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Iron & Steel: Q1 FY27 results (April-June 2026)
75 companies have declared Iron & Steel Q1 FY27 results so far, the latest on 18 Sep 2026.
Across the 70 non-financial companies with a year-ago quarter to compare, sales grew +12.8% and net profit +40.5% year on year, and the combined operating margin widened 87 bps to 15.3%.
72% of companies grew net profit; 3 turned a loss into a profit; 44% beat their own profit trend and 33% fell short of it.
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Iron & Steel Q1 FY27 scoreboard
Sales growth
+12.8%
YoY, 70 companies combined; median +14.6%
Net profit growth
+40.5%
YoY combined; median +20.8%
Operating margin
15.3%
+87 bps YoY
Grew profit
72%
3 turnarounds, 0 into loss
Vs own profit trend
44% / 33%
above / below, 23% in line
Price since results
-1.3%
median; 46% of 70 stocks up
Other-income heavy
20
25%+ of pre-tax profit from other income & one-offs
Latest Iron & Steel Q1 FY27 results 75
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M Cap ₹2,289 Cr
P/E 28.7
PEG —
Since results -9.6%
Profit +56% above its own trend
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+28.9% +1.3%
318 314 247 Operating profit
+34.5% +45.8%
41.7 28.6 31.0 OPM %
+55 bps +400 bps
13.1% 9.1% 12.6% Other income
+240.0% +23.2%
3.4 2.8 1.0 Net profit
+64.0% +48.8%
23.0 15.4 14.0 PAT margin %
+154 bps +230 bps
7.2% 4.9% 5.7%
Quality of profit
Pre-tax profit ₹30.1 Cr: core business ₹26.8 Cr, other income ₹3.4 Cr.
Core profit YoY: +57.4%
· reported profit +64.0%
Cash & debt
FY26 cash from operations ₹75.0 Cr:
106% of FY26 net profit of ₹70.7 Cr.
Borrowings ₹324 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹303 ₹318
+5.2% above Net profit ₹14.8 ₹23.0
+55.6% above
AI read of the filing 70% YoY PAT Growth: Rajratan Global Wire Q1 FY27 Revenue Reaches ₹318.35 Cr Positive Consolidated Net Profit surged 69.8% YoY to ₹22.96 Cr from ₹13.52 Cr. Consolidated Revenue from operations grew 29.1% YoY to ₹318.35 Cr. Thailand subsidiary contributed ₹110.67 Cr to revenue with a net profit of ₹5.46 Cr. Full analysis →
M Cap ₹374 Cr
P/E 45.0
PEG —
Since results -9.9%
Profit +162% above its own trend Operating margin expanded 684 bps YoY Core business grew faster than reported profit (core profit +385%)
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
-22.5% -10.1%
39.0 43.4 50.3 Operating profit
+32.6% +468.6%
6.4 1.1 4.8 OPM %
+684 bps +1386 bps
16.5% 2.6% 9.6% Other income
-65.4% -68.7%
0.9 2.8 2.6 Net profit
+30.8% +42.4%
3.6 2.5 2.7 PAT margin %
+375 bps +340 bps
9.2% 5.8% 5.5% EPS (₹)
+30.9% +42.3%
1.95 1.37 1.49
Quality of profit
Pre-tax profit ₹5.1 Cr: core business ₹3.9 Cr, other income ₹0.9 Cr.
Core profit YoY: +385.2%
· reported profit +30.8%
Cash & debt
FY26 cash from operations ₹17.0 Cr:
228% of FY26 net profit of ₹7.5 Cr.
Borrowings ₹60.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹45.5 ₹39.0
-14.1% below Net profit ₹1.4 ₹3.6
+161.7% above
M Cap ₹3,610 Cr
P/E 25.0
PEG 3.58
Since results +24.8%
Profit +41% above its own trend Operating margin expanded 465 bps YoY Core business grew faster than reported profit (core profit +140%)
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+12.0% +6.1%
486 458 434 Operating profit
+82.6% +27.0%
58.4 46.0 32.0 OPM %
+465 bps +198 bps
12.0% 10.0% 7.4% Other income
+23.2% -1.4%
9.9 10.0 8.0 Net profit
+105.9% +21.1%
41.2 34.0 20.0 PAT margin %
+387 bps +105 bps
8.5% 7.4% 4.6% EPS (₹)
+75.3% +21.4%
4.26 3.51 2.43
Quality of profit
Pre-tax profit ₹55.4 Cr: core business ₹45.5 Cr, other income ₹9.9 Cr.
