Sunflag Iron & Steel Company Ltd

SUNFLAG

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Market Cap

₹ 4,646 Cr

P/E

23.06

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Sunflag Iron and Steel Company Limited, part of the Sunflag Group, specializes in the production and sale of special steel rolled products, mainly operating from its facility in Bandara, Maharashtra.

The company has a robust and modern manufacturing setup, including a Direct Reduction Plant, an Electric Arc Furnace, and a Continuous Rolling Mill with computerized process control.

Recently, Sunflag commenced production in a new Super Alloy manufacturing facility, further enhancing its portfolio in high-quality special steels.

A joint venture with Daido Steel Co. Ltd., indicates Sunflag's strategic move toward partnerships for technological and productivity enhancements.

Significant advancements like the installation of a Wire Rod Block Mill and a Mini Blast Furnace align with the company's drive for innovation and efficiency.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

4,646 Cr

Volatility

High Risk

P/E Ratio

23.1

Industry P/E

24.2

PEG Ratio

1.8

P/B Ratio

0.6

52W High

322.00

52W Low

196.10

Sales CAGR

4.34%

9.43%

15.00%

10Y

7.84%

Profit CAGR

12.91%

-9.25%

11.81%

10Y

12.33%

ROE

TTM

2.36%

8.22%

8.65%

10Y

8.89%

ROCE

TTM

3.75%

10.65%

10.98%

10Y

11.70%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MIDHANI	298.50	5,670 Cr	52.63	3.93	0.50	7.47	7.35	3.65
SUNFLAG	258.35	4,646 Cr	23.06	0.57	0.29	2.36	3.75	1.85
INTERARCH	2429.00	4,049 Cr	31.75	5.06	0.51	15.93	21.19	10.20
GOODLUCK	1072.50	3,689 Cr	22.30	2.63	0.36	11.79	13.15	5.97
EPACKPEB	290.70	2,910 Cr	37.71	4.22	0.00	11.18	14.15	5.48
VSSL	288.25	2,819 Cr	30.63	2.38	0.87	11.67	15.64	8.20
PENIND	197.95	2,722 Cr	20.90	2.54	0.00	12.17	14.54	3.91

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	784	858	854	919	895	866	892	883	1,013	973
Expenses	704	759	757	820	815	767	781	783	903	872
Operating Profit	80	99	97	99	80	99	111	100	109	101
OPM %	10.24	11.52	11.35	10.77	8.91	11.38	12.41	11.37	10.80	10.38
Other Income	1.66	1.16	1.27	2.04	2.79	8.30	2.76	2.67	19	2.24
Interest	24	23	26	24	21	25	22	22	21	17
Depreciation	26	26	26	26	26	26	26	26	27	27
Profit Before Tax	33	51	47	51	35	56	66	55	81	59
Tax %	22.99	25.05	22.96	17.17	21.46	26.37	23.42	21.96	23.71	23.26
Net Profit	25	39	36	42	28	41	50	43	62	46
EPS in Rs	1.43	2.15	2.00	2.38	1.55	2.26	2.78	2.40	3.47	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	1,713	2,129	2,186	1,758	1,892	2,698	3,488	3,415	3,536	3,654
Expenses	1,371	1,838	1,948	1,587	1,638	2,300	3,043	3,040	3,146	3,235
Operating Profit	343	292	238	171	254	398	446	375	389	419
OPM %	20.00	13.69	10.88	9.71	13.43	14.76	12.78	10.98	11.01	11.47
Other Income	7.46	17	11	12	11	5.14	1,201	8.02	17	33
Interest	35	35	39	43	29	42	81	97	90	89
Depreciation	33	34	38	46	70	76	81	103	104	105
Profit Before Tax	85	184	172	94	166	285	1,485	183	212	258
Tax %	23.24	30.13	35.87	1.89	15.14	23.83	24.89	21.71	23.46	23.84
Net Profit	65	129	110	92	141	217	1,115	144	162	196
EPS in Rs	—	—	6.12	5.11	7.81	12.03	61.89	7.96	8.99	8.65
Dividend Payout %	0.00	7.00	8.17	0.00	0.00	0.00	0.00	0.00	8.34	—

