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Steel maker (PSU) Historical case study · data as of 17 Jul 2026 · published 22 Oct 2026 (97 days later)

Steel Authority of India — 100-point case study

How Steel Authority of India looked on 50 technical and 50 fundamental measures on 17 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: SAIL · BSE: 500113
Close on 17 Jul 2026	₹163.04
Market cap then	₹67,403 crore
Valuation	P/E 20.0× · P/B 1.12×
Momentum	RSI (14) 35 · 1-year return +22.0%
Next 3 months	+4.0% vs Nifty 50 -6.3% (to 21 Oct 2026)

Scorecard

Technical — 50 points

9 bullish · 19 neutral · 2 caution · 19 bearish — the picture leaned negative.

Fundamental — 50 points

15 bullish · 31 neutral · 0 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 17 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.38%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.38% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -4.8%	Bullish	The 100-session trend line was up (+0.16%/day) and the stock was -4.8% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +22.0%	Bullish	Compared with a year earlier the price was +22.0%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 182.43 / 30W 166.43	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 209.70→208.45; lows 165.36→161.33	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	27.6	Bearish	ADX at 27.6 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 16.8 / –DI 31.7	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	168.84 (-3.4%)	Bearish	Close of 163.04 was 3.4% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	182.86 (-10.8%)	Bearish	Close of 163.04 was 10.8% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	156.66 (+4.1%)	Bullish	Close of 163.04 was 4.1% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 165.69 / 21E 170.12	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 10 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 16.7% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-1.5% in 20 sessions	Bearish	The 50-day average fell 1.5% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	169 / 183 / 173 / 157	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	166.96 (-2.3%)	Bearish	Anchored to the start of July, the volume-weighted average price was 166.96; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	34.9	Bearish	RSI at 34.9 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -5.01 / signal -5.10	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.10 → 0.09	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-5.01	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 17.7 / %D 23.6	Caution	Slow stochastic at 17.7 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-83.0	Caution	%R of -83.0 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-127	Bearish	CCI at -127 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-4.0%	Bearish	Price changed -4.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.18 (bands 159.77–177.91)	Neutral	%B of 0.18 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 10.7% (15th pct of 6M)	Neutral	Band width was at the 15th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹5.06 (3.1% of price)	Neutral	A typical day's range was about ₹5.06, or 3.1% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	27.3% vs 1Y 34.6%	Neutral	Annualised 30-day volatility was 27.3%, below the one-year level of 34.6%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	160.19–179.33	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.05	Neutral	A beta of 1.05 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.87× / 5-day 0.67×	Neutral	The final session traded 0.87× its 20-day average volume and the last five sessions averaged 0.67× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.48	Bullish	Average volume on up days was 1.48× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.09	Bearish	CMF at -0.09 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	28.4	Bearish	MFI, a volume-weighted RSI, was 28.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹282 cr/day	Neutral	About ₹282 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	161.04 / 152.94 / 143.13	Neutral	Nearest support (prior swing lows) sat at 161.04, 1.2% below the close, then 152.94, 143.13. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	168.21 / 172.27 / 176.89	Neutral	Nearest resistance (prior swing highs) sat at 168.21, 3.2% above the close, then 172.27, 176.89. How to read: Information only.
40	Monthly pivot points (for next month)	P 165.63 \| R1 170.77 \| S1 157.91	Neutral	Classic pivots from July's high/low/close gave a pivot of 165.63; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 194 \| 38.2% 184 \| 50.0% 176 \| 61.8% 167	Neutral	Measuring the 6-month rise from 141.30 to 209.70, the close was nearest the 61.8% retracement at 167.43. How to read: Information only.
42	52-week high / low	H 209.70 / L 118.10	Neutral	The close was 22.3% below the 52-week high and 38.1% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 08 Jun at 188.25	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 08 Jun 2026, left an open level at 188.25 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 161.33–184.00	Neutral	The close was inside the prior 20-day range of 161.33–184.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Hammer-type candle	Bullish	On 17 Jul the candle opened 163.70, ranged 160.50–164.35 and closed 163.04: Hammer-type candle — buyers rejected lower prices. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 175.98–193.31; Tenkan 166.38 / Kijun 174.19	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -10.2% / 3M -5.4%	Bearish	The stock underperformed the Nifty 50 by 5.4 points over three months and underperformed by 10.2 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +17.3%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 17.3 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	9 bullish · 19 bearish · 19 neutral · 2 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 161.04, resistance 168.21. This is a description of the chart on 17 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 17 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 17 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	20.0×	Neutral	At ₹163.04 the market valued the company at about ₹67,403 crore, or 20.0× the ₹3,373 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.12×	Neutral	Market cap was 1.12× the Mar 2026 book value (equity + reserves) of ₹60,356 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.61×	Neutral	The company was valued at 0.61× its trailing-12-month sales of ₹1,10,810 crore. How to read: Information only.
