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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2024)
Source: CRISILInvestment Thesis
OCL Iron and Steel is a Odisha-based integrated steel producer with a solid regional foundation and an ongoing expansion strategy. While long-term demand for steel in India remains strong, the company's ability to compete with large-scale players and successfully execute its expansion will determine its growth trajectory.
Pros
Cons
Business Segments
Sponge Iron (DRI)
Production of Direct Reduced Iron (sponge iron) using rotary kilns with coal as reductant
Steel & Billets
Steel melt shop producing steel billets for downstream rolling operations
Power Generation
Captive power plant leveraging waste heat recovery and coal for internal power needs
Rolled Products
Rolling mills producing TMT bars and structural steel for construction sector
Revenue Model
Revenue generated from sale of sponge iron, steel billets, and rolled products (TMT bars) to construction, infrastructure, and industrial customers. Captive power reduces operational costs. Margin dependent on iron ore and coal input prices.
Detailed Analysis
Growth Plans
India's infrastructure spending surge driving demand for TMT bars and structural steel
Odisha government's industrial policy supporting steel investments
Completion of rolling mill expansion enhancing value-added product mix
National Steel Policy 2017 target of 300 MT capacity by 2030
Industry Tailwinds
Recent Developments
Company continues phased expansion of DRI kilns and rolling mill capacity at Rajgangpur plant.
2024-03Government's National Steel Policy targeting 300 MT capacity by 2030 provides long-term demand visibility for domestic steel producers.
2023-10Comparable Companies
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Frequently Asked Questions
About OCL Iron & Steel
OCL Iron And Steel Limited is an Odisha-based integrated steel manufacturer incorporated on 20 February 2006. Headquartered in Rajgangpur, Sundargarh district, the company operates as a significant regional player in India's iron and steel industry. OCL Iron and Steel is listed on both BSE and NSE (ticker: OISL) and tracked under ticker OISL by major financial data providers including Screener.in. The company's product portfolio includes Steel Billets, Direct Reduced Iron (DRI/Sponge Iron), and Power. This vertically integrated model — spanning from sponge iron production to steel billet manufacturing, with captive power generation — allows OCL Iron and Steel to manage input costs and energy requirements internally, a critical advantage in the capital-intensive steel sector. OCL Iron and Steel operates in Rajgangpur, Sundargarh district of Odisha, a region rich in iron ore and coal resources. Proximity to these raw material sources provides a natural cost advantage, reducing logistics expenses for primary input procurement. The company's location also benefits from Odisha's well-developed mining ecosystem and railway connectivity. With an authorized share capital of Rs 104 crore and paid-up capital of approximately Rs 29.98 crore, OCL Iron and Steel has a moderate capital base. The company engages in coal mining activities as a supplementary business, further strengthening its backward integration strategy. This self-sufficiency model helps insulate the company from commodity price volatility to some extent. The Indian steel industry has been experiencing robust growth driven by government infrastructure spending, housing development, and manufacturing expansion under the Production Linked Incentive (PLI) scheme. OCL Iron and Steel's position in Odisha, with access to coastal logistics and abundant raw materials, makes it well-suited to capitalize on this industry growth. Odisha accounted for approximately 25% of India's total steel production in recent years, underlining the strategic importance of Rajgangpur as a steel-producing hub. The company serves both domestic construction and industrial markets with its steel billet products, which are intermediate steel products used in the production of TMT bars, wire rods, and structural steel.
Key Milestones
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's infrastructure spending surge driving demand for TMT bars and structural steel
Odisha government's industrial policy supporting steel investments
Completion of rolling mill expansion enhancing value-added product mix
National Steel Policy 2017 target of 300 MT capacity by 2030
Industry Headwinds
Global steel price correction impacting domestic realisations
Rising coal and iron ore input costs compressing margins
Competition from large integrated players with better cost structures
Environmental regulations increasing compliance costs for coal-based DRI
Coal-based DRI production faces increasing environmental regulatory scrutiny
Source: Media Reports / Public Records
Small paid-up capital of Rs 29.98 crore relative to Rs 104 crore authorized may indicate capital under-utilization
Source: Company Financial Filings
Steel sector cyclicality creates significant revenue volatility risks
Source: Company Financial Filings
Company reported a net loss of ₹411.00 Cr (FY2024) — may signal structural profitability challenges
Source: Financial data
Profitability is highly sensitive to iron ore and coking/thermal coal prices which are subject to global and domestic volatility.
Faces intense competition from large integrated steel players like Tata Steel, JSW Steel, SAIL, and Jindal Steel who benefit from economies of scale.
Ongoing plant expansion carries risk of time and cost overruns, especially in capital-intensive steel manufacturing.
Steel manufacturing and coal-based DRI operations face increasing environmental regulations and compliance costs.
Share price at Re 1 and unlisted status means limited ability to raise equity capital from public markets.
GPIL · Mid Cap
SHYAMMETL · Mid Cap
2006: Incorporated as OCL Iron and Steel Limited in Odisha under CIN L27102OR2006PLC008594
Established integrated steel plant at Rajgangpur with DRI kilns as core technology
Commenced expansion with additional DRI kilns, coal washery, and rolling mills
Set up captive power plant to reduce dependence on grid power
ISIN INE291K01011 assigned for equity shares