22 Best Top Steel Companies in India [2023]

Looking for the top steel companies in India? We’ve curated the list of top steel companies in India based on market capitalization, range of products, clientele, and crucial financial data. But before that, let’s take an overview of the steel industry.

Steel has traditionally occupied a top spot among metals. Steel production and consumption are frequently seen as measures of a country’s economic development because it is both a raw material and an intermediary product.

As of November 2022, India was the world’s second-largest producer of crude steel, with an output of 10.9 MT. Under the Union Budget 2023-24, the government allocated Rs. 70.15 crores to the Ministry of Steel.

Easy availability of low-cost manpower and Pre-India’s finished steel consumption is anticipated to increase to 230 MT by 2030-31 from 133.596 MT in FY22.

The robust structure of the modern-day industrial world is made of steel. Most of the other industries such as real estate companies, tools, shipbuilding, machinery, and automobiles are heavily dependent on steel companies in India.

The Indian steel industry is classified into three categories – major producers, main producers, and secondary producers. The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labor. Consequently, the steel sector has been a major contributor to India’s manufacturing output.

22 Top Steel Companies in India

All these steel companies mentioned in this list are not in order of best to worst. Let us know about some of the top steel companies in India.

1. JSW Steel Ltd.

JSW Group, headquartered in Mumbai, Maharashtra is the largest producer of commercial steel among the companies undertaken by the private sector as of March 2022.

Producing around 111.43 MT yearly, its provisional crude steel production ranges from around 1.8%-2.4% of the total steel production in the corresponding period of last year.

The group has set global footprints in UAE, Malaysia, and Canada. It’s the company that hosted the first Greenfield project in Vijayanagar, Karnataka with its other plants in Vasind, Salem, and Tolve.

Company Financials

• Market Cap: ₹1,74,100.30 Cr.
• Enterprise Value: ₹2,09,008.30 Cr.
• P/E: 25.14
• Dividend Yield: 2.41%
• Promoter Holding: 45.19%
• Sales Growth: 68%
• ROE: 26.30%
• ROCE: 25.08%

2. Tata Steel Ltd.

With an annual crude steel capacity of 33MT, TATA Steel is among the top 10 steel companies in India established in the year 1907. With its base stationed at Jamshedpur, it has had a global trade presence for decades. Formerly known as TISCO, the group recorded a consolidated revenue stands at INR 242,326.87 Cr. in FY March 22.

It is ranked as the second-largest domestic producer of steel with an annual capacity of 13 MT. It has posed its active presence in around 50 countries with rapid expansions of its industrial bases in 26 countries including Malaysia and Thailand.

Company Financials

• Market Cap: ₹1,33,234.82 Cr.
• Enterprise Value: ₹1,62,655 Cr.
• P/E: 5.48
• Dividend Yield: 0.47%
• Promoter Holding: 33.92%
• Sales Growth: 53.35%
• ROE: 26.313%
• ROCE: 27.99%

3. Hindalco Ltd.

Hindalco is the leader in copper and aluminum. It is the flagship company of the Aditya Birla group. Hindalco is the world’s largest aluminum producer with consolidated revenue of 18M USD. Today with its footprints set in around 10 countries, it’s one of Asia’s leading copper and aluminum producers.

Hindalco, through its wholly-owned subsidiary AV Metals Inc., acquired 75,415,536 common shares of Novelis, representing 100 percent of the issued and outstanding common shares. Immediately after closing, AV Metals Inc. transferred the common shares of Novelis to its wholly-owned subsidiary AV Aluminum Inc.

When Hindalco made this bid in 2007 this became the largest Indian investment in North America and the second-largest overseas investment by an Indian company.

Company Financials

• Market Cap: ₹ 1,02,224.88 Cr.
• Enterprise Value: ₹ 1,17,339.88 Cr.
• P/E: 16.91
• Dividend Yield: 0.93%
• Promoter Holding: 34.64 %
• Sales Growth: 58.43%
• ROE: 10.11%
• ROCE: 14.10%

4. Jindal Steel and Power Ltd (JSPL)

Jindal Steel and Power Limited are among the best steel companies in India which is an industrial powerhouse with a dominant presence in the steel, power, mining, and infrastructure sectors.

