Manufactures and exports ERW (Electric Resistance Welded) steel tubes and pipes in black and galvanised variants, operating as a single business segment. In FY26, total income stood at Rs. 7.92 crore with a net profit of Rs. 0.14 crore, against total assets of Rs. 35.52 crore, indicating a small-scale operation. The cost structure is heavy on depreciation at 27.9% of revenue, with materials at 20%, other operating expenses at 21.9% and employee costs at 2.1%, while capex absorbs 18.5% of revenue. The company is registered in Chennai, listed solely on BSE under code 526977, and files under a single segment classification of ERW pipe manufacturing. Leadership transitioned in FY26 with the CFO and Whole-Time Director resigning and a new CFO (and later Whole-time Director) being appointed. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. ERW steel tubes and pipes (black and galvanised). Small-cap, single-segment, asset-heavy steel pipe manufacturer exposed to industrial and export demand cycles.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10 | 8 | 8 | 10 | 8 |
| EBITDA (ex other income) | 5 | 4 | 4 | 4 | 4 |
| margin % | 48.7 | 49.7 | 45.8 | 44.1 | 56.1 |
| Owners' profit | 1 | 0 | (1) | 0 | 0 |
| EPS, as reported (₹) | 1.78 | 0.73 | (6.02) | 0.30 | 0.31 |
| ROE % · ROCE % | 12.2 · 10.6 | 4.8 · 9.6 | (24.4) · 10.0 | 2.4 · 10.1 | 2.4 · 13.1 |
| Debt / equity (x) | 4.18 | 3.46 | 3.57 | 4.37 | 4.37 |
| Cash from operations | 3 | 7 | 6 | (0) | 1 |
| Capex | 0 | (2) | (4) | (5) | (1) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 3 | 2 | 3 | 2 | 2 | 2 | 2 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.22 | 0.16 | 0.10 | 0.01 | 0.05 | 0.10 | 0.09 | 0.06 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 2 Sept 2026 · 42nd AGM notice published in newspapers; meeting on September 25, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Letters dispatched to shareholders for FY26 Annual Report and AGM notice access | compliance | minimal | — | — |
| 1 Sept 2026 · 42nd AGM notice on September 25, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 42nd AGM notice and FY26 annual report filed; AGM on September 25, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 42nd AGM notice filed; meeting on Sep 25 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Newspaper ads published for 42nd AGM on September 25, 2026 | compliance | minimal | — | — |
| 14 Aug 2026 · Crimson Metal Q1 FY26-27 results published; revenue and profit up YoY | compliance | minimal | — | — |
| 13 Aug 2026 · Crimson Metal Engineering re-appoints OP Bagla & Co. LLP as Statutory Auditor for second term | management changes | medium | — | — |
| 13 Aug 2026 · Q1 FY27 Results: PAT up 38% YoY at Rs 3.10 lakh | results | medium | — | — |
| 13 Aug 2026 · Q1 FY27 results: PAT up 38% YoY, auditor re-appointed for 5 more years | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| RATNAMANI MET & TUB LTD. |
| 19,815 |
| 45.8 |
| 4.71 |
| 23.1 |
| 12.7 |
| 15.6 |
| 14.4 |
| 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 82.8 | 16.2 | 107 of 118 | 9% |
| P/B | 1.9 | 1.7 | 56 of 99 | 44% |
| ROCE | 1.0 | 8.7 | 98 of 120 | 19% |
| ROE | 2.4 | 8.6 | 88 of 114 | 23% |
| Debt / Equity | 4.4 | 0.1 | 113 of 114 | 1% |
| EBITDA margin | 74.8 | 11.0 | 9 of 100 | 92% |
| Revenue growth | (34.5) | 13.7 | 86 of 97 | 12% |
| Profit growth | 602.6 | 29.3 | 8 of 105 | 93% |
| Market cap | 11 | 247 | 108 of 120 | 10% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
