Manufactures steel tubes, pipes and flat steel products, with manufacturing locations in Sikandrabad, Uttar Pradesh and Sanand. Its listed XIRR return is 55.8%.
Business and Financial Highlights
- Growth: Operating Revenue rose from 1,341 in FY21 to 3,068 in FY25, with a reported CAGR of 23.0%; PAT reached 73, with a 33.7% CAGR.
- Debt: Total Debt was 183 and Debt / Equity was 0.15x in FY25.
- Fund raise: The report notes a QIP of INR 500 Cr. in FY25 with participation from Motilal Oswal Fund, Bandhan MF, Bank of India MF, JM Financial, LIC MF, WhiteOak MF and SBI General Insurance.
Standard disclosures
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- We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past12 months: No
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- Nature of financial interest in subject company, if any –Nil
- We, our associates or Research Analyst have actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report – No
- Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report-No.
- We or our Associates or Research Analyst are engaged in market making of subject company – No
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Regulatory disclosures
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Rating rationale
Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.
- Buy:> 15%
- Hold: -5% to 15%
- Reduce: -15% to -5%
- Sell: <-15%