Top 10 Steel Companies in India by Market Cap

The steel industry plays an important role in India's economic growth, acting as the backbone of various sectors such as infrastructure, construction, automotive, and defense. India is home to some of the world's largest steel companies, producing a wide range of products to meet domestic demand as well as export markets. The steel industry in India has seen remarkable growth in the last few years. The country is currently the second-largest steel producer in the world after China. The production scenario in India can be divided into two phases: the first phase, between 1900 and 1950, witnessed the setting up of small-scale steel mills, while the second phase, after liberalization in 1991, witnessed the entry of global steel giants and the setting up of large-scale integrated steel mills.

Top 10 Steel Companies List by Market Capitalisation

India's steel industry has played a significant role in the country's economic growth and development. With a strong manufacturing base and growing demand domestically and globally, Indian steel companies have emerged as major players in the global market. Here is a look at the top 10 steel companies in India, known for their production capacity, technological advancements and market influence:

Also Read: Top 10 Mining & Mineral Products Companies in India 2024

1. Tata Steel Ltd

• Market Cap: ₹ 227,824.38 Cr.
• Sales (latest quarter): ₹ 58687.31 Cr.
• Net Profit (latest quarter): ₹ 554.56 Cr.
• Quarterly profit growth: -54.88 %
• Exchange: BSE, NSE
• Official Website: tatasteel.com

Tata Steel Ltd, founded in 1907 by Jamsetji Tata, is one of the oldest and largest steel manufacturers globally. Based in Jamshedpur, India, Tata Steel has a storied history of innovation and growth. Initially established as India's first integrated steel plant, Tata Steel played a pivotal role in industrializing the nation. Over the years, the company expanded its operations both domestically and internationally, acquiring Corus Group in 2007 (now Tata Steel Europe), which significantly bolstered its global presence. In the current market scenario, Tata Steel stands as a diversified steel producer, offering a wide range of products including hot-rolled and cold-rolled coils, galvanized sheets, tubes, construction bars, and specialty steel products for sectors such as automotive, construction, infrastructure, and manufacturing. The company's commitment to sustainability is evident through its efforts in reducing carbon emissions and promoting circular economy practices. Tata Steel also provides value-added services such as steel processing, engineering, and research and development, ensuring it meets the evolving needs of its global customer base. With a strong focus on innovation and sustainability, Tata Steel continues to lead the industry, driving growth and contributing to economic development worldwide.

2. JSW Steel Ltd

• Market Cap: ₹ 224,981.79 Cr.
• Sales (latest quarter): ₹ 46269 Cr.
• Net Profit (latest quarter): ₹ 1322 Cr.
• Quarterly profit growth: -64.55 %
• Exchange: BSE, NSE
• Official Website: jsw.in

JSW Steel Ltd, established in 1982 as Jindal Vijayanagar Steel Ltd, has emerged as one of India's leading integrated steel manufacturers. Headquartered in Mumbai, the company is part of the JSW Group, founded by Sajjan Jindal. JSW Steel began operations with a modest steel plant in Karnataka and has since expanded significantly, both organically and through strategic acquisitions. The company's growth trajectory includes the acquisition of Ispat Industries Ltd in 2010, enhancing its production capacity and market presence. In the current market scenario, JSW Steel is renowned for its diverse product portfolio, which includes hot-rolled coils, cold-rolled coils, galvanized products, color-coated products, and special steel for sectors such as automotive, construction, infrastructure, and appliances. JSW Steel is also recognized for its robust service offerings, including steel processing and distribution, customized steel solutions, and value-added services like steel fabrication and engineering. The company's strong emphasis on innovation and sustainability is reflected in its adoption of advanced technologies and eco-friendly practices to minimize environmental impact. JSW Steel continues to expand its global footprint, with operations in India, the United States, and Europe, while maintaining a steadfast commitment to quality, customer satisfaction, and responsible corporate citizenship.

