Steel & Iron Products · Founded 1992 · www.mescosteel.com · BSE 540744 · NSE MESCON · ISIN INE170N01016
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Business
Mideast Integrated Steels Ltd. operates within the Steel & Iron Products sector in India. As an "integrated steels" company, it is typically involved in the entire steel manufacturing value chain, from processing raw materials (such as iron ore and coal) into intermediates like pig iron or direct reduced iron (DRI), and then into crude steel, which is subsequently rolled into various finished or semi-finished steel products. The company's core business model revolves around producing and selling a range of steel products to cater to diverse industrial, construction, and infrastructure needs. It generates revenue through the sale of these manufactured steel goods.
Revenue Mix
Specific details on Mideast Integrated Steels Ltd.'s key segments or revenue mix are not publicly available without financial reports. However, integrated steel companies generally derive revenue from a portfolio of products which may include billets, TMT bars (rebar), wire rods, structural steel, or other specialized steel products used in construction, manufacturing, and engineering. Without further data, a detailed breakdown cannot be provided.
Industry
The Indian steel industry is a cyclical, capital-intensive sector, heavily influenced by economic growth, infrastructure development, and raw material prices. It is characterized by the presence of large, integrated players (like Tata Steel, JSW Steel, SAIL) alongside numerous smaller and mid-sized producers. Mideast Integrated Steels Ltd. likely operates as a mid-tier or regional player within this competitive landscape. Its positioning would depend on its production capacity, cost efficiency, product mix, and market reach, facing competition from both large domestic players and imports.
MOAT
The steel industry, especially for commodity-grade products, generally offers limited durable competitive advantages due to its highly commoditized nature. For Mideast Integrated Steels, a strong moat would be challenging to establish. Potential advantages could include:
Cost Leadership: Achieved through efficient operations, captive raw material sources (if any), or superior logistics.
Locational Advantage: Proximity to raw materials or key markets.
Niche Products: Specialization in certain high-margin or customized steel products.
Without specific information, it's likely that the company's competitive edge is primarily driven by cost efficiency and operational effectiveness rather than strong brand recognition, network effects, or high switching costs.
Growth Drivers
Key factors that could drive growth for Mideast Integrated Steels Ltd. over the next 3-5 years include:
Infrastructure Spending: Significant government investments in infrastructure projects (roads, railways, ports, urban development) in India.
Urbanization & Real Estate: Growing demand from residential and commercial construction.
Manufacturing Growth: Revival and expansion of manufacturing sectors utilizing steel, supported by government initiatives like "Make in India" and PLI schemes.
Capacity Expansion: Any strategic investments by the company to increase production capacity or modernize facilities.
Product Diversification: Expansion into higher-value or specialized steel products.
Risks
Mideast Integrated Steels Ltd. faces several risks inherent to the steel industry:
Commodity Price Volatility: Fluctuations in raw material prices (iron ore, coking coal, energy) and finished steel prices can significantly impact profitability.
Economic Cyclicality: The steel industry is highly sensitive to economic downturns, which can reduce demand.
Import Competition: Cheaper imports from other steel-producing nations can put pressure on domestic prices and margins.
Environmental & Regulatory Risks: Strict environmental regulations, compliance costs, and challenges in obtaining clearances.
High Capital Intensity: Steel manufacturing requires substantial capital expenditure for maintenance and expansion, often leading to high debt levels.
Geopolitical Factors: Global trade tensions or supply chain disruptions can impact operations.
Management & Ownership
Specific information about the promoters, management quality, or detailed ownership structure of Mideast Integrated Steels Ltd. is not available. In India, many companies, especially in heavy industries, are promoter-driven, meaning a founding family or group holds a significant stake and exerts substantial control over strategic decisions and day-to-day operations. The quality of management would depend on their experience, strategic vision, and corporate governance practices.
