NSE: ZENITHSTL · BSE: 531845
ZENITH STEEL PIP IND LTD
Manufactures steel pipes and related iron & steel products in the industrial and capital goods space, classified under Iron & Steel Products. FY26 revenue from operations fell 58% to Rs 4,997.31 lakhs from Rs 11,909.25 lakhs in FY25. Reported profit after tax improved to Rs 311.09 lakhs from Rs 22.51 lakhs, supported by Rs 2,379.28 lakhs in other income that included Rs 1,771.45 lakhs from write-back of old provisions and Rs 131.07 lakhs from partial recovery of a suspected Rs 758 lakh fraud involving a consultant. Capex was minimal at 0.4% of revenue. The balance sheet is under severe stress with net worth negative at Rs (24,729.30) lakhs on accumulated losses, bank accounts frozen, and lenders having initiated SARFAESI action to recover dues of Rs 19,319 lakhs. Statutory auditors issued a qualified opinion citing non-compliance with deposit rules, unreconciled balances, inventory valuation concerns, and material uncertainty about the company's ability to continue as a going concern. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel pipes and iron & steel products. Small, financially distressed steel pipe manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 163 | 165 | 143 | 119 | 53 |
| EBITDA (ex other income) | 22 | (12) | (0) | (5) | (15) |
| margin % | 13.6 | (7.6) | (0.2) | (4.4) | (28.0) |
| Owners' profit | 12 | (14) | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.83 | (1.01) | (0.05) | 0.02 | 0.31 |
| ROE % · ROCE % | (4.8) · (9.6) | 5.6 · 3.3 | 0.3 · (1.1) | (0.1) · (1.3) | (1.8) · (3.4) |
| Debt / equity (x) | (0.85) | (0.86) | (0.84) | (0.84) | (0.88) |
| Cash from operations | (3) | 17 | 5 | 7 | (1) |
| Capex | (0) | (4) | (1) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 36 | 25 | 19 | 14 | 9 | 11 | 7 |
| Profit before tax | (0) | (0) | 3 | 1 | 1 | 1 | 1 | 0 |
| Net profit | (0) | (0) | 3 | 1 | 1 | 1 | 1 | 0 |
| EPS (₹) | (0.03) | (0.01) | 0.20 | 0.07 | 0.05 | 0.10 | 0.10 | 0.03 |
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 | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 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) | 17.9 | 15.4 | 60 of 105 | 43% |
| EBITDA margin | 21.5 | 11.0 | 22 of 100 | 79% |
| Revenue growth | (62.1) | 13.7 | 90 of 97 | 7% |
| Profit growth | (54.2) | 29.3 | 88 of 105 | 16% |
| Market cap | 71 | 216 | 79 of 122 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · RTA Certificate under Reg 74(5) filed for Sep 2026 quarter | compliance | minimal | — | — |
| 3 Oct 2026 · Zenith Steel Pipes submits 64th AGM voting results - all 6 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Zenith Steel Pipes 64th AGM proceedings held on Sep 30, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure for Half-Year Financial Results | compliance | minimal | — | — |
| 11 Sept 2026 · Zenith Steel Pipes announces 64th AGM on September 30, 2026 via video conferencing | compliance | minimal | — | — |
| 9 Sept 2026 · Zenith Steel Pipes Q4 FY26: net worth fully eroded, going concern doubt flagged | regulatory legal | medium | — | — |
| 8 Sept 2026 · Book closure from Sep 24-30 for 64th AGM on Sep 30 | compliance | minimal | — | — |
| 7 Sept 2026 · Zenith Steel Pipes 64th AGM notice on Sep 30, 2026; FY25-26 Annual Report enclosed | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Independent Director change at Zenith Steel Pipes | management changes | medium | — | — |
| 18 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
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.