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
| ₹ 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) |
| ₹ 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 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Stainless Steel | 429 | 86.1 |
| Ceramic | 8 | 1.5 |
| Sodium Silicate | 62 | 12.4 |
| Total, before eliminations | 499 | 100.0 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 4 Sept 2026 · Board approves Director's Report, 36th AGM notice and related party deals | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Board approves two wholly owned subsidiaries | strategic transactions | medium | — | — |
| 14 Aug 2026 · Unison Metals Q1 FY27: consolidated PAT nearly doubles, revenue weak | results | high | — | — |
| 14 Aug 2026 · Unison Metals Q1 FY27 results: PAT up sharply, standalone revenue dips | results | high | — | — |
| 7 Aug 2026 · Board Meeting on 14 Aug 2026 to Consider Q1 FY27 Results | results | low | — | — |
| 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 |
| 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 |
| 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) | 0.8 | 16.2 | 7 of 118 | 95% |
| P/B | 0.3 | 1.7 | 5 of 99 | 95% |
| ROCE | 9.1 | 8.7 | 59 of 120 | 51% |
| ROE | 9.3 | 8.6 | 55 of 114 | 52% |
| Debt / Equity | 1.0 | 0.1 | 106 of 114 | 7% |
| 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 | 28 | 247 | 93 of 120 | 23% |
| 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.
