Modern Steels Ltd

MDRNSTL

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Market Cap

₹ 22 Cr

P/E

4.47

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Modern Steels Limited manufactures carbon and alloy steel with a production plant in Punjab, India. It offers a melting capacity of 1 lac tpa and a rolling mill with a capacity of 50,000 tpa.

The company has historically expanded its production capacities, introducing significant technological enhancements, such as electromagnetic stirrers and vacuum degassing plants.

In 2022, Modern Steels underwent a significant transition by transferring its plant operations to M/s Arjas Steel Pvt. Ltd., a transformative move impacting its operational scope.

The company has historically diversified into the auto components segment, developing new grades in the tool and die segment, indicating its strategic flexibility.

Despite these ventures, Modern Steels' recent operational changes suggest a pivot in its business strategy, impacting its core steel manufacturing operations.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

22 Cr

Volatility

Low Risk

P/E Ratio

4.5

Industry P/E

24.2

PEG Ratio

0.0

P/B Ratio

1.2

52W High

21.70

52W Low

13.21

Sales CAGR

—

10Y

—

Profit CAGR

665.52%

-61.22%

—

10Y

—

ROE

TTM

26.57%

42.78%

-204.32%

10Y

24.57%

ROCE

TTM

26.27%

43.34%

-222.47%

10Y

13.84%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALANA	24.75	32 Cr	26.61	0.75	0.00	1.19	2.38	1.06
GFSTEELS	9.97	30 Cr	—	0.00	0.00	12.75	702.05	-1560.00
EARTH	21.10	26 Cr	47.95	0.69	0.00	-9.73	-5.33	-5.11
ANKITMETAL	1.78	25 Cr	—	0.00	0.00	21.69	-307.62	-21.80
MDRNSTL	15.66	22 Cr	4.47	1.23	0.00	26.57	26.27	24.95
STEELCOGUJ	41.63	21 Cr	—	0.00	0.00	-96.65	-10.82	-14.24
AANCHALISP	—	11 Cr	—	0.43	0.00	-6.99	-12.48	-20.79

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	0.53	0.25	0.26	0.26	0.25	0.26	0.25	0.29	0.24	0.23
Operating Profit	-0.53	-0.25	-0.26	-0.26	-0.25	-0.26	-0.25	-0.29	-0.24	-0.23
OPM %	—	—	—	—	—	—	—	—	—	—
Other Income	0.18	0.25	0.21	1.23	0.22	0.22	0.23	4.82	0.47	0.31
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.35	0.00	-0.05	0.97	-0.03	-0.04	-0.02	4.53	0.23	0.08
Tax %	0.00	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.35	0.00	-0.05	0.97	-0.03	-0.04	-0.02	4.53	0.23	0.08
EPS in Rs	-0.26	0.00	-0.04	0.70	-0.02	-0.03	-0.02	3.30	0.16	0.06

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	354	388	322	211	84	102	0.00	0.00	0.00	0.00
Expenses	310	401	342	257	104	102	0.55	1.29	1.05	1.04
Operating Profit	44	-13	-20	-46	-21	0.20	-0.55	-1.29	-1.05	-1.04
OPM %	12.48	-3.42	-6.26	-21.71	-25.00	0.20	—	—	—	—
Other Income	2.55	1.66	1.85	0.38	3.71	80	15	1.87	5.49	5.74
Interest	4.86	1.79	1.77	0.39	0.46	0.86	0.24	0.00	0.00	0.00
Depreciation	5.36	5.41	5.17	4.86	4.87	3.59	0.00	0.00	0.00	0.00
Profit Before Tax	-2.58	-30	-25	-51	-23	76	14	0.58	4.44	4.70
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-2.58	-30	-25	-51	-23	76	14	0.58	4.44	4.70
EPS in Rs	-1.56	-21.90	-18.34	-35.95	28.09	56.32	10.04	0.40	3.23	3.50
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	-24	-24	-57	-82	-131	-92	-15	-0.95	-0.37	4.07
Borrowings	169	186	0.00	0.00	0.00	53	7.04	1.27	0.20	0.20
Other Liabilities	63	59	232	239	230	121	0.34	0.19	0.31	0.76
Total Liabilities	222	235	189	170	113	95	6.37	14	14	19
Fixed Assets	73	69	63	59	55	50	0.06	0.06	0.06	0.06
CWIP	0.00	0.00	0.28	0.28	0.28	0.67	0.00	0.00	0.00	0.00
Investments	4.85	0.03	0.13	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Other Assets	144	167	126	111	58	44	6.29	14	14	19
Total Assets	222	235	189	170	113	95	6.37	14	14	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-13	-11	3.48	1.29	133	-3.31	0.34	0.47	3.63
Cash from Investing Activity	1.03	9.07	2.27	-0.11	0.07	-0.44	52	0.00	0.00	-4.56
Cash from Financing Activity	-19	13	-0.06	-4.06	-2.27	-132	-49	-0.24	-0.00	-0.00
Net Cash Flow	-1.44	9.48	-8.77	-0.69	-0.91	-0.08	0.29	0.10	0.46	-0.93

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%	65.53%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
Public	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%	34.42%
Total Shareholders	6,940	6,903	7,201	7,908	8,699	9,225	9,490	9,732	9,791	9,794	9,800	9,785

