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.
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| 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 % |
|---|---|---|---|---|
| 2 Sept 2026 · Notice of 53rd AGM, e-voting and book closure details published | compliance | minimal | — | — |
| 2 Sept 2026 · Specimen letter dispatched to shareholders for 53rd AGM and Annual Report access | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 53rd AGM on September 25, 2026 with 5 resolutions | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 53rd Annual Report and AGM Notice submitted for FY2025-26 | compliance | medium | — | — |
| 8 Aug 2026 · Notice to shareholders about 53rd AGM on 25 September 2026 via video conferencing | compliance | minimal | — | — |
| 7 Aug 2026 · Intimation to physical shareholders for KYC updation | compliance | minimal | — | — |
| 4 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 3 Aug 2026 · Credit Rating Affirmed for Bank Loan Facilities at IND BBB-/Stable | credit debt | medium | — | — |
| 3 Aug 2026 · Board approves Q1 results, re-appoints CMD, continues director past age 75 | management changes | high | — | — |
| 3 Aug 2026 · Panchmahal Steel fixes 18 Sep 2026 as cut-off date for 53rd AGM e-voting | board shareholder meetings | low | — | — |
| 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) | 91.8 | 16.2 | 108 of 118 | 9% |
| P/B | 3.5 | 1.7 | 75 of 99 | 25% |
| ROCE | 0.5 | 8.7 | 101 of 120 | 16% |
| ROE | (1.5) | 8.6 | 104 of 114 | 9% |
| Debt / Equity | 0.2 | 0.1 | 68 of 114 | 41% |
| 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 | 534 | 247 | 48 of 120 | 61% |
| 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.
