- Home
- Results news
- Zenith Steel Pipes & Industries
- Q2 FY27 results
Zenith Steel Pipes & Industries Q2 FY27 results: net profit down 56.9% to ₹0.31 crore, revenue down 11.2%
Zenith Steel Pipes & Industries Limited reported consolidated revenue of ₹12.47 crore in Q2 FY27, down 11.2% from Q2 FY26 but up 73.7% from Q1 FY27. Net profit was ₹0.31 crore and basic EPS was ₹0.02, while EBITDA remained negative at ₹1.98 crore, with a -15.9% margin.
Key points
- Consolidated revenue was ₹12.47 crore, down 11.2% from ₹14.04 crore in Q2 FY26 and up 73.7% from ₹7.18 crore in Q1 FY27.
- EBITDA was a loss of ₹1.98 crore, compared with a loss of ₹5.44 crore in Q2 FY26 and a loss of ₹0.12 crore in Q1 FY27; the margin was -15.9%.
- Net profit was ₹0.31 crore, down 56.9% from ₹0.72 crore in Q2 FY26 and down 29.5% from ₹0.44 crore in Q1 FY27.
- Basic EPS was ₹0.02, compared with ₹0.05 in Q2 FY26 and ₹0.03 in Q1 FY27.
- H1 FY27 revenue was ₹19.65 crore, down 40.4% from ₹32.96 crore in H1 FY26, while net profit was ₹0.75 crore, down 55.1%.
How did Zenith Steel Pipes & Industries perform in Q2 FY27?
On a consolidated basis, Zenith Steel Pipes & Industries reported revenue of ₹12.47 crore in the September 2026 quarter, down ₹1.57 crore or 11.2% from Q2 FY26 and up ₹5.29 crore or 73.7% from Q1 FY27. Other income was ₹3.40 crore, total income was ₹15.87 crore, and total expenses were ₹15.53 crore.
EBITDA was a loss of ₹1.98 crore in Q2 FY27, compared with a loss of ₹5.44 crore in Q2 FY26 and a loss of ₹0.12 crore in Q1 FY27. The EBITDA margin was -15.9%, improving from -38.8% year ago but falling from -1.7% in the previous quarter.
Profit before tax was ₹0.33 crore, down 54.8% from ₹0.73 crore in Q2 FY26 and 28.3% from ₹0.46 crore in Q1 FY27. Net profit was ₹0.31 crore, down 56.9% year ago and 29.5% sequentially, while basic EPS fell to ₹0.02 from ₹0.05 and ₹0.03. On the standalone basis, revenue was ₹11.58 crore and profit after tax was ₹0.27 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 12.47 | 7.18 | 14.04 | −11.2% | +73.7% |
| Other income | 3.40 | 1.66 | 7.27 | −53.2% | +104.8% |
| Total expenses | 15.53 | 8.38 | 20.58 | −24.5% | +85.3% |
| EBITDA | −1.98 | −0.12 | −5.44 | ||
| EBITDA margin | -15.9% | -1.7% | -38.8% | +22.9 pp | −14.2 pp |
| Profit before tax | 0.33 | 0.46 | 0.73 | −54.8% | −28.3% |
| Tax | 0 | 0 | 0 | ||
| Net profit | 0.31 | 0.44 | 0.72 | −56.9% | −29.5% |
| EPS (₹) | 0.02 | 0.03 | 0.05 | −60.0% | −33.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Zenith Steel Pipes & Industries' costs and profit?
Total expenses fell ₹5.05 crore or 24.5% from Q2 FY26 to ₹15.53 crore. Other expenses declined ₹3.46 crore or 36.8% to ₹5.93 crore, employee cost fell ₹0.17 crore or 13.3% to ₹1.11 crore, and finance cost fell ₹0.01 crore or 1.6% to ₹0.62 crore. Depreciation was unchanged at ₹0.47 crore.
Cost of materials increased ₹0.33 crore or 4.3% from ₹7.62 crore in Q2 FY26 to ₹7.95 crore. Other income fell ₹3.87 crore or 53.2% from ₹7.27 crore to ₹3.40 crore, while there was no exceptional item in either quarter and tax was unchanged. EBITDA moved from a loss of ₹5.44 crore to a loss of ₹1.98 crore.
Against Q1 FY27, total expenses increased ₹7.15 crore or 85.3%, including a ₹4.92 crore or 162.4% rise in cost of materials to ₹7.95 crore and a ₹1.47 crore or 33.0% rise in other expenses to ₹5.93 crore. Other income increased ₹1.74 crore or 104.8% to ₹3.40 crore, and there was no exceptional item in either quarter. EBITDA consequently moved from a loss of ₹0.12 crore to a loss of ₹1.98 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 7.95 | 7.62 | +0.33 | +4.3% |
| Employee cost | 1.11 | 1.28 | −0.17 | −13.3% |
| Finance costs | 0.62 | 0.63 | −0.01 | −1.6% |
| Depreciation | 0.47 | 0.47 | 0 | +0.0% |
| Other expenses | 5.93 | 9.39 | −3.46 | −36.8% |
| Total expenses | 15.53 | 20.58 | −5.05 | −24.5% |
| Other income | 3.40 | 7.27 | −3.87 | −53.2% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹19.65 crore, down ₹13.31 crore or 40.4% from ₹32.96 crore in H1 FY26. Total income was ₹24.71 crore, down ₹22.05 crore or 47.2% from ₹46.76 crore. The filing does not state a reason for the year-on-year decline.
