BSE: 538610
UNISON METALS LTD
Manufactures and sells stainless steel across multiple grades through its own operations and a wholly-owned subsidiary (Chandanpani Limited), which is adding 300-series and 400-series grades including 304 and 316 used in construction, automotive, food processing, oil & gas, pharmaceuticals, pumps & valves, and chemicals. Sodium Silicate is a smaller line that supplies a raw material to detergent, paper, food, pharmaceutical, rubber and foundry industries, while a small Ceramic business contributes marginal revenue. Stainless Steel accounted for FY26 segment revenue of Rs. 429.31 crore, with Sodium Silicate at Rs. 61.80 crore and Ceramic at Rs. 7.55 crore. The company is setting up a new 38,000 MT sodium silicate unit at Dhamatvan, Ahmedabad, at a project cost of Rs. 30 crore, expected to start commercial production by May 2026 and add around Rs. 135 crore in annual revenue at full capacity. Manufacturing at the Cold Rolled atta-Patti plant has been suspended, with those assets classified as held for sale. Materials made up 86.7% of FY26 revenue, making raw materials the dominant cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Stainless Steel, Sodium Silicate, Ceramic. Materials-heavy small-cap stainless steel maker expanding into specialty chemicals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 159 | 237 | 276 | 315 | 499 |
| EBITDA (ex other income) | 9 | 10 | 16 | 15 | 19 |
| margin % | 5.9 | 4.0 | 5.7 | 4.8 | 3.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.86 | 1.06 | 2.23 | 2.78 | 0.25 |
| ROE % · ROCE % | 5.0 · 13.5 | 5.7 · 14.6 | 10.7 · 21.9 | 11.8 · 19.0 | 9.3 · 14.2 |
| Debt / equity (x) | 1.94 | 1.99 | 1.80 | 1.68 | 0.96 |
| Cash from operations | 6 | 5 | 5 | 8 | (39) |
| Capex | (7) | (8) | (1) | (6) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 67 | 71 | 122 | 137 | 109 | 164 | 89 |
| Profit before tax | 2 | 1 | 1 | 3 | 2 | 2 | 6 | 1 |
| Net profit | 1 | 0 | 0 | 2 | 1 | 1 | 4 | 1 |
| EPS (₹) | 0.82 | 0.30 | 0.24 | 1.42 | 0.60 | 0.44 | 0.15 | 0.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Stainless Steel | 429 | 86.1 |
| Ceramic | 8 | 1.5 |
| Sodium Silicate | 62 | 12.4 |
| Total, before eliminations | 499 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.5 | 15.4 | 4 of 105 | 97% |
| P/B | 0.2 | 1.5 | 3 of 101 | 98% |
| ROCE | 9.1 | 9.1 | 58 of 115 | 50% |
| ROE | 9.3 | 8.6 | 49 of 103 | 53% |
| Debt / Equity | 1.0 | 0.2 | 93 of 101 | 8% |
| EBITDA margin | 3.6 | 11.0 | 83 of 100 | 17% |
| Revenue growth | (27.2) | 13.7 | 84 of 97 | 14% |
| Profit growth | (68.0) | 29.3 | 92 of 105 | 13% |
| Market cap | 19 | 216 | 99 of 122 | 19% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · RTA confirmation certificate for Q3 FY26 dematerialisation | compliance | minimal | — | — |
| 3 Oct 2026 · 36th AGM results: All 5 resolutions passed with high majority | compliance | minimal | — | — |
| 3 Oct 2026 · Unison Metals 36th AGM: All 5 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 36th AGM held on 30 Sep 2026; 5 resolutions transacted, results awaited | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper notice for 36th AGM on September 30, 2026 at 11:00 AM | compliance | minimal | — | — |
| 5 Sept 2026 · Unison Metals 36th AGM notice with FY25-26 annual report, RPT approval sought | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Unison Metals 36th AGM on Sep 30; seeks OK for Rs 100 Cr RPTs | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Record date fixed at 23 Sep 2026 for 36th AGM eligibility | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Book Closure from Sep 21 to Sep 30, 2026 for 36th AGM | 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.