Core profit YoY: +139.7%
· reported profit +105.9%
Cash & debt
FY26 cash from operations ₹106 Cr:
86% of FY26 net profit of ₹123 Cr.
Borrowings ₹93.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹446 ₹486
+8.9% above Net profit ₹29.3 ₹41.2
+40.5% above
AI read of the filing 107% YoY PAT Growth: VSSL Reports ₹41.19 Cr Profit in Q1 FY27 Positive Revenue from operations grew 12.06% YoY to ₹486.01 cr from ₹433.70 cr. Net Profit (PAT) surged 107% YoY to ₹41.19 cr compared to ₹19.90 cr in Q1 FY26. Basic EPS increased to ₹4.26 from ₹2.43 in the corresponding previous quarter. Full analysis →
M Cap ₹4,944 Cr
P/E 9.3
PEG 0.23
Since results -4.8%
Profit -58% below its own trend Operating margin contracted 282 bps YoY
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+24.4% +2.8%
1,168 1,136 939 Operating profit
-21.5% -26.3%
56.4 76.4 71.8 OPM %
-282 bps -190 bps
4.8% 6.7% 7.6% Other income
-86.7% -91.3%
0.3 4.0 2.6 Net profit
-47.9% -48.9%
20.5 40.1 39.3 PAT margin %
-243 bps -177 bps
1.8% 3.5% 4.2%
Quality of profit
Pre-tax profit ₹26.0 Cr: core business ₹25.7 Cr, other income ₹0.3 Cr.
Core profit YoY: -45.8%
· reported profit -47.9%
Cash & debt
FY26 cash from operations ₹333 Cr:
61% of FY26 net profit of ₹550 Cr.
Borrowings ₹555 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,107 ₹1,168
+5.5% above Net profit ₹48.2 ₹20.5
-57.6% below
AI read of the filing 25% Revenue Growth in Q1 FY27 for Bansal Wire; Standalone PAT Declines 45% YoY to ₹16.5 Cr Neutral Standalone revenue from operations grew 25% YoY to ₹1,134.75 Cr from ₹907.96 Cr. Standalone PAT dropped 45.6% YoY to ₹16.48 Cr from ₹30.28 Cr in the previous year's quarter. Raw material costs rose to ₹957.75 Cr, representing 84.4% of standalone revenue compared to 82.8% YoY. Full analysis →
M Cap ₹129 Cr
P/E 52.7
PEG 1.60
Since results +201.5%
Turnaround: profit against a loss a year ago Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
— +86.6%
19.6 10.5 0.0 Operating profit
from loss +104.8%
2.2 1.1 -0.1 OPM %
— +100 bps
11.3% 10.3% — Other income
— —
0.0 0.0 0.0 Net profit
from loss +137.2%
2.1 0.9 -0.1 PAT margin %
— +229 bps
10.7% 8.5% — EPS (₹)
from loss +137.9%
0.69 0.29 -0.05
Quality of profit
Pre-tax profit ₹2.1 Cr: core business ₹2.1 Cr, other income ₹0.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations −₹0.6 Cr:
-306% of FY26 net profit of ₹0.2 Cr.
Borrowings ₹6.8 Cr at Mar 2026.
AI read of the filing GFSTEELS Q1 Revenue Hits ₹19.65 Cr vs Near-Zero YoY; Name Change to Tikona Communication Approved Positive Revenue from operations surged to ₹19.65 cr in Q1 FY27 from ₹0.0008 cr in Q1 FY26. Net profit stood at ₹2.11 cr for the quarter, compared to a loss of ₹0.15 cr in the previous year's corresponding quarter. Promoters have agreed to sell a 70.17% stake (2,13,51,740 shares) to new acquirers. Full analysis →
M Cap ₹29,505 Cr
P/E 26.3
PEG 2.93
Since results +5.5%
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+23.5% +4.1%
5,455 5,240 4,419 Operating profit
+32.0% +5.3%
765 727 580 OPM %
+91 bps +15 bps
14.0% 13.9% 13.1% Other income
-12.2% +62.4%
47.1 29.0 53.6 Net profit
+20.7% +12.4%
351 312 291 PAT margin %
-15 bps +48 bps
6.4% 6.0% 6.6% EPS (₹)
+20.6% +10.2%
12.60 11.43 10.45
Quality of profit
Pre-tax profit ₹469 Cr: core business ₹422 Cr, other income ₹47.1 Cr.