3. Jindal Steel & Power Ltd

• Market Cap: ₹ 107,512.13 Cr.
• Sales (latest quarter): ₹ 13486.96 Cr.
• Net Profit (latest quarter): ₹ 933.46 Cr.
• Quarterly profit growth: 69.51 %
• Exchange: BSE, NSE
• Official Website: jindalsteelpower.com

Jindal Steel & Power Ltd (JSPL), founded by the visionary industrialist Naveen Jindal in 1982, has established itself as a prominent player in the steel and power sectors in India. Initially focused on steel production, JSPL expanded its operations to include power generation, mining, and infrastructure development. Headquartered in New Delhi, JSPL has grown exponentially through strategic acquisitions and greenfield expansions, enhancing its production capacity and market reach. In the current market scenario, JSPL is recognized for its diversified product portfolio that includes a wide range of flat and long products, including hot-rolled coils, plates, rails, beams, and angles, catering to sectors such as infrastructure, construction, automotive, and railways. The company's integrated steel plants are equipped with state-of-the-art technologies and efficient processes, ensuring high-quality products and operational excellence. JSPL also operates thermal and hydropower plants, contributing to India's energy sector. Committed to sustainability, JSPL emphasizes environmental stewardship and social responsibility in its operations. The company's strong focus on innovation and customer-centric approach has enabled it to maintain a competitive edge in the global steel market while driving growth and contributing to economic development in India and beyond.

4. Tube Investments of India Ltd

• Market Cap: ₹ 83,164.33 Cr.
• Sales (latest quarter): ₹ 4490.11 Cr.
• Net Profit (latest quarter): ₹ 271.31 Cr.
• Quarterly profit growth: -13.56 %
• Exchange: BSE, NSE
• Official Website: tiindia.com

Tube Investments of India Ltd (TI), established in 1949, is a diversified engineering conglomerate headquartered in Chennai, India. Originally part of the Murugappa Group, TI began as a manufacturer of bicycle components and tubes. Over the decades, the company has significantly expanded its portfolio through strategic diversification and acquisitions, becoming a leading player in various segments. In the current market scenario, TI operates through its key divisions including Engineering, Metal Formed Products, and Cycles. The Engineering division offers a wide range of products such as precision steel tubes, cold-rolled steel strips, and other specialized components for automotive, industrial, and defense applications. The Metal Formed Products division manufactures a variety of engineered products including chains, gears, and stampings, serving sectors like automotive, aerospace, and agriculture. TI's Cycles division continues to be a prominent player in the Indian bicycle market, producing bicycles under well-known brands such as BSA and Hercules. The company's comprehensive range of products is complemented by its strong capabilities in research and development, manufacturing excellence, and customer-focused solutions. TI remains committed to innovation and sustainability, ensuring it continues to meet the evolving needs of its diverse customer base while maintaining a leadership position in the engineering and cycles sectors.

5. Jindal Stainless Ltd

• Market Cap: ₹ 67,443.46 Cr.
• Sales (latest quarter): ₹ 9454.02 Cr.
• Net Profit (latest quarter): ₹ 500.65 Cr.
• Quarterly profit growth: -29.94 %
• Exchange: BSE, NSE
• Official Website: jindalstainless.com

Jindal Stainless Ltd (JSL), established in 1970 by O.P. Jindal, is India's largest stainless steel producer and a global leader in stainless steel manufacturing. Headquartered in New Delhi, JSL has a rich historical background rooted in pioneering stainless steel production in India. Over the years, the company has expanded its operations significantly, with integrated stainless steel plants in Odisha and Gujarat, and overseas facilities in Indonesia and South Africa. In the current market scenario, Jindal Stainless Ltd is renowned for its diverse range of stainless steel products catering to various industries such as automotive, railways, architecture, kitchenware, and appliances. Their product portfolio includes stainless steel flat products like coils, sheets, and plates, as well as long products such as bars and wire rods. JSL also offers customized solutions and value-added services such as cutting, slitting, polishing, and coating, ensuring it meets the specific requirements of its global clientele. The company's commitment to quality, innovation, and sustainability is evident through its adoption of advanced technologies and eco-friendly practices in stainless steel production. Jindal Stainless Ltd continues to strengthen its market presence both domestically and internationally, driving growth and setting benchmarks in the stainless steel industry worldwide.

