Steel Price Pressure from Oversupply
H1 saw production growth of 12%+ outpace demand growth of 8%, creating oversupply that continues to pressure domestic steel prices, partially offsetting volume gains.
SAIL / Q2-FY26 / risks
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Steel Authority of India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Coal Cost Inflation in H2
Imported coal price already up ₹700/tonne since August to ₹17,300, expected to trend toward ₹18,000-18,100 in Q3, potentially offsetting any steel price recovery benefits.
Provisional Pricing Uncertainty
Cumulative provisional price provisions of ₹13,800 crore for rail and defense contracts remain under finalization, creating earnings visibility uncertainty not fully addressed.
Employee Wage Revision Costs
Wage revision due from January 2027 with management unable to quantify the quantum, representing a significant unquantified cost headwind approximately 18 months away.