The company is currently led by Mr. Naveen Jindal and by innovation, setting new standards, and enhancing capabilities, it made its way to the top manufacturers of the country.

JSPL currently has a 10 MTPA iron-making capacity and is also ranked as the second-largest value creator in the world. The company has key projects in Raigarh with a 3.6 MTPA integrated steel plant, 0.6 MTPA wire rod mill, and 1.0 MTPA bar mill. The company owns and operates state-of-the-art facilities in Chhattisgarh, Odisha, and Jharkhand.

Company Financials

• Market Cap: ₹ 52,213.21 Cr.
• Enterprise Value: ₹ 62,483.22 Cr.
• P/E: 5.76
• Dividend Yield: 0.59 %
• Promoter Holding: 61.2 %
• Sales Growth: 48.41%
• ROE: 20.52%
• ROCE: 21.74%

5. Steel Authority of India Limited (SAIL)

Based in New Delhi, SAIL is owned and operated by the Government of India. With an annual production of 16.30 metric tons of steel, SAIL is the 20th largest producer globally and the first among the largest steel companies in India.

SAIL owns five integrated steel plants in Bhilai, Rourkela, Durgapur, Bokaro, and Burnpur with three special plants and a Ferroalloy plant in Chandrapur. It has acquired a reputation for being the best exporter of completed steel in the domestic market.

It’s expanding with an insightful approach towards modernizing followed by an emphasis on the state of the art of green technology. It has its central units spread into different fields like Engineering and technology. It holds the toughest stance, accommodating thousands of employers and employees working in different domains of the group.

Company Financials

• Market Cap: ₹ 35,852.96 Cr.
• Enterprise Value: ₹ 52,489.23 Cr.
• P/E: 8.43
• Dividend Yield: 10.23%
• Promoter Holding: 65%
• Sales Growth: 49.72%
• ROE: 23.09%
• ROCE: 23.06%

6. NMDC

NMDC established and undertaken by the public sector, is the largest producer of Iron ore in the country with an annual consumption volume of 16 MT. It was set up in 1958 and since then has discovered and relished non-fuel mineral resources.

Actively working in magnetizing and diamond mining, it has been recognized under Schedule-A over the past six decades.

With its total income of around 115 crores, it has set its footprints in the domestic and international production of steel and export of the same.

Company Financials

• Market Cap: ₹ 33,364.95 Cr.
• Enterprise Value: ₹ 28,908.13 Cr.
• P/E: 4.35
• Dividend Yield: 12.97%
• Promoter Holding: 60.79%
• Sales Growth: 68.39%
• ROE: 26.97%
• ROCE: 34.48%

7. APL Apollo Tubes Ltd.

APL Apollo Tubes, also known as Bihar Tubes was established in 1986 and is arguably one of the top steel companies in India. The company was founded by the late Sudesh Kumar Gupta, and since then it’s been known for premium-quality pipes & tubes. With a capacity to produce multi Million Tonnes per annum, APL Apollo Tubes Limited is the largest producer of Structural Steel Tubes in India.

The Company operates in the business areas of production of Electric Resistance Welded (ERW) steel tubes. The company’s multi-product offerings include huge varieties of Pre- Galvanized Tubes, Structural Steel Tubes, Galvanized Tubes, MS Black Pipes, and Hollow Sections, which make APL Apollo one of the leading branded steel product manufacturers in India.

Company Financials

• Market Cap: ₹ 29,877.13 Cr.
• Enterprise Value: ₹ 30,041.84 Cr.
• P/E: 84.27
• Dividend Yield: 0.32%
• Promoter Holding: 34.52%
• Sales Growth: 50.84%
• ROE: 16.45%
• ROCE: 20.52%

8. Ratnamani Metals & Tubes Ltd.

Ratnamani Metals & Tubes Ltd. is another one of the top steel companies in India which not only manufactures products but also delights customers through its unmatched quality. Ratnamani has grown to become a multi-location, multi-product company providing critical tubing and piping solutions to core sectors such as Oil & Gas, Petrochemical, Chemical & Fertilizer, Thermal, Solar Power, Defense & Aerospace, Automobile, etc.