6. Steel Authority of India Ltd (SAIL)

• Market Cap: ₹ 62,660.14 Cr.
• Sales (latest quarter): ₹ 27958.52 Cr.
• Net Profit (latest quarter): ₹ 1125.68 Cr.
• Quarterly profit growth: 27.78 %
• Exchange: BSE, NSE
• Official Website: sail.co.in

Steel Authority of India Ltd (SAIL), established in 1954, is one of India's largest steel producers and a Maharatna company under the Government of India. Headquartered in New Delhi, SAIL was formed with the amalgamation of several state-owned steel companies to create a single, integrated steel entity. Historically, SAIL played a crucial role in the industrialization and infrastructure development of India, contributing significantly to the nation's steel production capacity. Today, SAIL operates integrated steel plants across India, including Bhilai, Bokaro, Rourkela, Durgapur, and Burnpur, along with special steel plants in Salem and Alloy Steels Plant in Durgapur. In the current market scenario, SAIL continues to be a major player in the steel industry, producing a wide range of products such as hot-rolled and cold-rolled coils, plates, structurals, rails, and stainless steel. The company serves diverse sectors including construction, infrastructure, automotive, railways, and defense. SAIL is known for its strong emphasis on research and development, technological innovation, and operational efficiency. Additionally, SAIL provides comprehensive services including steel processing, engineering, and consultancy, ensuring it meets the dynamic needs of its customers while contributing to India's economic growth and industrial development.

7. APL Apollo Tubes Ltd

• Market Cap: ₹ 43,200.88 Cr.
• Sales (latest quarter): ₹ 4765.74 Cr.
• Net Profit (latest quarter): ₹ 170.44 Cr.
• Quarterly profit growth: -15.55 %
• Exchange: BSE, NSE
• Official Website: aplapollo.com

APL Apollo Tubes Ltd, established in 1986, has grown to become one of India's leading manufacturers of branded steel tubes and pipes. Initially founded as a small tube manufacturing unit, APL Apollo has expanded significantly over the years, leveraging innovation and technology to solidify its position in the industry. Headquartered in Delhi, the company operates state-of-the-art manufacturing facilities across India, equipped with advanced machinery for producing a diverse range of steel tubes and pipes. In the current market scenario, APL Apollo is recognized for its extensive product portfolio, which includes hollow sections, black pipes, galvanized pipes, pre-galvanized tubes, and structural steel products. These products cater to various sectors such as construction (residential, commercial, and industrial buildings), infrastructure (bridges, airports, and metro projects), agriculture, and automotive. APL Apollo's commitment to quality is evident through its adherence to international standards and certifications, ensuring superior product performance and reliability. The company also offers value-added services such as custom cutting, bending, and fabrication, providing tailored solutions to meet specific customer requirements. With a strong distribution network and customer-centric approach, APL Apollo continues to drive growth in the steel tubes and pipes segment, contributing to India's infrastructure development and industrial progress.

8. Ratnamani Metals & Tubes Ltd

• Market Cap: ₹ 23,981.63 Cr.
• Sales (latest quarter): ₹ 1495.71 Cr.
• Net Profit (latest quarter): ₹ 193.11 Cr.
• Quarterly profit growth: 0.32 %
• Exchange: BSE, NSE
• Official Website: ratnamani.com

Ratnamani Metals & Tubes Ltd, founded in 1983, has established itself as a key player in the manufacturing of high-quality stainless steel and carbon steel pipes and tubes. Based in Gujarat, India, Ratnamani began its journey with a focus on stainless steel seamless tubes and pipes, gradually expanding its product range to include welded tubes, heat exchanger tubes, and instrumentation tubing. The company has grown significantly over the years, driven by its commitment to technological advancement and customer satisfaction. In the current market scenario, Ratnamani Metals & Tubes Ltd serves diverse industries including oil and gas, petrochemicals, chemicals, pharmaceuticals, power generation, and automotive. Their product portfolio caters to critical applications such as offshore drilling, refinery piping, heat exchangers, boilers, and structural components. Ratnamani is renowned for its stringent quality standards, adherence to international specifications, and state-of-the-art manufacturing facilities equipped with advanced machinery and testing capabilities. The company also provides value-added services such as pipe bending, welding, coating, and custom fabrication, ensuring comprehensive solutions for complex project requirements. With a strong focus on innovation, reliability, and sustainability, Ratnamani continues to expand its global footprint while maintaining leadership in the specialized tubes and pipes market.

