National General Industries (BSE: NATGENI) had a P/E of 49.6× on 6 Nov 2026, above the industry P/E of 19.9×, and the shares are 19% below their 52-week high. Its ROCE of −1.0% is the lowest among the 7 largest Steel peers, and sales fell 13% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. The company has almost no debt. It is a small-cap company with a market cap of ₹26 Cr, ranked 131st of 150 Steel companies by market cap; the shares rose 25% over the past year.
- ₹61.00
- ₹61.00
- ₹56.05
- ₹59.00
- 8
Health check
- ReturnsAhead
+25.3% over a year, better than 6 of 7 peers.
- Price tagDistorted
A one-off gain inflates profit, so P/E isn’t comparable right now.
- GrowthShrinking
Sales −12.6% a year over 3 years.
- ProfitabilityNegative
ROCE -1.0% vs peer median 18.7%.
- Balance sheetStretched
Practically debt-free, Piotroski 2 of 9.
- Red flags4 to check
Return on equity is low at −1.3%.
Small cap
Defensive
Key metrics
- Market cap
- ₹26 Cr
- Small cap
- P/E
- 49.6
- Industry 19.9
- Price to book
- 1.17
- Peers 2.28
- Dividend yield
- 0.00%
- ROE
- −1.3%
- Peers 23.4%
- ROCE
- −1.0%
- Peers 18.7%
- Debt to equity
- 0.03
- Debt ₹1.08 Cr
- EPS (TTM)
- ₹1.19
- OPM (TTM)
- −21.4%
- Net margin 3.8%
- Sales growth
- +98.4%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 2.02
- EV/EBITDA 90.5
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly sales up 98.4% on a year ago.
Risks to check
- Return on equity is low at −1.3%.
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- P/E of 49.6 against an industry P/E of 19.9.
- Interest coverage of only −31.5×.
About National General Industries
National General Industries Limited engages in the production and sale of steel products in India. The company operates in two segments, Manufacturing of Steel and Investments. It offers hot rolled steel rounds, steel squares, and steel flat bars for use in various applications, including bright bar manufacturing, hand tool industry, earthmoving industry, fasteners, railways, forgings, auto components, heavy engineering industry, agricultural and farm…
- Headquarters
- New Delhi
- Employees
- 40
- Sector
- Basic Materials
- ISIN
- INE654H01011
- Website
- modisteel.com
Price range
- Avg volume (3M)
- 131
- 1-year return
- plus 25.3%
- From 52-week high
- minus 19.1%
Peers · Steel
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEELJSW Steel | 1,357.10 | plus 0.11% | 3,31,265 | 11.7 | 12.2 | 18.7% | 17.7% | 0.62 | 3.6% | plus 14.7% |
| TATASTEELTata Steel | 186.30 | plus 2.36% | 2,32,397 | 21.1 | 9.1 | 11.3% | 15.2% | 0.89 | −1.6% | plus 1.5% |
| JINDALSTELJindal Steel | 1,165.00 | plus 1.31% | 1,18,594 | 41.5 | 14.9 | 7.5% | 15.9% | 0.42 | −13.1% | plus 6.4% |
| LLOYDSMELloyds Metals And Energy | 1,785.50 | minus 1.38% | 1,00,482 | 19.1 | 18.8 | 19.4% | 37.4% | 1.23 | 71.3% | plus 37.4% |
| SAILSteel Authority of India | 171.60 | minus 0.41% | 70,880 | 12.6 | 8.1 | 7.2% | 12.9% | 0.50 | 2.0% | plus 24.7% |
| NMDCNMDC | 70.40 | minus 0.01% | 61,894 | 8.3 | 6.2 | 28.4% | 30.0% | 0.19 | 22.0% | minus 5.2% |
| APLAPOLLOAPL Apollo Tubes | 2,185.30 | minus 0.41% | 60,677 | 46.3 | 32.7 | 28.0% | 8.2% | 0.17 | 12.6% | plus 23.3% |
| NATGENINational General Industries | 59.00 | 0.00% | 26 | 49.6 | – | −1.0% | −21.4% | 0.03 | −12.6% | plus 25.3% |
| Median of 7 peers | – | −0.01% | 1,00,482 | 19.1 | 12.2 | 18.7% | 15.9% | 0.50 | 3.6% | 14.7% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 1.6 | 2.1 | 2.7 | 2.5 | 3.2 | |
| 2.1 | 2.6 | 3 | 3.2 | 4 | |
| −0.5 | −0.5 | −0.3 | −0.7 | −0.8 | |
| −32.2% | −22.3% | −11.3% | −27.7% | −24.4% | |
| 0.4 | 0.4 | 0.6 | 0.6 | 0.9 | |
| 0 | 0 | 0 | 0 | 0 | |
| 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| – | – | – | – | 0.8 | |
| −0.3 | −0.1 | 0.2 | −0.2 | 0.8 | |
| 7.4% | −45.6% | 10.8% | 10.2% | 3.8% | |
| −0.3 | −0.2 | 0.1 | −0.2 | 0.7 | |
| -0.53 | -0.44 | 0.33 | -0.23 | 1.53 |
Profit & loss
- Sales CAGR 3Y
- −12.6%
- ROE
- −1.3%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 13.2 | 12.6 | 10.2 | 8.8 | |
| – | minus 4.3% | minus 18.8% | minus 14.2% | |
| 13.6 | 12.5 | 10.2 | 10.8 | |
| −0.4 | 0.1 | 0.1 | −2 | |
| −3.3% | 0.8% | 0.5% | −22.7% | |
| 1 | 1.2 | 1.2 | 1.1 | |
| 0.1 | 0.1 | 0.1 | 0.1 | |
| 0.3 | 0.3 | 0.4 | 0.4 | |
| 0.1 | 2.3 | 0.4 | 0.9 | |
| 0.2 | 3.2 | 1.2 | −0.4 | |
| −2.1% | 6.1% | 22.2% | −10.1% | |
| 0.2 | 3 | 0.9 | −0.5 | |
| – | +1247.9% | minus 68.6% | minus 150.8% | |
| 0.40 | 5.42 | 1.70 | -0.93 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 4.7 | 4.7 | 4.7 | 4.7 | |
| 25.2 | 29.9 | 31.5 | 31.9 | |
| 1.6 | 1.4 | 0.4 | 1.1 | |
| 2 | 2.4 | 3 | 2.6 | |
| 33.5 | 38.3 | 39.7 | 40.3 | |
| 3.6 | 3.8 | 3.6 | 3.3 | |
| – | – | 0.1 | – | |
| 6.9 | 11.9 | 16.1 | 17.9 | |
| 3.8 | 8.5 | 5.7 | 5.6 | |
| 19.2 | 14.1 | 14.3 | 13.5 | |
| 33.5 | 38.3 | 39.7 | 40.3 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1.1 | 1.5 | −0.3 | −1.3 | |
| −0.3 | −1.1 | 1.3 | 0.8 | |
| −0.9 | −0.3 | −1 | 0.6 | |
| −0.1 | 0 | 0 | 0 | |
| −0.1 | −1 | −0.2 | −0.1 | |
| 0.9 | 0.5 | −0.4 | −1.5 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.