−17% from the high · +41% from the low
Long unwinding into a 26-day expiry: futures OI −0.4% on a −3.9% day, the most call OI sits at 180, the most put OI at 180, max pain 180.
SAIL futures closed at ₹179.60, +2.9% to spot, with 100% of open interest in the 27 Oct contract, and the 175 straddle prices a move of about ±17% by expiry.
| Expiry | Close ₹ | Basis ₹ · % | Annualised % | OI lots · on the day | Share of OI % | Contracts traded |
|---|---|---|---|---|---|---|
| 27 Oct26 days | ₹179.60 | +5.10+2.9% | +41% | 38,000▼ −0.4% · −150 lots | 100 | 220 |
| 23 Nov53 days | ₹179.83 | +5.33+3.0% | +21% | 540.0% · 0.00 lots | 0.14 | 0.00 |
| 29 Dec89 days | ₹181.42 | +6.92+4.0% | +16% | 1.00.0% · 0.00 lots | 0.00 | 0.00 |
0.15% of futures OI sits beyond the 27 Oct contract · 0 of 46 listed contracts traded · 0.00 option contracts changed hands
The 175 straddle closed at ₹30.16 (call 11.82 + put 18.34), pricing a move of about ±17% by the 27 Oct expiry. In the last 253 windows of 19 sessions, SAIL moved more than that 13 times.
After the last 8 bulletins, SAIL closed higher five sessions later in 7 of 7.
| Bulletin | Day of the news | 1 session later | 5 sessions later | Futures OI on the day |
|---|---|---|---|---|
| 27 SeptSAIL and BCCL partner to develop West Bengal coal blocks | ▼ −0.4%Nifty −1.6% · +1.1 pp | ▼ −1.7%Nifty −1.8% · +0.1 pp | —not reached | ▼ −0.6%long unwinding |
| 29 JulSAIL targets 8 million tonnes iron ore sales by FY27 | ▲ +3.1%Nifty +1.1% · +2.0 pp | ▲ +1.9%Nifty +1.4% · +0.6 pp | ▲ +5.8%Nifty +2.7% · +3.1 pp | ▼ −1.3%short covering |
| 28 JulSAIL targets 8 million tonnes iron ore sales by FY27 | ▲ +3.1%Nifty +1.1% · +2.0 pp | ▲ +1.9%Nifty +1.4% · +0.6 pp | ▲ +5.8%Nifty +2.7% · +3.1 pp | ▼ −1.3%short covering |
| 25 JulSAIL Q1 FY27 PAT jumps 121% YoY, EBITDA margin at 15.82% | ▲ +0.7%Nifty +1.0% · −0.2 pp | ▲ +2.7%Nifty +0.9% · +1.8 pp | ▲ +2.2%Nifty +4.2% · −2.0 pp | ▼ −0.9%short covering |
| 25 JulSAIL Q1 net profit rises 138% YoY to ₹1,636 crore | ▲ +0.7%Nifty +1.0% · −0.2 pp | ▲ +2.7%Nifty +0.9% · +1.8 pp | ▲ +2.2%Nifty +4.2% · −2.0 pp | ▼ −0.9%short covering |
| 23 JulSAIL approves ₹31,000 crore capex for Bhilai plant expansion | ▼ −0.7%Nifty −0.5% · −0.1 pp | ▼ −0.3%Nifty −0.9% · +0.6 pp | ▲ +4.4%Nifty +1.3% · +3.0 pp | ▲ +1.0%short build-up |
| 22 JulSAIL approves ₹31,000 crore capex for Bhilai plant expansion | ▼ −0.7%Nifty −0.5% · −0.1 pp | ▼ −0.3%Nifty −0.9% · +0.6 pp | ▲ +4.4%Nifty +1.3% · +3.0 pp | ▲ +1.0%short build-up |
| 22 JulSAIL approves ₹31,000 cr capacity expansion at Bhilai plant | ▼ −1.3%Nifty −0.8% · −0.5 pp | ▼ −1.9%Nifty −1.3% · −0.6 pp | ▲ +4.2%Nifty +0.3% · +3.9 pp | ▲ +0.1%short build-up |
Revenue ₹26,246 cr, +1.3% on a year earlier; profit ₹1,644 cr, +120% in the Jun 2026 quarter, consolidated.