Outlook
The outlook for Mideast Integrated Steels Ltd. is closely tied to the broader Indian economic trajectory and the cyclical nature of the steel industry. India's continued focus on infrastructure development, urbanization, and manufacturing growth presents a strong demand tailwind for steel products. This supportive environment could enable the company to expand its market share and improve profitability, especially if it operates efficiently and can manage input costs effectively. However, the company faces inherent challenges such as intense competition, volatile raw material prices, and the risk of economic slowdowns. Sustained profitability will depend on its ability to navigate these external factors, optimize its cost structure, and potentially move towards higher-value products while managing its financial leverage in a capital-intensive sector.
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 132 | 177 | 184 | 128 | 115 | 210 | 65 | 131 | 139 | 153 |
| Other Income | 0 | 1 | -5 | 0 | 0 | 1 | 0 | 3 | 18 | 0 |
| Total Income | 132 | 178 | 179 | 129 | 116 | 211 | 66 | 134 | 157 | 153 |
| Total Expenditure | 132 | 195 | 166 | 162 | 109 | 217 | 94 | 139 | 127 | 148 |
| Operating Profit | 1 | -17 | 13 | -33 | 7 | -6 | -28 | -5 | 30 | 5 |
| Interest | 15 | 11 | 16 | 12 | 81 | 13 | 13 | 13 | 8 | 12 |
| Depreciation | 19 | 16 | 16 | 14 | 17 | 18 | 18 | 18 | 17 | 17 |
| Exceptional Income / Expenses | -1 | -3 | -18 | -0 | 68 | -0 | 0 | -0 | -3 | 0 |
| Profit Before Tax | -34 | -47 | -37 | -60 | -23 | -37 | -59 | -36 | 1 | -23 |
| Provision for Tax | -13 | -9 | -6 | 0 | 7 | 3 | -1 | -3 | 36 | 15 |
| Profit After Tax | -21 | -38 | -32 | -60 | -30 | -41 | -58 | -33 | -35 | -38 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | -21 | -38 | -32 | -60 | -30 | -41 | -58 | -33 | -35 | -38 |
| Adjusted Earnings Per Share | -1.5 | -2.8 | -2.3 | -4.3 | -2.2 | -2.9 | -4.2 | -2.4 | -2.5 | -2.8 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 707 | 659 | 948 | 1062 | 403 | 192 | 228 | 803 | 784 | 574 | 545 | 488 |
| Other Income | 25 | 25 | 14 | 84 | 48 | 7 | 231 | 31 | 123 | -1 | 23 | 21 |
| Total Income | 732 | 684 | 961 | 1146 | 451 | 199 | 459 | 833 | 907 | 572 | 568 | 510 |
| Total Expenditure | 636 | 554 | 763 | 1036 | 452 | 240 | 230 | 831 | 771 | 607 | 577 | 508 |
| Operating Profit | 96 | 130 | 199 | 110 | -1 | -41 | 229 | 3 | 135 | -35 | -9 | 2 |
| Interest | 73 | 101 | 173 | 109 | 11 | 16 | 35 | 50 | 39 | 126 | 48 | 46 |
| Depreciation | 92 | 84 | 83 | 82 | 82 | 68 | 68 | 66 | 65 | 66 | 70 | 70 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 262 | -23 | -5 | -15 | -3 | -3 |
| Profit Before Tax | -69 | -54 | -58 | -81 | -94 | -124 | 388 | -136 | 27 | -241 | -131 | -117 |
| Provision for Tax | 3 | -14 | 7 | 5 | 6 | 2 | 0 | 59 | 7 | -2 | 38 | 47 |
| Profit After Tax | -72 | -41 | -64 | -87 | -100 | -126 | 388 | -195 | 20 | -239 | -169 | -164 |
