A Study on Evaluating Growth Dynamics in the Indian Steel Industry: A Quantitative Approach

This study presents an in-depth evaluation of strategic performance within the Indian steel industry through the use of the QGV Composite Framework, which integrates three key dimensions: Quality (Q-Factor), Growth (G-Factor), and Valuation (V-Factor). The analysis focuses on five leading steel producers Tata Steel Ltd., JSW Steel Ltd., Steel Authority of India Ltd. (SAIL), Jindal Steel & Power Ltd. (JSPL), and ArcelorMittal Nippon Steel India Ltd. (AMNS) covering the period from 2016 to 2024. By employing a weighted and standardized scoring model, the framework measures each company’s operational efficiency, governance effectiveness, and market valuation over time. Findings reveal that the years 2018–2019 marked the industry’s strongest overall performance, while the post-2020 period saw a decline driven largely by broader macroeconomic disruptions. Among the firms, JSW Steel demonstrated the most consistent performance, whereas AMNS and JSPL exhibited greater volatility and structural challenges. The QGV-based M-Score emerges as a valuable benchmarking tool, providing strategic insights for assessing competitiveness in capital-intensive sectors. The study concludes that companies with stronger governance (high G-Factor), lower risk exposure (low V-Factor), and balanced quantitative performance (Q-Factor) tend to achieve higher M-Scores. Notably, SAIL leads the rankings due to its robust governance and stable risk profile, while JSW Steel, despite strong quantitative indicators, ranks lower because of its comparatively weaker governance and higher risk exposure.