| Quarter | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ | Market on the day |
|---|---|---|---|---|---|---|
| Jun 2026filed 24 Jul | ₹26,246 cr | ▲ +1.3% | ₹1,644 cr | ▲ +120% | 3.98 | ▲ +0.7%Nifty +1.0% · −0.2 pp |
| Mar 2026filed 15 May · audited | ₹30,813 cr | ▲ +5.1% | ₹1,835 cr | ▲ +47% | 4.44 | ▲ +0.2%Nifty 0.0% · +0.1 pp |
| Dec 2025filed 31 Dec | ₹27,371 cr | ▲ +12% | ₹374 cr | ▲ +160% | 0.91 | ▲ +4.2%Nifty +0.7% · +3.5 pp |
| Sept 2025filed 29 Oct | ₹26,704 cr | ▲ +8.2% | ₹419 cr | ▼ −53% | 1.01 | ▼ −2.5%Nifty −0.7% · −1.8 pp |
| Jun 2025filed 25 Jul | ₹25,922 cr | ▲ +8.0% | ₹745 cr | ▲ +810% | 1.80 | ▼ −3.9%Nifty −0.6% · −3.3 pp |
| Mar 2025filed 28 May · audited | ₹29,316 cr | ▲ +4.9% | ₹1,251 cr | ▲ +11% | 3.03 | ▲ +0.8%Nifty +0.3% · +0.5 pp |
| Dec 2024filed 12 Feb | ₹24,490 cr | ▲ +4.9% | ₹142 cr | ▼ −66% | 0.34 | ▲ +3.4%Nifty −0.1% · +3.5 pp |
| Sept 2024filed 8 Nov | ₹24,675 cr | ▼ −17% | ₹897 cr | ▼ −31% | 2.17 | ▼ −2.0%Nifty 0.0% · −1.9 pp |
| Year | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ |
|---|---|---|---|---|---|
| FY26to Mar 2026 | ₹1,10,811 cr | ▲ +8.1% | ₹3,373 cr | ▲ +42% | 8.16 |
| FY25to Mar 2025 | ₹1,02,479 cr | ▼ −2.7% | ₹2,372 cr | ▼ −23% | 5.74 |
| FY24to Mar 2024 | ₹1,05,378 cr | — | ₹3,067 cr | — | 7.42 |
SAIL trades at 17 times trailing earnings against 17 for its industry, 1.2 times book value, revenue +6.5% over twelve months, a 4.0% dividend yield, market cap ₹72,000 cr.
| Stock | Market cap ₹ | P/E | P/B | Close ₹ |
|---|---|---|---|---|
| JSWSTEELJSW Steel Limited | 3,00,000 cron 1 Oct | 12consolidated | 2.9 | ₹1,233.00 |
| TATASTEELTata Steel Limited | 2,20,000 cron 1 Oct | 20consolidated | 2.1 | ₹178.00 |
| JINDALSTELJINDAL STEEL LIMITED | 1,10,000 cron 1 Oct | 41consolidated | 2.2 | ₹1,100.50 |
| SAILSteel Authority of India Limited | 72,000 cron 1 Oct | 17consolidated | 1.2 | ₹174.50 |
| JSLJindal Stainless Limited | 60,000 cron 1 Oct | — | 3.0 | ₹732.70 |
| SARDAENSarda Energy & Minerals Limited | 17,000 cron 1 Oct | — | 2.3 | ₹494.75 |
| VISLVedanta Iron and Steel Limited | 12,000 cron 1 Oct | — | — | ₹31.15 |
| NSLNISPNMDC Steel Limited | 12,000 cron 1 Oct | — | 0.91 | ₹40.95 |
| SANDUMASandur Manganese & Iron Ores Limited | 8,600 cron 1 Oct | — | 2.6 | ₹177.65 |
| JAIBALAJIJai Balaji Industries Limited | 5,600 cron 1 Oct | — | 2.5 | ₹61.70 |
| PRAKASHPrakash Industries Limited | 2,100 cron 1 Oct | — | 0.59 | ₹118.70 |
| ANKITMETALAnkit Metal & Power Limited | — | — | — | — |
| MANAKSTEELManaksia Steels Limited | — | — | — | — |
| SCANSTLScan Steels Limited | — | — | — | — |
Promoters hold 65.0%, foreign portfolio investors 7.1%, mutual funds 8.7% and insurance companies 8.0%, as filed for the quarter to 30 Jun.
