Steel Authority of India Limited (SAIL), the state-owned Maharatna PSU, announced its financial results for the nine-month period ended December 31, 2025 (9M FY’26), reporting resilient operational performance and a sharp improvement in profitability despite a challenging market environment.
During the period under review, SAIL’s crude steel production rose marginally by 2% to 14.35 million tonnes, compared with 14.08 million tonnes in the corresponding period of the previous year, reflecting stable plant operations across its steel units. Sales volumes registered a much stronger growth of 16.3%, increasing from 12.56 million tonnes to 14.61 million tonnes, supported by improved market outreach, higher dispatches, inventory drawdown and greater penetration in the retail and institutional segments.
Revenue from operations increased by about 9–10% year-on-year to ₹79,997 crore, up from ₹73,162 crore in 9M FY’25, broadly in line with higher volumes. Operating performance also showed improvement, with EBITDA rising to ₹8,384 crore from ₹7,983 crore in the same period last year, aided by operating leverage and cost-control measures.
Profitability saw a significant jump, with profit before tax increasing to ₹2,010 crore from ₹1,445 crore a year ago, even after accounting for exceptional items. Profit after tax surged nearly 60% to ₹1,554 crore, compared with ₹970 crore in 9M FY’25, underlining gains from better capacity utilisation, liquidation of inventory and continued focus on cost optimisation.
The company also made progress on strengthening its balance sheet, reducing its debt by close to ₹5,000 crore during the nine-month period, reflecting improved cash flows and prudent financial management.
Commenting on the results, SAIL CMD, Amarendu Prakash said the company delivered a strong improvement in profitability, driven by higher volumes, operating leverage and disciplined financial practices. He added that robust domestic demand and improved market penetration supported strong sales traction.
He further noted that despite volatility in input costs and a competitive pricing environment, SAIL was able to sustain operating profitability through better product mix, higher volumes and continued cost discipline, positioning the company well for the remainder of the financial year.
