NSE: SAMBHV · BSE: 544430
SAMBHV STEEL TUBES LTD
Manufactures steel pipes and tubes including mild steel (MS) ERW pipes, structural pipes, stainless steel (SS) cold-rolled coils, and pre-galvanised coils and pipes. FY26 sales volume totalled 396,000 tons, up 37% year-on-year; Q1 FY27 sales volume was 1,07,771 tons, of which value-added products hit a record 1,01,191 tons, broken into structural pipes and tubes at 56,617 tons, pre-galvanised coils and pipes at 29,814 tons, and stainless steel coils at 14,760 tons. Stainless steel CR coil capacity was recently doubled from 58,000 to 1,16,000 TPA, and a greenfield 3,60,000 TPA stainless steel coil project at Kesda is targeted for Q4 FY27 commissioning, alongside an additional 1,50,000 TPA of ERW capacity via DFT. A 30 MW captive power plant at Sarora is under construction at ₹150 crore. The company has signed a PLI 1.2 MOU with the Ministry of Steel for thin-gauge SS CR coils (capped at ₹200 crore) and 10 co-branding MOUs for SS pipe manufacturing. End-use demand comes from solar projects, warehousing, metro expansion, railway redevelopment and airports. Raw materials, primarily steel coils and sponge iron, account for 72% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Structural pipes and tubes, Pre-galvanised coils and pipes, Stainless steel coils, Intermediate products. Cyclical, asset-heavy steel pipes and tubes manufacturer with ongoing capacity expansion
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,511 | 2,413 |
| EBITDA (ex other income) | 154 | 273 |
| margin % | 10.2 | 11.3 |
| Owners' profit | 57 | 142 |
| EPS, as reported (₹) | 2.38 | 5.05 |
| ROE % · ROCE % | 11.6 · 14.6 | 13.5 · 17.5 |
| Debt / equity (x) | 1.02 | 0.35 |
| Cash from operations | 126 | 212 |
| Capex | (227) | (287) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 495 | 559 | 580 | 589 | 685 | 732 |
| Profit before tax | 22 | 46 | 41 | 33 | 71 | 77 |
| Net profit | 17 | 34 | 31 | 24 | 53 | 57 |
| EPS (₹) | 0.69 | 1.41 | 1.04 | 0.83 | 1.81 | 1.92 |
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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 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) | 30.1 | 15.6 | 75 of 105 | 29% |
| P/B | 4.7 | 1.4 | 89 of 101 | 12% |
| ROCE | 14.4 | 9.1 | 30 of 115 | 75% |
| ROE | 13.5 | 8.6 | 24 of 103 | 78% |
| Debt / Equity | 0.3 | 0.2 | 69 of 101 | 32% |
| EBITDA margin | 13.7 | 11.0 | 39 of 100 | 62% |
| Revenue growth | 31.1 | 13.7 | 24 of 97 | 76% |
| Profit growth | 66.9 | 29.3 | 39 of 105 | 64% |
| Market cap | 4959 | 210 | 16 of 122 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Sambhv Steel Tubes schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for September 2026 quarterly and half-year results | results | low | — | — |
| 17 Oct 2026 · Sambhv Steel Tubes allots 86.95 lakh convertible warrants at Rs 115 | fund raising | high | — | — |
| 12 Oct 2026 · Routine compliance certificate for Q2 FY26 demat activity | compliance | minimal | — | — |
| 6 Oct 2026 · Appointment of Monitoring Agency for Preferential Warrants Issue | fund raising | medium | — | — |
| 2 Oct 2026 · Sambhv Steel Tubes reports highest-ever Q2FY27 value-added product sales volume | business updates | medium | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 until Q2 FY26 results are declared | compliance | minimal | — | — |
| 24 Sept 2026 · Investor meeting schedule announced for September 29 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Plant visit scheduled for analysts and investors on September 24 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Sambhv Steel clarifies NSE queries on preferential warrants issue | fund raising | high | — | — |
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.