| Category | 30 Jun | 31 Mar | 31 Dec | 30 Sept | 30 Jun |
|---|---|---|---|---|---|
| Promoters | 65.000.00 pp | 65.000.00 pp | 65.000.00 pp | 65.000.00 pp | 65.00 |
| Foreign portfolio investors | 7.09▲ +2.08 pp | 5.01▲ +0.47 pp | 4.54▲ +0.78 pp | 3.76▲ +0.11 pp | 3.65 |
| Mutual funds | 8.74▲ +0.05 pp | 8.69▲ +1.54 pp | 7.15▲ +0.64 pp | 6.51▲ +0.92 pp | 5.59 |
| Insurance companies | 7.97▼ −1.66 pp | 9.63▼ −1.02 pp | 10.65▼ −0.90 pp | 11.55▼ −0.13 pp | 11.68 |
| Banks and financial institutions | 0.16▲ +0.08 pp | 0.08▲ +0.04 pp | 0.040.00 pp | 0.04▲ +0.01 pp | 0.03 |
| Individual investors | 9.23▼ −0.94 pp | 10.17▼ −1.48 pp | 11.65▼ −0.47 pp | 12.12▼ −0.95 pp | 13.07 |
| Bodies corporate | 1.72▲ +0.41 pp | 1.31▲ +0.43 pp | 0.88▼ −0.04 pp | 0.92▲ +0.06 pp | 0.86 |
| Others | 0.10▼ −0.01 pp | 0.11▲ +0.01 pp | 0.100.00 pp | 0.10▼ −0.02 pp | 0.12 |
Nothing upcoming on record; the last was a dividend of ₹2.35 a share, ex-date 30 Sept 2026.
| Ex-date | Action | Amount or ratio | Record date | Source |
|---|---|---|---|---|
| recent | ||||
| 30 Sept 2026 | dividend | ₹2.35 | 30 Sept 2026 | PR |
| 8 Sept 2025 | dividend | ₹1.60 | 9 Sept 2025 | BSE |
| 19 Sept 2024 | dividend | ₹1.00 | 19 Sept 2024 | BSE |
| 19 Sept 2024 | otherAnnual General Meeting | — | — | NSE |
| 20 Feb 2024 | dividend | ₹1.00 | 20 Feb 2024 | BSE |
SAIL is −11.2% over 20 sessions against Nifty's −6.2%, 17% below its 52-week high, realised volatility 37% annualised.
| Window | From ₹ | SAIL % | Nifty 50 % | Difference pp |
|---|---|---|---|---|
| 250 sessionssince 26 Sept | ₹131.02 | ▲ +33% | ▼ −9.1% | +42 |
| 120 sessionssince 9 Apr | ₹163.34 | ▲ +6.8% | ▼ −5.7% | +13 |
| 60 sessionssince 8 Jul | ₹162.02 | ▲ +7.7% | ▼ −6.1% | +14 |
| 20 sessionssince 2 Sept | ₹196.51 | ▼ −11% | ▼ −6.2% | −5.0 |
| 5 sessionssince 24 Sept | ₹183.99 | ▼ −5.2% | ▼ −2.8% | −2.4 |
| 1 sessionsince 30 Sept | ₹181.49 | ▼ −3.8% | ▼ −0.88% | −3.0 |
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