NSE: PRAKASHSTL · BSE: 533239
PRAKASH STEELAGE LTD
Manufactures and sells stainless steel tubes and pipes, generating Rs 9,074.67 lakhs of revenue from operations in FY26, up 18.5% year-on-year from Rs 7,656.86 lakhs in FY25, driven by higher stainless steel pipe sales. Despite the revenue growth, net profit after tax fell to Rs 83.87 lakhs from Rs 129.57 lakhs (~35% drop), and the Q4 FY26 standalone PAT was just Rs 3.64 lakhs, with EBITDA margin compressing from 3.84% to 2.28%. Raw materials are the dominant input, accounting for 74.9% of revenue, with cost of materials consumed rising from Rs 4,739.44 lakhs in FY25 to Rs 6,793.20 lakhs in FY26. Other equity on the balance sheet is negative at Rs 772.15 lakhs / Rs 777.15 lakhs, reflecting accumulated losses. The company faces an outstanding Income Tax demand of Rs 49.29 crore (including interest) for Assessment Year 2024-25, which it plans to appeal, and a SEBI show cause notice dated April 21, 2026 alleging violations of multiple LODR regulations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stainless steel tubes and pipes. Small, margin-compressed stainless steel tube and pipe manufacturer with accumulated losses and pending regulatory matters.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 46 | 95 | 106 | 77 | 91 |
| EBITDA (ex other income) | 128 | 2 | 38 | 2 | 2 |
| margin % | 276.1 | 2.6 | 36.2 | 2.0 | 1.9 |
| Owners' profit | 164 | 4 | 58 | 1 | 1 |
| EPS, as reported (₹) | 9.34 | 0.24 | 3.31 | 0.07 | 0.05 |
| ROE % · ROCE % | (301.3) · (308.5) | (8.3) · (6.4) | 750.1 · 696.1 | 14.6 · 21.4 | 8.6 · 11.2 |
| Debt / equity (x) | (0.63) | (0.58) | 0.02 | 0.44 | 0.03 |
| Cash from operations | 38 | 6 | 29 | (3) | 7 |
| Capex | (1) | (0) | (1) | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19 | 19 | 21 | 16 | 25 | 24 | 25 | 17 |
| Profit before tax | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.02 | 0.04 | 0.01 | 0.02 | 0.00 | 0.02 | 0.00 | 0.01 |
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) | 109.7 | 15.4 | 99 of 105 | 6% |
| P/B | 5.9 | 1.5 | 92 of 101 | 9% |
| ROCE | 10.6 | 9.1 | 51 of 115 | 56% |
| ROE | 8.6 | 8.6 | 51 of 103 | 51% |
| Debt / Equity | 0.0 | 0.2 | 27 of 101 | 74% |
| EBITDA margin | 2.7 | 11.0 | 90 of 100 | 10% |
| Revenue growth | 2.3 | 13.7 | 67 of 97 | 31% |
| Profit growth | (57.0) | 29.3 | 90 of 105 | 14% |
| Market cap | 58 | 216 | 81 of 122 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5 to approve September results | results | low | — | — |
| 12 Oct 2026 · Compliance filing: Reg 74(5) certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Prakash Steelage 35th AGM: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · 35th AGM held on Sep 28, 2026; voting results pending | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Promoter family gift transfer of 96.25 lakh shares at nil price | ownership changes | high | — | — |
| 9 Sept 2026 · Inter-se promoter gift transfer of 96.25 lakh shares (5.50% stake) | ownership changes | medium | — | — |
| 4 Sept 2026 · Prakash Steelage files newspaper notice for 35th AGM on 28 Sept 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · 35th AGM notice and annual report sent to members without registered email | compliance | minimal | — | — |
| 3 Sept 2026 · Book closure from 21-28 Sep 2026 for 35th AGM of Prakash Steelage | board shareholder meetings | low | — | — |
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.