BSE: 513540
TAMILNADU STEEL TUBES LTD.
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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) | 146.4 | 15.4 | 102 of 105 | 3% |
| P/B | 1.6 | 1.5 | 55 of 101 | 46% |
| ROCE | 1.5 | 9.1 | 94 of 115 | 18% |
| ROE | 0.6 | 8.6 | 90 of 103 | 13% |
| Debt / Equity | 1.0 | 0.2 | 95 of 101 | 6% |
| 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 | 16 | 216 | 105 of 122 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 21 Sept 2026 · New Independent Director Appointed at Tamilnadu Steel Tubes | management changes | medium | — | — |
| 21 Sept 2026 · Independent Director Divya Abishek completes tenure, steps down | management changes | medium | — | — |
| 16 Sept 2026 · 47th AGM: All 14 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 16 Sept 2026 · 47th AGM held via video conferencing; 14 resolutions passed | board shareholder meetings | low | — | — |
| 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 | — | — |
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.