NSE: GANDHITUBE · BSE: 513108
GANDHI SPL. TUBES LTD
Manufactures special tubes in the Iron & Steel Products industry, with FY26 revenue of Rs 191.77 crore and net profit of Rs 68.36 crore. The company runs a manufacturing plant, evidenced by the June 2026 appointment of a General Manager-Plant Head. Raw materials form the largest cost at 34.3% of revenue, followed by other operating expenses at 17.5% and employee costs at 5.1%. Depreciation is 1.8% of revenue and capex runs at about 1.0%, pointing to a relatively light asset base. The company is debt-free and posted an EBITDA margin of 49.28% in FY26. Promoters hold 73.53% of the equity, and a 300% dividend plus a buyback of up to Rs 78.13 crore have been recommended. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Special tubes. Light-asset special tubes manufacturer in capital goods, debt-free
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 137 | 167 | 171 | 173 | 192 |
| EBITDA (ex other income) | 49 | 61 | 64 | 68 | 83 |
| margin % | 35.7 | 36.2 | 37.5 | 39.6 | 43.1 |
| Owners' profit | 39 | 47 | 56 | 59 | 68 |
| EPS, as reported (₹) | 30.66 | 38.95 | 45.74 | 48.28 | 56.26 |
| ROE % · ROCE % | 26.2 · 32.2 | 26.0 · 33.0 | 24.9 · 31.6 | 22.1 · 27.9 | 21.6 · 28.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 41 | 45 | 26 | 47 | 55 |
| Capex | (4) | (1) | (3) | (4) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49 | 40 | 43 | 48 | 48 | 48 | 47 | 57 |
| Profit before tax | 23 | 18 | 17 | 28 | 23 | 26 | 13 | 36 |
| Net profit | 17 | 15 | 12 | 22 | 18 | 20 | 9 | 28 |
| EPS (₹) | 14.49 | 12.48 | 9.83 | 17.78 | 14.56 | 16.21 | 7.71 | 22.99 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.3 | 15.4 | 46 of 105 | 57% |
| P/B | 3.4 | 1.5 | 78 of 101 | 23% |
| ROCE | 28.0 | 9.1 | 5 of 115 | 97% |
| ROE | 21.6 | 8.6 | 8 of 103 | 93% |
| Debt / Equity | 0.0 | 0.2 | 1 of 101 | 89% |
| EBITDA margin | 64.7 | 11.0 | 10 of 100 | 91% |
| Revenue growth | 18.9 | 13.7 | 39 of 97 | 60% |
| Profit growth | 29.3 | 29.3 | 53 of 105 | 50% |
| Market cap | 1066 | 216 | 35 of 122 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for 3 November to approve Q2 and half-year results | results | low | — | — |
| 16 Oct 2026 · Reminder 2: Special window for physical share transfer lodgement | compliance | minimal | — | — |
| 9 Oct 2026 · Routine compliance certificate filed for share dematerialization | compliance | minimal | — | — |
| 5 Oct 2026 · Trading Window Closed Ahead of Q2 Results | compliance | minimal | — | — |
| 23 Sept 2026 · NSE queries unusual volume; company says no undisclosed info | regulatory legal | medium | — | — |
| 22 Sept 2026 · Unusual trading volume triggers exchange query | compliance | medium | — | — |
| 17 Sept 2026 · Buyback complete: 8.68 lakh shares extinguished at Rs 900 each | corporate actions | high | — | — |
| 11 Sept 2026 · Gandhi Special Tubes files post-buyback public advertisement | compliance | minimal | — | — |
| 26 Aug 2026 · Buyback: Letter of Offer dispatched, newspaper ads published | compliance | minimal | — | — |
| 25 Aug 2026 · Buyback of up to 8,68,100 shares at INR 900 per share via tender offer | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.