Steel Authority of India Ltd.SAIL: PAT ₹1,774 Cr vs ₹427 Cr, volume +5%, coal cost up

Steel Authority of India's Q2 FY27 call, held on 28 October 2026, showed a large steelmaker turning higher volumes into much higher profit while coal costs rose.

Sales volume rose 5% on the year and 24% on the quarter to 5.2 million tonnes, turnover rose 20% to ₹31,766 crore, EBITDA was ₹4,561 crore and profit after tax was ₹1,774 crore against ₹427 crore a year ago. Imported coking coal rose ₹1,700 a tonne to ₹22,930, which squeezed margins, though October steel prices were about ₹4,000 a tonne above the Q2 average. Borrowings fell ₹1,146 crore to ₹20,583 crore, inventory fell to 15 days, and iron ore fines sales reached 2.5 million tonnes in H1.

Management now expects about 21 million tonnes of saleable steel for FY27 against the 22 million tonnes discussed earlier, guides capex of ₹15,000 crore this year and ₹1,20,000 crore over four years to expand capacity from 20 to 35 million tonnes, and left the timing of the share offering open. No earlier promises were on file for comparison.