REMI EDELSTAHL TUBULARS LIMITE

REMI Edelstahl Tubulars manufactures stainless steel (S.S.) pipes and tubes from a plant at M.I.D.C. Tarapur, Boisar in Palghar, Maharashtra. The core revenue line is S.S. Pipes, which made up 80.0% of segment revenue in the YTD period to December 2020, with a Trading arm contributing 19.8% and an Others line making up 0.2%. End-use customers include thermal power (a single largest order of Rs 62.2 cr for thermal power tubes has been booked), oil and gas (Indian Navy submarine applications, commercial supplies to ADNOC), and water treatment, with NORSOK M650 certification secured. The company is moving into Ultra High Purity (UHP) tubes for semiconductor and biotech applications through a partnership with WSG Co. Ltd. of South Korea, with machinery installed and trials underway. Order book stood at Rs 114 cr as of Q1 FY27, including export orders of over Rs 10 cr from Middle East oil majors. To fund the next leg, the board has approved Rs 27.50 cr of capex to add 500 MTPA of UHP tube capacity within 12 months, alongside a Rs 22.20 cr preferential issue of shares and warrants at Rs 180 each. The cost base is dominated by raw materials at 72.7% of revenue, with employees at 8.7% and other opex at 17.2%, which limits operating margin to a 6.43% EBITDA margin in FY26.