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Surya Roshni's Q1FY26 performance was below expectations. Revenue declined by 15% YoY to Rs16bn, primarily due to a 20% YoY drop in the steel pipes segment. LCD segment grew by 3% YoY to Rs4bn. Consolidated EBITDA margin contracted 360bps YoY to 4.3%, dragged by both the segments. EBITDA/t for steel pipes fell by 52% YoY to Rs2,922/t, impacted by ~Rs1,000/t inventory loss and ~Rs2,000/t hit from lower volumes, higher fixed cost due to SAP implementation, and a higher share of low margin products. Management guided for 35%-38% YoY revenue growth in steel pipes for Q2FY26 but lowered FY26 sales volume guidance...
*over or under performance to benchmark index APL Apollo Tubes Ltd (APAT) is a leading manufacturer of structural steel tubes, with an annual production capacity of 4.5mn ton. It has a distribution network spanning 29 cities in India and 20 countries globally. In Q1FY26, its sales mix comprised Apollo structural tubes (~64%), Apollo Z (~32%) and Apollo Galv (~4%), catering to a diverse...
APL's Q1FY26 performance was below our expectations. Revenue grew 4% YoY to Rs51.7bn, driven by 10% YoY volume growth, which was offset by 6% YoY decline in realizations due to a drop in steel prices. EBITDA rose 23% YoY to Rs3.7bn, while EBITDA/t increased by 12% YoY to Rs4,683 but declined by 4% QoQ due to higher employee cost related to ESOP expenses and lower volumes. Management expects performance to improve in H2 with conclusion of monsoon and increased govt. spending boosting money supply. However, management has reduced FY26 volume growth guidance to 10%-15% from 15%20% and expect EBITDA/t to range between Rs4,600-Rs5,000/t. We revise our...
APL Apollo Tubes (APAT) showed a healthy recovery in operating performance in 1QFY26 despite weaker macroeconomic conditions, higher employee costs (incl. one-off ESOP cost) and geopolitical headwinds. EBITDA grew 23% YoY, led by volume growth of 10% YoY and EBITDA/MT of INR4,683 (up 12% YoY).
Despite Q1 usually being sluggish for it, Bansal Wires posted record quarterly volumes (~0.104m tonnes), driven by integrating operations, a customercentric approach, presence across various end-user sectors, and innovation.
Sambhv Steel Tubes (SSTL) is a strongly positioned structural steel pipe and tubes producer with an edge of complete backward integration of narrow-width HR coils through the secondary route. SSTL holds 2% market share in the domestic steel tube market. SSTL's recent foray in to value added products such as galvanized, Cold Rolled and Stainless Steel is expected to drive profitability, supported by inhouse production and strong pan India dealership distribution network. SSTL...
Company is a stainless-steel tubes and pipes manufacturer based in India having over 14 years of experience. Company's products are broadly categorised into: (i) seamless tubes/pipes; and (ii) welded tubes and pipes, under five (5) product lines, namely, (i) stainless steel seamless pipes; (ii) stainless steel seamless tubes; (iii) stainless steel seamless U tubes; (iv) stainless steel instrumentation tubes; and (v) stainless steel welded tubes and U tubes (Products or Stainless Steel Products)....
