In the quarter ended September 2025, Steel Exchange India reported net sales of ₹231.76 crores, marking the lowest quarterly figure in recent periods. This contrasts with the company’s previous quarterly averages and signals a contraction in top-line momentum. The operating profit to interest ratio for the same quarter stood at 1.42 times, the lowest recorded, indicating tighter coverage of interest expenses by operating earnings. Additionally, the debtors turnover ratio for the half-year period was 4.58 times, reflecting a slower collection cycle compared to prior periods.
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Profit after tax (PAT) for the latest six months was recorded at ₹12.34 crores, showing a growth rate of 132.83% over the comparable period. However, the quarterly PAT figure of ₹2.11 crores reflected a decline of 74.9% against the previous four-quarter average, highlighting volatility in profitability. The return on capital employed (ROCE) for the half-year reached 11.53%, the highest in recent times, suggesting some efficiency in capital utilisation despite the broader challenges.
Non-operating income accounted for 54.50% of profit before tax (PBT) in the quarter, which was ₹0.96 crores excluding other income, the lowest quarterly figure recorded. Earnings per share (EPS) for the quarter stood at ₹0.02, the lowest in the recent quarterly series. These figures collectively indicate a period of subdued operational performance, with non-operating factors playing a significant role in the company’s profitability.
From a market perspective, Steel Exchange India’s stock price closed at ₹8.79, slightly down by 0.79% on the day, with a 52-week trading range between ₹7.16 and ₹11.54. The stock’s returns over various periods show a divergence from the broader Sensex benchmark. For instance, the stock’s year-to-date return was -13.99%, contrasting with the Sensex’s 8.36% gain. Over one year, the stock’s return was -13.82% against Sensex’s 9.48%, and over three years, the stock recorded -24.68% while the Sensex rose by 37.31%. Longer-term returns over five and ten years show positive absolute gains for Steel Exchange India, though trailing the Sensex’s performance.
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Steel Exchange India’s Mojo Score currently stands at 40.0, reflecting an adjustment in evaluation from a previous stronger negative grade. This change was triggered by the financial trend parameter shifting to negative as of 19 Nov 2025. The company’s market capitalisation grade remains at 4, indicating its relative size within the sector. The recent financial data and market returns suggest that investors should closely monitor operational metrics and market conditions as the company navigates this phase.
In summary, Steel Exchange India’s recent quarterly performance highlights a period of financial contraction in key areas such as sales and profitability, alongside some positive signals in capital efficiency. The divergence from broader market indices emphasises the importance of sector-specific and company-level analysis for investors considering exposure to the Iron & Steel Products industry.
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