4	EV / EBITDA (approx.)	8.3×	Neutral	Enterprise value (market cap + ₹31,928 cr borrowings; cash not netted) was 8.3× trailing operating profit of ₹12,000 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	5.0%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹5.0 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.27	Neutral	P/E of 20.0 divided by 3-year profit growth of 15.7% a year gives a PEG of 1.27. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.98%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹1.6 a share, a 0.98% yield on the ₹163.04 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹67,403 cr	Neutral	At about ₹0.67 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹163.71 vs ₹163.04	Bullish	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹163.71; the price was 0% below it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+8.1%	Neutral	Revenue for FY26 was ₹1,10,811 crore, +8.1% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+5.1%	Neutral	The Jan–Mar 2026 quarter brought ₹30,813 crore of revenue, +5.1% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+42.2%	Bullish	FY26 net profit was ₹3,373 crore, +42.2% on FY25's ₹2,372 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+46.7%	Bullish	Quarterly profit was ₹1,835 crore versus ₹1,251 crore a year earlier (+46.7%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	2.0%	Bearish	Revenue compounded at 2.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	15.7%	Bullish	Net profit compounded at 15.7% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	9.9%	Neutral	Over five years (FY21–FY26) revenue compounded at 9.9% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+42.3%	Bullish	Reported EPS went from ₹5.74 to ₹8.17 (+42.3%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	11%	Neutral	Operating profit (EBITDA) was 11% of sales in FY26 versus 10% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	11% → 9% → 8% → 14%	Bullish	Quarterly margins moved from 11% to 14% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	3.0%	Neutral	₹3.0 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	5.7%	Bearish	FY26 profit was 5.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	8%	Bearish	Return on capital employed (debt + equity) was 8% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	2.48%	Neutral	Net profit was 2.48% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	12%	Neutral	Non-operating 'other income' of ₹532 crore made up 12% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.53	Neutral	Borrowings of ₹31,928 crore were 0.53× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.63×	Neutral	Debt equalled 2.63 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.1×	Neutral	Earnings before interest and tax covered interest cost 3.1 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+2.5%	Neutral	Shareholders' equity grew +2.5% from ₹58,906 crore to ₹60,356 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹10,552 cr (14% of fixed assets)	Neutral	Projects under construction (CWIP) were 14% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-27 days	Neutral	Working capital tied up equalled -27 days of sales (FY25: -17). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	108 days	Neutral	It took 108 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	21 (FY25 27)	Neutral	Customers took 21 days on average to pay, versus 27 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹19,039 cr	Bullish	The business generated ₹19,039 crore of operating cash in FY26 versus ₹9,914 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹10,942 cr	Bullish	After capital spending, free cash flow was ₹10,942 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	5.64×	Bullish	Operating cash flow was 5.64× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	16.2%	Bullish	FY26 free cash flow was 16.2% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹14,182 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹14,182 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹8,097 cr	Neutral	Implied capital expenditure was about ₹8,097 crore, 7.3% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	29%	Neutral	The company paid out about 29% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	27% / 28% / 29%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹4,131 cr → ₹4,131 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	65.00% (+0.00 pts YoY)	Neutral	Promoters owned 65.00% at Mar 2026 versus 65.00% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	5.01% (+1.80 pts YoY)	Bullish	FIIs held 5.01% at Mar 2026, up from 3.21% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	18.40% (+2.65 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 18.40%, up from 15.75%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	15.7 lakh (-23.2% YoY)	Neutral	The shareholder count moved from 20.5 lakh to 15.7 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	8/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 4 weakness(es)	Neutral	Strengths: Stock is trading at 1.15 times its book value; Company has been maintaining a healthy dividend payout of 27.9%. Weaknesses: The company has delivered a poor sales growth of 9.90% over past five years; Company has a low return on equity of 5.85% over last 3 years; Contingent liabilities of Rs.43,331 Cr; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	15 bullish · 3 bearish · 31 neutral · 0 caution	Bullish	On the numbers published by 17 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 20.0×, P/B 1.12×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 17 Apr 2026 – 17 Jul 2026 that an investor could have known on the snapshot date.

