Steel Exchange India financials and balance sheet

NSE: STEELXINDBSE: 534748Industrial ProductsSmall Cap

₹9.54₹0.57 (5.64%)BSE ₹9.57

Share price at the NSE close on 23 Oct 2026. Previous close ₹10.11.

52-week range of traded prices to 23 Oct 2026

₹7.00Low, 23 Mar 2026₹13.95High, 22 Jun 2026

Market cap: ₹1,217 Cr1,393rd largest listed
P/E: 38.3
P/B: 1.6
Dividend yield: Nonein the last 12 months
ROE: 4.3%
ROCE: 9.0%
Debt to equity: 0.54
Volume, NSE: 41,17,09346.5% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Steel Exchange India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,388 Cr, year to Mar 2023A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,059
Materials and goods−790
Employee costs−46
Other expenses−92
Operating profit131
Depreciation−28
Other income+7.0
One-off items0.0
Finance costs−69
Profit before tax40
Tax−13
Net profit27

What the company owns

Plant, investments and other assets₹742 Cr
Inventory₹396 Cr
Receivables₹221 Cr
Cash and bank₹16 Cr

What pays for it: net worth and liabilities

Net worth₹768 Cr
Borrowings₹418 Cr
Owed to suppliers₹107 Cr
Other liabilities₹83 Cr

Steel Exchange India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Steel Exchange India segment results by quarter

Revenue by segment

₹1,142 CrTotal

Steel₹1,042 Cr91.3% of total
Power₹96 Cr8.4% of total
Logistics₹3 Cr0.3% of total

Profit by segment

Steel₹111 Cr97.2% of total
Logistics₹3 Cr2.8% of total

Segment results by year

Standalone, ₹ crore, years to March.

Steel
Revenue, ₹ crore
1,082
807
945
1,095
1,377
1,082
1,121
1,042
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
63
129
106
80
79
116
111
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power
Revenue, ₹ crore
137
30
68
36
38
29
127
96
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−5
−8
−14
−3
−2
0
4
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Logistics
Revenue, ₹ crore
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,219	836	1,013	1,132	1,415	1,111	1,248	1,142
Company revenue, as in its results	1,024	781	898	1,099	1,388	1,089	1,144	1,059
Revenue	1,082	807	945	1,095	1,377	1,082	1,121	1,042
Revenue growth	–	−25.5%	–	16.0%	25.7%	−21.4%	3.6%	−7.0%
Profit	−3	63	129	106	80	79	116	111
Profit growth	–	–	–	−18.0%	−24.4%	−0.8%	46.4%	−4.4%
Margin	−0.2%	7.8%	13.6%	9.6%	5.8%	7.3%	10.3%	10.6%
Return on capital	−1.5%	28.2%	23.5%	16.4%	13.7%	10.5%	16.1%	13.1%
Assets	1,158	1,128	743	874	898	994	1,027	1,139
Liabilities	982	906	196	231	313	241	308	295
Capital employed	176	222	547	643	585	752	719	844
Revenue	137	30	68	36	38	29	127	96
Revenue growth	–	−78.3%	131.2%	−46.9%	5.0%	−24.2%	–	−24.1%
Profit	−5	−8	−14	−3	−2	0	4	−4
Margin	−3.3%	−28.4%	−20.0%	−8.0%	−6.5%	0.0%	3.3%	−4.4%
Return on capital	−4.1%	−9.8%	−6.2%	−1.5%	−1.5%	0.0%	1.9%	−2.8%
Assets	269	259	246	243	234	225	227	170
Liabilities	158	173	26	50	70	22	8	21
Capital employed	112	86	220	193	164	203	219	149
Revenue	–	–	–	–	–	–	–	3
Profit	–	–	–	–	–	–	–	3
Margin	–	–	–	–	–	–	–	92.6%
Return on capital	–	–	–	–	–	–	–	7.3%
Assets	–	–	–	–	–	–	–	44
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	44

