Operates in the Iron & Steel Products industry, with its name indicating steel tubes as a likely product line, and reported revenue of ₹457.88 crore in FY26. The cost structure is heavily weighted toward raw materials at 92.6% of revenue, while employee costs are just 0.9% and other operating expenses 1.7%, pointing to a thin value-add or trading-oriented model rather than heavy in-house manufacturing. Capital expenditure was 0.4% of revenue in FY26, and total assets stood at ₹216.73 crore. The company is based in Ahmedabad and is listed on the BSE SME platform, with the promoter group holding around 74.72% of equity. In February 2026 it allotted bonus shares in a 1:2 ratio, raising paid-up capital from ₹8.29 crore to ₹12.43 crore. The statutory auditor's report on the FY26 results included a 'Material Uncertainty Related to Going Concern' qualification. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & Steel Products (including tubes). Small-cap, materials-heavy iron & steel products business with thin apparent value-add
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 327 | 303 | 328 | 391 | 458 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.57 | 2.99 | 5.79 | 9.15 | 9.21 |
| ROE % · ROCE % | — · 11.2 | — · 14.6 | — · 18.3 | — · 20.2 | — · 24.9 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (3) | (8) | 9 | 13 | 6 |
| Capex | — | — | — | (1) | (2) |
| ₹ crore | Q2 FY22 | Q4 FY22 | Q2 FY23 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161 | 142 | 115 | 174 | 155 | 237 | 247 | 211 |
| Profit before tax | 2 | 2 | 1 | 4 | 5 | 6 | 9 | 6 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.87 | 1.12 | 1.39 | 2.82 | 4.06 | 5.09 | 7.34 | 4.32 |
| 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 % |
|---|---|---|---|---|
| 8 Sept 2026 · FY25-26 Annual Report with 25th AGM Notice | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · 25th AGM on Sept 30, 2026; cost auditor pay and director re-appointment on agenda | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Record date set for 25th AGM on 30 September 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book Closure for 25th AGM from Sept 21 to Sept 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves Director's Report and 25th AGM Notice | board shareholder meetings | medium | — | — |
| 15 Jul 2026 · Routine RTA compliance certificate under SEBI Regulation 74(5) for Q1 | compliance | minimal | — | — |
| 25 Jun 2026 · Promoter Rajeshkumar Mittal buys 2,250 shares of Riddhi Steel | ownership changes | low | — | — |
| 30 May 2026 · Appointement of Secreterial Auditor | management changes | medium | — | — |
| 30 May 2026 · Appointement of Internal Auditor | management changes | medium | — | — |
| 30 May 2026 · Appointment of Cost Auditor | management changes | medium | — | — |
| 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 |
| 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) | 9.9 | 16.2 | 32 of 118 | 74% |
| ROCE | 13.2 | 8.7 | 38 of 120 | 69% |
| Revenue growth | 21.4 | 13.7 | 36 of 97 | 64% |
| Market cap | 256 | 247 | 60 of 120 | 50% |
| 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.
