Company Update : SAIL by Motilal Oswal Financial Services Ltd
An all-round beat led by better-than-expected volumes and NSR
* SAIL reported revenue of INR267b (+16% YoY and +4% QoQ) in 2QFY26 against our estimate of INR244b. The beat was driven by healthy volume growth and a lower-than-expected decline in NSR.
* EBITDA stood at INR25.3b (+98% YoY and -3% QoQ) against our estimate of INR16.5b during the quarter.
* EBITDA/t stood at INR5,149/t (vs. our est. of INR3,553/t), up 66% YoY but down 10% QoQ, led by decent NSR and lower operating cost.
* Adj. PAT came in at INR6.7b (vs. our est. INR1b), up 18% QoQ, compared to a net loss of INR3.8b in 2QFY25.
* Crude steel production stood at 4.9mt (+6% YoY and +3% QoQ), while sales volume stood at 4.9mt (+20% YoY and +8% QoQ) against our est. of 4.6mt during the quarter.
* ASP stood at INR54,387/t (-3% YoY and -4% QoQ) against our estimate of INR52,590/t during the quarter.
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