Investor Presentation Summary

Financial Performance (INR Millions)

Quarterly Comparison:

  • Total Income: Q1FY27: ₹1,975 Mn | Q1FY26: ₹2,110 Mn (-6% YoY) | Q4FY26: ₹2,216 Mn (-11% QoQ)
  • Operating EBITDA: Q1FY27: ₹105 Mn | Q1FY26: ₹43 Mn (+145% YoY) | Q4FY26: ₹112 Mn (-6% QoQ)
  • Reported EBITDA: Q1FY27: ₹143 Mn | Q1FY26: ₹140 Mn (+2% YoY) | Q4FY26: ₹130 Mn (+10% QoQ)
  • Profit Before Tax (PBT): Q1FY27: ₹47 Mn | Q1FY26: ₹(8) Mn | Q4FY26: ₹40 Mn (+19% QoQ)
  • Profit After Tax (PAT): Q1FY27: ₹52 Mn | Q1FY26: ₹(8) Mn | Q4FY26: ₹43 Mn (+21% QoQ)
  • Cash PAT: Q1FY27: ₹91 Mn | Q1FY26: ₹32 Mn (+185% YoY) | Q4FY26: ₹83 Mn (+10% QoQ)

Note: Cash PAT defined as PBDT (adjusted for cash exceptional items) less Current tax. Previous period financials have been regrouped/rearranged for comparability.

Business Update

Operational Performance:

  • Tube & Pipe sales volume grew more than 60% YoY driven by healthy domestic demand
  • Bar sales volume declined due to direct and indirect impact on export markets
  • Prevailing geopolitical scenario and high volatility resulted in pause/deferment of buying, especially affecting Bars segment
  • Export markets expected to improve gradually as conditions stabilize

Project Updates:

  • New bright bar project installed and currently under ramping up phase

Customer & Market Development:

  • 13 new customers added during the quarter
  • Continued development of new products & grades
  • Increased focus on Middle East markets with key approvals being pursued
  • SIRIM certification in progress targeting Malaysia market

Approvals Received:

  • NTPC approval received for Grade T91 tubes for Super Critical Boiler application
  • IBR Well-known accreditation received
  • BMC approval received for seamless tubes
  • First trial order for CGD Instrumentation Tubing received

Business Environment Analysis

Challenges:

  • Geopolitical uncertainties including ongoing conflicts affecting international demand
  • Supply chain disruptions impacting export volumes
  • Tariff-related challenges affecting customer buying decisions
  • Tariff Rate Quota (TRQ) for import of certain steel items in EU reduced overall, including for India

Opportunities:

  • Strong domestic demand in key industries: energy, defence, aerospace, oil & gas, petrochemicals, engineering, and public infrastructure
  • Projected growth in strategic sectors expected to stimulate demand for stainless steel seamless pipes and bars
  • 'Make in India' initiative driving domestic manufacturing demand
  • Combined investment in strategic sectors expected to persist and intensify

ESG Initiatives

  • Share of renewable electricity expected to further improve during FY27
  • Continued focus on operational efficiency and green initiatives expected to further improve Emission Intensity performance during FY27

Company Positioning

  • Only integrated producer of Quality Stainless Steel Bars and Pipes & Tubes from Steel Making to Finished Tubes in India under one roof
  • Wide domestic and international market outreach
  • Strong focus on R&D and New Product Development with state-of-the-art testing facilities accredited with ISO/IEC 17025
  • Expertise in making Stainless Steel in Special/Custom Grades with controlled compositions
  • Speed to Market advantage due to Fully Integrated Process

Product Portfolio

Bar Products: Ingots, Blooms, Rolled Bars in Rounds, Round Cornered Squares, Peeled & Polished Bars, Heat Treated Bars

Tubular Products: Hollow Bars, Cold Finished Pipes & Tubes, Extruded Seamless Schedule Pipes, Hydraulic & Instrumentation Tubes, Heat Exchanger Tubes, U-bend Tubes