In the contemporary global economy, where industries are increasingly driven by efficiency, innovation, and investor confidence, the ability to evaluate a company’s true financial health has become more critical than ever. The steel industry, often regarded as the foundation of industrial progress, stands at the intersection of cyclical demand, capital intensity, and strategic importance to national growth. In India, the sector not only fuels infrastructure and manufacturing but also mirrors the broader economic trajectory of the nation. Amid fluctuating global markets and evolving domestic policies, assessing the performance of steel companies demands an analytical framework that captures both internal operational strength and external market perception. The Quality–Growth–Valuation (QGV) model emerges as a robust tool to bridge this analytical gap, offering a multidimensional perspective on corporate performance and sustainability. This study presents a comprehensive analysis of the Indian steel industry using the Quality–Growth–Valuation (QGV) analytical framework to assess the financial performance and market standing of five leading steel companies—Tata Steel Limited, Steel Authority of India Limited (SAIL), JSW Steel Limited, Arcelor Mittal Nippon Steel India, and Jindal Steel and Power Limited (JSPL)—over the period 2017–2018 to 2023–2024. The QGV model integrates three key dimensions: Quality (Q-Factor), measuring operational and financial stability; Growth (G-Factor), reflecting expansion and profitability; and Valuation (V-Factor), indicating investor perception and market value. Using a descriptive and quantitative approach, the study draws on secondary data from annual reports and reliable financial databases such as NSE, BSE, and Moneycontrol. Parameters including profitability, leverage, liquidity, efficiency, and valuation ratios were standardized and weighted to derive composite performance scores. The analysis reveals that Tata Steel and JSW Steel consistently demonstrate stronger QGV scores, reflecting financial robustness and market confidence, whereas SAIL and JSPL show fluctuating trends due to operational and debt-related challenges. The findings highlight the relevance of the QGV model as an integrated tool for holistic corporate performance evaluation, offering valuable insights for investors, policymakers, and industry stakeholders.