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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. GI Steel Pipes (85%), Crash Barriers (12%), Transmission Line Towers, Octagon and High-Mass Poles (3%). Asset-heavy steel manufacturer with thin margins, currently diversifying from contract-manufactured GI pipes into higher-margin infrastructure products.
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 294 |
| Profit before tax | 3 |
| Net profit | 2 |
| EPS (₹) | 1.02 |
| 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 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · Promoter buys 1,800 shares of Vibhor Steel Tubes in open market | ownership changes | low | — | — |
| 5 Sept 2026 · Promoter Vijay Kumar Kaushik buys 1,800 shares | ownership changes | medium | — | — |
| 3 Sept 2026 · Promoter Vijay Kumar Kaushik buys 4000 shares via open market | ownership changes | medium | — | — |
| 3 Sept 2026 · Promoter Vijay Kumar Kaushik buys 4,000 shares of Vibhor Steel Tubes | ownership changes | medium | — | — |
| 2 Sept 2026 · Promoter Vijay Kumar Kaushik buys 5,000 shares of Vibhor Steel Tubes | ownership changes | medium | — | — |
| 2 Sept 2026 · Promoter Vijay Kumar Kaushik buys 5,000 shares of Vibhor Steel Tubes | ownership changes | low | — | — |
| 1 Sept 2026 · Vibhor Steel Tubes promoter Vijay Kumar Kaushik buys 15000 shares open market | ownership changes | medium | — | — |
| 1 Sept 2026 · Promoter buys 15,000 shares of Vibhor Steel Tubes in open market | ownership changes | medium | — | — |
| 25 Aug 2026 · Subsidiary Viyom Steel Infra acquires 14.21 acres land in Hisar for about Rs 20 crore | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Vibhor Steel Tubes grants 20 Cr loan to wholly owned subsidiary | credit debt | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 116.7 | 16.2 | 113 of 118 | 4% |
| EBITDA margin | 4.2 | 11.0 | 78 of 100 | 22% |
| Market cap | 226 | 247 | 63 of 120 | 48% |
| 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.
