India: SAIL crude steel production, sales rise q-o-q in Q4FY26

• EBITDA rebounds sharply in Q4FY26
• Debt levels continue to decline; profitability improves y-o-y

Steel Authority of India Limited (SAIL) has posted q-o-q growth in crude steel production and sales volumes during Q4FY26, supported by stronger domestic steel demand and improved operational performance. The company also reported a sharp sequential recovery in EBITDA and profitability during the quarter.

The company’s operational momentum remained strong through FY26, with annual crude steel production reaching 19.4 million tonne (mnt) and sales touching a record of 19.9 mnt. At the same time, SAIL continued to strengthen its balance sheet, with borrowings declining steadily and debt-equity improving by March 2026.

Highlights

Crude steel production rises q-o-q: The company’s crude steel production increased by 6% q-o-q to 5.1 mnt in Q4FY26 as against 4.8 mnt in Q3FY26. On a y-o-y basis , production held stable in Q4FY25. Annual crude steel production for FY26 stood at 19.4 mnt, up from 19.2 mnt in FY25.

Sales volumes improve sequentially: Sales volumes increased by around 4% q-o-q to 5.3 mnt during Q4FY26 compared with 5.1 mnt in Q3FY26. On a yearly basis, sales remained stable at 5.3 mnt. Total sales for FY26 reached 19.9 mnt versus 17.9 mnt in FY25, reflecting healthy domestic demand.

EBITDA rebounds strongly q-o-q: The company’s EBITDA surged 81% sequentially to INR 4,762 crore in Q4FY26 as against INR 2,630 crore in Q3FY26. On a y-o-y basis, EBITDA rose 26% from INR 3,781 crore in Q4FY25, supported by improved steel realizations.

Profitability improves significantly: PAT increased sharply to INR 1,680 crore in Q4FY26 compared with INR 442 crore in Q3FY26 and INR 1,178 crore in Q4FY25. For the full year FY26, PAT stood at INR 3,233 crore against INR 2,148 crore in FY25.

Operational efficiencies improve: The company continued improving techno-economic parameters during FY26. Coke rate declined to 419 kilograms per tonne of heavy metal (kg/thm) from 421 kg/thm in FY25, Blast furnace productivity also improved to 2.09 t/m3/day.