Ratnamani has an impressive clientele comprising major public, private, and joint-sector companies across the globe, who are leaders in their respective segments. The company is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad, and Chhatral in the state of Gujarat. The company caters to both domestic and international markets.

Company Financials

• Market Cap: ₹ 13,511.28 Cr.
• Enterprise Value: ₹ 13,617.09 Cr.
• P/E: 34.98
• Dividend Yield: 0.48%
• Promoter Holding: 60.1%
• Sales Growth: 36.58%
• ROE: 14.34%
• ROCE: 18.87%

9. Welspun Corp Ltd.

Welspun Corp Ltd. (WCL), the flagship company of Welspun Group, is among the Largest Welded Line Pipe and Steel manufacturing companies in the world. The company has its credentials for supplies to the world’s deepest pipeline projects (Independence Trail in the Gulf of Mexico), one of the highest pipeline projects (Peru LNG), one of the longest pipelines (Canada to the US), and the project involving supplies of one of the heaviest pipe.

WCL has a list of esteemed clientele which includes Chevron, DOW, Elpaso, Enterprise, Exxon Mobil, GAIL, Hunt Oil, Kinder Morgan, PTTEP, Qatar Petroleum, Reliance, Saudi Aramco, Shell, Statoil, TOTAL, and many more. The company is a welded line pipe manufacturing company engaged in offering solutions in line pipes with a capacity to manufacture longitudinal submerge-arc welded (LSAW), spiral helical submerged arc welded (HSAW), and electrical resistance welded (ERW) pipes.

Company Financials

• Market Cap: ₹ 6,050.14 Cr.
• Enterprise Value: ₹ 6,986.27 Cr.
• P/E: 9.6
• Dividend Yield: 2.16%
• Promoter Holding: 49.9%
• Sales Growth: 0.05%

10. Maharashtra Seamless Ltd.

MAH Seamless incorporated in the year 1988 is a flagship company of the well-diversified DP Jindal group. It is mainly indulged in Seamless pipes used in boilers and oil pipes. It also manufactures Electric resistance welded pipes of different sizes.

It has signed contracts with many sectors because of its excellent performance in the production of iron and steel. In the year 2004, it established a joint venture in the country of Romania with an installed capacity of 20,000 TPA.

The company also has a successful solar generation project with plants in over 5 cities and has proven employment records after years of establishment.

Company Financials

• Market Cap: ₹ 5,337.19 Cr.
• Enterprise Value: ₹ 5,930.89 Cr.
• P/E: 12.65
• Dividend Yield: 0.63%
• Promoter Holding: 67.25 %
• Sales Growth: 59.82%

11. Godawari Power & Ispat Ltd.

Godawari Power & Ispat is a flagship company of the Raipur-based Hira group of industries and is also an integrated steel manufacturer in India. The company is mainly engaged in the generation of electricity, iron ore mining, and the production of sponge iron.

The company acquired 51.4% shares of the RR groups. It commissioned the setting up of steel plants in two phases in the production of steel billets, sponge iron, and seamless steel for commercial use.

The company acquired 100% of the equity of Krishna Minerals Ltd for doing the business of exploration in mines and minerals, which is in the initial stage. It has actively working steel plants based in Odisha and is also a leading employer of the technician lot.

Company Financials

• Market Cap: ₹ 4,030.32 Cr.
• Enterprise Value: ₹ 3,877.15 Cr.
• P/E: 3.55
• Dividend Yield: 3.85%
• Promoter Holding: 67.5%
• Sales Growth: 39.38%

12. Jayaswal Neco Industries

With its first foundry set up in Nagpur, Jayaswal Neco Industries is among the top steel companies in India that commenced production of cast iron pipes and fittings.

