BSE: 513043
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. S.S. Pipes (80%), Trading (20%), Others (0%). Small, asset-heavy industrial tube manufacturer with a niche high-purity pivot toward semiconductors.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 106 | 135 | 117 | 139 | 142 |
| EBITDA (ex other income) | 6 | 5 | 6 | 8 | 8 |
| margin % | 5.7 | 3.8 | 5.0 | 5.7 | 5.5 |
| Owners' profit | 1 | 0 | 1 | 3 | 3 |
| EPS, as reported (₹) | 0.58 | 0.13 | 1.26 | 2.43 | 2.39 |
| ROE % · ROCE % | 1.5 · 4.4 | 0.3 · 4.3 | 3.2 · 6.2 | 5.8 · 8.4 | 3.9 · 6.3 |
| Debt / equity (x) | 0.74 | 0.57 | 0.70 | 0.33 | 0.76 |
| Cash from operations | 4 | 8 | (4) | 24 | (22) |
| Capex | (1) | (1) | (1) | (7) | (36) |
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 | 23 | 32 | 43 | 41 | 27 | 33 | 34 | 47 |
| Profit before tax | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 2 |
| Net profit | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 1 |
| EPS (₹) | 0.18 | 1.15 | 0.75 | 0.38 | 0.19 | 0.94 | 0.33 | 0.88 |
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) | 90.2 | 15.4 | 96 of 105 | 9% |
| P/B | 3.8 | 1.5 | 81 of 101 | 20% |
| ROCE | 4.1 | 9.1 | 80 of 115 | 31% |
| ROE | 4.0 | 8.6 | 72 of 103 | 30% |
| Debt / Equity | 0.8 | 0.2 | 88 of 101 | 13% |
| EBITDA margin | 7.2 | 11.0 | 63 of 100 | 37% |
| Revenue growth | 16.5 | 13.7 | 40 of 97 | 59% |
| Profit growth | 166.0 | 29.3 | 19 of 105 | 83% |
| Market cap | 266 | 216 | 59 of 122 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Company receives Rs 60.25 crore tube orders | business updates | high | — | — |
| 15 Oct 2026 · RTA submits Reg 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 23 Sept 2026 · Board approves preferential allotment of 8.33 lakh shares at Rs 180 each | fund raising | medium | — | — |
| 23 Sept 2026 · Allotment of 8.33 lakh equity shares at Rs 180 each on preferential basis | fund raising | high | — | — |
| 23 Sept 2026 · Board approves preferential allotment of 8.33 lakh shares at Rs 180 | fund raising | high | — | — |
| 10 Sept 2026 · BSE approves preferential issue of shares and warrants | fund raising | high | — | — |
| 31 Aug 2026 · All 8 resolutions passed at 55th AGM with 99.99% majority | compliance | minimal | — | — |
| 31 Aug 2026 · 55th AGM: All 8 resolutions passed with 99.99% majority | compliance | minimal | — | — |
| 31 Aug 2026 · 55th AGM: All 8 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 31 Aug 2026 · 55th AGM: All resolutions passed; preferential issue and director changes approved | 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.