Key Financial Figures

Q4 FY26 Performance:

  • Revenue from Operations: INR 302.2 Cr (17.1% YoY growth from INR 258.1 Cr in Q4 FY25)
  • Gross Profit: INR 107.3 Cr (24.6% YoY growth)
  • EBITDA: INR 49.4 Cr (18.7% YoY growth)
  • EBITDA Margins: 16.3% (vs 16.1% in Q4 FY25)
  • Profit After Tax: INR 25.4 Cr (7.2% YoY growth)
  • PAT Margins: 8.4% (vs 9.2% in Q4 FY25)

FY26 Annual Performance:

  • Revenue from Operations: INR 1,166.8 Cr (21.7% YoY growth from INR 958.5 Cr in FY25)
  • Gross Profit: INR 396.3 Cr (24.2% YoY growth)
  • EBITDA: INR 190.6 Cr (13.7% YoY growth)
  • EBITDA Margins: 16.3% (vs 17.5% in FY25)
  • Profit After Tax: INR 101.9 Cr (9.7% YoY growth)
  • PAT Margins: 8.7% (vs 9.7% in FY25)

Operational Highlights

Capacity Expansion Completion:

  • All capacity expansions are now live and operational
  • Value Added Welded Pipes: 3,600 MTPA (commissioned May 2025)
  • Value Added Seamless Pipes: 1,800 MTPA (commissioned November 2025)
  • Fittings Capacity: 24,000 units (commissioned May 2026)
  • Additional Seamless Pipes: 4,200 MTPA with 6,000 MTPA Mother Hollow Pipes (backward integration, commissioned May 2026)
  • Total Seamless capacity added: 6,000 MTPA (higher than initially planned 4,800 MTPA)

New Contract Win:

  • Secured LOI worth INR 185 Cr from leading Data Centre player
  • Order includes supply of SS Spool for cooling application in Data Centers
  • Win achieved based on established Welded Pipes capacity and fittings capability

Forward Integration into Pipe Spooling:

  • Adding spooling capabilities with ~INR 70 Cr capex
  • Dedicated Spooling & Fabrication facility, fitting machines and allied infrastructure
  • Transitioning from Stainless Steel Pipes to Engineered Piping Solutions
  • Enables higher realization and stronger margins
  • Better utilization of Welded Pipes & Fittings capacities

Other Operational Updates:

  • Installed JCO machine worth INR 12 Cr to manufacture higher length Welded Pipes
  • 6.1 MW Solar Power installation in progress with investment of INR 22 Cr, expected annual power savings of INR 6 Cr
  • Purchased additional 15 acres land for future expansion
  • Inventory days remained stable despite business scale-up
  • Order book increased ~2.5 times to INR 450 Cr
  • Exports increased ~13 times to INR 400 Cr
  • Execution visibility increased from ~60 days to 5-6 months

Financial Position (as of March 2026):

  • Total Assets: INR 1,299.6 Cr (vs INR 1,008.3 Cr in March 2025)
  • Total Equity: INR 668.5 Cr (vs INR 531.4 Cr in March 2025)
  • Share Capital: INR 20.7 Cr
  • Reserves & Surplus: INR 647.8 Cr
  • Non-Current Liabilities: INR 112.1 Cr
  • Current Liabilities: INR 519.0 Cr
  • Inventories: INR 386.9 Cr
  • Trade Receivables: INR 259.9 Cr
  • Cash and Cash Equivalents: INR 6.2 Cr

Cash Flow Performance:

  • Net Cash from Operating Activities: INR 112.4 Cr (vs INR 68.7 Cr in FY25)
  • Net Cash from Investing Activities: INR -202.8 Cr (vs INR -114.2 Cr in FY25)
  • Net Cash from Financing Activities: INR 93.7 Cr (vs INR 47.4 Cr in FY25)
  • Cash conversion improved from 13% in FY23 to 59% in FY26

Management Commentary

Mr. Arun Kothari, Managing Director, commented: \"We are proud to report our best-ever annual performance despite challenging global environment. Revenue grew 22% to INR 1,167 crore in FY26, highest in Company's history. Our focus remained on ramping up operations, commissioning and stabilizing expanded capacities. Our domestic business continued to strengthen, supported by improving demand visibility. Export performance remained resilient despite geopolitical uncertainties. We are forward integrating by entering the spooling business and have received an LOI for an order worth INR 185 crore. Our previous capex is now fully live and operational, and we are committed to ramping up the same in coming year.\"

Company Overview

  • Total installed capacity: 48,000 MTPA along with Backward Integration of ~20,400 MTPA
  • Forward Integrated into Fittings & Pipe Spooling (upcoming)
  • Exports to more than 30+ Countries
  • 34% PAT CAGR from FY22 to FY26
  • Manufacturing facility at Dhaneti (Kutch) with proximity to Kandla & Mundra ports
  • Total land bank: 2,66,282 sq. mt.
  • Equipped with Acid Regeneration Plant for reduction of acid consumption

Annexures

Historical Financial Performance (INR Cr):

  • Revenue CAGR (FY22-FY26): 31.8%
  • PAT CAGR (FY22-FY26): 34.0%
  • EBITDA CAGR (FY22-FY26): 40.2%

Key Return Ratios:

  • ROE: 15.2% in FY26
  • Debt to Equity: 0.43x in FY26
  • ROCE: 22.9% in FY26

CSR & Sustainability Initiatives:

  • Installed 200 LPH RO water purification systems at schools in Dhaneti village
  • Distributed school dresses and sweatshirts to students
  • Served meals to children in association with The Akshay Patra Foundation
  • Donated computer systems to institution supporting Divyang children
  • 98% hazardous waste disposed through co-processing
  • Acid Regeneration Plant implementation
  • Miyawaki Forest with 17,000+ native trees
  • Solar Energy utilization with 1.3 MW currently installed and 6.1 MW in progress
  • Energy-efficient infrastructure with 100% daylight system and LED lighting