SAL Steels

₹21.7 -0.4 | 2%

WEBSITE BSE:532604 NSE : SALSTEEL 18 May, 12:50

Market Cap ₹185 Cr.

Stock P/E -130.0

P/B 4.7

Current Price ₹21.7

Book Value ₹ 4.6

Face Value 10

52W High ₹30.6

Dividend Yield 0%

52W Low ₹ 13.8

Edit Ratio

SAL Steels Research see more...

Overview Inc. Year: 2003Industry: Steel/Sponge Iron/Pig Iron

SAL Steel Limited is a steel, ferro alloys and power producer and exporter based in Gujarat, India. It was established in 2003 by Shri Rajendra V. Shah, who is the non-executive chairman of the company. Their vision is to become a respected world class corporation and a leader in Indian steel business driving quality, productivity, profitability and customer satisfaction. Company's offerings include direct reduced iron, iron ore pellets, finished steel products and power, and has a credit rating of BB+ with a stable outlook from CARE Ratings. The company has a double advantage of having proximity to one of the busiest commercial ports and also to the customers of its finished products. It has secured long-term tie-ups for its various raw materials by renowned suppliers, which has led to achieve consistent high standard of quality in its finished products.

SAL Steels Share Price

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Peer Comparison

SAL Steels Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Jun 2023	Sep 2023	Dec 2023
Net Sales	117	95	136	186	119	137	142	154	157	130
Other Income	0	0	0	0	0	0	0	0	0	0
Total Income	117	95	136	186	119	137	142	154	157	130
Total Expenditure	110	89	133	177	116	130	134	148	151	127
Operating Profit	7	6	3	10	3	7	7	6	6	2
Interest	0	0	0	0	0	1	4	3	3	3
Depreciation	2	2	2	2	2	2	2	2	2	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	5	4	0	7	0	4	1	0	0	-3
Provision for Tax	1	1	0	2	0	1	0	0	0	-1
Profit After Tax	4	3	0	5	0	3	1	0	0	-2
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	4	3	0	5	0	3	1	0	0	-2
Adjusted Earnings Per Share	0.5	0.3	0	0.6	0	0.3	0.1	0	0	-0.3

SAL Steels Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	379	328	365	338	361	446	574	408	301	505	496	583
Other Income	2	2	1	1	2	3	1	44	22	29	14	0
Total Income	381	329	366	338	363	449	576	452	323	535	510	583
Total Expenditure	373	328	339	314	351	440	565	426	301	509	487	560
Operating Profit	8	1	27	24	12	9	11	26	22	26	23	21
Interest	32	30	30	12	1	1	2	2	0	0	8	13
Depreciation	19	17	9	8	8	8	8	8	9	9	10	8
Exceptional Income / Expenses	0	0	-47	-32	0	64	-20	0	0	0	0	0
Profit Before Tax	-43	-47	-59	-29	4	64	-19	17	12	16	6	-2
Provision for Tax	-14	-11	16	0	3	22	3	1	1	5	2	-1
Profit After Tax	-29	-35	-76	-29	1	42	-22	16	12	12	4	-1
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	-29	-35	-76	-29	1	42	-22	16	12	12	4	-1
Adjusted Earnings Per Share	-3.4	-4.2	-8.9	-3.4	0.1	5	-2.5	1.9	1.4	1.4	0.4	-0.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-2%	7%	2%	3%
Operating Profit CAGR	-12%	-4%	21%	11%
PAT CAGR	-67%	-37%	-38%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	31%	67%	37%	26%
ROE Average	9%	34%	23%	-18%
ROCE Average	8%	8%	5%	2%

SAL Steels Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	105	70	-6	-35	-39	20	-1	15	26	38	42
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	101	54	15	4	169	167	160	146	124	0	125
Other Non-Current Liabilities	3	-9	8	1	-1	23	22	23	22	22	21
Total Current Liabilities	225	281	270	280	160	72	102	130	123	231	90
Total Liabilities	434	397	287	250	290	282	283	314	295	291	277
Fixed Assets	174	156	147	140	133	128	126	118	155	146	136
Other Non-Current Assets	139	137	83	34	38	37	18	54	9	10	6
Total Current Assets	120	103	57	76	119	117	139	142	131	134	134
Total Assets	434	397	287	250	290	282	283	314	295	291	277

SAL Steels Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	7	5	1	1	1	1	2	0	1	1	2
Cash Flow from Operating Activities	24	-17	22	2	-6	7	-4	54	23	22	8
Cash Flow from Investing Activities	-9	1	0	-1	-1	-3	8	-35	-1	0	-2
Cash Flow from Financing Activities	-16	11	-22	-1	7	-3	-6	-18	-22	-22	-7
Net Cash Inflow / Outflow	-2	-4	0	-0	0	1	-2	0	1	0	-1
Closing Cash & Cash Equivalent	5	1	1	1	1	2	0	1	1	2	1