| Adjustments | 25 | 0 | 0 | 0 | 0 | 1 | -2 | 0 | -0 | 372 | 1 | 0 |
| Profit After Adjustments | -47 | -40 | -64 | -86 | -99 | -126 | 386 | -195 | 20 | 133 | -167 | -164 |
| Adjusted Earnings Per Share | -3.4 | -2.9 | -4.6 | -6.3 | -7.2 | -9.1 | 28 | -14.2 | 1.4 | 9.7 | -12.1 | -11.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -12% | 23% | -3% |
| Operating Profit CAGR | 0% | NAN% | 0% | NAN% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 0% | -1% | -5% | NA% |
| ROE Average | -36% | -27% | -5% | -13% |
| ROCE Average | -8% | -4% | 6% | 2% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 611 | 629 | 549 | 470 | 324 | 200 | 588 | 392 | 413 | 548 | 382 |
| Minority's Interest | 353 | 43 | 52 | 99 | 113 | 127 | 128 | 131 | 131 | 131 | 131 |
| Borrowings | 457 | 382 | 387 | 356 | 347 | 344 | 170 | 189 | 557 | 549 | 547 |
| Other Non-Current Liabilities | 674 | 571 | 515 | 437 | 441 | 440 | 315 | 314 | 272 | 300 | 333 |
| Total Current Liabilities | 362 | 404 | 625 | 714 | 694 | 661 | 645 | 663 | 678 | 354 | 429 |
| Total Liabilities | 2458 | 2029 | 2128 | 2077 | 1920 | 1772 | 1847 | 1688 | 2051 | 1882 | 1821 |
| Fixed Assets | 1825 | 1326 | 1268 | 1193 | 1105 | 1037 | 1038 | 981 | 927 | 1198 | 1129 |
| Other Non-Current Assets | 327 | 399 | 428 | 452 | 447 | 440 | 395 | 316 | 319 | 302 | 304 |
| Total Current Assets | 306 | 304 | 432 | 432 | 369 | 295 | 414 | 392 | 805 | 383 | 387 |
| Total Assets | 2458 | 2029 | 2128 | 2077 | 1920 | 1772 | 1847 | 1688 | 2051 | 1882 | 1821 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 50 | 19 | 19 | 44 | 50 | 44 | 14 | 17 | 26 | 37 | 78 |
| Cash Flow from Operating Activities | 161 | 187 | 168 | -46 | -100 | -11 | -214 | 3 | 50 | 95 | -1 |
| Cash Flow from Investing Activities | -99 | -50 | -17 | 17 | 35 | 20 | 46 | 26 | -8 | -2 | -3 |
| Cash Flow from Financing Activities | -93 | -136 | -126 | 35 | 27 | -44 | 171 | -18 | -31 | -52 | -1 |
| Net Cash Inflow / Outflow | -31 | 0 | 25 | 6 | -38 | -34 | 2 | 10 | 11 | 41 | -5 |
| Closing Cash & Cash Equivalent | 19 | 19 | 44 | 50 | 12 | 10 | 17 | 26 | 37 | 78 | 73 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -3.42 | -2.92 | -4.63 | -6.26 | -7.2 | -9.11 | 28.01 | -14.16 | 1.42 | 9.66 | -12.14 |
| CEPS(Rs) | 1.43 | 3.13 | 1.36 | -0.31 | -1.26 | -4.26 | 33.06 | -9.38 | 6.16 | -12.57 | -7.16 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 44.33 | 45.62 | 39.79 | 34.12 | 23.52 | 14.5 | 42.67 | 28.43 | 29.95 | 39.75 | 27.68 |
| Core EBITDA Margin(%) | 9.25 | 14.83 | 17.34 | 2.08 | -10.24 | -23.55 | -1.06 | -2.97 | 1.61 | -5.79 | -5.95 |
| EBIT Margin(%) | 0.54 | 6.59 | 10.85 | 2.2 | -17.48 | -53.44 | 180.1 | -9.13 | 8.22 | -20.19 | -15.14 |
| Pre Tax Margin(%) | -8.95 | -7.68 | -5.39 | -6.51 | -19.72 | -61.29 | 165.16 | -14.44 | 3.36 | -42.08 | -24.04 |
