Sambhv Steel Tubes Ltd(SAMBHV)

NSE: SAMBHVBSE: 544430

₹ 156.65-2.15%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,616 crWebsite: www.sambhv.comUpdated: 24 Oct 2026

About

Sambhv Steel Tubes Ltd is a Chhattisgarh-based maker of mild-steel ERW pipes and tubes, galvanized products, and stainless-steel cold-rolled coils and pipes. It reported FY26 revenue of Rs 2,413.24 Cr, and sold 3,96,000 tons in FY26, up 37% year on year. It runs plants at Sarora and Kuthrel and is building a greenfield stainless-steel complex at Kesda.^[1][2]

Business segments

The company reports a single segment, steel products, with segment revenue of Rs 1,508.19 Cr in FY25.^[3]

Products and product mix

Three product lines: ERW mild-steel pipes and tubes, galvanized/pre-galvanized (GP) coils and pipes, and stainless-steel cold-rolled (CR) coils and pipes (200-series and 304/300-series grades).^[2]
Value-added product volumes reached 3,56,000 tons in FY26, up 51% YoY, and 1,07,771 MT in Q1 FY27, up 16% YoY.^[2]
SS 304-grade production launched September 2025; realisation for 304 grade is INR 1,85,000/ton vs INR 1,25,000/ton for 202 grade.^[4]
Value-added product volume grew 27% YoY in Q1 FY27, compared with overall volume growth of 16% YoY.^[5]

Manufacturing capacity and utilisation

SS CR coil capacity at Kuthrel Unit 2 doubled from 58,000 MTPA to 1,16,000 MTPA via brownfield debottlenecking; consent to operate obtained, capacity available from FY27.^[5]
GP coil installed capacity doubled from 58,000 to 1,16,000 MTPA in Q3 FY26 via commissioning of a wider-width CR coil mill.^[6]
Q1 FY27 utilisation: ERW pipes above 65%, GP pipe/coil above 90%, SS CR coil about 60%.^[5]
Sarora plant switched from LPG to piped natural gas in January 2026 under a GAIL/Chhattisgarh MOU.^[2]

Key operating numbers

Q1 FY27 operating EBITDA/ton (excluding sponge iron): INR 10,002, up 19% YoY, above the INR 7,000 - 8,000 guidance given the prior quarter.^[5]
Q1 FY27 overall EBITDA/ton: INR 9,355; working capital cycle: 21 days; net debt/operating EBITDA: 1.00x.^[5]
FY26 full-year EBITDA/ton was INR 7,500 (ex-sponge iron); Q4 FY26 EBITDA/ton was INR 9,500.^[2]
FY26 total sales volume grew 37% to 3,96,000 tons.^[2]

Distribution and customers

Distribution network as of FY26: 47 distributors and 1,000+ dealers across 15 states and 1 UT, up from 10 states in FY23.^[2]
SS co-branding MoU network expanded to 28 partners by Q1 FY27 (from 10 at end-FY26), supplying ~1,200 tons/month to MoU partners.^[5]
Approvals obtained from Engineers India Limited, Chennai Metro Rail, BMC, MHADA, MP Jal Nigam, Delhi CPWD and BHEL, among others.^[5]

Kesda greenfield expansion

Kesda Phase 1: 3,60,000 tons of stainless-steel coil (1,20,000 tons CR + 2,40,000 tons HRAP) with full backward integration; total Phase 1 capex INR 930 - 940 crore.^[4]
INR 250 crore incurred at Kesda as of December 2025; civil sub-structure complete and superstructure at advanced stage as of Q1 FY27; all machinery orders placed.^[6]
Trial runs and production at Kesda Phase 1 targeted for Q4 FY27; Phases 2 and 3 capex to be announced after Phase 1 starts production.^[5]
A 25 MW captive power plant at Kesda is part of the INR 935 crore Phase 1 package; a separate 30 MW Sarora captive plant (INR ~150 crore) targets INR 60 - 70 crore/year in power-cost savings.^[4]

Other capex and targets

1,50,000 TPA DFT ERW debottlenecking line at INR 50 crore capex will take total ERW capacity to 0.5 MMTPA; targeted by Q2 FY28.^[2]
25 MW solar project (INR 25 crore) under execution, with INR 10 - 12 crore to be deployed in FY27; captive power targeted at ~150 MW by 2030.^[5]
2030 installed capacity target: 2 million tons of finished products - 10 lakh tons MS pipes/tubes, 3 lakh tons coated and 7 lakh tons SS coil.^[2]

Recent developments

Board approved preferential issue of fully convertible warrants of up to INR 100 crore in Q1 FY27, for Kesda capex, working capital, subsidiary Sambhv Tubes Ltd and general purposes.^[5]
Acquired a 15% stake in Vajra Alloys, a startup planning a private-sector super-alloy plant for aerospace, defence, nuclear and marine markets.^[5]
MoU signed with Ministry of Steel under PLI Scheme 1.2 for thinner-gauge SS CR coils; incentive of ~13 - 15% on revenue, capped at ~INR 200 crore, expected FY28 - FY31.^[2]
PLI Scheme 2.0 approvals received for both SS product applications in Q3 FY26; the entire Kesda SS expansion is PLI-eligible.^[6]

Market Cap

₹4,616 Cr

High / Low

₹175 / 81

Stock P/E

28.0

Price / Book

4.4

Book Value

₹36

EPS

₹4.8

No. of Shares

29.47 Cr

ROCE

19.4%

ROE

18.4%

OPM

9.7%

Debt / Equity

0.35

Sales

₹2,413 Cr

Net Profit

₹142 Cr

Promoter holding

56.1%

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