Who makes India's steel
11 listed companies earned ₹689,316 crore from steel in FY26, up 23.5% on FY25. Tata Steel Ltd earned the most, 34.8% of it. JSW Steel Ltd earned the most on each rupee of sales: 20.9%.
The brands, and who owns them
SAIL SeQR, SAILNEX are Steel Authority of India Ltd's; APL Apollo, APL Apollo Brand, Apollo Galv, Apollo Structural and others are APL Apollo Tubes Ltd's; SEL Tiger, Alfa, Azure, Elite and others are Shyam Metalics & Energy Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Tata Steel Ltd had 34.8% of the listed companies' revenue from steel here, 1.3 times as much as JSW Steel Ltd, the next largest. The two together sold 62%; the other 9 the rest.
What it is made of
Of the sales reported by product line, stainless steel is the largest at ₹45,031 Cr, then pipes and tubes at ₹23,079 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹6.89 lakh Cr from steel in FY26. Counting only the companies with figures in both years, sales went from ₹1.57 lakh Cr in FY19 to ₹3.23 lakh Cr, 2.1 times as much. The biggest rise was in FY22 (+80%) and the weakest year FY20 (-13%). Tata Steel Ltd's part of the total went from 27% in FY25 to 35% in FY26. Over three years Shyam Metalics & Energy Ltd grew fastest, +13.3% a year. Some companies are counted only from a later year (Tata Steel Ltd from FY25; Steel Authority of India Ltd from FY25; Welspun Corp Ltd from FY25; NMDC Ltd from FY26; Lloyds Metals & Energy Ltd from FY24; KEI Industries Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from steel. Tata Steel Ltd earned 14.3% on its sales in FY26, against 19.5% in FY25. JSW Steel Ltd earned 20.9% on its sales in FY26, against 9.2% in FY17. Steel Authority of India Ltd earned 6.8% on its sales in FY26, against 5.9% in FY25. Jindal Steel Ltd earned 11.2% on its sales in FY26, against -14.0% in FY17; its best year was FY22 at 18.9%. Jindal Stainless Ltd earned 11.2% on its sales in FY26, against 1.2% in FY17; its best year was FY22 at 12.6%. APL Apollo Tubes Ltd earned 7.3% on its sales in FY26, against 5.5% in FY17.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Tata Steel Ltd Sells in 28 states and 66 countries; exports 8.0% of turnover |
₹240,090 Cr | +63.3% | — | — | 14.3% | 35.6% | 11.5% | 19.8 | 9.7% | +2.6% |
| JSW Steel Ltd Sells in 28 states and 77 countries; exports 7.15% of turnover |
₹185,470 Cr | +9.9% | +3.4% | +18.2% | 20.9% | 40.3% | — | 11.6 | 7.9% | +2.5% |
| Steel Authority of India Ltd SAIL SeQR, SAILNEX Sells in 28 states and 5 countries; exports 1.05% of turnover |
₹104,393 Cr | +5.0% | — | — | 6.8% | 7.3% | 6.1% | 16.7 | 6.6% | +34.2% |
| Jindal Steel Ltd | ₹53,225 Cr | +7.0% | -0.5% | +8.7% | 11.2% | 6.2% | — | 38.6 | 8.1% | +3.6% |
| Jindal Stainless Ltd | ₹42,955 Cr | +9.3% | +6.1% | +28.3% | 11.2% | 5.0% | — | 18.3 | 16.2% | -7.1% |
| APL Apollo Tubes Ltd APL Apollo, APL Apollo Brand, Apollo Galv, Apollo Structural, Apollo Z, Bheem, Build, Chaukhat, CoastGuard, Column, DFT, Elegant Sells in 36 states and 36 countries; exports 9.0% of turnover |
₹23,079 Cr | +11.6% | +12.5% | +22.0% | 7.3% | 1.7% | — | 49.4 | 16.7% | +26.7% |
| Shyam Metalics & Energy Ltd SEL Tiger, Alfa, Azure, Elite, Royale Sells in 25 states and 40 countries; exports 10.63% of turnover |
₹18,552 Cr | +22.6% | +13.3% | +24.0% | 8.9% | 1.7% | — | 27.3 | 8.9% | +18.2% |
| Welspun Corp Ltd | ₹16,134 Cr | +20.9% | — | — | 12.6% | 2.1% | 14.3% | 31.2 | 16.2% | +230.9% |
| NMDC Ltd | ₹3,925 Cr | — | — | — | 0.4% | 0.0% | 4.0% | 8.4 | 23.4% | -6.3% |
| Lloyds Metals & Energy Ltd Sells in 18 states and 3 countries; exports 5.61% of turnover |
₹1,280 Cr estimate |
+32.0% | — | — | — | — | — | 20.5 | 35.1% | +36.9% |
| KEI Industries Ltd | ₹212 Cr | +1.3% | — | — | 8.1% | 0.0% | 18.6% | 44.5 | 14.8% | +6.4% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who makes India's steel?
11 listed companies report their revenue from steel: Tata Steel Ltd (TATASTEEL), JSW Steel Ltd (JSWSTEEL), Steel Authority of India Ltd (SAIL), Jindal Steel Ltd (JINDALSTEL), Jindal Stainless Ltd (JSL), APL Apollo Tubes Ltd (APLAPOLLO), Shyam Metalics & Energy Ltd (SHYAMMETL), Welspun Corp Ltd (WELCORP). 1 more sell them but report them together with other products.
Which listed company earns the most from steel in India?
Tata Steel Ltd, with revenue from steel of ₹240,090 crore in FY26: 34.8% of the listed companies' total here.
How much do listed companies earn from steel?
The listed companies here earned ₹689,316 crore from steel in FY26, up 23.5% on FY25. Private makers are not included.
Which listed company makes the most profit from steel?
JSW Steel Ltd: its operating profit was 20.9% of its revenue from steel in FY26.
Who owns SAIL SeQR?
SAIL SeQR is a brand of Steel Authority of India Ltd, listed on the NSE as SAIL.
Who owns SAILNEX?
SAILNEX is a brand of Steel Authority of India Ltd, listed on the NSE as SAIL.
Who owns APL Apollo?
APL Apollo is a brand of APL Apollo Tubes Ltd, listed on the NSE as APLAPOLLO.
Who owns APL Apollo Brand?
APL Apollo Brand is a brand of APL Apollo Tubes Ltd, listed on the NSE as APLAPOLLO.
Who owns SEL Tiger?
SEL Tiger is a brand of Shyam Metalics & Energy Ltd, listed on the NSE as SHYAMMETL.
Who owns Alfa?
Alfa is a brand of Shyam Metalics & Energy Ltd, listed on the NSE as SHYAMMETL.