| PAT Margin (%) | -9.36 | -5.73 | -6.02 | -6.92 | -20.98 | -62.27 | 165.16 | -20.69 | 2.47 | -41.69 | -30.95 |
| Cash Profit Margin (%) | 2.56 | 6.1 | 1.76 | -0.34 | -3.66 | -28.96 | 194.13 | -13.7 | 10.71 | -30.21 | -18.13 |
| ROA(%) | -2.95 | -1.81 | -3.09 | -4.12 | -4.99 | -6.84 | 21.43 | -11.05 | 1.05 | -12.16 | -9.1 |
| ROE(%) | -11.7 | -6.53 | -10.9 | -17 | -25.08 | -48.19 | 98.4 | -39.87 | 4.87 | -49.77 | -36.26 |
| ROCE(%) | 0.36 | 4.14 | 10.76 | 2.72 | -9.11 | -13.92 | 50.33 | -9.76 | 6.2 | -9.65 | -8.14 |
| Receivable days | 4.07 | 4.23 | 3.06 | 8.79 | 34.39 | 69.97 | 61.47 | 16.91 | 15.33 | 29.42 | 61.07 |
| Inventory Days | 85.32 | 92.22 | 77.82 | 68.33 | 152.5 | 318.34 | 321.19 | 90.14 | 86.91 | 113.96 | 126.34 |
| Payable days | 112.99 | 173.6 | 179.88 | 127.65 | 322.04 | 5699.83 | 1217.17 | 126.66 | 96.98 | 105.33 | 115.2 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.36 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 1.17 | 0.41 | 0.16 | 0.46 | 0.24 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.88 | 0.86 | 1.12 | 0.6 | 1.35 | 3.02 | 2.14 | 0.63 | 0.63 | 1.15 | 1.22 |
| EV/Core EBITDA(x) | 6.53 | 4.37 | 5.36 | 5.81 | -710.21 | -14.24 | 2.13 | 201.83 | 3.63 | -19.18 | -72.09 |
| Net Sales Growth(%) | 26.63 | -6.79 | 43.82 | 12.08 | -62.07 | -52.29 | 18.48 | 252.49 | -2.33 | -26.84 | -5.06 |
| EBIT Growth(%) | -66.89 | 1031.3 | 148.17 | -76.21 | -401.76 | -30.51 | 490.16 | -120.38 | 175.65 | -277.63 | 28.81 |
| PAT Growth(%) | -7164.24 | 43.68 | -58.4 | -34.99 | -15.09 | -26.71 | 407.04 | -150.39 | 110.03 | -1319.91 | 29.52 |
| EPS Growth(%) | -4729.96 | 14.6 | -58.75 | -35 | -15.09 | -26.5 | 407.57 | -150.54 | 110.01 | 581.33 | -225.69 |
| Debt/Equity(x) | 0.87 | 0.76 | 0.9 | 1.08 | 1.6 | 2.58 | 0.64 | 1.04 | 2.15 | 1 | 1.43 |
| Current Ratio(x) | 0.85 | 0.75 | 0.69 | 0.61 | 0.53 | 0.45 | 0.64 | 0.59 | 1.19 | 1.08 | 0.9 |
| Quick Ratio(x) | 0.4 | 0.27 | 0.28 | 0.31 | 0.26 | 0.19 | 0.26 | 0.26 | 0.96 | 0.51 | 0.49 |
| Interest Cover(x) | 0.06 | 0.46 | 0.67 | 0.25 | -7.82 | -6.81 | 12.05 | -1.72 | 1.69 | -0.92 | -1.7 |
| Total Debt/Mcap(x) | 0 | 0 | 0.77 | 2.61 | 9.79 | 5.65 | 2.72 | 0 | 0 | 0 | 0 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Public | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | -12% | +23% | -3% |
| Operating Profit CAGR | — | 0% | — | 0% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | 0% | -1% | -5% | — |
| ROE Average | -36% | -27% | -5% | -13% |
| ROCE Average | -8% | -4% | +6% | +2% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 | 53.59 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Public | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 | 46.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 | 7.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 | 6.38 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 | 13.79 |
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