Incorporated in the private sector, it is a flagship company of NECO groups. It is a highly specialized manufacturer of grey iron castings for railway tracks.

With a further increase in demand, it expanded its industrial works by setting up three units.

Company Financials

• Market Cap: ₹ 2,510.03 Cr.
• Enterprise Value: ₹ 5,864.05 Cr.
• P/E: 1.16
• Dividend Yield: 0%
• Promoter Holding: 48.03%
• Sales Growth: 60.82%

13. Electro Steel Castings Ltd.

Electro Steel Castings is the largest producer of Ductile steel iron in the Indian subcontinent, it has a production capacity of 280,000 MT per annum. The current turnover is quite high at around 277 million US dollars. It is ranked one of the top 5 spike iron producers in the world.

Originally established in Kolkata, it is now spread with its branches in different parts of the country and is a leading producer of spun iron pipes in the country. The company got its KITEMARK license from BSI for its spun pipes and fittings.

Company Financials

• Market Cap: ₹ 2,378.42 Cr.
• Enterprise Value: ₹ 4,626.41 Cr.
• P/E: 6.16
• Dividend Yield: 1.98 %
• Promoter Holding: 44.08 %
• Sales Growth: 63.05%

14. Mukand Steel

Mukand Steel is a private company that has been manufacturing steel and sponge iron for a very long time. It has proven its domestic presence with the consumer rate increasing rapidly from the year of establishment.

The Indian-based company is a producer of alloy and stainless steel. It is a flagship company owned by the famous Bajaj group. It has over 3000 employees with an annual turnover of 400M USD.

Initially established in Lahore, it was later moved by the Bajaj group to Mumbai. It also operates a steel plant in the Gingera district in collaboration with Hospet Steel and has had high employment records since then.

Company Financials

• Market Cap: ₹ 1,502.75 Cr.
• Enterprise Value: ₹ 3,058.85 Cr.
• P/E: 11.74
• Dividend Yield: 1.44%
• Promoter Holding: 73.82%
• Sales Growth: 72.46%

15. JSW Ispat Special Products Ltd.

JSW Ispat Special is a subsidiary group of Monnet groups of industries and is a conviction-based industrial conglomerate. It is the second-largest sponge iron and copper producer in Raigarh in the state of Chattisgarh.

With more than 3300 employees, the company also has its shares with the Indian steel board as per the annual reports for 2022. Total assets with GEV put its steel value at around 11%.

The growth in the operating profit as per the reports released from the year 2008 to 2021 ranges from around 373 Cr. to 1047 Cr.

Company Financials

• Market Cap: ₹ 1,450.90 Cr.
• Enterprise Value: ₹ 3,992.80 Cr.
• P/E: 0
• Dividend Yield: 0%
• Promoter Holding: 53.17%
• Sales Growth: 44.72%

16. Prakash Industries Ltd.

Established in the year 1980, Prakash Industries is among the top-rated steel companies in India and a diverse producer of steel in India. It was solely set up for steel production but now is a leading producer of PVC pipes and plastic products along with finished and unfinished steel products like sponge iron etc.

Also, waste heat cogeneration and carbon-based steel plants support their steel manufacturing process. It is an ISO-certified organization with a gradation in the line of socially responsible companies of the world.

Company Financials

• Market Cap: ₹ 978.68 Cr.
• Enterprise Value: ₹ 1,248.99 Cr.
• P/E: ₹ 1,248.99 Cr.
• Dividend Yield: 0%
• Promoter Holding: 43.29%
• Sales Growth: 22.17%

17. VISA Steel

VISA Steel is another one of the best Steel companies in India that have set up a 150,000 TPA Ferro Chrome Plant at Kalinganagar in Odisha. This steel company has facilities including 6 submerged Arc Furnaces with 3×25 MW Power Generating Units.

Moreover, it also offers High Carbon Ferro Chrome as per International Quality Standards for end-use in Stainless Steel and Special Steel manufacturing. The company is headed by Chairman and CEO Mr. Vishambhar Saran and Vice Chairman & MD Mr. Vishal Agarwal.

