SAIL Q2 results beat estimates even as profit falls, margins dip

Steel Authority of India Ltd (SAIL) reported a stronger-than-expected performance for the July–September quarter, with net profit at ₹419 crore, well above the CNBC-TV18 poll estimate of ₹136 crore, though lower than ₹897 crore a year earlier.

Revenue from operations rose 8.2% year-on-year to ₹26,704 crore, surpassing the Street estimate of ₹24,822 crore.

EBITDA stood at ₹2,528 crore, above the projected ₹1,995 crore but below

₹2,913 crore in the same period last year. Operating margins came in at 9.5%, higher than the 8% forecast but lower than 11.8% a year ago.

In the first half of FY26, SAIL maintained steady crude steel production at 9.5 million tonnes, while sales volumes grew 16.7%, supported by an expanded retail footprint and stronger domestic demand.

The company’s debt declined to ₹26,427 crore, with plans to further reduce borrowings to March 2023 levels.

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Chairperson Amarendu Prakash said, “H1 FY26 performance demonstrates SAIL’s consistency across both operational and financial metrics. With steely resolve and collective team efforts, we achieved significant sales growth despite global market volatility.” He added that the company remains focused on efficiency improvement, cost rationalisation, and sustainable profitability through product diversification, digitalisation, and expansion.

Ahead of the earnings announcement, shares of SAIL closed 6.15% higher at ₹140.29 on the NSE.