Electrosteel Steels Unlisted Shares
ESL Steel Limited (formerly Electrosteel Steels) runs an integrated iron and steel plant at Bokaro, Jharkhand, making billets, TMT bars, wire rods and ductile iron pipes. It is a subsidiary of Vedanta Limited.
Read the full company profile
Key facts
Electrosteel Steels share details
- Lot size
- 1,000 shares
- Min. investment
- ₹34,000
- Face value
- ₹10
- Implied market cap
- ₹6,287 Cr
- Shares outstanding
- 1,849,030,224
- Headquarters
- Bokaro, Jharkhand
- Website
- eslsteel.com
- ISIN
- INE481K01021
- CIN
- U27310JH2006PLC012663
- Lock-in after IPO
- 6 months
Price history
Electrosteel Steels share price chart
1Y change
-10.53%
High
₹40.00
Low
₹34.00
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Electrosteel Steels
ESL Steel Limited, earlier called Electrosteel Steels Limited, is a fully integrated iron and steel maker. Its plant is at Siyaljori village in Bokaro, Jharkhand. The company makes and sells billets, TMT bars, wire rods and ductile iron (DI) pipes. It also deals in iron ore, pig iron and scrap linked to its manufacturing, and makes metallurgical coke, sinter and power for its own use.
The plant currently has a hot metal capacity of 1.7 MTPA. An expansion to 3 MTPA is under way. In FY25 the company produced 1.427 MT of hot metal, down 3% from the year before, and saleable production of 1.337 MT, down 4%. The annual report links the dip to a shutdown for debottlenecking of the steel melting shop and major maintenance of the oxygen plant.
The numbers below are from the audited FY25 financial statements, which are in ₹ lakh. Revenue from operations was ₹8,14,707.69 lakh, against ₹8,57,831.07 lakh in FY24. The company still made a loss after tax of ₹26,619.31 lakh in FY25, much narrower than the loss of ₹96,756.82 lakh in FY24. Basic and diluted EPS was minus ₹1.44. Total equity at 31 March 2025 was ₹4,33,095.00 lakh.
ESL was taken over by Vedanta Limited through an insolvency resolution plan approved by the NCLT. Vedanta Limited holds 95.49% of the equity, which is 1,76,55,53,040 shares of ₹10 each. The company has 1,84,90,30,224 equity shares of ₹10 each in issue. The annual report records that operations continue under the direction of the Supreme Court while the plant's environmental clearances and consent to operate are pending.
ESL Steel is not listed on any stock exchange and has not announced an IPO. Its unlisted shares are traded off-market between private parties, and the price on this page is an indicative figure, currently ₹34 per share with a lot size of 1000 shares. At that price the implied market cap is about ₹6286.7 crore. Prices can move quickly and there is no exchange to guarantee a trade.
Strengths
- Fully integrated plant at Bokaro: the company makes its own coke, sinter and power, and sells billets, TMT bars, wire rods and DI pipes. Hot metal capacity is 1.7 MTPA today.
- Backed by Vedanta Limited, which holds 95.49% of the shares and has given corporate guarantees for some of the company's term loans.
- Losses narrowed sharply: loss after tax was ₹26,619.31 lakh in FY25 against ₹96,756.82 lakh in FY24, and the annual report says EBITDA rose 108% year on year, helped by lower coking coal prices and better operations.
- Cash from operations was positive at ₹88,359.30 lakh in FY25 (₹1,26,416.42 lakh in FY24), even though the company reported a loss.
- Expansion from 1.5 MTPA to 3 MTPA is under way, with capital work-in-progress of ₹2,23,198.98 lakh at 31 March 2025.
- No single customer accounts for more than 10% of revenue, so sales are not dependent on one buyer.
Risks
- The company is still loss-making: loss after tax of ₹26,619.31 lakh in FY25 and ₹96,756.82 lakh in FY24, with basic EPS of minus ₹1.44 in FY25.
- Revenue fell to ₹8,14,707.69 lakh in FY25 from ₹8,57,831.07 lakh in FY24.
- Finance costs of ₹42,453.42 lakh in FY25 are large against the size of the business and weigh on profit.
- Current liabilities of ₹5,22,175.58 lakh exceed current assets of ₹1,58,597.56 lakh at 31 March 2025, which puts pressure on working capital.
- Environmental clearance and consent to operate are pending, and the plant runs on the direction of the Supreme Court. The auditors have drawn attention to this.
- Production fell in FY25 because of planned shutdowns: hot metal down 3% and saleable output down 4%.
- The expansion to 3 MTPA is still incomplete and needs further funding; a large part of the asset base sits in capital work-in-progress.
- Steel and coking coal prices swing with global markets, so margins can change sharply.
- Vedanta Limited holds 95.49%, so minority holders have little influence on decisions, and the company pays brand licence fees to a Vedanta group entity.
- Unlisted shares are traded off-market with indicative prices, so liquidity is thin and there is no exchange price discovery.
Financials
Electrosteel Steels financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY25Latest | FY24 |
|---|---|---|
| Revenue (₹ Cr) | 8,147 | 8,578 |
| PAT (₹ Cr) | -266 | -968 |
| PAT Margin (%) | -3.27 | -11.28 |
| RoNW (%) | -6.15 | -21.04 |
| EPS (₹) | -1.44 | -5.23 |
| Total Assets (₹ Cr) | 10,898 | 10,808 |
| Net Worth (₹ Cr) | 4,331 | 4,599 |
Swipe the table sideways for earlier years →
Leadership
Management team
Mr. Ravish Sharma
Chief Executive Officer & Whole Time Director
Appointed CEO and Whole Time Director from 24 January 2025.
Mr. Anand Prakash Dubey
Chief Financial Officer
Key managerial personnel as on 31 March 2025.
Mr. Manish Kumar Chaudhary
Company Secretary
Key managerial personnel as on 31 March 2025.
Mr. Arun Misra
Non-Executive Director
Attended all eight board meetings in FY25.
Mr. Agnivesh Agarwal
Additional Non-Executive Director
Appointed to the board from 28 August 2024.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