Company Financials

• Market Cap: ₹ 195.11 Cr.
• Enterprise Value: ₹ 1,532.57 Cr.
• P/E: 0
• Dividend Yield: 0%
• Promoter Holding: 38.33%
• Sales Growth: 29.60%

18. Mideast Integrated Steel Limited (MISL)

Mideast Integrated Steel Limited (MISL) is another one of the top steel companies in India which was incorporated in 1992 with assets in coastal Odisha in eastern India. The company presently operates two 389 cubic meters of Blast Furnaces in its plant at Kalinga Nagar, Odisha, and the hot metal is cast as Pig Iron.

The company secured the Roida iron ore mining lease in the prime iron ore belt of Odisha in 1996. MISLs Pig iron plant at Jajpur was successfully commissioned in 2005 and has since been operating uninterrupted. MISL has a strategic alliance with Stemcor, UK, for marketing and financing.

Moreover, the company has a current expansion plan to take the finished steel capacity to 3.5 million tonnes in 2 phases. The finished products will be wire rods and rebars.

Company Financials

• Market Cap: ₹ 132.08 Cr.
• Enterprise Value: ₹ 160.44 Cr.
• P/E: 0
• Dividend Yield: 0%
• Promoter Holding: 53.59%
• Sales Growth: -52.15%

19. Essar Steel

Essar Steel is one of the finest steel companies in India on this list and a global producer of steel with a footprint in India, the Middle East, and Asia. The company is a fully integrated flat carbon steel manufacturer which is from iron ore to ready-to-supply steel products in the market.

The current capability of the company is 10 million Tonnes per annum (MTPA). They mainly supply finished steel products to highly discerning customer sectors, for instance, engineering, construction, white goods, automotive, and shipbuilding. Essar Steel is one of the largest exporters of flat steel products to demanding markets such as Europe and the United States as well.

Some clients of this steel company are Hyundai, Swaraj Mazda, the Konkan Railway, Maruti Suzuki, and Caterpillar. The company has 8 MTPA plants at Bailadilla (Chhattisgarh) and a 12 MTPA plant at Dabuna (Odisha), both strategically established to leverage the rich iron ore deposits of the respective states.

20. Rashtriya Ispat Nigam Ltd. (Vizag Steel)

Based in Vishakapatnam, Vizag Steel is one of the most prominent producers of commercial steel. As per the latest annual report, they had shown the highest production and sales.

Vizag Steel has export units on different bases with rectified quality steel production. It has acquired the name of being one of the leading producers with a good profit ratio.

It has thousands of actively working engineers and produces high-quality steel. With good consumer records, the group has also hosted multiple steel plant projects around the country.

21. ArcelorMittal Nippon Steel India

ArcelorMittal Nippon Steel India is one of the leading carbon-steel producers and exporters in the country. Based in India, it has a production volume of around 09 MT every year.

ArcelorMittal Nippon Steel has a higher export-to-import ratio. Has acquired maximum profit values after a few years of establishment.

Essar Steel sold its steel business to Arcelor for 38,896 Cr in December 2019. Although it faced insolvency in the formative years after its establishment, it had explored almost every aspect of steel manufacturing ore benefaction, crude oil production, and galvanizing.

22. Uttam Galva Steels

Uttam Galva Steels is the largest galvanized steel producer in the western part of the country. The Indian-based company procures hot-rolled steel and processes them into CR and further into GP.

With its scope of expanding the Wardha plant’s capacity, Uttam Galva also remains the top producer of CR in the country. It has also established its integrated steel plant in Satara, Maharashtra.

What are the top Steel Companies in India?

The top steel companies in India are undoubtedly JSW Steel, Tata Steel, Hindalco, Jindal Steel, and SAIL.

The data on top steel companies in India is collected from National Board Reports and MoneyControl which have segregated the various companies based on their performance since the year of establishment, gross production value, costs, exports, and imports.