SAIL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro Ltd. | CONTRACT | 47,515 | 35,636–47,515 | 42.9% | — | FY26 | EST | 70% |
| “L&T and Outotec claimed compensation for the alleged illegal termination of the Contract, amounting to ` 900 crore.” AR · +2 DOC | ||||||||
| GAILGAIL (India) Ltd. | UNSTATED | 30,553 | 22,914–30,553 | 27.6% | — | FY25 | EST | 75% |
| “He also served as Government Nominee Director on the Boards of GAIL (India) Ltd., IOCL and EIL, contributing to strategic decision-making in the energy sector.” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 19,632 | 14,724–19,632 | 17.7% | — | FY25 | EST | 75% |
| “Item No.16: Background, Details and Benefits of the Transaction NTPC-SAIL Power Supply Company Ltd. (NSPCL) is a 50:50 Joint Venture of SAIL and NTPC Limited.” AR DOC | ||||||||
| Financial Year | REV SHARE | 625 | 625–625 | 0.6% | — | FY25 | DISC | 90% |
| “c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the following format – FY 2025-26 Current…” AR · +2 DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “During the year, SAIL also supplied defence-grade/special steel for major Indian Navy vessels including INS Dunagiri, INS Agray, INS Sanshodhak, INS Anjadip an…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “ANNUAL REPORT 2024-2529 With the objective of enhancing the share of captive power and ensuring supply of reliable power at optimum cost, both the 20 MW Units …” AR · +1 DOC | ||||||||
| COALINDIACoal India Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “For Thermal Coal, SAIL primarily relied on supplies from Coal India Limited, supplemented by a small quantity of 0.737 MT of Non-coking coal, including middlin…” AR DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “A total of 11.55 lakh tonnes of Rails were supplied to Indian Railways in FY 2024-25, the 260m long-rail welded-panel component in the total Rail supply being …” AR · +1 DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “SAIL remains the trusted partner of Indian Railways, supplying 260-meter long welded rail panels.” AR · +1 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188 All the contracts / arrangements / transactions ent…” AR · +1 DOC | ||||||||
| NSLNISPNMDC Steel Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Strategic Alliances and Contract Manufacturing: For the first time, your Company has entered into a Contract Manufacturing Agreement with M/s NMDC Steel Ltd. f…” AR · +1 DOC | ||||||||
| Office | CONTRACT | CT 96 | — | — | — | FY26 | EST | 75% |
| “A writ petition has also been filed in the Hon’ble high Court of Chhattisgarh against the demand of `96.28 crores received during 2017-18 from the Office of Pr…” AR · +2 DOC | ||||||||
| LTLarsen & Toubro Ltd. | CONTRACT | CT 2,743 | — | — | COGS | FY26 | EST | 75% |
| “(b) Contract being No. RMD/K/PROJ/CA/GOM/14-15/060 dtd 02.04.2015 was awarded by SAIL-GUA Ore Mines to the consortium comprising M/s Larsen and Toubro Limited …” AR · +1 DOC | ||||||||
| Commissioning | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “12.06 - - - 82 Contract for "Replacement of 6 Nos. Old Transfer Cars of Converter Shop, SMS-II, Bhilai Steel Plant, Bhilai" 9.24 - - - 83 Effluent Treatment Pl…” AR · +1 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “(2.46) 1.03 The unrecognised share of losses of joint ventures, both for the reporting period and cumulatively, where SAIL has stopped recognising its share of…” AR · +1 DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Critical grade like DMR249A Plates were supplied to Indian Navy from Bhilai Steel Plant and Rourkela Steel Plant, and Billets from Alloy Steels Plant at Durgap…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “while exports fell sharply by 35.1% to 4.85 MT, amid weak global demand and aggressive export push from China.” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY24 | EST | 75% |