Consolidated Balance Sheet (in ₹ Crores)

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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	180	180	180	180	180	180	180	180	180	180
Reserves	463	529	657	760	1,205	1,353	1,569	3,162	4,984	8,586
Borrowings	174	313	308	318	267	268	587	609	727	624
Other Liabilities	432	359	422	510	747	588	755	991	1,132	1,797
Total Liabilities	1,248	1,381	1,566	1,769	2,399	2,389	3,091	4,942	7,022	11,187
Fixed Assets	543	513	515	537	1,147	1,190	1,252	1,591	1,525	1,485
CWIP	26	69	130	202	233	173	373	193	281	297
Investments	7.24	9.14	9.11	12	11	16	17	1,726	3,642	7,779
Other Assets	671	791	913	1,019	1,009	1,011	1,449	1,432	1,574	1,626
Total Assets	1,248	1,381	1,566	1,769	2,399	2,389	3,091	4,942	7,022	11,187

Consolidated Cash Flows (in ₹ Crores)

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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	236	-18	117	177	218	223	43	278	244	187
Cash from Investing Activity	-13	-33	-97	-141	-132	-60	-335	-219	-83	-87
Cash from Financing Activity	-213	60	-41	-39	-81	-151	289	-63	21	-193
Net Cash Flow	10	10	-20	-3.15	4.57	12	-2.69	-4.45	182	-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	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%
FIIs	0.31%	0.88%	0.72%	0.96%	0.93%	0.80%	0.86%	0.89%	0.60%	0.48%	0.60%	0.65%
DIIs	0.04%	0.04%	0.05%	0.04%	0.08%	0.10%	0.11%	0.12%	0.14%	0.15%	0.19%	0.18%
Public	48.49%	47.91%	48.07%	47.84%	47.82%	47.95%	47.88%	47.83%	48.10%	48.22%	48.06%	48.02%
Total Shareholders	63,974	61,232	60,136	66,897	67,612	66,392	65,359	66,811	65,542	63,596	63,231	64,003

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 06, 2025	Mr. sajiv dhawan	Insider - Director	Disposal	221.38	0.08 Cr	3,500	0.0025
Feb 26, 2024	Jivesh dhawan	Insider - Directors Immediate Relative	Disposal	209.90	0.02 Cr	750	—
Feb 24, 2024	Ayush dhawan	Insider - Directors Immediate Relative	Disposal	210.55	0.02 Cr	750	—
Dec 16, 2023	Chand jagdishlal seth	Insider - Directors Immediate Relative	Disposal	202.40	0.20 Cr	10,000	0.01
Dec 05, 2023	Itisha kapil bahri	Insider - Directors Immediate Relative	Disposal	196.51	0.07 Cr	3,495	—
Dec 05, 2023	Kapil bahri	Insider - Directors Immediate Relative	Disposal	196.58	0.02 Cr	1,200	—
Jun 26, 2023	Mr. sajiv dhawan	Insider - Director	Acquisition	160.43	0.22 Cr	14,000	—

Projection

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Overall

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Moving Averages

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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.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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	784	858	854	919	895	866	892	883	1,013	973
Expenses	704	759	757	820	815	767	781	783	903	872
Operating Profit	80	99	97	99	80	99	111	100	109	101
OPM %	10.24	11.52	11.35	10.77	8.91	11.38	12.41	11.37	10.80	10.38
Other Income	1.66	1.16	1.27	2.04	2.79	8.30	2.76	2.67	19	2.24
Interest	24	23	26	24	21	25	22	22	21	17
Depreciation	26	26	26	26	26	26	26	26	27	27
Profit Before Tax	33	51	47	51	35	56	66	55	81	59
Tax %	22.99	25.05	22.96	17.17	21.46	26.37	23.42	21.96	23.71	23.26
Net Profit	25	39	36	42	28	41	50	43	62	46
EPS in Rs	1.43	2.15	2.00	2.38	1.55	2.26	2.78	2.40	3.47	0.00

