.4 | Maharashtra |
| 27 | MS Metals and Steels | Private | 2,486 | 5.3 | Maharashtra |
| 28 | Madhav KRG | Private | 2,355 | 2.9 | Delhi |
| 29 | SLR Metaliks | Private | 2,307 | 15.3 | Delhi |
| 30 | SMW Ispat | Private | 2,213 | 7.8 | Gujarat |
641 steel companies with statutory filings (35 listed, 606 private) reported combined revenue of ₹8.55 lakh crore in FY2025, −2.1% on the same companies, and aggregate EBITDA of ₹1.06 lakh crore. As filed each year, combined revenue was ₹3.41 lakh crore in FY2018, peaked at ₹9.02 lakh crore in FY2024 and was ₹8.55 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 21 listed companies with an exchange price are worth ₹7.52 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in tonnes of output.
Deteriorating. The aggregate EBITDA margin of steel companies was 12.4% in FY2025, 0.9 pts below FY2024, against a peak of 22.2% in FY2022. The low since the peak was 11.3% in FY2023. Profit after tax margin was 3.3% (−0.2 pts on FY2024). Aggregate EBITDA of listed and private steel companies moved −42% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹1.06 lakh crore (−9.1% on FY2024).
By FY2025 revenue the largest steel companies are Tata Steel (₹2.19 lakh crore, 12.3% EBITDA margin); JSW Steel (₹1.69 lakh crore, 14.0% EBITDA margin); Steel Authority of India (₹1.02 lakh crore, 11.2% EBITDA margin); ArcelorMittal Nippon Steel India (AM/NS India) (₹52,185 crore, 14.2% EBITDA margin, private); Jindal Steel & Power (Jindal Steel) (₹49,765 crore, 19.1% EBITDA margin). Among the ten largest, Jindal Steel & Power (Jindal Steel) (19.1%) and Orissa Metaliks (18.8%) earn the widest EBITDA margins and ESL Steel (6.8%) the thinnest. 13 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Capacity expansion carried 6.6% of steel stories in 2025-06 to 2026-05, up 2.2 pts (+49%) on the prior 12 months; net tone +82 vs +49 for all steel stories. In buyer searches: Search interest in stainless steel queries (ss sink, ss railing, stainless steel price) was +35% in the 12 months to 2026-09 vs the prior 12, led by “stainless steel price” (+69%), followed by energy & power (+17%); housing & construction moved -3%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Steel EBITDA shrank 42% since FY2022 (Industry financials). 50 private steel producers pass an IPO-readiness screen (Top steel companies in India). Capacity expansion is gaining the most ground in steel news (Steel in the news). Stainless steel searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 11.0× and median P/E 25.5× across 21 priced steel companies. (Market capitalisation & valuation).
The median trailing P/E is 25.5× and the median EV/EBITDA 11.0× across 21 priced companies.
The steel industry makes iron and steel from iron ore, coal and scrap, and sells flat products (sheets, coils), long products (TMT bars, wire rods, structurals) and alloy and special steels to construction, automobile, machinery, pipe and packaging buyers.
Listed and private companies whose registered industry code is basic iron and steel, plus companies confirmed as steel producers by name and product, reviewed by hand. Steel traders, pipe and tube, casting, forging and ferro-alloy businesses, and subsidiaries of listed steel groups, are left out of the company totals; the ecosystem section covers them by sub-sector.
Research information, not investment advice.
Industry research