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India’s Steel Industry Sustains Strong Growth in Q1 FY27 Driven by Robust Demand, Expansion, and Green Initiatives

India's steel sector maintained strong growth in the first quarter of FY27 (April–June 2026), driven by robust domestic demand from the infrastructure, construction, and manufacturing industries. According to provisional Joint Plant Committee (JPC) data, finished steel consumption jumped 8.3% year-on-year to 41.6 million tonnes (MT), outpacing crude steel production, which rose 3.0% to 42.1 MT, and finished steel output, which expanded 4.9% to 40.6 MT. Total steelmaking capacity reached nearly 222 million tonnes per annum (MTPA), advancing toward the National Steel Policy target of 300 MTPA by 2030. Major capacity expansion initiatives also progressed, highlighted by Bhilai Steel Plant’s agreement with MECON to boost capacity from 7 MTPA to 10.2 MTPA, alongside active trade, where finished steel exports surged 31.4% to 1.59 MT ($1.33 billion) against imports of 2.06 MT ($2.15 billion). Strategic infrastructure projects, corporate partnerships, and sustainability efforts further reinforced the industry's long-term outlook. Key developments included the construction of a 258-km slurry pipeline to supply iron ore to the Bokaro Steel Plant, an infrastructure consultancy tie-up between MECON and RITES, and SAIL’s overseas venture with Indonesia's PT Krakatau Steel to explore stainless steel manufacturing. Meanwhile, the Ministry of Steel accelerated decarbonization efforts under its Green Steel Initiative, awarding certificates to 97 producers across 15 states. Together, these technological, strategic, and eco-friendly measures enhance India's global competitiveness and support sustainable industrial growth.

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In May 2026, India’s steel industry maintained its resilience, bolstered by ongoing demand from construction, infrastructure, and manufacturing sectors. The Ministry of Steel reported that crude steel output hit 14.21 million tonnes in the month, marking a 2.9% increase compared to the previous year. Completed steel output grew by 7.7% to reach 13.94 million tonnes, whereas usage climbed by 9% to hit 14.33 million tonnes, indicating robust domestic demand. Hot metal production rose by 2%, while pig iron production grew by 1.1% to 0.77 million tonnes. In the initial two months of FY27, crude steel output reached 28.04 million tonnes, an increase of 2.7% compared to the previous year, while finished steel production and consumption increased by 6.4% and 8.7%, respectively. The performance emphasizes the sector's persistent growth in light of ongoing infrastructure advancement and industrial progress nationwide. In terms of trade, steel imports for May rose by 62.5% year-over-year to 0.69 million tonnes, while exports grew by 29.9% to 0.51 million tonnes, resulting in India being a net steel importer for April-May 2026. The Ministry highlighted that India’s crude steel production capacity hit approximately 220 million tonnes per year in FY26, ensuring the sector remains aligned with the National Steel Policy goal of 300 million tonnes per year by 2030. Capacity expansion initiatives accelerated as SAIL authorized the increase of the Bhilai Steel Plant from 6.8 MTPA to 10.2 MTPA, and JSW Steel began building its 13.2 MTPA integrated steel facility in Odisha. Advancements in the Green Steel Initiative persisted, with 94 manufacturers in 15 states obtaining green steel certification, strengthening the industry’s emphasis on sustainability and future growth.

