Key Financial Performance (Consolidated)

Q1 FY27 Financial Highlights:

  • Total Income: ₹316.85 Crores, up 13.4% YoY (Q1 FY26: ₹279.41 Cr) and 18.9% QoQ
  • EBITDA: ₹29.72 Crores, up 50.74% YoY (Q1 FY26: ₹19.72 Cr)
  • EBITDA Margin: 9.38%, improved 232 bps YoY
  • PAT: ₹12.02 Crores, up 18.71% YoY (Q1 FY26: ₹10.13 Cr)
  • PBT: ₹12.73 Crores, up 29.1% YoY (Q1 FY26: ₹9.86 Cr)
  • Tax: ₹0.70 Crores (Q1 FY26: ₹0.26 Cr)
  • Total Comprehensive Income: ₹19.12 Crores, up 101.26% YoY (Q1 FY26: ₹9.50 Cr)

Standalone Performance:

  • Revenues from Operations: ₹316.21 Cr
  • Other Income: ₹0.64 Cr
  • Total Expenditure: ₹287.70 Cr
  • Standalone EBITDA: ₹29.15 Cr, up 49.71% YoY
  • Standalone PAT: ₹11.75 Cr
  • Diluted EPS: ₹3.96, up 16.47% YoY (Q1 FY26: ₹3.40)

Strategic Milestones and Operational Updates

Capital Market Developments:

  • Company achieved mainboard listings on NSE (September 2025) and BSE (May 2026)
  • Board approved 10:1 stock split to improve liquidity and broaden shareholder participation

Sustainability Initiatives:

  • Commissioned 10.4 MW ground-mounted solar power plant at Handod, Taluka Karjan, District Vadodara
  • Total operational solar capacity now at 11.6 MW (1.2 MW rooftop + 10.4 MW ground mounted)
  • Solar plants established on 25-year lease arrangement

Credit Rating Upgrade:

  • Credit rating upgraded to ACUITE "A"
  • NCDs rated ACUITE A+ and listed on NSE

Business Overview and Capacity

Manufacturing Operations:

  • 4 manufacturing units across Gujarat: Halol (Unit I), Changodar (Unit II), Kapadvanj (Units III & IV)
  • Total installed manufacturing capacity: 190,000 MTPA
  • Plant area: 125,000+ sq. mt.
  • Workforce: 800+ employees

Product Portfolio:

  • Stainless steel billets, ingots, round bars, flat bars, bright bars, seamless pipes & tubes, bright annealed tubes, heat exchanger tubes, and U-tubes
  • Products in 200 Series, 300 Series (including 304L and 316L), 400 Series, and special steels like 17/4 PH, Duplex and Super duplex Steel
  • Exports to 30+ countries

Historical Financial Performance (Consolidated):

  • FY26 Revenue: ₹1,214.99 Cr (CAGR FY21-FY26: 31.99% from ₹303.31 Cr)
  • FY26 EBITDA: ₹97.84 Cr
  • FY26 PAT: ₹50.14 Cr (CAGR FY21-FY26: 79.38% from ₹2.70 Cr)
  • Net Worth: ₹305.48 Cr in FY26 (up from ₹139.69 Cr in FY23)

Management Commentary

Mr. Chandragupt Prakash Mangal, Managing Director, stated that FY27 began on a strong note with robust financial performance. The company remains focused on:

  • Expanding value-added stainless steel portfolio
  • Strengthening international footprint through proposed Belgium subsidiary
  • Improving operational efficiencies
  • Delivering sustainable long-term value for stakeholders