BSE: 532001
INDUCTO STEEL LTD.
Procures end-of-life vessels and converts them into steel and scrap products, with operating sites at Bhavnagar and Mumbai. Bhavnagar is the larger site at ₹62.56 crores of segment revenue in FY26, while Mumbai contributes ₹5.77 crores. The operating model is visible in filings: as of Q2 FY26, the company held uncut ships worth ₹8,635.91 lakhs in inventory, indicating vessel procurement as the entry point into the steel value chain. FY26 revenue from operations was ₹165.71 crores, generating an EBITDA margin of 2.10% and a small net profit of ₹0.54 crores after a ₹371.86 lakh loss in FY25. Materials, at 44.2% of revenue, are by far the largest cost line, in line with vessel procurement as the principal input. The company is listed only on BSE and recently appointed a new CFO (Mr. Umesh Govindbhai Rathod) on January 15, 2026, following the resignation of the prior CFO in December 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & steel / scrap operations (Bhavnagar and Mumbai) (100%). Cyclical, asset-heavy iron & steel / vessel-dismantling business with very thin margins.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 57 | 90 | 104 | 159 | 166 |
| EBITDA (ex other income) | 3 | 2 | 2 | (3) | 3 |
| margin % | 5.0 | 1.8 | 2.2 | (1.6) | 1.8 |
| Owners' profit | 2 | 1 | 0 | (4) | 0 |
| EPS, as reported (₹) | 5.62 | 2.88 | 0.40 | (9.26) | 1.34 |
| ROE % · ROCE % | 5.3 · 6.7 | 1.3 · 4.4 | 0.4 · 8.8 | (9.4) · (6.4) | 1.3 · 7.8 |
| Debt / equity (x) | 0.12 | 0.36 | 0.08 | 0.42 | 0.23 |
| Cash from operations | (1) | (6) | (1) | (12) | 29 |
| Capex | (1) | (0) | (0) | (2) | (0) |
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 | 46 | 34 | 40 | 46 | 22 | 33 | 65 | 79 |
| Profit before tax | (3) | (1) | 0 | (0) | (1) | 0 | 2 | 2 |
| Net profit | (2) | (1) | 0 | (0) | (1) | 0 | 1 | 1 |
| EPS (₹) | (5.64) | (1.47) | 0.14 | (0.62) | (1.86) | 0.36 | 3.45 | 3.20 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mumbai | 74 | 43.5 |
| Bhavnagar | 96 | 56.5 |
| Total, before eliminations | 170 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.7 | 15.4 | 30 of 105 | 72% |
| P/B | 0.5 | 1.5 | 14 of 101 | 87% |
| ROCE | 1.8 | 9.1 | 93 of 115 | 19% |
| ROE | 1.3 | 8.6 | 87 of 103 | 16% |
| Debt / Equity | 0.2 | 0.2 | 56 of 101 | 45% |
| EBITDA margin | 7.6 | 11.0 | 62 of 100 | 38% |
| Revenue growth | 73.1 | 13.7 | 13 of 97 | 88% |
| Profit growth | 619.7 | 29.3 | 6 of 105 | 95% |
| Market cap | 20 | 216 | 98 of 122 | 20% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RTA files quarterly dematerialisation compliance certificate with BSE | compliance | minimal | — | — |
| 10 Oct 2026 · Promoter Lalitadevi Reniwal to receive 3.82% shares as gift from son | ownership changes | medium | — | — |
| 9 Oct 2026 · Inducto Steel promoter receives 3.82% shares via gift from immediate relative | ownership changes | low | — | — |
| 30 Sept 2026 · 38th AGM voting results - 3 resolutions passed | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 38th AGM of Inducto Steel held on Sept 30, 2026, 3 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure - Sept 2026 Q2 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Promoter Renuwal acquires shares via inter-se gift transfer; encumbrance clears | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter group reshuffles 3.82 percent stake via gift deed at Inducto Steel | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter Rajeev Reniwal acquires 1.53 lakh shares via inter-se gift from mother | ownership changes | medium | — | — |
| 25 Sept 2026 · Promoter Rajeev Reniwal acquires 3.82 percent stake via gift from mother | ownership changes | medium | — | — |
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.