ICICI Direct has given Hold recommendation for Steel Authority of India with a target price of Rs. 80 in its research report issued on May 25, 2022

ICICI Direct’s research report on Steel Authority of India

Steel Authority of India (SAIL) is one of the leading steel producers in India, which has five large integrated steel plants (Bhilai steel plant, Rourkela steel plant, Durgapur steel plant, Bokaro steel plant and IISCO). In addition, SAIL also has three special steel plants. • SAIL has iron ore mines in states of Chhattisgarh, Jharkhand and Odisha, which aids in meeting 100% of its iron ore requirements captively • In FY22, SAIL reported crude steel production of 17.36 million tonnes (MT) and steel sales volume of 16.15 MT.


We downgrade the stock from BUY to HOLD, due to elevated coking coal prices. We value SAIL at Rs 80, 5x FY24E EV/EBITDA.

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