Top 5 steel companies in India by growth
Steel is one commodity that has held a top position among metals for a long time. It continues to do so because steel is both a raw material and an intermediary for several industries. This could be why the production and consumption of steel are used as a parameter to gauge a nation's economic progress.
India is one of the largest producers and consumers of steel. In the financial year 2023, India produced 125.3 metric tonnes (MT) of crude steel and 121.2 MT of finished steel. It consumed 119.1 MT of finished steel and it is expected to touch 230 MT by 2030.
Rapid industrialisation and high infrastructure spending over the years have helped India secure a top position in the world. The government is also supporting this sector by introducing various initiatives such as the National Steel Policy and Product Linked Incentive (PLI) scheme. Through these schemes, it aims to increase the production and export of high-quality steel.
This bodes well for the top steel companies in India, giving them a chance to improve their revenue and profits. Today, let’s take a look at the top five steel stocks in India by growth. These companies have registered the highest growth in terms of sales and revenues.
We’ve shortlisted these using the Equitymaster India stock screener. #1 Shyam Metallics & Energy First on the list is Shyam Metallics and Energy. The company is a leading integrated metal-producing company primarily focusing on long steel products and ferroalloys.
It's also present across the steel value chain by selling intermediate and final products. The company is the sixth largest steel producer in the country, with a total production capacity of 2.07 million tonnes per annum (MTPA). It is also one of the largest producers of
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