Manufactures mild steel (MS) and galvanised iron (GI) square and rectangular steel pipes from a base in Chennai, selling into both domestic and export markets. The business is reported as a single segment (steel tubes) with no separate product, geography or end-use breakdown in the filings. FY26 revenue from operations was ₹91.8572 crore, up 24.37% year-on-year, but margins were very thin — EBITDA margin of 1.625% and net profit margin of 0.0625%. Raw materials, primarily steel, dominate the cost stack at ₹80.5386 crore or 87.7% of revenue, with employee cost at 5.8% and other operating costs at 4.6% of revenue. The board has approved purchases of new machinery to expand production and exports, and is also sourcing electricity from solar producers to cut power costs. Capital expenditure in FY26 was ₹0.855 crore (0.9% of revenue), debt-to-equity stood at 1.04, and a ₹3 crore overdraft facility with City Union Bank was renewed in May 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel tubes (MS and GI square and rectangular pipes). Single-segment, small-scale steel tubes manufacturer with very thin margins and high raw-material intensity.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 92 | 71 | 74 | 92 |
| EBITDA (ex other income) | 1 | 1 | 1 | 1 | 1 |
| margin % | 1.5 | 0.6 | 0.7 | 1.3 | 1.5 |
| Owners' profit | 1 | 1 | 0 | 0 | 0 |
| EPS, as reported (₹) | 1.02 | 1.10 | 0.55 | 0.19 | 0.11 |
| ROE % · ROCE % | 6.4 · 8.9 | 6.1 · 3.8 | 3.0 · 2.8 | 0.2 · 3.2 | 0.6 · 4.2 |
| Debt / equity (x) | 1.16 | 0.68 | 0.66 | 0.92 | 1.04 |
| Cash from operations | (4) | (2) | 1 | 0 | 2 |
| Capex | (1) | (0) | (1) | (1) | (1) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 16 | 20 | 25 | 22 | 19 | 26 | 21 |
| Profit before tax | 0 | 0 | (0) | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | (0) | 0 | 0 | (0) | (0) | 0 |
| EPS (₹) | 0.06 | 0.04 | 0.10 | 0.10 | 0.09 | 0.01 | 0.07 | 0.04 |
| 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 % |
|---|---|---|---|---|
| 11 Sept 2026 · Newspaper notice on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 25 May 2026 · We have published the Finanicial Results for the QE & FYE 31.03.2026 in the News Paper Viz Makkal Kural (Tamil)and Trinity Mirror(English) and Copies of the news paper clippings are attached .... | compliance | minimal | — | — |
| 23 May 2026 · As directed by BSE the "pdf'''' format is being submitted with regard to the 1st Board of Directors'' meeting 2026-27 held on 23.05.2026 and took on records the audited Fin Results for .... | results | high | — | — |
| 23 May 2026 · OUTCOME OF 1ST BOARD OF DIRECTORS'' HELD ON 23.05.2026 | results | high | — | — |
| 18 May 2026 · Pursuant to REG 30 of SEBI (LODR) Regulation 2015, we have published Notice of Board Meeting (Scheduled on 23.05.2026) in News Paper viz. Trinity Mirror (English) & Makkal Kural (Tamil) .... | compliance | minimal | — | — |
| 16 May 2026 · Tamilnadu Steel Tubes Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/05/2026 ,inter alia, to consider and approve To Consider, approve .... | board shareholder meetings | low | — | — |
| 29 Apr 2026 · Annual Secretarial Compliance Report (REG-24A) for the Fin. Year ended 31.03.2026 issued by Sri VS Sowrirajan, PCS, is being submitted in pdf format. This report is being filed in xbrl .... | compliance | minimal | — | — |
| 13 Apr 2026 · RTA compliance certificate for Q4 FY26 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 8 Apr 2026 · <b>Format of Initial Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''><tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> <td><b>Details</b></td> .... |
| 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) | 162.4 | 16.2 | 116 of 118 | 2% |
| P/B | 1.8 | 1.7 | 52 of 99 | 48% |
| ROCE | 1.5 | 8.7 | 97 of 120 | 19% |
| ROE | 0.6 | 8.6 | 98 of 114 | 14% |
| Debt / Equity | 1.0 | 0.1 | 108 of 114 | 5% |
| EBITDA margin | 2.1 | 11.0 | 93 of 100 | 7% |
| Revenue growth | (14.9) | 13.7 | 77 of 97 | 21% |
| Profit growth | (59.3) | 29.3 | 91 of 105 | 14% |
| Market cap | 17 | 247 | 104 of 120 | 13% |
| compliance |
| minimal |
| — |
| — |
| 25 Mar 2026 · The Trading Window for dealing in shares of the company for all the designated persons will remain closed from 1st April 2026 till the expiry of 48 hours after the declaration of the Audited .... | compliance | minimal | — | — |
| 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 |
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.
