Event Participants
Executives
7 Anu Garg, Bhavesh Khetan, Bikash Agrawal, Brijlal Goyal, Niraj Shrivastava, Saurabh Patil, Suresh Kumar Goyal, Vikas Kumar Goyal
Analysts
0 Transcript incomplete - Q&A section not available for summary. This is an investor presentation document, not an earnings call transcript with analyst interaction.
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Net Revenue from Operations | ₹7,322 Mn | +31% YoY, +7% QoQ; driven by highest-ever sales volume of value-added products and better realizations |
| Total Expenditure | ₹6,370 Mn | +31% YoY, +7% QoQ; in line with revenue growth |
| Operating EBITDA | ₹952 Mn | +31% YoY, +3% QoQ; margin stable at 13.00% vs 13.02% YoY |
| Operating EBITDA Margin | 13.00% | Flat YoY (-2 bps), -46 bps QoQ; maintained despite volume growth |
| EBIT (Incl. Other Income) | ₹876 Mn | +42% YoY, +4% QoQ; other income contribution increased |
| PBT (Excl. Exceptional) | ₹769 Mn | +71% YoY, +4% QoQ; margin expanded to 10.50% from 8.06% YoY |
| PAT (Excl. Exceptional) | ₹566 Mn | +69% YoY, +1% QoQ; margin improved to 7.73% from 5.98% YoY |
| Reported EPS | ₹1.92 | +38% YoY, +2% QoQ; share count increased post FY26 equity raise |
| Total EBITDA | ₹1,001 Mn | Includes other income; +38% YoY |
| Op. EBITDA/Ton (Ex. Sponge Iron) | ₹10,002 | Per-ton profitability on finished products |
| Cash Flow from Operations | ₹922 Mn | Strong conversion; 97% of Op. EBITDA |
| Net Debt / Op. EBITDA | 1.00x | As on Jun'26 annualized; improved from 0.78x FY26 end due to capex deployment |
| ROCE | 21.92% | Annualized as on Jun'26; up from 15.97% FY26 |
| Working Capital Cycle | 21 Days | As on Jun'26; improved from 17 days FY26 end |
| Total Production Volume | 334,439 MT | Intermediate: 183,866 MT; Structural: 55,724 MT; Stainless: 42,424 MT; GP: 52,425 MT |
| Total Sales Volume | 107,771 MT | Structural: 56,617 MT; GP: 29,814 MT; Stainless: 14,760 MT; Intermediate: 6,580 MT |
| Finished Goods Capacity Utilization (FY26) | ERW/GI: 65.4%, SS CR: 87.0%, GP Coils: 74.5%, GP Pipes: 56.7% | SS CR and GP Coils running at high utilization; ERW/GI and GP Pipes have headroom |
Geographic & Segment Commentary
Structural Pipes & Tubes (ERW Black/GI/CRFH): Highest-ever sales volume of 56,617 MT in Q1FY27. Capacity 350,000 MTPA with 65.4% utilization in FY26. Brownfield expansion of 150,000 MTPA via DFT route underway (₹500 Mn capex). Strong demand from infrastructure, construction, and OEM segments.
Stainless Steel (Slabs/HR/CR Coils): Sales volume 14,760 MT in Q1FY27. CR coil capacity doubled to 116,000 MTPA (CTO granted). HRAP/CR coils production at 42,424 MT. 87% capacity utilization in FY26. 18 new MoUs under "Sambhv" co-branding (total 28 partners) driving pipe conversion demand.
Pre-Galvanized Coils & Pipes (GP Coils/Pipes): Sales volume 29,814 MT in Q1FY27. GP coil capacity 116,000 MTPA (74.5% utilization), GP pipe capacity 100,000 MTPA (56.7% utilization). Targeting coastal belt expansion (Kerala, Tamil Nadu, Andhra, Goa, Maharashtra