Manufactures seamless steel pipes and tubes at a single plant in Roha, Raigad district, Maharashtra, with the registered office in Goregaon (East), Mumbai. Operates as a single-segment business in the iron and steel products space. Employee cost is the dominant expense at 66.1% of revenue, followed by other operating expenses at 18.6% and depreciation at 10.4%. Posted a net loss of Rs 0.07 cr on revenue of Rs 1.89 cr in FY26, with negative other equity on the balance sheet indicating accumulated losses. Small enough to claim exemptions from several SEBI LODR provisions on the basis of paid-up capital and net worth thresholds. Listed on BSE under scrip code 513460. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Seamless pipes and tubes. Small, single-plant steel manufacturer focused on seamless pipes and tubes
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 2 | 2 | 2 | 2 |
| EBITDA (ex other income) | 1 | 1 | (1) | 1 | 0 |
| margin % | 50.6 | 50.6 | (44.8) | 39.2 | 15.3 |
| Owners' profit | 1 | 1 | (1) | 0 | (0) |
| EPS, as reported (₹) | 1.02 | 1.02 | (2.35) | 0.48 | 0.14 |
| ROE % · ROCE % | 407.4 · 17.0 | 104.0 · 20.9 | 171.9 · (107.8) | (54.4) · 47.1 | 13.5 · 12.0 |
| Debt / equity (x) | 13.02 | 2.62 | (2.12) | (3.00) | (1.95) |
| Cash from operations | 1 | 2 | (1) | 0 | 1 |
| Capex | (0) | (0) | (0) | (0) | (0) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.12 | 0.08 | 0.13 | 0.18 | 0.19 | 0.12 | 0.63 | 0.30 |
| 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 % |
|---|---|---|---|---|
| 31 Aug 2026 · 35th AGM notice and FY26 annual report filed | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · 35th AGM notice on Sept 24, 2026 covering FY2026 accounts and director changes | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Board approves 35th AGM notice and board report; discusses expansion plans | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Board Meeting on 31 Aug 2026 to approve Board's Report and AGM notice | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Mahalaxmi Seamless Q1 FY27 results: PAT up 67% YoY, revenue rises 37% | results | high | — | — |
| 13 Aug 2026 · Board clears Q1 FY27 results, names new Chairperson | results | high | — | — |
| 10 Aug 2026 · Board meeting on 13 Aug for Q1 results and Chairperson change | management changes | medium | — | — |
| 27 Jul 2026 · SEBI compliance certificate for quarter ended June 2026 | compliance | minimal | — | — |
| 27 Jul 2026 · Statement of deviation or variation of funds not applicable for Q1 FY27 | compliance | minimal | — | — |
| 2 Jul 2026 · Promoter gifts 5.51 lakh shares to immediate relative | ownership changes | medium | — | — |
| 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 |
| 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) | 7.7 | 16.2 | 27 of 118 | 78% |
| ROCE | (9.9) | 8.7 | 111 of 120 | 8% |
| ROE | 13.5 | 8.6 | 28 of 114 | 76% |
| Debt / Equity | (1.9) | 0.1 | 6 of 114 | 96% |
| EBITDA margin | 36.6 | 11.0 | 11 of 100 | 90% |
| Revenue growth | 37.4 | 13.7 | 18 of 97 | 82% |
| Profit growth | 66.8 | 29.3 | 40 of 105 | 63% |
| Market cap | 5 | 247 | 114 of 120 | 5% |
| 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.