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India's steel industry maintained its growth path in April 2026, bolstered by robust domestic demand from the manufacturing, construction, and infrastructure sectors. As per the Ministry of Steel, crude steel output climbed 5.8% year-on-year (YoY) to 14.09 million tonnes, while finished steel output grew 3.4% YoY to 13.05 million tonnes. Finished steel usage totaled 12.99 million tonnes, achieving a strong 8.1% year-over-year increase, reflecting ongoing industrial operations throughout the nation. In terms of trade, steel imports were 0.68 million tonnes while exports were 0.47 million tonnes, resulting in India being a slight net importer for the month. In comparison to April 2025, imports and exports showed increases of 30.8% and 24.9%, respectively. The sector's upward trend is a result of increasing domestic demand and enhanced market sentiment. India’s steel production capacity hit almost 220 MTPA in 2025-26 and is set to meet the National Steel Policy goal of 300 MTPA by 2030. Leading firms such as SAIL, Tata Steel, JSW Steel, JSPL, and AMNS persisted in enhancing capacity and investing in cutting-edge production technologies. Tata Steel has recently launched a Rs. 3,200 crore (US$ 345.20 million) scrap-driven EAF green steel plant in Ludhiana, representing Punjab's inaugural such facility. Through the Green Steel Initiative, NISST granted green steel certificates to 90 manufacturers in 15 states by March 31, 2026. In April 2026, domestic steel prices bounced back, showing increases in TMT bars, HR coils, and GP sheets, while iron ore and coking coal prices stayed stable.

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successfully completed the allotment of 2,80,00,000 convertible warrants worth Rs. 98 crores to promoter entity M.A. Hire Purchase Private Limited following board approval on March 14, 2026. The warrants are priced at Rs. 35 each with Rs. 24.50 crores received upfront and balance due upon conversion to equity shares. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.

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India's finished steel exports saw significant growth in the initial eleven months of the fiscal year, driven by rising global demand and enhanced domestic production capabilities. Preliminary government figures indicate that finished steel exports totaled 6.02 million metric tonnes, marking a 36.6% rise from the same period last year between April and February. The increase shows that India has reinforced its role in global steel markets as local steel producers have grown more competitive. India is now the second-largest producer of crude steel globally, driven by increasing demand from the infrastructure, construction, and manufacturing industries. The robust export success indicates that global markets are seeking more Indian steel products, while local steel producers have enhanced their competitiveness by boosting their production capacity. The information indicates that trade trends in the sector have started to shift. The imports of finished steel saw a significant decline of 37.4% compared to the prior year, leading to 5.6 million metric tonnes brought in during that time frame. India generated 153.61 million metric tonnes of crude steel, indicating an 11.2% rise. India's finished steel domestic consumption rose by 7.2%, raising the total to 147.7 million metric tonnes. The trends indicate robust business operations in essential industries that use steel, such as construction, infrastructure development, and engineering. The Indian steel industry has demonstrated its capacity to endure global market volatility through its integrated growth in production, exports, and domestic consumption. The findings illustrate how the sector currently serves a crucial function in promoting industrial advancement and export expansion, positioning India as a significant player in the global steel supply chain.

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Man Industries Latest Updates

Regulatory and Corporate Governance The Securities and Exchange Board of India (SEBI) recently barred the company and three senior executives (Chairman Ramesh Mansukhani, Executive Director Nikhil Mansukhani, and former CFO Ashok Gupta) from accessing the securities market for a period of two years. SEBI also imposed a penalty of 25 lakh on the company and 25 lakh each on the three executives for alleged fund diversion, non-consolidation of its subsidiary's financials (Merino Shelters Private Limited - MSPL), misreporting of related-party transactions, and procedural compliance lapses from FY2015 to FY2021. Man Industries has stated that this regulatory action pertains to "legacy matters" and will not materially impact its current or future operations, as the core business does not involve trading in shares of other companies, and there is no restriction on investors trading the company's shares. The company has affirmed that its financial statements have been consolidated in line with regulations since FY2023-24 and that it has had no compliance lapses over the last four years, indicating strengthened corporate governance. The company reserves its right to pursue all legal remedies. Business and Financial Updates Man Industries reports a strong order book of approximately Rs 4,700 crore with improving margins across its projects. The company is continuing its capital expenditure (capex) projects, which are reportedly progressing on schedule for completion by the fourth quarter of FY26. Regarding asset monetisation of its subsidiary, MSPL, the company has received a partial inflow of Rs 70 crore, with an expected additional inflow of Rs 650-700 crore over the next five to six years.

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