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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	1,713	2,129	2,186	1,758	1,892	2,698	3,488	3,415	3,536	3,654
Expenses	1,371	1,838	1,948	1,587	1,638	2,300	3,043	3,040	3,146	3,235
Operating Profit	343	292	238	171	254	398	446	375	389	419
OPM %	20.00	13.69	10.88	9.71	13.43	14.76	12.78	10.98	11.01	11.47
Other Income	7.46	17	11	12	11	5.14	1,201	8.02	17	33
Interest	35	35	39	43	29	42	81	97	90	89
Depreciation	33	34	38	46	70	76	81	103	104	105
Profit Before Tax	85	184	172	94	166	285	1,485	183	212	258
Tax %	23.24	30.13	35.87	1.89	15.14	23.83	24.89	21.71	23.46	23.84
Net Profit	65	129	110	92	141	217	1,115	144	162	196
EPS in Rs	—	—	6.12	5.11	7.81	12.03	61.89	7.96	8.99	8.65
Dividend Payout %	0.00	7.00	8.17	0.00	0.00	0.00	0.00	0.00	8.34	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

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	180	180	180	180	180	180	180	180	180	180
Reserves	463	529	657	760	1,205	1,353	1,569	3,162	4,984	8,586
Borrowings	174	313	308	318	267	268	587	609	727	624
Other Liabilities	432	359	422	510	747	588	755	991	1,132	1,797
Total Liabilities	1,248	1,381	1,566	1,769	2,399	2,389	3,091	4,942	7,022	11,187
Fixed Assets	543	513	515	537	1,147	1,190	1,252	1,591	1,525	1,485
CWIP	26	69	130	202	233	173	373	193	281	297
Investments	7.24	9.14	9.11	12	11	16	17	1,726	3,642	7,779
Other Assets	671	791	913	1,019	1,009	1,011	1,449	1,432	1,574	1,626
Total Assets	1,248	1,381	1,566	1,769	2,399	2,389	3,091	4,942	7,022	11,187

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	236	-18	117	177	218	223	43	278	244	187
Cash from Investing Activity	-13	-33	-97	-141	-132	-60	-335	-219	-83	-87
Cash from Financing Activity	-213	60	-41	-39	-81	-151	289	-63	21	-193
Net Cash Flow	10	10	-20	-3.15	4.57	12	-2.69	-4.45	182	-93

Overview

Detailed Summary

Sunflag Iron and Steel Company Limited, part of the Sunflag Group, specializes in the production and sale of special steel rolled products, mainly operating from its facility in Bandara, Maharashtra.

The company has a robust and modern manufacturing setup, including a Direct Reduction Plant, an Electric Arc Furnace, and a Continuous Rolling Mill with computerized process control.

Recently, Sunflag commenced production in a new Super Alloy manufacturing facility, further enhancing its portfolio in high-quality special steels.

A joint venture with Daido Steel Co. Ltd., indicates Sunflag's strategic move toward partnerships for technological and productivity enhancements.

Significant advancements like the installation of a Wire Rod Block Mill and a Mini Blast Furnace align with the company's drive for innovation and efficiency.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

4,646 Cr

Volatility

High Risk

P/E Ratio

23.1

Industry P/E

24.2

PEG Ratio

1.8

P/B Ratio

0.6

52W High

322.00

52W Low

196.10

Sales CAGR

4.34%

9.43%

15.00%

10Y

7.84%

Profit CAGR

12.91%

-9.25%

11.81%

10Y

12.33%

ROE

TTM

2.36%

8.22%

8.65%

10Y

8.89%

ROCE

TTM

3.75%

10.65%

10.98%

10Y

11.70%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MIDHANI	298.50	5,670 Cr	52.63	3.93	0.50	7.47	7.35	3.65
SUNFLAG	258.35	4,646 Cr	23.06	0.57	0.29	2.36	3.75	1.85
INTERARCH	2429.00	4,049 Cr	31.75	5.06	0.51	15.93	21.19	10.20
GOODLUCK	1072.50	3,689 Cr	22.30	2.63	0.36	11.79	13.15	5.97
EPACKPEB	290.70	2,910 Cr	37.71	4.22	0.00	11.18	14.15	5.48
VSSL	288.25	2,819 Cr	30.63	2.38	0.87	11.67	15.64	8.20
PENIND	197.95	2,722 Cr	20.90	2.54	0.00	12.17	14.54	3.91