Any current/future new fundraising through debt or equity?

SAIL plans significant capex ramp-up over the next few years: INR 15,000 crores in FY26-27, increasing to INR 18,000-19,000 crores in FY27-28, and eventually INR 20,000-25,000 crores annually as expansions at IISCO, Bokaro, and Bhilai progress. The company aims to fund a large part of FY26-27 capex through internal accruals by improving profitability and cash flows. Beyond FY26-27, incremental capex funding will likely come from long-term loans and borrowings, indicating potential future debt-raising. Net debt-to-equity currently at ~0.37, with a target to reduce this ratio in FY26-27 th

Any current/future capex/capital investment/strategic investment?

Capex guidance for FY26-27 is INR 15,000 crores, expected to increase in subsequent years. Expansion projects ongoing at three plants: IISCO (advanced stages), Bokaro, and Bhilai. Groundwork for IISCO expansion to start soon; expenditures to increase from FY27-28, with some in Q4 FY26-27. Bokaro and Bhilai expansions expected to show major expenditures from FY28-29 onwards. Capex expected to rise to INR 18,000-19,000 crores in FY27-28 and INR 20,000-25,000 crores yearly thereafter. The company aims to fund most capex through internal accruals by improving profitability. Long-term loans and bor

Future growth expectations in sales/revenue/volumes?

Sales volume target for FY 2026-27 is 22 to 22.5 million tons, up from about 19 million tons in FY 2025-26, indicating a significant volume growth. The company aims to increase pure SAIL volumes from around 19 million tons to 22 million tons in FY 2026-27. Revenue growth is expected due to steady domestic steel demand and firm international prices. Expectation to maintain high profitability by focusing on operational efficiency and cost reduction. Capex is planned at INR 15,000 crores for FY 2026-27, increasing to INR 18,000-19,000 crores in FY 2027-28, and INR 20,000-25,000 crores in subseque

Future growth expectations in earnings/operating earnings/profits/EPS?

SAIL expects continued sustainable performance with focus on decarbonization, capacity utilization, value addition, and cost competitiveness (Page 19). Steel prices expected to remain stable with firm international prices and rupee depreciation supporting margins (Pages 18-19). Cost pressures anticipated due to increased coking coal prices, with a cost impact of around INR1,400 to INR1,500 per ton in Q1 FY27, but sales prices are supporting this (Page 18). Profitability is targeted to remain high on average over the year, with efficiency improvements and cost reductions key drivers (Pages 1

IN US

Steel Authority of India LtdQ1 FY27Ferrous Metals

Steel Authority of India Ltd Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹176P/E: 15.0Market Cap: ₹72.5K CrSector: Ferrous Metals

Management growth scorecard

Revenue

N/A

Margin

N/A

Fundraise

N/A

Order

N/A

Capex

N/A

0 of 0 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

→Sales volume target for FY 2026-27 is 22 to 22.5 million tons, up from about 19 million tons in FY 2025-26, indicating a significant volume growth.
→The company aims to increase pure SAIL volumes from around 19 million tons to 22 million tons in FY 2026-27.
→Revenue growth is expected due to steady domestic steel demand and firm international prices.
→Expectation to maintain high profitability by focusing on operational efficiency and cost reduction.
→Capex is planned at INR 15,000 crores for FY 2026-27, increasing to INR 18,000-19,000 crores in FY 2027-28, and INR 20,000-25,000 crores in subsequent years to support expansion.
→Expansion projects at IISCO, Bokaro, and Bhilai plants will drive volume increases.
→The company is targeting sustained improvements in sales, utilization, and margins to fund growth through internal accruals and controlled leverage.

Margin guidance

→SAIL expects continued sustainable performance with focus on decarbonization, capacity utilization, value addition, and cost competitiveness (Page 19).
→Steel prices expected to remain stable with firm international prices and rupee depreciation supporting margins (Pages 18-19).
→Cost pressures anticipated due to increased coking coal prices, with a cost impact of around INR1,400 to INR1,500 per ton in Q1 FY27, but sales prices are supporting this (Page 18).
→Profitability is targeted to remain high on average over the year, with efficiency improvements and cost reductions key drivers (Pages 15-16).
→The company aims to fund significant capex (~INR15,000 crores FY27, rising to INR20,000+ crores), primarily through internal accruals by improving profitability (Pages 6, 15-16).
→Net debt expected to reduce further, improving financial stability and room for growth (Page 16).
→Domestic market remains steady despite global challenges, supporting operational and profit growth (Page 19).

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Fundraise plans

→SAIL plans significant capex ramp-up over the next few years: INR 15,000 crores in FY26-27, increasing to INR 18,000-19,000 crores in FY27-28, and eventually INR 20,000-25,000 crores annually as expansions at IISCO, Bokaro, and Bhilai progress.
→The company aims to fund a large part of FY26-27 capex through internal accruals by improving profitability and cash flows.
→Beyond FY26-27, incremental capex funding will likely come from long-term loans and borrowings, indicating potential future debt-raising.
→Net debt-to-equity currently at ~0.37, with a target to reduce this ratio in FY26-27 through better profitability and no increase in debt levels this year.
→No explicit mention of equity fundraising; focus appears to be on optimizing internal accruals and debt for capex funding.

Order book

The provided transcript does not contain specific information on Steel Authority of India Limited's current or expected order book or pending orders. The discussion primarily covers: - Production capacity and utilization - Sales volume targets (22 to 22.5 million tons for FY26-27) - Cost and coal price impacts - Capex plans (INR 15,000 crores for FY26-27, increasing subsequently) - Operational efficiencies and financial performance - Market demand outlook and inventory management No mention or data about order book status or pending orders is available on the referenced pages. For detailed order book information, a different report or update would be required.

Capex plans

→Capex guidance for FY26-27 is INR 15,000 crores, expected to increase in subsequent years.
→Expansion projects ongoing at three plants: IISCO (advanced stages), Bokaro, and Bhilai.
→Groundwork for IISCO expansion to start soon; expenditures to increase from FY27-28, with some in Q4 FY26-27.
→Bokaro and Bhilai expansions expected to show major expenditures from FY28-29 onwards.
→Capex expected to rise to INR 18,000-19,000 crores in FY27-28 and INR 20,000-25,000 crores yearly thereafter.
→The company aims to fund most capex through internal accruals by improving profitability.
→Long-term loans and borrowings may be considered for incremental capex beyond internal funds.
→Focus remains on operational efficiency and special steel components to enhance profitability and capex funding capacity.

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