NSE: SCODATUBES · BSE: 544411
SCODA TUBES LIMITED
Manufactures steel tubes and pipes from a plant in Mehsana, Gujarat, selling to domestic and overseas customers. FY26 revenue was ₹518.65 crore, with net profit of ₹38.84 crore. Export revenue grew 39% year-on-year to ₹179.5 crore, now 34.6% of total revenue. The cost structure is dominated by raw materials at 79.9% of revenue, with other operating expenses at 15.2%, employee costs at 2.0% and depreciation at 1.8%. Capital expenditure ran at 22.3% of revenue. The company completed its IPO in June 2025, issuing 15.7 million shares at ₹140 per share on NSE and BSE and raising ₹2,200 million. IPO proceeds helped cut Net Debt/Equity to 0.3x from 1.1x and fund a 23x capacity expansion roadmap targeting 21,088 MTPA. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel tubes and pipes, Export sales (35%). Asset-heavy steel tubes and pipes manufacturer, recently listed
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 485 | 519 |
| EBITDA (ex other income) | 78 | 76 |
| margin % | 16.1 | 14.7 |
| Owners' profit | 32 | 39 |
| EPS, as reported (₹) | 7.60 | 6.79 |
| ROE % · ROCE % | 21.1 · 31.4 | 10.0 · 17.7 |
| Debt / equity (x) | 1.40 | 0.47 |
| Cash from operations | 18 | (14) |
| Capex | (40) | (116) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 124 | 97 | 145 | 152 | 124 | 124 |
| Profit before tax | 9 | 9 | 19 | 15 | 9 | 7 |
| Net profit | 7 | 7 | 14 | 11 | 6 | 5 |
| EPS (₹) | 1.51 | 1.44 | 2.42 | 1.91 | 1.02 | 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 | 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) | 17.5 | 15.6 | 58 of 105 | 45% |
| P/B | 1.7 | 1.4 | 58 of 101 | 42% |
| ROCE | 12.0 | 9.1 | 45 of 115 | 61% |
| ROE | 9.9 | 8.6 | 44 of 103 | 58% |
| Debt / Equity | 0.5 | 0.2 | 79 of 101 | 22% |
| EBITDA margin | 14.2 | 11.0 | 38 of 100 | 63% |
| Revenue growth | 27.6 | 13.7 | 29 of 97 | 71% |
| Profit growth | (25.9) | 29.3 | 82 of 105 | 22% |
| Market cap | 653 | 210 | 45 of 122 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Scoda Tubes submits Share Capital Audit Report for Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · RTA confirms share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · 18th AGM: all 14 resolutions passed by shareholders | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed for insiders till Q2 FY26 results are announced | compliance | minimal | — | — |
| 26 Sept 2026 · Scoda Tubes 18th AGM: 14 resolutions passed; FY26 PAT up 22.4% to Rs 38.8 cr | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Secretarial Auditor name changed from ALAP & Co. LLP to Prasad and Partners LLP | management changes | low | — | — |
| 23 Sept 2026 · Scoda Tubes says no undisclosed info behind unusual trading volume | compliance | low | — | — |
| 23 Sept 2026 · NSE flags unusual trading volume in Scoda Tubes; awaits company response | regulatory legal | high | — | — |
| 7 Sept 2026 · Newspaper ad for 18th AGM notice published | compliance | minimal | — | — |
| 4 Sept 2026 · Scoda Tubes 18th AGM on Sep 26, 2026 via video conferencing | 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.