Micro Steel
Market Cap
₹1,339 ₹1,339 Cr.
P/E
42.14
PEG
1.58
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis goes live if the reheating furnace commissions on schedule and converts added input capacity into saleable TMT volumes, with RINL conversion volumes serving as the nearest catalyst.

The bull path depends on earlier RINL conversion and higher utilization, while the bear path reflects commissioning or conversion delays, weaker steel pricing, and cyclicality-related pressure.

Key Ratios

Debt to Equity
Debt to Equity
0.77
Div Yield (%)
Div Yield (%)
-
Individual < 2 lac
Individual < 2 lac
18.69 %
Institutions
Institutions
2.89 %
Market cap
Market cap
1,339 Cr
No. of Shareholders
No. of Shareholders
2.88 L
OPM (%)
OPM (%)
13.01 %
PE
PE
42.14
Prom Holding
Prom Holding
49.67 %
ROCE (%)
ROCE (%)
10.58
ROE (%)
ROE (%)
3.52
Sales
Sales
1,029 Cr
  • Steel Exchange India
  • Rhetan TMT
  • BMW Industries
Last updated on 8 Oct 2026
  • Steel Exchange India makes steel, mainly TMT rebars for construction sold under its rebar brand, Simhadri. Steel manufacturing was ~85% of ~₹1,066Cr FY26 income. Traded goods and power make up the rest.
  • It runs a plant at Vizianagaram. About 70% of sales go to retail buyers. ~90% of revenue comes from Andhra Pradesh.
  • Profit comes mainly from TMT rebars. Added volume from the furnace commissioned in August 2026 is now the main growth lever.
  • It runs an integrated plant from sponge iron to rebars with captive power. Per management, its defense-grade steel holds a five-year approval few brands have.
  • Management plans a >₹5,000Cr three-phase expansion toward special and green steels, round bars and wire rods. The programme is large against ~₹1,066Cr FY26 income.
  • The new furnace has started lifting sales. Provisional Q2 revenue was ~₹340Cr on record output. Margins and cash collection are still unconfirmed.
  • Warrant inflows have cut leverage. The repair earned a two-notch Infomerics upgrade. Working capital remains stretched.
  • Near-term profit depends on the new furnace ramping to the guided 250–260kt for FY27. Management guides ~₹7,000 EBITDA per tonne for FY27.
  • Almost all promoter shares stay pledged to lenders. Steel Exchange India carries a ₹2.35Cr SEBI penalty. Mismatched prints in company releases remain a disclosure risk.
  • Three-phase expansion approval ~Oct 2026
    it settles the approved scope, incentives and funding and the start dates for the first phase.
  • First furnace-boosted quarter ~Oct–Nov 2026
    it confirms audited sales against the provisional ~₹340Cr and margins against the ~₹7,000 per tonne guide.
  • ₹700Cr fundraise plan by Dec 2026
    it sets the form, pricing and use of the up to ₹700Cr raise linked to special-steel investment.
  • Strategic investor warrant inflows next 3–6 months
    it brings up to ₹215Cr in proceeds and fixes dilution and the remaining balance.
  • Iron-ore supply agreement No stated timeline
    it fixes contracted volume, grade and pricing for ore supply to the Vizianagaram plant.
Price Range

See where the stock is trading versus its 52-week high and low.

Low
7
52W Range
High
14
Timeline

Key company specific updates.

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Forensics

6 Yes

Positive for this company

2 Neutral

Neutral for this company

9 No

Negative for this company

0 No Data

Insufficient data to analyse

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    • Manufacturing Capacity - Rolling Mill (MTPA)

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    Suppliers

    • NMDC Ltd.

    FAQs on Steel Exchange India Ltd. Business

    Steel Exchange India Ltd, AP's largest private integrated steel plant, aims to become a quality steel product hub while expanding its customer base.

    Steel Exchange India major competitors are Rhetan TMT, BMW Industries, Kamdhenu, MSP Steel & Power, Electrotherm (India), Mahamaya Steel Inds., Beekay Steel Inds..
    Market Cap of Steel Exchange India is ₹1,431 Crs.
    While the median market cap of its peers are ₹1,196 Crs.

    Steel Exchange India seems to be less financially stable compared to its competitors.
    Altman Z score of Steel Exchange India is 3.0 and is ranked 7 out of its 8 competitors.

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    Earnings Release May Jul Aug
    Investor Presentation Aug Mar Dec
    Conference Call Jun Aug
    Conference Call SummaryCon Call Summary

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