| “Finished Steel Parameters FY’24-25 (MT) % change y-on-y Gross Production 146.56 5.3 Imports 9.55 14.8 Exports 4.85 (-)35.1 Consumption 152.01 11.5 In FY 2024-2…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Before assuming charge as Director (Technical, Projects & Raw Materials), Shri Gupta served as Executive Director In-charge (Operations) at SAIL’s Corporate Of…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “OTHER INCOME Interest income* Customers 163.02 182.38 Employees 3.17 9.83 Bank deposits 23.91 3.35 Others 115.05 110.89 Sub Total (a) 305.15 306.45 Dividend in…” AR · +1 DOC | ||||||||
| Others | CONTRACT | CT 154 | — | — | CAPEX | FY26 | EST | 70% |
| “48.1 (A) Estimated amount of contracts remaining to be executed and not provided for (net of advances) are: (` in crore) Particulars As at 31st March, 2026 As …” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wit…” AR · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Details as at the end of Financial Year (FY2024-25) a. Employees and workers (including differently abled) FY 2024-25 S. No. Particulars Total (A) Male No. (B)…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “0.13 0.13 Others 102.10 57.45 Deposit with Government authorities 102.23 57.58 Deposits-GST 12.32 1.43 GST receivable- input service 1.68 5.16 GST receivable 3…” AR · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “SAIL is currently engaging with the Nominated Authority to seek a revision of the compensation amount stated in the provisional order.” AR · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Valuation of Compensation for Payment to the Prior Allottee (SAIL) for Parbatpur Coal Mines Nominated Authority under the Ministry of Coal on 16th May, 2025 is…” AR DOC | ||||||||
| Ministry of Coal. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Valuation of Compensation for Payment to the Prior Allottee (SAIL) for Parbatpur Coal Mines Nominated Authority under the Ministry of Coal on 16th May, 2025 is…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY24 | EST | 70% |
| “Number of consumer complaints in respect of the following: FY2024-25 FY2023-24 Received during the year Pending resolution at end of year Remarks Received duri…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “48.6 The Joint Ventures of the group have capitalized the assets in their books for the year ended 31st March, 2025 as under: (₹ in crore) S. No. Name of Joint…” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR · +1 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Vendor Assessment for Government e-Marketplace (GeM) Process & Product Inspection of SAIL Conversion Work, PSC Sleepers, ERC Clips.” AR p.146 · 31-MAR-26 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| LTLarsen & Toubro Ltd. | CONTRACT | 2,57,287 | 2,57,287–2,57,287 | — | CAPEX | FY26 | EST | 85% |
| “L&T wins Orders (Major*) for Minerals & Metals Business Mumbai, January 02, 2026: The Minerals & Metals (M&M) business vertical of L&T has secured major orders…” ORDER p.2 · 02-JAN-26 DOC | ||||||||
| SBINState Bank of India | UNSTATED | 91,439 | 91,439–91,439 | 92.7% | — | FY26 | EST | 70% |
| “Statement of Current Maturities of long term debt (` in crore) Particulars Maturity date 2025-26 2024-25 Redeemable non-convertible bonds 8.80% 26-10-2025 - 14…” AR DOC | ||||||||
| HINDZINCHindustan Zinc Ltd. | UNSTATED | 7,253 | 5,440–7,253 | 7.3% | — | FY25 | EST | 65% |
| “Mr. Chatterjee is presently serving as Government Nominee Director on the Boards of SAIL and NMDC.” AR · +1 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | CT 1,500 | — | — | CAPEX | FY26 | EST | 85% |
| “Subject: Receipt of Letter of Acceptance Sir/Madam, Bharat Heavy Electricals Limited (BHEL) has received a Letter of Acceptance from Steel Authority of India L…” ORDER p.1 · 17-FEB-26 DOC | ||||||||
| NBCCNBCC (India) Ltd. | CONTRACT | CT 100 | — | — | CAPEX | FY24 | EST | 80% |
| “Updates NBCC (India) Limited has informed the Exchange regarding 'NBCC has been recently awarded the work order of Construction of Various Development Work at …” ANN · 21-SEP-23 DOC | ||||||||