Profit before tax was ₹0.79 crore, down ₹0.92 crore or 53.8% from ₹1.71 crore, while net profit was ₹0.75 crore, down ₹0.92 crore or 55.1% from ₹1.67 crore. Basic EPS declined 50.0% to ₹0.06 from ₹0.12.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 19.65 | 32.96 | −40.4% |
| Profit before tax | 0.79 | 1.71 | −53.8% |
| Net profit | 0.75 | 1.67 | −55.1% |
| EPS (₹) | 0.06 | 0.12 | −50.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹158.32 crore, compared with ₹153.94 crore at 31 March 2026. Total equity remained negative at -₹248.21 crore against -₹248.93 crore, while borrowings were ₹220.26 crore against ₹220.20 crore and cash was ₹1.40 crore against ₹1.08 crore. Inventories rose to ₹8.98 crore from ₹5.95 crore.
H1 FY27 operating cash flow was ₹0.50 crore, compared with -₹4.16 crore in H1 FY26. Investing cash flow was ₹0.98 crore against -₹0.36 crore, financing cash flow was -₹1.16 crore against -₹1.12 crore, and capital expenditure was ₹0.16 crore against ₹0.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 158.32 | 153.94 |
| Total equity | −248.21 | −248.93 |
| Borrowings | 220.26 | 220.20 |
| Cash and equivalents | 1.40 | 1.08 |
| Inventories | 8.98 | 5.95 |
| Trade receivables | 57.65 | 57.12 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.50 | −4.16 |
| Cash from investing | 0.98 | −0.36 |
| Cash from financing | −1.16 | −1.12 |
| Capital expenditure | 0.16 | 0.17 |
Source: Company's results filing (XBRL).
How has Zenith Steel Pipes & Industries done over the last 8 quarters?
Revenue rose from ₹7.18 crore in Q1 FY27 to ₹12.47 crore in Q2 FY27, after reaching a low of ₹7.18 crore and having previously fallen from ₹35.69 crore in Q3 FY25. Net profit declined from ₹0.44 crore to ₹0.31 crore in the latest quarter, following a peak of ₹2.78 crore in Q4 FY25 and a low of ₹0.31 crore in Q2 FY27.
The EBITDA margin moved to -15.9% in Q2 FY27 from -1.7% in Q1 FY27. It reached a low of -38.8% in Q2 FY26 and a high of 0.0% in Q3 FY25. Revenue peaked at ₹35.69 crore in Q3 FY25, while net profit peaked at ₹2.78 crore in Q4 FY25.
What did the auditors point out?
The review report had a qualified conclusion and drew attention to non-compliance with Section 74 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014. The matters cited were non-repayment of public deposits and interest, non-maintenance of prescribed liquid assets, and non-compliance with Company Law Board orders; the reviewers said these constituted a material non-compliance that may have regulatory implications.
The report stated that accumulated losses exceeded share capital and reserves and that net worth had been fully eroded as at 30 September 2026. It said this created a material uncertainty over the company’s ability to continue as a going concern and that the going-concern basis was not adequately supported, although the statement had been prepared on that basis. The report also noted that adequate information and supporting documents were not provided to verify inventory valued at Rs.897.98 lakhs using the weighted average cost method.
The emphasis of matter referred to a Memorandum of Understanding with Tribus Real Estate Private Limited for the takeover and settlement of existing bank borrowings aggregating to Rs.15,894.92 lakhs as on 31 December 2025. It stated that TREPL had been authorised to negotiate a One-Time Settlement or other mutually acceptable terms with lenders and ARCs, and that TREPL had repaid Rs.6,599.92 lakhs by 24 March 2026.
How did other Iron & Steel Products companies do?
Among 29 other Iron & Steel Products companies that filed for the quarter, the median revenue growth was 23.9%. Three peers grew slower than Zenith Steel Pipes & Industries and 26 grew faster. Of the 34 peers for which profit was compared, 23 reported higher profit.
| Zenith Steel Pipes & Industries revenue growth (YoY) | −11.2% |
|---|---|
| Median of 29 other Iron & Steel Products companies | +23.9% |
| Companies with slower revenue growth than Zenith Steel Pipes & Industries | 3 of 29 |
| Companies with faster revenue growth than Zenith Steel Pipes & Industries | 26 of 29 |
| Companies whose net profit rose | 23 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Zenith Steel Pipes & Industries' revenue in Q2 FY27?
Revenue from operations was ₹12.47 crore, down 11.2% from ₹14.04 crore in Q2 FY26 (consolidated).
Did Zenith Steel Pipes & Industries make a profit in Q2 FY27?
Yes. Net profit was ₹0.31 crore, against a net profit of ₹0.72 crore in Q2 FY26.
What was Zenith Steel Pipes & Industries' EPS in Q2 FY27?
Basic earnings per share were ₹0.02, against ₹0.05 in Q2 FY26.
When did Zenith Steel Pipes & Industries announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026 (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.