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.
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Mumbai | 74 | 43.5 |
| Bhavnagar | 96 | 56.5 |
| Total, before eliminations | 170 | 100.0 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Inducto Steel 38th AGM on Sep 30 2026; Annual Report weblink shared | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Remote e-voting and cut-off date for 38th AGM announced | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Inducto Steel 38th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Inducto Steel files FY26 annual report and 38th AGM notice; AGM on Sep 30, 2026 | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Q1 FY27: Revenue up 73% YoY to Rs. 79.4 cr, swings to Rs. 1.29 cr profit | results | medium | — | — |
| 12 Aug 2026 · Inducto Steel Q1 FY27 PAT swings to profit of Rs 1.29 cr vs loss YoY | results | medium | — | — |
| 30 Jul 2026 · Board meeting on Aug 12, 2026 to approve Q1 FY27 results | results | low | — | — |
| 15 Jul 2026 · RTA submits compliance certificate under Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Trading window closed from July 1, 2026 ahead of Q1 FY27 results | compliance | minimal | — | — |
| 29 May 2026 · Enclosed Audited Standalone and Consolidated Financial Results of the company for the quarter and year ended March 31, 2026 alongwith the Auditors Report for the quarter and year ended March 31, 2026. | results | high | — | — |
| Where a broker report shows | This document shows |
|---|
| 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 |
| 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) | 7.0 | 16.2 | 25 of 118 | 80% |
| P/B | 0.6 | 1.7 | 13 of 99 | 87% |
| ROCE | 1.8 | 8.7 | 96 of 120 | 20% |
| ROE | 1.3 | 8.6 | 95 of 114 | 17% |
| Debt / Equity | 0.2 | 0.1 | 69 of 114 | 40% |
| 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 | 25 | 247 | 95 of 120 | 21% |
| 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 |
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.
