NSE: PANCHMAHQ · BSE: 513511
PANCHMAHAL STEEL LTD.
Operates in the Iron & Steel Products industry, with a senior management structure that includes dedicated General Managers for a Steel Melting Shop (SMS) and Rolling Mill Division (RMD), indicating the business melts steel and rolls it into downstream products. Full-year FY26 revenue from operations stood at Rs 38,424.12 lakhs, marginally higher than Rs 38,310.11 lakhs in FY25; quarterly run-rate was Rs 9,810.57 lakhs in Q3 FY26 and Rs 10,596.30 lakhs in Q4 FY26. The business swung to a net loss of Rs 226.34 lakhs in FY26 against a net profit of Rs 332.53 lakhs in FY25, as elevated raw material costs compressed the EBITDA margin to roughly 3.68% from about 5.08%. Raw materials make up the bulk of the cost stack at 68.7% of revenue, followed by other operating expenses at 19.8% and employee costs at 6.3%. The company cut borrowings to Rs 3,522.27 lakhs from Rs 4,966.46 lakhs, and operating cash flow improved sharply to Rs 2,856.04 lakhs from negative Rs 504.86 lakhs on working-capital release. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Iron & Steel Products (100%). Small-cap, asset-heavy steel manufacturer; thin margins sensitive to raw-material prices.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 574 | 489 | 428 | 383 | 384 |
| EBITDA (ex other income) | 76 | 16 | 16 | 16 | 11 |
| margin % | 13.3 | 3.2 | 3.7 | 4.0 | 2.9 |
| Owners' profit | 59 | 1 | 3 | 3 | (2) |
| EPS, as reported (₹) | 30.71 | 0.72 | 1.56 | 1.74 | 1.19 |
| ROE % · ROCE % | 36.6 · 43.0 | 0.9 · 5.5 | 1.9 · 7.2 | 2.1 · 6.1 | (1.5) · 3.9 |
| Debt / equity (x) | 0.18 | 0.50 | 0.25 | 0.31 | 0.23 |
| Cash from operations | 38 | (30) | 40 | (5) | 29 |
| Capex | (6) | (7) | (2) | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 99 | 95 | 91 | 88 | 93 | 98 | 106 |
| Profit before tax | 3 | 2 | 2 | (3) | (3) | 1 | 2 | 1 |
| Net profit | 2 | 2 | 2 | (2) | (2) | 1 | 1 | (2) |
| EPS (₹) | 1.00 | 0.94 | 0.87 | (1.06) | (1.01) | 0.29 | 0.64 | 1.11 |
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) | 284.4 | 15.4 | 103 of 105 | 2% |
| P/B | 3.7 | 1.5 | 79 of 101 | 22% |
| ROCE | 0.5 | 9.1 | 98 of 115 | 15% |
| ROE | (1.5) | 8.6 | 95 of 103 | 8% |
| Debt / Equity | 0.2 | 0.2 | 55 of 101 | 46% |
| EBITDA margin | 4.0 | 11.0 | 81 of 100 | 19% |
| Revenue growth | 16.2 | 13.7 | 43 of 97 | 56% |
| Profit growth | (4.4) | 29.3 | 74 of 105 | 30% |
| Market cap | 559 | 216 | 49 of 122 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Board meeting on 31 Oct to consider Q2 FY27 results | results | low | — | — |
| 16 Oct 2026 · Panchmahal Steel gets INR 25.25 cr order from BHEL Ranipet | business updates | high | — | — |
| 10 Oct 2026 · Panchmahal Steel shares now tradable on NSE in addition to BSE | capital market events | high | — | — |
| 3 Oct 2026 · Routine compliance certificate on share dematerialisation for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · Company files GST appeal at Ahmedabad tribunal | regulatory legal | high | — | — |
| 26 Sept 2026 · Panchmahal Steel 53rd AGM: All 5 Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 53rd AGM held; 5 resolutions passed including CMD re-appointment | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Declared L1 bidder for BHEL order worth Rs 38.70 cr | business updates | medium | — | — |
| 2 Sept 2026 · Notice of 53rd AGM, e-voting and book closure details published | compliance | minimal | — | — |
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.