SAL Steels Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-3.37	-4.17	-8.93	-3.39	0.1	4.99	-2.54	1.87	1.36	1.36	0.42
CEPS(Rs)	-1.09	-2.11	-7.9	-2.39	1	5.9	-1.62	2.75	2.42	2.44	1.54
DPS(Rs)	0	0	0	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	11.47	8.24	-0.74	-4.13	-4.56	2.39	-0.15	1.71	3.08	4.45	4.89
Core EBITDA Margin(%)	1.61	-0.13	6.42	6.19	2.41	1.43	1.62	-4.46	-0.1	-0.73	1.71
EBIT Margin(%)	-2.68	-4.54	-7.26	-4.36	1.08	14.6	-2.98	4.56	4.21	3.25	2.69
Pre Tax Margin(%)	-10.38	-12.9	-14.62	-7.67	0.9	14.34	-3.25	4.18	4.13	3.21	1.11
PAT Margin (%)	-6.91	-9.79	-18.67	-7.67	0.22	9.5	-3.76	3.89	3.84	2.28	0.72
Cash Profit Margin (%)	-2.25	-4.96	-16.51	-5.41	2.15	11.24	-2.4	5.74	6.84	4.1	2.64
ROA(%)	-6.25	-8.53	-22.19	-10.72	0.32	14.83	-7.65	5.32	3.79	3.94	1.25
ROE(%)	-25.58	-42.29	-238.03	0	0	0	-227.12	238.73	56.75	36.07	8.94
ROCE(%)	-3.25	-5.88	-16.32	-19.7	4.66	39.62	-9.42	10.81	7.29	9.83	8.12
Receivable days	39.07	44.21	27.42	25.95	41.68	34.77	40	94.35	124.67	50.85	45.96
Inventory Days	55.35	46.81	31.56	29.61	41.1	55.74	34.23	23.03	31.5	29.2	39.52
Payable days	78.31	56.42	33.25	39.47	39.81	31.1	33.24	64.73	113.73	53.62	37.29
PER(x)	0	0	0	0	49.13	1.45	0	0.92	2.27	7.33	32.68
Price/Book(x)	0.18	0.19	-2.35	-0.7	-1.11	3.02	-33.56	1	1	2.24	2.79
Dividend Yield(%)	0	0	0	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.58	0.57	0.37	0.33	0.59	0.52	0.37	0.43	0.57	0.41	0.48
EV/Core EBITDA(x)	26.88	178.72	5.04	4.61	17.93	25.73	19.87	6.69	7.89	8.09	10.49
Net Sales Growth(%)	15.84	-13.59	11.44	-7.6	6.81	23.7	28.76	-28.99	-26.22	67.92	-1.89
EBIT Growth(%)	-146.38	-48.14	-79.41	44.48	126.29	1413.12	-126.33	208.37	-31.87	29.76	-18.78
PAT Growth(%)	-6924.18	-23.9	-114.06	62.07	103.05	4734.14	-150.95	173.48	-27.2	-0.1	-69.28
EPS Growth(%)	-6924.14	-23.9	-114.06	62.07	103.05	4734.16	-150.95	173.48	-27.2	-0.1	-69.27
Debt/Equity(x)	2.13	2.51	-19.17	-2.46	-4.45	8.62	-135.05	11.03	5.58	3.28	3.01
Current Ratio(x)	0.54	0.37	0.21	0.27	0.74	1.63	1.36	1.09	1.06	0.58	1.5
Quick Ratio(x)	0.29	0.23	0.09	0.17	0.36	0.57	1.06	0.97	0.8	0.4	0.9
Interest Cover(x)	-0.35	-0.54	-0.99	-1.32	5.89	56.28	-11.41	12.27	53.45	87.46	1.71
Total Debt/Mcap(x)	11.51	13.55	8.16	3.51	4	2.85	4.02	10.99	5.56	1.47	1.08

SAL Steels Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	50.56	50.56	50.56	50.56	50.56	50.56	50.56	50.56	50.56	50.56
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	49.44	49.44	49.44	49.44	49.44	49.44	49.44	49.44	49.44	49.44
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2	4.2
Others	0	0	0	0	0	0	0	0	0	0
Total	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5	8.5

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 34%
Debtor days have improved from 53.62 to 37.29days.

Cons

Stock is trading at 4.7 times its book value.
The company has delivered a poor profit growth of -37% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

SAL Steels News

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SAL Steels

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SAL Steels Research see more...

Overview Inc. Year: 2003Industry: Steel/Sponge Iron/Pig Iron

SAL Steels Share Price

Alert Data

Quarterly Price

Peer Comparison

SAL Steels Quarterly Results

SAL Steels Profit & Loss

Growth Rates

SAL Steels Balance Sheet

SAL Steels Cash Flow

SAL Steels Ratios

SAL Steels Shareholding Pattern

SAL Steels News

IPO

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