Steel Authority of India Limited declared a final dividend of ₹2.35 per equity share for FY26 during its 54th Annual General Meeting held on September 24, 2026. The payout was approved by shareholders alongside the adoption of audited financial statements.

The meeting, conducted via Video Conferencing and Other Audio Visual Means, was chaired by Chairman & Managing Director Ashok Kumar Panda. Shareholders adopted both the standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The Comptroller & Auditor General of India reported "Nil" comments, and the Statutory Auditors' Report contained "Nil" qualifications.

Director appointments and re-elections

Members approved several key governance resolutions, including the re-appointment of directors retiring by rotation and the appointment of new Whole Time Directors. The following individuals were appointed or re-appointed:

The Board was also authorized to fix the remuneration for Statutory Auditors appointed by the CAG for FY27. Additionally, the remuneration for Cost Auditors for FY27 was ratified.

Governance and voting process

The Company Secretary confirmed that remote e-voting facilities were provided from September 20 to September 23, 2026, in compliance with SEBI regulations. Members who did not vote remotely could cast their votes during the live meeting. National Securities Depository Limited facilitated the e-voting process, with Sachin Agarwal serving as the Scrutinizer. The results of the voting will be published on the company's website within the prescribed timeline.

Steel Authority of India reported a sharp rise in profitability for the first quarter of FY27, driven by improved sales realizations and controlled input costs. The state-owned steel major logged a net profit after tax (PAT) of ₹1,636 crore, marking a significant recovery from the ₹685 crore recorded in the corresponding period of the previous year.

The company’s operational efficiency translated into robust top-line growth, with total income reaching ₹26,449 crore against ₹26,082 crore in Q1FY26. Sales turnover stood at ₹26,010 crore. This financial performance coincided with a domestic crude steel production growth of 3% and consumption growth of approximately 8% in the same period.

Financial Performance Snapshot

What the Numbers Show

The improvement in earnings was primarily fueled by favorable price movements rather than volume expansion. While sales volumes contributed negatively to EBITDA by ₹201 crore compared to Q1FY26, sales price increases added ₹3,147 crore to the bottom line. Conversely, higher input costs reduced EBITDA by ₹1,525 crore. The net result was an EBITDA margin expansion to 16.7% from 11.5% in the prior year’s first quarter.

Exceptional items impacted pre-tax profits by ₹144 crore, reducing the profit before tax from ₹2,303 crore to ₹2,159 crore. Despite this, the company maintained a strong interest coverage ratio of 4.80, indicating sufficient operating cash flow to meet debt obligations. The debt service coverage ratio stood at 1.66. Total debt remained stable at ₹31,970 crore, while the debt-equity ratio under IndAS standards stood at 0.54, reflecting a stable capital structure amidst rising net worth of ₹59,720 crore as of June 2026.

Operational Highlights

SAIL produced 4.757 million tonnes of crude steel in Q1FY27, down slightly from 4.9 million tonnes in Q1FY26 but up from 4.8 million tonnes in Q4FY26. Saleable steel production was 4.516 million tonnes. Domestic sales accounted for 4.106 million tonnes, while exports remained minimal at 0.057 million tonnes. The product mix across its five integrated steel plants showed flats commanding a 52.7% share, followed by longs at 34.8% and semis at 12.5%.