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 17, 2023	Jayaseelan singaravelu	Bulk	Sell	34.11	0.25 Cr	72,947	0.53

Projection

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Overall

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Expenses	0.53	0.25	0.26	0.26	0.25	0.26	0.25	0.29	0.24	0.23
Operating Profit	-0.53	-0.25	-0.26	-0.26	-0.25	-0.26	-0.25	-0.29	-0.24	-0.23
OPM %	—	—	—	—	—	—	—	—	—	—
Other Income	0.18	0.25	0.21	1.23	0.22	0.22	0.23	4.82	0.47	0.31
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-0.35	0.00	-0.05	0.97	-0.03	-0.04	-0.02	4.53	0.23	0.08
Tax %	0.00	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-0.35	0.00	-0.05	0.97	-0.03	-0.04	-0.02	4.53	0.23	0.08
EPS in Rs	-0.26	0.00	-0.04	0.70	-0.02	-0.03	-0.02	3.30	0.16	0.06

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	354	388	322	211	84	102	0.00	0.00	0.00	0.00
Expenses	310	401	342	257	104	102	0.55	1.29	1.05	1.04
Operating Profit	44	-13	-20	-46	-21	0.20	-0.55	-1.29	-1.05	-1.04
OPM %	12.48	-3.42	-6.26	-21.71	-25.00	0.20	—	—	—	—
Other Income	2.55	1.66	1.85	0.38	3.71	80	15	1.87	5.49	5.74
Interest	4.86	1.79	1.77	0.39	0.46	0.86	0.24	0.00	0.00	0.00
Depreciation	5.36	5.41	5.17	4.86	4.87	3.59	0.00	0.00	0.00	0.00
Profit Before Tax	-2.58	-30	-25	-51	-23	76	14	0.58	4.44	4.70
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-2.58	-30	-25	-51	-23	76	14	0.58	4.44	4.70
EPS in Rs	-1.56	-21.90	-18.34	-35.95	28.09	56.32	10.04	0.40	3.23	3.50
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	-24	-24	-57	-82	-131	-92	-15	-0.95	-0.37	4.07
Borrowings	169	186	0.00	0.00	0.00	53	7.04	1.27	0.20	0.20
Other Liabilities	63	59	232	239	230	121	0.34	0.19	0.31	0.76
Total Liabilities	222	235	189	170	113	95	6.37	14	14	19
Fixed Assets	73	69	63	59	55	50	0.06	0.06	0.06	0.06
CWIP	0.00	0.00	0.28	0.28	0.28	0.67	0.00	0.00	0.00	0.00
Investments	4.85	0.03	0.13	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Other Assets	144	167	126	111	58	44	6.29	14	14	19
Total Assets	222	235	189	170	113	95	6.37	14	14	19

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-13	-11	3.48	1.29	133	-3.31	0.34	0.47	3.63
Cash from Investing Activity	1.03	9.07	2.27	-0.11	0.07	-0.44	52	0.00	0.00	-4.56
Cash from Financing Activity	-19	13	-0.06	-4.06	-2.27	-132	-49	-0.24	-0.00	-0.00
Net Cash Flow	-1.44	9.48	-8.77	-0.69	-0.91	-0.08	0.29	0.10	0.46	-0.93

Overview

Detailed Summary

Modern Steels Limited manufactures carbon and alloy steel with a production plant in Punjab, India. It offers a melting capacity of 1 lac tpa and a rolling mill with a capacity of 50,000 tpa.

The company has historically expanded its production capacities, introducing significant technological enhancements, such as electromagnetic stirrers and vacuum degassing plants.

In 2022, Modern Steels underwent a significant transition by transferring its plant operations to M/s Arjas Steel Pvt. Ltd., a transformative move impacting its operational scope.

The company has historically diversified into the auto components segment, developing new grades in the tool and die segment, indicating its strategic flexibility.

Despite these ventures, Modern Steels' recent operational changes suggest a pivot in its business strategy, impacting its core steel manufacturing operations.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

22 Cr

Volatility

Low Risk

P/E Ratio

4.5

Industry P/E

24.2

PEG Ratio

0.0

P/B Ratio

1.2

52W High

21.70

52W Low

13.21

Sales CAGR

—

10Y

—

Profit CAGR

665.52%

-61.22%

—

10Y

—

ROE

TTM

26.57%

42.78%

-204.32%

10Y

24.57%

ROCE

TTM

26.27%

43.34%

-222.47%

10Y

13.84%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALANA	24.75	32 Cr	26.61	0.75	0.00	1.19	2.38	1.06
GFSTEELS	9.97	30 Cr	—	0.00	0.00	12.75	702.05	-1560.00
EARTH	21.10	26 Cr	47.95	0.69	0.00	-9.73	-5.33	-5.11
ANKITMETAL	1.78	25 Cr	—	0.00	0.00	21.69	-307.62	-21.80
MDRNSTL	15.66	22 Cr	4.47	1.23	0.00	26.57	26.27	24.95
STEELCOGUJ	41.63	21 Cr	—	0.00	0.00	-96.65	-10.82	-14.24
AANCHALISP	—	11 Cr	—	0.43	0.00	-6.99	-12.48	-20.79