| NBCCNBCC (India) Ltd. | CONTRACT | CT 180 | — | — | — | FY24 | EST | 80% |
| “Updates NBCC (India) Limited has informed the Exchange regarding 'Intimation of Work Order received by NBCC (India) Limited from SAIL Bokaro Steel Plant for a …” ANN · 13-SEP-23 DOC | ||||||||
| WELCORPWelspun Corp Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Mr. Verma served as the Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) and CMD of National Mineral Development Corporation Limit…” AR · +1 DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “In addition to this, process gases are also provided to NSPCL (a JV of SAIL and NTPC) and Bokaro Power Supply Co. Ltd. (BPSCL) (a JV of SAIL and Damodar Valley…” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Source: World Steel Association Top 10 Crude Steel Producing Countries Rank Country 2025 (MT) 2024 (MT) % Change 1 China 960.8 1005.1 (-)4.4 2 India 164.9 149.…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “There was continued stagnation in China as domestic demand contracted by 1-2%, keeping Chinese export prices nearly 50% lower than US domestic prices.” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “(2.46) 1.03 The unrecognised share of losses of joint ventures, both for the reporting period and cumulatively, where SAIL has stopped recognising its share of…” AR · +1 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “Sale of Goods 35: Revenue from Operations SAIL Rites Bengal Wagon I Pvt Ltd 60.59 77.64 NTPC-SAIL Power Supply Co. Ltd 4.18 4.08 Bhilai Jaypee Cement Limited -…” AR · +2 DOC | ||||||||
| COALINDIACoal India Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “For thermal coal, your Company depends entirely on purchases from Coal India Limited, except for small quantity of non-coking coal including middling of 0.80 M…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Item No.16: Background, Details and Benefits of the Transaction NTPC-SAIL Power Supply Company Ltd. (NSPCL) is a 50:50 Joint Venture of SAIL and NTPC Limited.” AR · +1 DOC | ||||||||
| NATIONALUMNational Aluminium Co. Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Prior to assuming charge as Chairman-cum-Managing Director of NALCO, Shri Singh served as Director-In-Charge of Burnpur and Durgapur Steel Plants and was a Boa…” AR DOC | ||||||||
| SHYAMMETLShyam Metalics and Energy Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Mr. Verma served as the Chairman & Managing Director (CMD) of Steel Authority of India Limited (SAIL) and CMD of National Mineral Development Corporation Limit…” AR DOC | ||||||||
| SJVNSJVN Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Sharma served at the Steel Authority of India Limited (SAIL) as Head of Mechanical Maintenance of BPP at the Bokaro Steel Plant from 1996to 2009.” AR · +1 DOC | ||||||||
| RITESRITES Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Previously serving as General Manager (Finance) since June 17, 2021, he held pivotal roles in the Finance Department of Steel Authority of India Limited (SAIL)…” AR p.32 · 31-MAR-25 DOC | ||||||||
| JSWSTEELJSW Steel Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “He previously served as Chairman of Steel Authority of India Limited (SAIL) and was also the first Chairman of International Coal Ventures Limited (ICVL), a jo…” AR DOC | ||||||||
| RITESRITES Ltd. | CONTRACT | — | — | — | — | FY25 | EST | 75% |
| “Bagging/Receiving of orders/contracts RITES Limited has informed the Exchange about Receiving of orders from Steel Authority of India Limited- Bhilai Steel Pla…” ANN · 02-JAN-25 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Explosives Business Your Company remained a significant player in India’s bulk explosives and blast-based services sector in 2024-25, with operations spanning …” AR · +2 DOC | ||||||||