Core profit YoY: +25.9%
· reported profit +20.7%
Cash & debt
FY26 cash from operations ₹2,024 Cr:
191% of FY26 net profit of ₹1,061 Cr.
Borrowings ₹1,005 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹5,413 ₹5,455
+0.8% in line Net profit ₹328 ₹351
+6.8% in line
AI read of the filing ₹4,500 Cr Fundraise Approved and ₹1.80 Interim Dividend Declared by Shyam Metalics Watch Approved fundraising of up to ₹4,500 crore via QIP, FPO, or other equity-linked routes. Declared 1st interim dividend of ₹1.80 per equity share (18% of face value). Standalone Q1 FY27 PAT reported at ₹138.96 crore, down 17% from ₹167.64 crore YoY. Full analysis →
M Cap ₹8,875 Cr
P/E —
PEG —
Since results +2.5%
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+27.7% +6.7%
2,107 1,974 1,649 Operating profit
+25.8% +5.3%
396 376 315 OPM %
-29 bps -25 bps
18.8% 19.0% 19.1% Other income
+142.1% +154.7%
11.7 4.6 4.8 Net profit
+108.5% +1.6%
194 191 93.0 PAT margin %
+357 bps -46 bps
9.2% 9.7% 5.6% EPS (₹)
+108.3% +1.5%
2.00 1.97 0.96
Quality of profit
Pre-tax profit ₹265 Cr: core business ₹253 Cr, other income ₹11.7 Cr.
Core profit YoY: +110.1%
· reported profit +108.5%
AI read of the filing 108% PAT Growth in Q1 FY27; Finance Costs Down 45% YoY to ₹65.53 Cr Positive Revenue from operations increased 27.7% YoY to ₹2,106.56 Cr compared to ₹1,649.35 Cr in Q1 FY26. Net Profit (PAT) grew 108.5% YoY to ₹193.92 Cr from ₹93.02 Cr in the previous year's quarter. Finance costs saw a significant reduction of 45.1% YoY, dropping to ₹65.53 Cr from ₹119.38 Cr. Full analysis →
M Cap ₹2,85,089 Cr
P/E 10.2
PEG 0.30
Since results -3.6%
Operating margin expanded 248 bps YoY
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+9.8% -7.5%
47,364 51,180 43,147 Operating profit
+25.5% +10.9%
9,383 8,464 7,476 OPM %
+248 bps +327 bps
19.8% 16.5% 17.3% Other income
+106.9% -96.0%
724 18,229 350 Net profit
+112.6% -75.6%
4,696 19,243 2,209 PAT margin %
+479 bps -2768 bps
9.9% 37.6% 5.1% EPS (₹)
+113.3% -71.5%
19.05 66.94 8.93
Quality of profit
Pre-tax profit ₹6,160 Cr: core business ₹5,534 Cr, other income ₹724 Cr, exceptional & other items −₹98.0 Cr.
Core profit YoY: +103.3%
· reported profit +112.6%
Cash & debt
FY26 cash from operations ₹25,152 Cr:
99% of FY26 net profit of ₹25,508 Cr.