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Steel Exchange India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 Apr	Mar 2023Filed 30 May	Mar 2024Filed 11 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue from operations	1,279	931	1,024	781	898	1,099	1,388	1,089	1,144	1,059
	–	942	1,007	710	782	993	1,292	993	1,020	928
Materials and goods bought	1,079	790	841	612	705	883	1,167	879	890	790
Employee costs	–	–	26	26	26	30	32	35	39	46
Other expenses	–	–	140	72	52	81	92	79	90	92
Operating profit before depreciation	–	−11	17	71	116	106	97	96	124	131
Operating margin	–	−1.2%	1.7%	9.1%	12.9%	9.6%	7.0%	8.8%	10.9%	12.4%
Materials, % of revenue	–	–	82.1%	78.4%	78.4%	80.3%	84.1%	80.7%	77.8%	74.6%
Employee costs, % of revenue	–	–	2.5%	3.4%	2.9%	2.7%	2.3%	3.3%	3.4%	4.4%
Other expenses, % of revenue	–	–	13.7%	9.2%	5.8%	7.3%	6.6%	7.2%	7.9%	8.6%
Depreciation and amortisation	27	29	30	27	25	24	24	21	24	28
Operating profit after depreciation	–	−40	−13	44	91	82	72	75	101	103
Other income	7	8	5	11	24	20	5	4	19	7
Finance costs	–	136	10	3	26	88	106	78	75	69
Profit before one-off items and tax	–	−167	−17	51	89	14	−28	1	45	40
One-off items	−15	−48	0	−11	54	0	0	0	0	0
Profit before tax	−157	−215	−17	39	143	14	−28	1	45	40
	0	−45	20	−25	3	−102	31	−10	20	13
Current tax	0	–	0	0	0	0	0	0	0	0
Deferred tax	0	–	20	−25	3	−102	31	−10	20	13
Net profit	−157	−170	−37	64	140	116	−59	11	26	27
Other comprehensive income	–	–	0	0	0	0	0	0	0	0
Total comprehensive income	–	–	−37	64	140	116	−59	11	26	27
Net margin	−12.3%	−18.3%	−3.6%	8.2%	15.6%	10.6%	−4.2%	1.0%	2.3%	2.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 Apr	Mar 2023Filed 30 May	Mar 2024Filed 11 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	91	156	302	491	517	662	706	768
Share capital	76	76	80	88	104	120	120	125
Reserves	15	80	222	403	413	542	586	643
	868	842	413	354	239	382	358	418
Repayable after a year	123	103	413	344	229	341	240	268
Repayable within a year	745	739	0	10	10	42	118	150
	1,140	1,079	217	280	384	263	316	316
Trade payables	136	109	95	81	143	126	141	107
Other financial liabilities	206	201	53	135	144	57	19	27
Other liabilities	53	31	70	54	86	38	39	32
Provisions	0	0	0	0	0	0	0	0
	197	152	465	346	231	343	262	291
Other financial liabilities	19	19	19	–	–	–	–	19
Other liabilities	–	–	0	–	–	–	19	0
Provisions	1	2	2	2	2	3	3	4
Deferred tax	54	29	31	–	–	–	–	0
Liabilities going with businesses held for sale	–	–	5	–	–	–	–	–
	1,428	1,387	989	1,117	1,132	1,268	1,284	1,375
Held for sale or for a demerger	–	–	16	–	–	–	12	–
	728	689	665	717	673	721	681	660
Plant in use, after depreciation	691	666	612	596	579	570	613	590
Plant being built	5	4	6	7	13	50	3	6
Investments	0	0	0	0	0	0	34	43
Deferred tax	–	–	0	71	40	50	30	22
Other assets	33	19	47	43	41	51	–	0
	699	698	308	401	459	547	592	714
Inventories	593	577	194	237	282	296	306	396
Trade receivables	39	38	55	92	112	175	192	221
Cash and cash equivalents	1	26	2	14	11	9	13	0
Other bank balances	3	1	3	1	8	11	8	16
Current investments	0	0	0	0	0	0	0	0
Loans given	41	0	0	0	0	0	0	64
Other financial assets	–	36	34	35	23	36	51	17
Other assets	21	20	20	21	22	21	22	0
Net debt	863	816	408	338	219	362	337	401