| Australia | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “while Australia maintained its position as a major supplier of premium hard coking coal.” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Less: Allowance for doubtful capital advances 5.02 242.54 5.02 233.36 Advances other than capital advances Other advances Deposit with Government authorities (…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Statement of Current Maturities of long term debt (` in crore) Particulars Maturity date 2025-26 2024-25 Redeemable non-convertible bonds 8.80% 26-10-2025 - 14…” AR DOC | ||||||||
| INDIANBIndian Bank | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Statement of Current Maturities of long term debt (` in crore) Particulars Maturity date 2025-26 2024-25 Redeemable non-convertible bonds 8.80% 26-10-2025 - 14…” AR DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “Disclosed as: Current Income Tax Assets (net) 5,343.27 9,822.62 Income Tax Liabilities (net) - 3.12 5,343.27 9,819.50 (H in Crores) Particulars As at 31-03-202…” AR · +1 DOC | ||||||||
| HEGAMHEG Advanced Materials Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Notable clients include Jindal Steel and Power Limited (JSPL), Steel Authority of India Limited (SAIL), ArcelorMittal, Qatar Steel, Emirates Steel, Tata Steel,…” AR p.56 · 31-MAR-26 · +1 DOC | ||||||||
| NSLNISPNMDC Steel Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Audit observed that as on 31.03.2026, the Company had trade receivables amounting to Rs.179.05 crore, including significant balances recoverable from M/s Steel…” AR p.38 · 31-MAR-26 DOC | ||||||||
| INOXINDIAINOX India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “Supply of FBT, WNCT, TSA and HE to INOX Air Products’ 2150 TPD ASU at SAIL, Bokaro.” AR DOC | ||||||||
| CMPDICentral Mine Planning & Design Institute Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 65% |
| “Shri Chatterjee is presently serving as Government Nominee Director on the Boards of SAIL and NMDC.” AR DOC | ||||||||
| RHIMRHI MAGNESITA INDIA LTD. | UNSTATED | — | — | — | — | FY25 | EST | 65% |
| “The RHI Magnesita team at SAIL Rourkela was awarded the “Best Agency Safety Officer” Award for its excellent safety performance and dedication to maintaining t…” AR p.26 · 31-MAR-26 DOC | ||||||||
| NSLNISPNMDC Steel Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 65% |
| “Under the said arrangement, the products manufactured by NSL like HR Coil/Sheets/Plates etc., are being sold to M/s SAIL by despatching the goods to their stoc…” AR p.178 · 31-MAR-26 · +1 DOC | ||||||||
| JSWENERGYJSW Energy Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Their other major clients, including from the same industry, are ITC Ltd, IPCA Laboratories Limited, ONGC Petro Additions Limited, Mahanagar Gas Limited, NTPC …” AR DOC | ||||||||
| ABBABB India Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “Shri Mishra has been selected thrice for training abroad with technology suppliers like Corus Steel, ABB, Sert Metal, Danieli, etc.” AR DOC | ||||||||
| RHIMRHI MAGNESITA INDIA LTD. | UNSTATED | — | — | — | COGS | FY26 | EST | 60% |
| “RHI Magnesita India Limited | Annual Report 2025-266 CONTENTS 01Messages 03Strategic Initiatives and Key Achievements • An Unwavering Commitment to ‘Safety Fir…” AR p.7 · 31-MAR-26 DOC | ||||||||
| CEMPROCemindia Projects Ltd. | UNSTATED | — | — | — | — | 2026-05 | EST | 50% |
| “Jayanta Basu: And that SAIL order is yet to come.” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 08-NOV-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 14-NOV-26 | GAIL (India) Ltd. share 100% |
| CUST MOM 1M | +11.0% | 14-NOV-26 | from 15-OCT-26 · NMDC Steel Ltd. +2.0% w 0 · Larsen & Toubro Ltd. +14.1% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · GAIL (India) Ltd. +11.0% w 1 |
| SUPP MOM 1M | +13.5% | 14-NOV-26 | from 15-OCT-26 · Indian Oil Corporation Ltd. +11.8% w 0 · Bharat Heavy Electricals Ltd. +0.5% w 0 · JSW Energy Ltd. +8.5% w 0 · Welspun Corp Ltd. -13.3% w 0 · Bank of India +18.2% w 0 · State Bank of India +12.5% w 0 |