Borrowings ₹99,310 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹48,525 ₹47,364
-2.4% in line Net profit ₹4,418 ₹4,696
+6.3% in line
AI read of the filing JSW Steel Q1 FY27: Board Approves Results; Targets 54.8 MTPA Capacity in 4 Years Neutral Reviewed subsidiaries generated Rs 11,853 crore in revenue for the quarter ended June 30, 2026 Net profit from reviewed subsidiaries stood at Rs 3,730 crore for the same period Current combined crude steel capacity reached 37.9 MTPA, including 4.5 MTPA from the JFE JV Full analysis →
M Cap ₹1,360 Cr
P/E 33.3
PEG 0.36
Since results -1.1%
Profit -50% below its own trend Core business grew faster than reported profit (core profit +24%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+4.9% +15.2%
262 227 250 Operating profit
+15.0% +96.2%
28.2 14.4 24.5 OPM %
+94 bps +443 bps
10.7% 6.3% 9.8% Other income
-77.6% -28.1%
0.9 1.3 4.1 Net profit
+0.7% +162.4%
14.1 5.4 14.0 PAT margin %
-23 bps +302 bps
5.4% 2.4% 5.6% EPS (₹)
-9.5% +101.5%
1.33 0.66 1.47
Quality of profit
Pre-tax profit ₹18.9 Cr: core business ₹18.0 Cr, other income ₹0.9 Cr.
Core profit YoY: +23.6%
· reported profit +0.7%
Cash & debt
FY26 cash from operations −₹9.0 Cr:
-22% of FY26 net profit of ₹40.7 Cr.
Borrowings ₹115 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹294 ₹262
-10.8% below Net profit ₹28.0 ₹14.1
-49.7% below
AI read of the filing Manaksia Coated Metals Approves Q1 FY27 Un-audited Financial Results Neutral Approval of un-audited financial results for the quarter ended June 30, 2026 Board meeting duration of 4.5 hours, concluding at 4:00 PM Contextual TTM Revenue of Rs 884 Cr and TTM PAT of Rs 41 Cr Full analysis →
M Cap ₹17,190 Cr
P/E 28.6
PEG 2.04
Since results +3.6%
Profit -71% below its own trend Operating margin contracted 750 bps YoY
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+9.0% -3.9%
4,452 4,633 4,085 Operating profit
-40.8% -17.0%
397 478 670 OPM %
-750 bps -141 bps
8.9% 10.3% 16.4% Other income
-17.4% +2.9%
23.7 23.0 28.7 Net profit
-78.1% -26.8%
90.8 124 415 PAT margin %
-813 bps -64 bps
2.0% 2.7% 10.2% EPS (₹)
-75.5% -25.2%
1.63 2.18 6.66
Quality of profit
Pre-tax profit ₹143 Cr: core business ₹125 Cr, other income ₹23.7 Cr, exceptional & other items −₹5.4 Cr.
Core profit YoY: -64.0%
· reported profit -78.1%
Cash & debt
FY26 cash from operations ₹1,771 Cr:
191% of FY26 net profit of ₹926 Cr.
Borrowings ₹4,691 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,564 ₹4,452
+24.9% above Net profit ₹315 ₹90.8
-71.1% below
AI read of the filing Jindal Saw Q1 Net Profit Drops 70% YoY to ₹109.77 Cr as Margins Compress to 5.1% Negative Revenue from operations increased 12.7% YoY to ₹3,721.44 Cr Net profit after tax declined 69.8% YoY to ₹109.77 Cr from ₹363.94 Cr Operating margin compressed significantly by 745 bps to 5.10% from 12.55% YoY Full analysis →
M Cap ₹1,395 Cr
P/E 8.0
PEG —
Profit +599% above its own trend 95% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -30%)
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+40.5% -5.3%
189 200 134 Operating profit
+49.4% -52.6%
17.0 35.9 11.4 OPM %
+53 bps -898 bps
9.0% 18.0% 8.5% Other income
— —
143 7.7 7.3 Net profit
+614.2% +301.3%
103 25.7 14.4 PAT margin %
+4377 bps +4164 bps
54.5% 12.9% 10.7% EPS (₹)
— +302.8%
8.54 2.12 —
Quality of profit
Pre-tax profit ₹150 Cr: core business ₹7.0 Cr, other income ₹143 Cr.
Core profit YoY: -30.1%
· reported profit +614.2%
Against its own trend ?