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 May	Mar 2022Filed 26 Apr	Mar 2023Filed 30 May	Mar 2024Filed 11 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	79	4	138	−48	97	−38
	−48	−112	33	−142	−35	−160
Receivables	−27	−37	−20	−58	−17	−32
Inventories	−14	−44	−44	−14	−11	−89
Payables	−14	−14	63	−18	15	−34
Other working capital	7	−17	36	−53	−22	−5
Capital spending	0	8	10	12	0	0
Free cash flow	79	−4	128	−60	97	−38
	−13	9	−14	−49	−15	8
Plant and property sold	0	18	2	0	32	15
	−116	−1	−120	98	−81	25
Borrowings raised	0	108	−114	45	0	376
Borrowings repaid	−490	−62	−15	−15	−34	−392
Interest paid	−26	−88	0	−78	0	0
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	–	41	115	148	0	5
Net change in cash	−49	12	4	1	1	−5

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Standalone, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 Apr	Mar 2023Filed 30 May	Mar 2024Filed 11 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	−₹2.07	−₹2.24	−₹0.48	₹0.84	₹1.83	₹1.34	−₹0.71	₹0.09	₹0.22	₹0.22
As stated that year	−₹20.68	−₹22.39	−₹4.84	₹8.44	₹18.27	₹13.42	−₹0.71	₹0.09	₹0.22	₹0.22
	−₹2.07	−₹2.24	−₹0.48	₹0.84	₹1.83	₹1.33	−₹0.71	₹0.09	₹0.22	₹0.22
As stated that year	−₹20.68	−₹22.39	−₹4.84	₹8.44	₹18.27	₹13.34	−₹0.71	₹0.09	₹0.22	₹0.22
	–	–	₹1.20	₹2.05	₹3.98	₹5.58	₹4.97	₹5.52	₹5.89	₹6.16
On that year's share count	–	–	₹12.02	₹20.46	₹39.80	₹55.75	₹4.97	₹5.52	₹5.89	₹6.16
Shareholder yield	–	–	–	–	–	−1.9%	−9.0%	−9.0%	0.0%	−0.6%
Market cap at the year end (₹ crore)	617	190	124	95	473	2,104	1,274	1,638	923	887

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Standalone, years to March.Steel Exchange India PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 29 May	Mar 2022Filed 26 Apr	Mar 2023Filed 30 May	Mar 2024Filed 11 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue growth	−27.2%	10.0%	−23.7%	15.1%	22.4%	26.3%	−21.5%	5.0%	−7.4%
Operating profit growth	–	–	314.3%	64.0%	−8.6%	−8.9%	−0.3%	28.9%	5.5%
Net profit growth	–	–	–	117.7%	−16.8%	–	–	138.2%	4.1%
Earnings per share growth	–	–	–	116.5%	−26.5%	–	–	144.4%	0.0%
	–	−40.2%	52.1%	61.1%	29.4%	−11.7%	1.8%	3.8%	3.7%
	–	–	92.3 pts	9.0 pts	−31.8 pts	−41.0 pts	13.5 pts	1.9 pts	−0.1 pts
From the net margin	–	–	132.5 pts	46.5 pts	−19.6 pts	−41.1 pts	14.4 pts	2.3 pts	0.5 pts
From asset turnover	–	–	−20.9 pts	35.8 pts	15.8 pts	−2.1 pts	−0.7 pts	−0.1 pts	−0.5 pts
From borrowing	–	–	−19.3 pts	−73.2 pts	−28.0 pts	2.2 pts	−0.2 pts	−0.3 pts	−0.1 pts
Return on capital employed	–	−1.3%	4.4%	12.8%	9.7%	9.6%	7.2%	9.5%	8.7%
Cash conversion	–	–	–	56.7%	3.6%	–	−440.6%	372.9%	−140.8%
Interest cover	–	–	12.5	3.5	0.9	0.7	1.0	1.4	1.5
Debt to equity	–	9.50	5.42	1.37	0.72	0.46	0.58	0.51	0.54
Receivable days	–	14	18	22	31	30	59	61	76
Inventory days	–	257	344	100	98	88	123	126	183
Payable days	–	59	65	49	33	45	52	58	49
Cash conversion cycle, days	–	212	297	74	95	73	129	129	210
Working capital days	–	107	155	35	38	17	103	119	183
Asset turnover	–	0.72	0.55	0.76	1.04	1.23	0.91	0.90	0.80
Assets per rupee of net worth	–	15.63	11.40	5.19	2.65	2.23	2.04	1.87	1.80
Sales per rupee of plant	–	1.48	1.17	1.47	1.84	2.40	1.91	1.87	1.80
Capital spending to depreciation	–	–	–	0.00	0.34	0.40	0.57	0.00	0.00
Plant being built, % of plant in use	–	0.7%	0.7%	1.1%	1.1%	2.2%	8.8%	0.5%	1.0%