9. Shyam Metalics & Energy Ltd

• Market Cap: ₹ 18,129.65 Cr.
• Sales (latest quarter): ₹ 3606.2 Cr.
• Net Profit (latest quarter): ₹ 219.94 Cr.
• Quarterly profit growth: -14.72 %
• Exchange: BSE, NSE
• Official Website: shyammetalics.com

Shyam Metalics & Energy Ltd, established in 2002, has rapidly emerged as a significant player in the Indian metal and energy sectors. Headquartered in Kolkata, India, the company initially focused on manufacturing iron pellets and sponge iron, gradually expanding its operations to include ferro alloys and steel products. Shyam Metalics operates integrated steel plants in West Bengal, equipped with modern technology and infrastructure to produce a diverse range of products. In the current market scenario, the company is known for its extensive product portfolio, which includes intermediate and final steel products such as iron pellets, sponge iron, ferro alloys (ferro manganese, silico manganese, and ferrochrome), billets, TMT bars, and ductile iron pipes. These products cater to various industries including infrastructure, construction, automotive, railways, and manufacturing. Shyam Metalics emphasizes quality and sustainability in its operations, adhering to stringent international standards and certifications. The company also offers value-added services like steel fabrication and customization, ensuring it meets the specific needs of its diverse clientele. With a strong market presence and a robust distribution network across India, Shyam Metalics continues to expand its capacity and capabilities, driving growth and contributing to India's industrial development. 

10. Jindal Saw Ltd

• Market Cap: ₹ 18,082.13 Cr.
• Sales (latest quarter): ₹ 5425.16 Cr.
• Net Profit (latest quarter): ₹ 480.37 Cr.
• Quarterly profit growth: 61.47 %
• Exchange: BSE, NSE
• Official Website: jindalsaw.com

Jindal Saw Ltd, established in 1984 as a subsidiary of the Jindal Group, has grown into a prominent player in the steel and pipe manufacturing industry. Initially focusing on manufacturing submerged arc welded (SAW) pipes, the company has expanded its operations to include seamless pipes, ductile iron pipes, and pig iron. Headquartered in New Delhi, India, Jindal Saw operates integrated steel plants and state-of-the-art manufacturing facilities in multiple locations across India and globally. In the current market scenario, Jindal Saw is recognized for its comprehensive product range catering to various sectors such as oil and gas exploration, transportation, water infrastructure, and mining. Their product portfolio includes line pipes, OCTG (oil country tubular goods), seamless tubes, and ductile iron pipes, known for their durability and reliability in demanding applications. Jindal Saw also offers a wide array of services including pipe coating, bending, welding, and project management, ensuring end-to-end solutions for large-scale infrastructure projects. The company's strong emphasis on innovation, quality assurance, and environmental sustainability underscores its commitment to meeting global standards and customer expectations. With a strong market presence in India and abroad, Jindal Saw continues to expand its capabilities and strengthen its position as a leading provider of steel and pipe solutions worldwide.

Also Read: Top 10 Plastic Products Manufacturing Companies in India

Challenges and Opportunities

Despite its significant contributions to the economy, the steel industry in India faces certain challenges and opportunities. One of the key challenges is the fluctuating prices of iron ore, a key input raw material for steel production. Additionally, the industry faces competition from imported steel products, which often have lower prices and better quality. However, India's growing infrastructure needs and the expanding automotive industry present significant opportunities for steel companies.

Conclusion

India's steel industry plays an important role in the country's economic growth. With the presence of globally renowned steel companies and strong production capabilities, India has established itself as a major player in the global steel market. As the industry continues to develop, it will continue to contribute to the development of the country, providing critical infrastructure and essential materials for various industrial sectors.