Makes specialty stainless steel products — tubes, pipes, bars, blooms and ingots — at one integrated plant in Jhagadia, Gujarat. FY26 product mix was hot and cold rolled steel at 50% of turnover, tube fittings at 31%, and blooms and ingots at 18%, with exports at 16% of turnover. The tubes and pipes business supplies Grade T91 supercritical boiler tubes to power utilities (NTPC approval secured in Q1 FY27) and Nickel Alloy 800H tubes for nuclear applications (NPCIL development order), while the bars unit serves general engineering customers; aerospace-grade AS9100D accreditation and Norsok M650 certification are in place. Total FY26 output reached 46,140 MT and Q1 FY27 volumes were about 6,300 MT, with the new bright bar project in stabilization. Raw materials are the dominant cost at 69.3% of revenue. Management targets 20-25% volume growth in FY27 and Rs 2,000 crore of turnover in 3-5 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hot and cold rolled steel (50%), Tube fittings (31%), Blooms and ingots (18%). Cyclical, capital-intensive specialty stainless steel manufacturer with single-plant operations
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 163 | 418 | 697 | 724 | 886 |
| EBITDA (ex other income) | (18) | 17 | 56 | 31 | 47 |
| margin % | (11.3) | 4.0 | 8.0 | 4.3 | 5.3 |
| Owners' profit | (31) | (14) | 62 | (4) | 23 |
| EPS, as reported (₹) | (0.58) | (0.26) | 1.18 | 0.08 | 0.34 |
| ROE % · ROCE % | (409.3) · (4.8) | (46.8) · 6.6 | 67.1 · 27.7 | (0.9) · 8.7 | 5.0 · 10.4 |
| Debt / equity (x) | 37.23 | 7.94 | 2.79 | 0.05 | 0.08 |
| Cash from operations | (88) | 50 | 7 | 58 | 128 |
| Capex | (4) | (10) | (13) | (16) | (61) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 162 | 167 | 194 | 200 | 201 | 239 | 226 | 220 |
| Profit before tax | 3 | (6) | (4) | 3 | (1) | 10 | 10 | 4 |
| Net profit | 2 | (6) | (4) | 4 | (1) | 10 | 10 | 4 |
| EPS (₹) | 0.04 | (0.12) | (0.07) | 0.07 | 0.01 | 0.14 | 0.14 | 0.06 |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · COO Mr. Gouri Shankar Roy resigns citing health and family reasons | management changes | high | — | — |
| 28 Aug 2026 · Welspun Specialty Solutions appoints Anil Kumar Jha as Independent Director | management changes | medium | — | — |
| 27 Aug 2026 · Independent Director Mr Myneni Narayana Rao Completes Second Term | management changes | medium | — | — |
| 27 Aug 2026 · Newspaper publication on special window for physical share transfers | compliance | minimal | — | — |
| 27 Jul 2026 · Q1 FY27 Earnings Call Transcript Uploaded on Website | investor communications | medium | — | — |
| 22 Jul 2026 · Q1 FY27 Conference Call Audio Recording Now on Website | investor communications | low | — | — |
| 22 Jul 2026 · Newspaper publication of Q1 FY27 unaudited results | compliance | minimal | — | — |
| 21 Jul 2026 · Investor Presentation | investor communications | medium | — | — |
| 21 Jul 2026 · Q1FY27: PAT at Rs 516 lakhs vs loss YoY; revenue dips 3.8% | results | high | — | — |
| 21 Jul 2026 · Q1 FY27 results: PAT turns positive at Rs 516 lakh, revenue dips YoY | results | high | — | — |
| 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 |
| 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) | 160.3 | 16.2 | 115 of 118 | 3% |
| P/B | 8.7 | 1.7 | 93 of 99 | 6% |
| ROCE | 4.8 | 8.7 | 79 of 120 | 35% |
| ROE | 5.0 | 8.6 | 74 of 114 | 35% |
| Debt / Equity | 0.1 | 0.1 | 50 of 114 | 57% |
| EBITDA margin | 5.9 | 11.0 | 68 of 100 | 32% |
| Revenue growth | 9.8 | 13.7 | 54 of 97 | 45% |
| Profit growth | 19.7 | 29.3 | 61 of 105 | 42% |
| Market cap | 3983 | 247 | 22 of 120 | 82% |
| 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.