21 Apr 2026 SAIL share price hits 15-year high on strong outlook and FII buying — SAIL shares touched an intraday high of Rs 177.70 on BSE, the highest level since January 2011. The report cited higher domestic steel prices after a 12% safeguard duty and rising FII holdings (5% in the March 2026 quarter). source
09 May 2026 Ashok Kumar Panda appointed Chairman and Managing Director of SAIL — SAIL appointed Dr. Ashok Kumar Panda, previously its Director (Finance), as Chairman and Managing Director effective May 9, 2026. source
13 May 2026 SAIL stock rallies to new 52-week high — SAIL shares rose about 9.6% intraday to Rs 193 on NSE from a previous close of Rs 176.09, hitting a new 52-week high on heavy volumes. The article did not identify a specific catalyst. source
15 May 2026 SAIL FY26 profit jumps 50% as steel production hits record; Rs 2.35 dividend recommended — SAIL reported FY26 consolidated net profit of Rs 3,372.80 crore, up 50.5%, on revenue of Rs 1,10,810 crore with record crude steel output of 19.43 million tonnes. The board recommended a final dividend of Rs 2.35 per share. source
06 Jul 2026 Rourkela Steel Plant sets monthly coil rolling record — SAIL's Rourkela Steel Plant Hot Strip Mill-2 rolled 10,759 hot-rolled coils in June 2026, beating the previous record of 10,713 set in October 2025. source

What happened next (17 Jul 2026 → 21 Oct 2026)

Price went from ₹163.04 to ₹169.50 by 21 Oct 2026 (+4.0%) while the Nifty 50 moved -6.3% — outperforming by 10.2 points.
Highest ₹200.96 on 28 Aug 2026; lowest ₹158.01 on 24 Jul 2026.
S1 161.04: broken on a closing basis on 23 Jul 2026.
S2 152.94: held on a closing basis.
R1 168.21: cleared on a closing basis on 29 Jul 2026.
R2 172.27: cleared on a closing basis on 04 Aug 2026.
200-day SMA: price was above it at the snapshot and crossed below on 08 Oct 2026.
Apr–Jun 2026 results (reported 24 Jul 2026): revenue ₹26,246 crore (+1.2% YoY), net profit ₹1,644 crore (+120.7% YoY), operating margin 16% vs 11% a year earlier (Screener consolidated figures).

Later news

24 Jul 2026 SAIL Q1 FY27 consolidated net profit more than doubles to Rs 1,644 crore — SAIL reported Q1 FY27 consolidated net profit of Rs 1,644.05 crore versus Rs 744.58 crore a year earlier, with standalone EBITDA up 49% to Rs 4,356 crore. Crude steel output was 4.76 MT and sales 4.16 MT. source
07 Sep 2026 SAIL crude steel output rises 8% in August 2026 — SAIL produced 1.68 million mt of crude steel in August 2026, up 8% year on year, while sales rose 13% to 1.87 million mt. source
25 Sep 2026 SAIL approves Rs 2.35 final dividend for FY26 at AGM; record date Sep 30 — SAIL's 54th AGM on September 24, 2026 approved a final dividend of Rs 2.35 per share for FY26, with record date September 30, 2026. source
06 Oct 2026 SAIL H1 FY27 crude steel output up about 1% — SAIL's crude steel output for April-September 2026 was 9.6 million tonnes, up about 1% year on year, with finished steel output of 8.39 million tonnes. source

Educational summary. On 17 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved +4.0% against -6.3% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Steel Authority of India today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 22 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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