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Swing Capital

MSP Steel & Power Ltd

NSE: MSPL BSE: 532650Metal

Incorporated in 1968, MSP Steel & Power Ltd manufactures and sells of iron and steel products and does generation of power[1]

₹40.1
52W: ₹26.1 — ₹43.2
PE 144 · Book ₹16 · +151% vs book
Market Cap₹2,274 Cr
Stock P/E144Price to Earnings
ROCE6.41%Return on Capital
ROE3.84%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Promoter holding has increased by 2.48% over last quarter.

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -3.69% over last 3 years.
  • −Promoters have pledged 71.3% of their holding.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters40.22%
FIIs0.12%
DIIs16.81%
Public42.86%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.34%42.34%36.85%▼5.535.24%▼1.635.24%35.24%37.74%▲2.540.22%▲2.5
FIIs0.33%1.1%▲0.80.52%▼0.60.4%▼0.10.18%▼0.20.19%▲0.00.37%▲0.20.12%▼0.3
DIIs3.17%1.91%▼1.312.9%▲11.016.7%▲3.816.7%16.7%16.7%16.81%▲0.1
Public54.16%54.65%▲0.549.71%▼4.947.65%▼2.147.87%▲0.247.87%45.18%▼2.742.86%▼2.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales673.59780.74748.41772656.17716.85760.07710.86676.86638.92
Expenses644.88741.54723.71728.73629.64697.59715.8665.96654.09606.4
Operating Profit28.7139.224.743.2726.5319.2644.2744.922.7732.52
OPM %4.26%5.02%3.3%5.6%4.04%2.69%5.82%6.32%3.36%5.09%
Net Profit-1.631.4913.126.77-9.548.26-34.217.84-74.775.47
EPS ₹-0.040.040.340.18-0.20.15-0.60.31-1.320.1

AI Insights

Revenue Trend

TTM revenue at ₹2,787Cr, down 4.1% YoY. OPM at 5%.

Debt Position

Borrowings at ₹281Cr. Debt-to-equity ratio: 0.82x. Moderate leverage.

Capex Cycle

CWIP at ₹14Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 16.81% (+0.21pp change). FIIs: 0.12% (+0.12pp change). Promoters hold 40.22%.

Margin & Efficiency

ROCE declining from 8% (Mar 2014) to 6% (Mar 2025). Working capital days: 15.

Valuation

PE 144x with 6.41% ROCE. Price is 151% above book value of ₹16. Dividend yield: 0%.

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