Trend Actual Gap
Sales ₹165 ₹189
+14.4% above Net profit ₹14.7 ₹103
+598.7% above
Operating margin expanded 226 bps YoY Core business grew faster than reported profit (core profit +180%)
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
-10.0% -5.9%
270 287 300 Operating profit
+9.7% -32.0%
34.0 50.0 31.0 OPM %
+226 bps -483 bps
12.6% 17.4% 10.3% Other income
-80.0% —
1.0 0.0 5.0 Net profit
+50.0% +25.0%
15.0 12.0 10.0 PAT margin %
+222 bps +137 bps
5.6% 4.2% 3.3% EPS (₹)
+33.3% +20.0%
0.12 0.10 0.09
Quality of profit
Pre-tax profit ₹15.0 Cr: core business ₹14.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +180.0%
· reported profit +50.0%
47% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -5%)
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+8.7% +2.4%
213 208 196 Operating profit
+0.0% -38.2%
21.0 34.0 21.0 OPM %
-86 bps -649 bps
9.9% 16.3% 10.7% Other income
+88.9% from loss 17.0 -8.0 9.0 Net profit
+38.1% +70.6%
29.0 17.0 21.0 PAT margin %
+290 bps +544 bps
13.6% 8.2% 10.7% EPS (₹)
+34.2% +64.5%
1.02 0.62 0.76
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹19.0 Cr, other income ₹17.0 Cr.
Core profit YoY: -5.0%
· reported profit +38.1%
Cash & debt
FY26 cash from operations ₹66.0 Cr:
85% of FY26 net profit of ₹78.0 Cr.
Borrowings ₹9.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹201 ₹213
+5.7% above Net profit ₹27.2 ₹29.0
+6.7% in line
Profit -50% below its own trend Operating margin contracted 375 bps YoY
₹ Cr YoY QoQ
Jun 2026 Mar 2026 Jun 2025
Sales
+9.5% -19.9%
913 1,140 834 Operating profit
-56.7% -6.7%
22.4 24.0 51.7 OPM %
-375 bps +35 bps
2.5% 2.1% 6.2% Other income
+96.1% -81.1%
1.5 8.0 0.8 Net profit
-75.0% -50.5%
6.9 14.0 27.7 PAT margin %
-256 bps -47 bps
0.8% 1.2% 3.3% EPS (₹)
-75.0% -49.2%
5.44 10.70 21.72
Quality of profit
Pre-tax profit ₹8.8 Cr: core business ₹7.3 Cr, other income ₹1.5 Cr.
Core profit YoY: -77.9%
· reported profit -75.0%
Cash & debt
FY26 cash from operations ₹351 Cr.
Borrowings ₹1,064 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹758 ₹913
+20.5% above Net profit ₹13.8 ₹6.9
-49.9% below
₹ Cr YoY
Jun 2026 Jun 2025
Sales
+27.2%
294 231 Operating profit
+18.7%
12.1 10.2 OPM %
-29 bps
4.1% 4.4% Other income
+250.1%
0.3 0.1 Net profit
-38.6%
1.9 3.1 PAT margin %
-70 bps
0.7% 1.4% EPS (₹)
-38.6%
1.02 1.66
Quality of profit
Pre-tax profit ₹2.6 Cr: core business ₹2.3 Cr, other income ₹0.3 Cr.
Core profit YoY: -43.3%
· reported profit -38.6%
How to read this page
The numbers. Each card is one company's Q1 FY27 results as filed with NSE or BSE, read from the
filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when
the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same
quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months).
A swing between profit and loss is described in words: a percentage across it would mislead.
Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income,
as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points
(100 bps = 1 percentage point).
Quality of profit. Core profit is operating profit minus interest and depreciation: what the business
itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on
investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more,
and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net
profit, since a fall in provisions can lift profit without the business growing.
Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead
each company is measured against the path it was on: the same quarter last year, grown at the median of its
last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales
5% or more above that, or net profit 10% or more above, is "above trend";
as far below is "below trend". It answers "was this quarter better or worse than the company's own recent
run?", which consensus does not.
Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show
its operating cash flow for the last financial year as a share of that year's net profit (flagged under
50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet
against the one six months earlier (flagged at a 25% move). Balance sheets come with the
September and March results, cash-flow statements with the March results.
Price since results. The latest close against the last close before the filing (a filing after 3:30 pm
counts from the next session). It is a fact about the market's reaction, not advice.
Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150
(SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.
Data source Quarterly results filed by listed companies with NSE and BSE (Regulation 33 of SEBI LODR), read from each filing; share prices from the exchanges; market cap and P/E from our daily fundamentals snapshot.
Last updated 12 Oct 2026, 14:33 IST