Interest cover is left blank for the years to Mar 2018 and Mar 2019: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.0%
Cash from operations against operating profit: −29.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	3.4%	−8.6%
Profit growth, yearly rate	–	−28.0%	–
Return on equity, average	–	5.4%	3.1%
Return on capital employed, average	–	8.9%	8.4%
Operating margin, average	7.9%	9.7%	10.7%
Net margin, average	0.2%	2.4%	1.9%
Asset turnover, average	–	0.98	0.87
Cash conversion cycle, days, average	–	127	156
Interest cover, average	–	1.1	1.3
Debt to equity, average	–	0.56	0.54

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	153	11	−38
Cash from investing	−61	−56	8
Cash from financing	−79	42	25
Capital spending	30	12	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	309	153	5
Borrowings raised	–	421	376
Borrowings repaid	518	441	392

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	6	4	4	7	4
Altman Z-scorePublished threshold 1.81	0.40	0.46	2.31	3.94	3.41	3.57	3.05	2.91
Beneish M-scorePublished threshold −1.78	–	–	−0.34	−1.20	−3.03	−1.46	−3.03	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	6.19	9.78	−16.26	9.01	−4.36	4.28
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.12	1.37	–	0.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	21.10	29.83	44.79	−4.08	76.81	5.08	22.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	24.58	−81.62	−2.71	−13.55	29.59	2.31	40.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	4.50	−0.21	0.14	−0.75	1.06	1.33	−5.19
Assets under construction, years of additionsOur threshold 2 years of additions	–	2.06	–	0.86	1.73	4.16	0.04	1.25
Effective tax ratePublished threshold 17.16 per cent	–	−64.14	1.86	−704.23	–	−756.09	43.00	32.93
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−704.23	–	−756.09	43.00	32.93

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Working Capital LimitsShort-term scale	WithdrawnWithdrawn
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Working Capital LimitsLong-term scale	WithdrawnWithdrawn
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	WithdrawnWithdrawn
7 Oct 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible DebenturesLong-term scale	WithdrawnWithdrawnRestructured from Previous ISIN: INE503B07036
24 Sep 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long / Short Term Rating	IVR BBB+ /IVR A2 / Stable /Review, Upgrade	Stable	359.63
24 Sep 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	NCD	IVR BBB+Review, Upgrade	Stable	198.56
20 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	NonConvertible Debentures	IVR BBB-Review, Re-affirm	Stable	198.56
20 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Proposed Long Term Fund Based Bank Facilities	IVR BBB-New, New	Stable	50
20 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities – Cash Credit	IVR BBB-Review, Re-affirm	Stable	10
20 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities – Bank Guarantee	IVR A3Review, Re-affirm		40
20 Jan 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities - Term Loans	IVR BBB-Review, Re-affirm	Stable	150
8 Oct 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of credit	CARE A4+Review, Upgrade		40
8 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE BB+Review, Upgrade	Stable	10

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.