NSE: VSTL · BSE: 544124
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. 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.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q1 FY27 |
|---|---|
| Revenue | 294 |
| Profit before tax | 3 |
| Net profit | 2 |
| EPS (₹) | 1.02 |
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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 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) | 93.6 | 15.6 | 98 of 105 | 7% |
| EBITDA margin | 4.2 | 11.0 | 78 of 100 | 22% |
| Market cap | 181 | 210 | 63 of 122 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Vibhor Steel Tubes approves INR 5 Cr loan to wholly owned subsidiary | strategic transactions | medium | — | — |
| 22 Oct 2026 · Board approves Rs 5 Cr loan to wholly owned subsidiary | board shareholder meetings | low | — | — |
| 3 Oct 2026 · Quarterly certificate on share dematerialisation filed with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Update on Investor Summit Participation by Arihant Capital | investor communications | low | — | — |
| 23 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Management to attend Arihant Capital Investor Summit | board shareholder meetings | low | — | — |
| 17 Sept 2026 · AGM voting results: All 8 resolutions passed with 99.99% approval | compliance | low | — | — |
| 16 Sept 2026 · Vibhor Steel Tubes 23rd AGM: 8 resolutions passed, director pay revised | board shareholder meetings | low | — | — |
| 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 | — | — |
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.