SAIL FY26 PAT Rises 50%, Recommends Dividend ₹2.35
Steel Authority of India reported a strong financial performance for FY26, with consolidated net profit rising to ₹3,233 crore from ₹2,148 crore in the previous year. Q4FY26 net profit increased to ₹1,680 crore, driven by higher sales realizations and volume improvements. The board recommended a final dividend of ₹2.35 per equity share for FY26.
*this image is generated using AI for illustrative purposes only.
Steel Authority of India delivered a strong financial performance in FY26, with consolidated net profit (Profit After Tax) rising to ₹3,233 crore compared to ₹2,148 crore in FY25. For the quarter ended March 31, 2026, PAT stood at ₹1,680 crore, up from ₹1,178 crore in Q4FY25. Revenue (Sales Turnover) for Q4FY26 climbed to ₹30,541 crore from ₹29,121 crore in Q4FY25, while full-year FY26 Sales Turnover rose to ₹1,09,966 crore from ₹1,01,716 crore in FY25, reflecting improved operational momentum across the business.
Financial Performance
The company's operating profitability showed a marked improvement during the quarter and the full year. Q4FY26 EBITDA surged to ₹4,762 crore from ₹3,781 crore in Q4FY25, while full-year FY26 EBITDA rose to ₹13,146 crore from ₹11,764 crore in FY25. The quarterly EBITDA movement was driven by higher sales price/NSR (₹993 crore positive impact) and volume improvements, partially offset by input price/cost pressures. The following table summarizes the key financial metrics:
| Metric: | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Sales Turnover: | ₹30,541 Cr | ₹27,170 Cr | ₹29,121 Cr | ₹1,09,966 Cr | ₹1,01,716 Cr |
| Total Income: | ₹31,169 Cr | ₹27,703 Cr | ₹29,617 Cr | ₹1,11,961 Cr | ₹1,03,613 Cr |
| EBITDA: | ₹4,762 Cr | ₹2,630 Cr | ₹3,781 Cr | ₹13,146 Cr | ₹11,764 Cr |
| Depreciation: | ₹1,576 Cr | ₹1,515 Cr | ₹1,523 Cr | ₹5,985 Cr | ₹5,650 Cr |
| Finance Cost: | ₹532 Cr | ₹547 Cr | ₹664 Cr | ₹2,158 Cr | ₹2,793 Cr |
| PBT (Before Exceptional): | ₹2,653 Cr | ₹568 Cr | ₹1,593 Cr | ₹5,002 Cr | ₹3,321 Cr |
| Exceptional Items: | -₹330 Cr | ₹0 Cr | -₹29 Cr | -₹668 Cr | -₹313 Cr |
| PBT (After Exceptional): | ₹2,324 Cr | ₹568 Cr | ₹1,564 Cr | ₹4,334 Cr | ₹3,009 Cr |
| Tax: | ₹644 Cr | ₹126 Cr | ₹386 Cr | ₹1,100 Cr | ₹861 Cr |
| Profit After Tax: | ₹1,680 Cr | ₹442 Cr | ₹1,178 Cr | ₹3,233 Cr | ₹2,148 Cr |
Dividend Declaration
The Board of Directors at its meeting held on May 15, 2026, recommended a Final Dividend of ₹2.35 per equity share of ₹10 each for the Financial Year 2025-26. This represents 23.50% of the paid-up equity share capital of the company. The dividend will be paid within 30 days from the date of approval by the shareholders in the ensuing Annual General Meeting.
Borrowings and Balance Sheet
On the balance sheet front, Steel Authority of India demonstrated improving financial health. Net Worth rose to ₹58,195 crore as of March 2026, up from ₹55,656 crore in March 2025. Borrowings (Non Ind AS) stood at ₹29,811 crore as of March 2026, with the debt-equity ratio (Non Ind AS) at 0.54 times. Finance costs declined to ₹2,158 crore in FY26 from ₹2,793 crore in FY25, reflecting reduced debt servicing burden.
| Balance Sheet Metric: | Mar'26 | Mar'25 |
|---|---|---|
| Net Worth: | ₹58,195 Cr | ₹55,656 Cr |
| Borrowings (Non Ind AS): | ₹29,811 Cr | — |
| Debt-Equity Ratio (Non Ind AS): | 0.54x | — |
| Finance Cost (Annual): | ₹2,158 Cr | ₹2,793 Cr |
Manpower Trends
Steel Authority of India continued its workforce rationalisation during FY26. Total manpower stood at 49,752 as of April 1, 2026, compared to 53,159 as of April 1, 2025, reflecting a reduction of 3,407 employees during the year. During the latest quarter alone, manpower was reduced by 860 employees.
| Manpower Metric: | 01.04.2025 | 01.01.2026 | 01.04.2026 |
|---|---|---|---|
| Manpower on Date: | 53,159 | 50,612 | 49,752 |
| Reduction During Quarter: | — | — | 860 |
| Reduction During Year: | — | — | 3,407 |
Key Financial Highlights
- Q4FY26 PAT rose to ₹1,680 crore from ₹1,178 crore in Q4FY25
- FY26 PAT improved to ₹3,233 crore from ₹2,148 crore in FY25
- Q4FY26 EBITDA jumped to ₹4,762 crore from ₹3,781 crore in Q4FY25
- FY26 EBITDA grew to ₹13,146 crore from ₹11,764 crore in FY25
- FY26 Sales Turnover rose to ₹1,09,966 crore from ₹1,01,716 crore in FY25
- Net Worth increased to ₹58,195 crore as of March 2026; debt-equity ratio at 0.54 times
- Manpower reduced by 3,407 during FY26 to 49,752 as of April 1, 2026
- Final Dividend of ₹2.35 per share recommended for FY26
Historical Stock Returns for Steel Authority of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.30% | -11.72% | -1.71% | +40.70% | +35.78% | +46.02% |
Can SAIL realistically achieve its 22MT volume guidance for FY27 given Morgan Stanley's skepticism, and what specific debottlenecking projects are critical to hitting that target?
How will rising coking coal costs and the pending wage revision impact SAIL's EBITDA per tonne trajectory in FY27, and does management have hedging strategies in place?
With SAIL's aggressive capex plans potentially increasing leverage from the current 0.54x debt-equity ratio, at what point could rising debt levels become a concern for credit ratings or dividend sustainability?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
