SAIL Share Price: Volume Badha, Par Margin Pe Pressure! Analysts ka 'Hold' Call

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AuthorAnanya Iyer|Published at:
SAIL Share Price: Volume Badha, Par Margin Pe Pressure! Analysts ka 'Hold' Call
Overview

SAIL ne Q3 FY26 mein sales volume toh kaafi badha li, par steel prices mein girawat ke karan profit margin dab gaya. Revenue **3%** badh kar **₹27,400 crore** ho gaya, lekin EBITDA **9%** neeche gir kar **₹2,300 crore** pe aa gaya. Analysts ne 'Hold' rating di hai.

Q3 Mein SAIL Ka Performance Kaisa Raha?

Steel Authority of India Ltd. (SAIL) ne Q3 FY26 mein zabardast volume growth dikhai hai, jisse company ka revenue 3% badh kar ₹27,400 crore ho gaya. Yeh growth 4% zyada sales volumes ke karan hui, jismein NMDC Steel se 0.37 million tonnes ka traded volume bhi shamil tha. Company ne apna inventory bhi manage kiya, lagbhag 0.3 million tonnes stock becha is quarter mein.

Lekin, asli panga prices mein tha. Net sales realization (NSR) per tonne 1% kam hokar ₹53,669 ho gaya. Upar se raw material costs bhi badh gaye, jiske chalte SAIL ka EBITDA 9% sequentially gir kar ₹2,300 crore pe aa gaya. Aur bhai, EBITDA per tonne toh 12% neeche jaakar ₹4,507 ho gaya. Matlab, zyada product bechne ke baad bhi profit margin tight ho gaya.

Analysts Kya Bol Rahe Hain?

IDBI Capital ne SAIL par apni 'Hold' rating barkarar rakhi hai. Unhone valuation ko FY28 tak roll forward karke 6.5x EV/EBITDA multiple par ₹151 ka target price diya hai. Yeh dikhata hai ki analysts ko company ki volume growth toh theek lag rahi hai, par short term mein margin pressure rahega.

Future Plans Aur Market Situation

SAIL future ke liye badi planning kar raha hai. Durgapur mein 1 million tonne ka TMT bar mill lagane ki baat hai, jo 18-24 mahine mein start ho jayega. FY26 ke liye 19.5 million tonne sales ka target rakha gaya hai. Aur FY27 mein toh ₹15,000 crore ka capex plan hai.

Par bhai, market situation kaafi challenging hai. India mein steel prices ₹47,000 per tonne jaise 5 saal ke low level pe aa gaye hain. Imports badh gaye hain aur export demand kam hai. Competition bhi mast hai, jismein JSW Steel aur Tata Steel bhi hain. SAIL ka P/E ratio TTM 25.11x hai, jo kuch competitors se kam hai. Stock price filhal ₹149-₹151 ke aas paas chal raha hai.

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