SAIL Q2 FY27 Guidance vs Delivery (SAIL Management Mirror)

FY27 Sales Volume Guidance Downgraded to ~21.0 Million Tons From 22.5 Million Tons Guided in Mar'26 Qtr

In the Sep'26 Qtr concall, management reported H1 FY27 crude steel production of 9.61 million tons and sales volume of 9.33 million tons, which included 184,000 tons of RINL sales. Initially in the Mar'26 Qtr concall, management had guided for FY27 sales volume of 22.5 million tons (including 0.6 to 0.7 million tons from RINL) and crude steel production of 22.5 million tons, expectations which were reaffirmed in the Jun'26 Qtr as overall production and sales growth for FY27. Following the H1 performance, management downgraded the FY27 sales volume outlook to ~21.0 million tons (including an estimated maximum contribution of 500,000 tons from RINL), while crude steel production is now targeted at 22.0 million tons.