特别报道：印度钢铁企业在全球压力下保住利润率
Indian steelmakers protect margins amid global pressure: Special Report
全球各地的钢铁企业正面临成本上涨和需求疲软的困境。然而，印度的许多二级钢铁生产商仍报告着可观的利润率。
Steelmakers around the world are struggling with rising costs and weaker demand. Yet many of India's secondary steelmakers continue to report healthy margins.
在此背景下，Kallanish（开阑商务信息咨询）对部分上市公司的最新季度业绩和商业模式进行了分析，以了解在全球经济放缓的背景下，部分生产商是如何保持盈利能力的。本分析中提及的公司仅用于说明整个行业的普遍趋势，并非对业绩进行排名。
Against this backdrop,Kallanish has analysed the latest quarterly results and business models of selected listed companies to understand how some producers are protecting profitability despite the global slowdown. The companies featured in this analysis are examples used to demonstrate broader trends across the sector rather than a ranking of performance.
全球钢铁行业正面临压力。中东和乌克兰的战争扰乱了供应链，推高了能源和运费成本，并给原材料市场带来了不确定性。与此同时，多个出口市场需求疲软，挤压了钢铁企业的利润空间。
The global steel industry is under pressure. The wars in the Middle East and Ukraine have disrupted supply chains, increased energy and freight costs, and created uncertainty in raw material markets. At the same time, weaker demand in several export markets has squeezed steelmakers' margins.
印度的二级钢铁企业主要利用感应炉、直接还原铁和废钢生产长材产品，如螺纹钢和盘条。它们还受益于强劲的国内需求。在基础设施和建筑行业的带动下，印度的钢铁消费量同比增长约8%。
India's secondary steelmakers mainly produce long steel products, such as rebar and wire rod, using induction furnaces, direct reduced iron and ferrous scrap. They also benefit from strong domestic demand. India's steel consumption is growing by around 8% year-on-year, driven by infrastructure and construction.
分析指出，有三项策略有助于企业维持利润率：自产电力、确保原材料供应以及采用能够降低市场波动风险的商业模式。
The analysis points to three strategies that are helping companies maintain margins: generating their own power, securing raw material supplies and adopting business models that reduce exposure to market volatility.
电力是二级炼钢企业最大的成本之一。自备电力的企业受电网电价上涨的影响较小。
Electricity is one of the largest costs for secondary steelmakers. Companies that generate their own power are less affected by rising grid tariffs.
在截至6月的最新财季（2027财年第一季度），Shyam Metalics通过自备电厂满足了79%的用电需求。这使其电力成本降至2.65印度卢比/千瓦时（0.03美元），并助力该公司实现14.9%的息税折旧及摊销前利润率（Ebitda），略高于2026财年第一季度。
Shyam Metalics met 79% of its electricity requirement through captive power in the latest June fiscal quarter (Q1 FY27). This reduced its power cost to INR 2.65/kWh ($0.03) and helped the company report an Ebitda margin of 14.9%, slightly higher than in Q1 FY26.
对于印度的二级钢铁行业而言，两位数的息税折旧及摊销前利润率被视为健康水平。
A double digit Ebitda margin is considered healthy for India's secondary steel sector.
Sarda Energy & Minerals已投资建设自备燃煤电厂和水电站。该公司报告称，今年3月当季的息税折旧及摊销前利润率超过31%，在印度二级钢铁行业中名列前茅。当能源价格上涨时，其自备电力资产有助于保持较低的生产成本。
Sarda Energy & Minerals has invested in captive thermal power and hydropower. The company reported an Ebitda margin exceeding 31% in the March quarter, among the highest in India's secondary steel sector. Its captive power assets help keep production costs low when energy prices rise.
第二种策略是控制原材料。拥有铁矿石矿山的企业受废钢和海绵铁价格波动的影响较小。
The second strategy is controlling raw materials. Companies that own iron ore mines are less exposed to fluctuations in scrap and sponge iron prices.
Godawari Power & Ispat 运营着自有的铁矿石矿山和球团厂，从而降低了对公开市场的依赖。Jayaswal Neco Industries 也利用自有采矿资产为其钢厂供应原料。得益于稳定的原材料供应，该公司在2027财年第一季度的息税折旧及摊销前利润率达到18.78%。
Godawari Power & Ispat operates captive iron ore mines and pellet plants, reducing its dependence on the open market. Jayaswal Neco Industries also uses captive mining assets to supply its steel plants. The company reported an 18.78% Ebitda margin in Q1 FY27, supported by secure raw material supplies.
第三大趋势是差异化的商业模式。Gallantt Ispat 采取资产密集型战略，通过投资一体化制造设施和上游设备，从而随着时间的推移降低生产成本。
The third trend is differentiated business models. Gallantt Ispat follows an asset-heavy strategy by investing in integrated manufacturing facilities and upstream equipment to reduce production costs over time.
Kamdhenu Limited 采取了“轻资产”模式，通过向地区制造商授权其品牌，在获得特许权使用费收入的同时，避免了对钢铁生产资产的大额投资。
Kamdhenu Limited has adopted an asset-light approach by licensing its brand to regional manufacturers, earning royalty income while avoiding large investments in steelmaking assets.
一位钢铁专家对Kallanish表示：“共同点在于成本控制。与依赖外部供应商的企业相比，拥有自有发电设施、自有矿山或轻资产商业模式的企业更有能力抵御市场冲击。”
"The common factor is cost control," a steel expert tells Kallanish. "Companies with captive power, captive mines or capital-light business models are better placed to absorb market shocks than those relying on external suppliers."
尽管全球钢铁企业仍面临成本上升和需求疲软的压力，但印度的二级钢铁生产商证明，正确的商业模式能够带来显著的不同。
While global steelmakers continue to face pressure from higher costs and weaker demand, India's secondary steelmakers are showing that the right business model can make a significant difference.
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