BSE: 544553
M P K STEELS (I) LIMITED
Makes structural steel products — channels, beams and angles — at a manufacturing facility in Bagru, Jaipur, Rajasthan. Operates as a single-segment structural steel manufacturer, with FY26 revenue of Rs 258.80 crore. Raw materials are the dominant cost, accounting for 68.9% of revenue (Rs 178.38 crore), while employee cost is just 1.2% and other operating expenses 4.5%. Listed on the BSE SME platform on October 6, 2025 after raising Rs 2,573.50 lakhs through an IPO of 32.57 lakh equity shares at Rs 70 per share. Operating cash flow turned negative in FY26, largely driven by a sharp increase in trade receivables, even as profit after tax rose modestly to Rs 605.85 lakhs. The company is in the process of shifting its registered office from Assam to Rajasthan to align with where manufacturing and operations actually run. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Structural steel products (100%). Single-segment, material-intensive structural steel manufacturer
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 259 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.08 |
| ROE % · ROCE % | — · 17.4 |
| Debt / equity (x) | — |
| Cash from operations | 7 |
| Capex | (12) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 93 | 166 |
| Profit before tax | 2 | 6 |
| Net profit | — | — |
| EPS (₹) | 2.40 | 4.68 |
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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 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) | 6.0 | 15.6 | 17 of 105 | 85% |
| ROCE | 14.6 | 9.1 | 29 of 115 | 75% |
| Market cap | 44 | 210 | 86 of 122 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · BSE seeks clarification from MPK Steels on significant price movement | regulatory legal | medium | — | — |
| 13 Oct 2026 · RTA certificate filed under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 9 Oct 2026 · Company clarifies on significant share price movement | regulatory legal | medium | — | — |
| 1 Oct 2026 · BSE seeks clarification on sharp price movement in M P K Steels | regulatory legal | medium | — | — |
| 5 Sept 2026 · ROC grants 3-month AGM extension for FY26 | regulatory legal | medium | — | — |
| 3 Sept 2026 · Board approves auditor re-appointments and AGM extension for FY26 | management changes | medium | — | — |
| 13 Jul 2026 · RTA compliance certificate for Q1 FY27 - no demat activity reported | compliance | minimal | — | — |
| 27 Jun 2026 · M P K Steels shifting registered office from Assam to Rajasthan | corporate actions | medium | — | — |
| 4 Jun 2026 · Newspaper Publication of notice to General Public under section 13 of the Companies Act, 2013 read with Rule 30 of the Companies (incorporation) Rules, 2014 In Form INC 26. | compliance | minimal | — | — |
| 29 May 2026 · Announcement under regulations 30 of SEBI (LODR), 2015, consider and approve the audited financial results for the half year and year ended March 31, 2026 | results | 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.