VIBHOR STEEL TUBES LTD

Manufactures galvanized iron (GI) steel pipes and is diversifying into higher-margin steel infrastructure products. Operates three plants in Maharashtra (Pipe Nagar), Telangana (Mahabubnagar), and Odisha (Sundargarh) with combined capacity of 3,77,000 MTPA, of which 1,56,000 MTPA sits at the recently commissioned Unit III in Jharsuguda (Odisha). Pipes contribute 85% of revenue, crash barriers 12%, and newly added products — transmission line towers and octagon/high-mass poles — 3%. Over 80% of revenue comes from contract manufacturing for Jindal Pipes under the Jindal Star brand, supported by a six-year agreement running April 2023 to March 2029 with a minimum offtake of 1 lakh metric tons. The Odisha unit has booked 2,300–2,400 tons of transmission tower orders and 300 tons of pole orders, with pole capacity being doubled from 150 to 300 tons and a target of 500 tons/month. Raw materials — primarily steel — dominate the cost base at 88.3% of revenue, leaving EBITDA margins of around 3.9%. Total revenue for FY26 stood at ₹1,149.35 crore, with net profit of ₹8.79 crore.