Financial Performance - Q2 FY27 Consolidated

Total Income: ₹361.06 Crores, up 13.4% YoY from ₹318.52 Cr in Q2 FY26

Revenue Breakdown:

  • Revenues from Operations: ₹360.40 Cr
  • Other Income: ₹0.66 Cr

Expenditure:

  • Raw Material Expenses: ₹262.44 Cr
  • Employee costs: ₹10.06 Cr
  • Other expenses: ₹48.39 Cr
  • Total Expenditure: ₹320.89 Cr

Profitability Metrics:

  • EBITDA: ₹40.17 Cr, up 80.7% YoY
  • EBITDA Margin: 11.33% (improved 415 bps YoY)
  • Finance Costs: ₹17.89 Cr
  • Depreciation: ₹4.56 Cr
  • PBT: ₹17.73 Cr
  • Tax: ₹3.91 Cr
  • PAT: ₹13.82 Cr, up 30.9% YoY
  • PAT Margin: 3.83% (improved 52 bps YoY)
  • Total Comprehensive Income: ₹13.94 Cr
  • Diluted EPS: ₹0.47

Financial Performance - H1 FY27 Consolidated

Total Income: ₹677.91 Crores, up 13.4% YoY from ₹597.93 Cr in H1 FY26

Revenue Breakdown:

  • Revenues from Operations: ₹676.62 Cr
  • Other Income: ₹1.29 Cr

Expenditure:

  • Raw Material Expenses: ₹498.37 Cr
  • Employee costs: ₹19.75 Cr
  • Other expenses: ₹89.89 Cr
  • Total Expenditure: ₹608.02 Cr

Profitability Metrics:

  • EBITDA: ₹69.89 Cr, up 66.6% YoY
  • EBITDA Margin: 10.31% (improved 329 bps YoY)
  • Finance Costs: ₹31.77 Cr
  • Depreciation: ₹7.67 Cr
  • PBT: ₹30.45 Cr
  • Tax: ₹4.61 Cr
  • PAT: ₹25.84 Cr, up 24.93% YoY
  • PAT Margin: 3.81%
  • Total Comprehensive Income: ₹33.06 Cr
  • Diluted EPS: ₹0.87

Standalone Financial Performance

Q2 FY27 Standalone:

  • Total Income: ₹361.06 Cr
  • EBITDA: ₹39.93 Cr, up 81.6% YoY
  • PAT: ₹13.83 Cr
  • Diluted EPS: ₹0.47

H1 FY27 Standalone:

  • Total Income: ₹677.91 Cr
  • EBITDA: ₹69.09 Cr
  • PAT: ₹25.58 Cr

Operational Highlights

Manufacturing Capacity: 190,000 MTPA across four facilities in Gujarat (Halol, Changodar, Kapadvanj)

Solar Power Expansion: Commissioned 10.4 MW ground-mounted solar power plant at Handod, Taluka Karjan, District Vadodara, bringing total operational solar capacity to 11.6 MW (including existing 1.2 MW rooftop installation)

Stock Split: Implemented stock split from face value of ₹10 to ₹1, improving liquidity and increasing shareholder base

Export Performance: Achieved all-time high export performance during Q2 FY27, exporting to 30+ countries

Product Portfolio

Long Products: Stainless steel billets, ingots, round bars, flat bars, bright bars

Tubular Products: Seamless pipes & tubes, bright annealed tubes, heat exchanger tubes, U-tubes

Special Grades: 200 Series, 300 Series (including 304L and 316L), 400 Series, special steels like 17/4 PH, Duplex and Super duplex Steel

Manufacturing Facilities

Unit I (Halol): Melting Shop with 66,000 MTPA capacity, 9,225.26 sq. mt. area

Unit II (Changodar): Rolling Mill with 90,000 MTPA rolling capacity, 28,328 sq. mt. area

Unit III (Kapadvanj): Bright Bar Unit with 16,800 MTPA capacity

Unit IV (Kapadvanj): Seamless Pipes & Tubes Unit with 18,000 MTPA capacity

Technology Upgrade

Upgraded Halol plant with new Triple Radius Continuous Casting machine (9/13.5/27 metre) replacing earlier 6/11 metre double-radius caster, designed for crack-sensitive grades

Management Commentary

Mr. Chandragupt Prakash Mangal, Managing Director, stated that FY27 began on a strong note with robust financial performance and strategic milestones including main board listings on NSE (September 2025) and BSE (May 2026). The company remains focused on expanding value-added stainless steel portfolio, strengthening international footprint through proposed Belgium subsidiary, improving operational efficiencies, and delivering sustainable long-term value.

Historical Financial Trends

Revenue CAGR FY21-FY26: 31.99% (from ₹303.31 Cr to ₹1,214.99 Cr)

PAT CAGR FY21-FY26: 79.38% (from ₹2.70 Cr to ₹50.14 Cr)

FY26 Performance:

  • Revenue: ₹1,214.99 Cr
  • EBITDA: ₹97.84 Cr
  • PAT: ₹50.14 Cr

Capital Structure

Share Data (as of September 30, 2026):

  • Share Price: ₹43.38
  • Market Capitalization: ₹1,288 Cr
  • Number of Shares Outstanding: 29.70 Crores
  • Face Value: ₹1
  • 52 Week High: ₹48
  • 52 Week Low: ₹20

Balance Sheet Highlights (H1 FY27 Consolidated):

  • Net Worth: ₹337.65 Cr
  • Total Assets: ₹1,239.80 Cr
  • Inventories: ₹598.05 Cr
  • Trade Receivables: ₹262.85 Cr
  • Current Borrowings: ₹179.78 Cr
  • Non-Current Borrowings: ₹166.08 Cr