Key Financial Figures (Standalone)
- Revenue from operations: ₹26,245.64 crore (Q1 FY27) vs ₹25,921.46 crore (Q1 FY26) vs ₹30,813.45 crore (Q4 FY26)
- Other income: ₹203.51 crore (Q1 FY27) vs ₹160.86 crore (Q1 FY26)
- Total income: ₹26,449.15 crore (Q1 FY27)
- Profit before exceptional items and tax: ₹2,302.80 crore (Q1 FY27) vs ₹889.76 crore (Q1 FY26)
- Exceptional items: ₹144.01 crore (voluntary retirement compensation)
- Profit before tax: ₹2,158.79 crore (Q1 FY27) vs ₹889.76 crore (Q1 FY26)
- Tax expense: ₹522.79 crore (current tax: ₹660.27 crore, deferred tax: ₹137.48 crore credit)
- Net profit: ₹1,636.00 crore (Q1 FY27) vs ₹685.48 crore (Q1 FY26) - 138% increase
- Earnings per share (basic and diluted): ₹3.96 (Q1 FY27) vs ₹1.66 (Q1 FY26)
- Total comprehensive income: ₹1,524.36 crore (Q1 FY27)
- Debt-equity ratio: 0.54:1 (30th June 2026) vs 0.64:1 (30th June 2025)
Key Financial Figures (Consolidated)
- Revenue from operations: ₹26,245.67 crore (Q1 FY27)
- Net profit: ₹1,644.05 crore (Q1 FY27) vs ₹744.58 crore (Q1 FY26)
- Earnings per share: ₹3.98 (basic and diluted)
Segment Performance (Standalone)
Revenue by plant (Q1 FY27):
- Bhilai Steel Plant: ₹7,485.33 crore
- Rourkela Steel Plant: ₹7,263.23 crore
- Bokaro Steel Plant: ₹7,204.82 crore
- Durgapur Steel Plant: ₹2,731.39 crore
- IISCO Steel Plant: ₹2,771.02 crore
- Others: ₹1,776.87 crore
Segment results (Profit before interest, exceptional items and tax):
- Bhilai Steel Plant: ₹838.38 crore
- Rourkela Steel Plant: ₹857.84 crore
- Bokaro Steel Plant: ₹844.90 crore
- Durgapur Steel Plant: ₹168.98 crore
- IISCO Steel Plant: ₹270.41 crore
Important Notes to Financial Results
Note 4 - Provisional Pricing: Revenue includes sales to Government agencies of ₹2,138.77 crore for Q1 FY26 (cumulative ₹20,561.95 crore upto 30th June 2026) recognized at provisional prices. This includes ₹309.03 crore for downward revision of rail price for FY 2024-25 based on Office of the Chief Advisor-Cost recommendation dated 29th June 2026.
Note 5 - Sub-grade Iron Ore Fines Inventory: The company carries significant inventory of sub-grade iron ore fines (38.09 Mt valued at ₹3,675.37 crore) and other by-products including tailings (12.00 Mt valued at ₹557.96 crore), extractable scrap (0.41 Mt valued at ₹412.99 crore), and HMnO slag (0.88 Mt valued at ₹47.82 crore). Management believes no adjustment to carrying value is required given market demand and future beneficiation plans.
Note 6 - Exceptional Items: ₹144.01 crore pertaining to Voluntary Retirement Scheme compensation for employees.
Note 7 - Suspension Matters: Ministry of Steel had suspended two directors and some below-board-level officials in January 2024 regarding policy/pricing decisions. All suspensions were revoked on 28th June 2024. Management assessment indicates no material impact on operations or financial results.
Note 8 - Labour Code Impact: New labour codes effective from November 21, 2025 resulted in incremental impact of ₹92.38 crore in Q1 FY27 (cumulative ₹229.31 crore upto 30th June 2026).
Note 9 - Large Corporate Status: SAIL identified as 'Large Corporate' per SEBI Circular dated October 19, 2023 and will comply with debt issuance requirements.
Governance and Compliance Issues
The composition of the Board of Directors does not have the requisite number of Independent Directors and Non-Executive Directors. The company also does not have a Woman Director on its Board. Consequently, the Board composition and certain committees (Audit Committee, Nomination and Remuneration Committee) were not in compliance with Sections 149, 177 and 178 of the Companies Act and SEBI LODR Regulations. The financial results were approved by the Board on the recommendation of the Audit Committee (consisting of one functional Director, one government nominated Director and one independent Director).
Debt and Security Coverage
- Total borrowings: ₹21,728.56 crore
- Outstanding debt securities: Nil
- Security cover ratio: Not applicable as no outstanding bonds
- Debt service coverage ratio: 1.66 times (Q1 FY27)
- Interest service coverage ratio: 4.80 times (Q1 FY27)
Press Release Highlights
The company reported strong profitability with net profit rising over 138% YoY. SAIL moderated volumes by advancing scheduled repairs and maintenance during the quarter due to geopolitical volatility disrupting global supply chains. This planned intervention is expected to support greater production stability in coming quarters.
Chairman & Managing Director Dr. Ashok Kumar Panda stated: "Amid global uncertainties, the domestic steel industry demonstrated resilience backed by sustained demand in domestic steel consumption. SAIL, through enhanced operational efficiencies, prudent cost management and focused marketing initiatives, has delivered a significantly profitable first quarter in FY27."