Scoda Tubes Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 16 Jul 2026 | Industrial Products | Market Cap: ₹870 Cr
Targeting 20% revenue growth in FY '26 driven by new capacity coming on stream from November 2025. Scoda Tubes targets 20% revenue growth driven by new seamless and welded capacity coming online starting November 2025 and Q1 FY '27 respectively. - Margins expected to sustain at 15-16%, supported by higher contribution from welded products and new product launches. - Seamless product margins are typically 16-18%, welded products 12-13%, leading to blended margins. - Expect utilization of seamless capacity to ramp to ~80% by FY '27 and welded capacity utilization at 30% in FY '27, full utilization by FY '28. - Export revenue expected to increase to 40-45% of total revenue by FY '28, boosting profitability. - PAT margin improvements noted with 8.7% in H1 FY '26 vs.
From Scoda Tubes Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹129
Market Cap
₹870 Cr
P/E Ratio
22.4
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Scoda Tubes Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹124 Cr, net profit ₹6 Cr.
Full financials →📊 Revenue & Sales Performance
- →Targeting 20% revenue growth in FY '26 driven by new capacity coming on stream from November 2025.
- →Seamless capacity to reach 20,000 MT by December 2025 with ramp-up expected to hit 60-65% utilization in FY '26, increasing to ~80% in FY '27.
- →Welded capacity to be commissioned in Q1 FY '27, with 30% utilization expected in FY '27 and full utilization by FY '28.
- →Export revenue expected to grow, targeting 40-45% of total revenue by full utilization in FY '28.
- →Industry growth estimated at 7-8% annually for stainless steel pipes and tubes in India; global demand growth at 3-4%.
- →Expansion and acquisitions (e.g., Arvind sp.z o.o.) to support international market penetration and long-term value creation.
- →Demand growth fueled by opportunities in power, renewable energy, oil & gas, and new sectors like water purification.
📈 Profitability & Margins
- →Scoda Tubes targets 20% revenue growth driven by new seamless and welded capacity coming online starting November 2025 and Q1 FY '27 respectively.
- →Margins expected to sustain at 15-16%, supported by higher contribution from welded products and new product launches.
- →Seamless product margins are typically 16-18%, welded products 12-13%, leading to blended margins.
- →Expect utilization of seamless capacity to ramp to ~80% by FY '27 and welded capacity utilization at 30% in FY '27, full utilization by FY '28.
- →Export revenue expected to increase to 40-45% of total revenue by FY '28, boosting profitability.
- →PAT margin improvements noted with 8.7% in H1 FY '26 vs. 6.6% prior year, indicating improving earnings quality.
- →Continued focus on operational efficiency and capacity expansion aimed at sustainable and profitable growth over coming years.
🏗️ Capital Expenditure Plans
- →INR 27 crores has already been spent on capex in H1 FY '26.
- →Total estimated capex for current expansions is around INR 100 crores.
- →No increase or decrease expected in the capex; largely remains as earlier communicated.
- →Capital work in progress as of September 30, 2025, stands at INR 61.1 crores.
- →New seamless capacity expansion underway, increasing from 17,000 to 20,000 metric tons per annum by December 2025.
- →Welded plant construction started; commercial production targeted for Q1 FY '27.
- →Finished goods capacity will scale up from 11,088 to 33,128 metric tons per annum.
- →Working capital deployment of INR 50 crores underway.
- →Strategic acquisition of Arvind sp.z o.o. (Poland-based trading firm) completed to strengthen international footprint in Eastern Europe.
💰 Fundraising & Capital Structure
- →No mention of any current or planned new fundraising through debt or equity in the provided transcript.
- →Capital expenditure is being funded from existing IPO proceeds (INR27 crores spent on capex, INR110 crores in bank, and INR50 crores used for working capital).
- →No indication of increase or decrease in capex guidance (around INR100 crores initially estimated).
- →Working capital deployed as planned, with no stated need for additional external funding.
- →Focus remains on operational efficiency and capacity expansion funded through internal accruals and IPO proceeds.
📋 Order Book & Pipeline
- →As of November 14, 2025, Scoda Tubes Limited's current order book stands at INR 194 crores.
- →The order book comprises INR 104 crores from the export market and INR 90 crores from the domestic market.
- →The company recently secured a $1 million order from a US customer, indicating continued international demand.
- →The company aims to increase exports to 40-45% of total revenue by FY 2028, aligning with optimal utilization of welded and seamless capacities.
- →There is strong demand expected in sectors such as oil and gas, power, and renewable energy, supporting future order inflows.
Key Metrics
Frequently Asked Questions
What were Scoda Tubes Ltd Q2 FY26 results?
Targeting 20% revenue growth in FY '26 driven by new capacity coming on stream from November 2025. Scoda Tubes targets 20% revenue growth driven by new seamless and welded capacity coming online starting November 2025 and Q1 FY '27 respectively. - Margins expected to sustain at 15-16%, supported by higher contribution from welded products and new product launches. - Seamless product margins are typically 16-18%, welded products 12-13%, leading to blended margins. - Expect utilization of seamless capacity to ramp to ~80% by FY '27 and welded capacity utilization at 30% in FY '27, full utilization by FY '28. - Export revenue expected to increase to 40-45% of total revenue by FY '28, boosting profitability. - PAT margin improvements noted with 8.7% in H1 FY '26 vs.
What is Scoda Tubes Ltd share price analysis?
Scoda Tubes Ltd currently shows a neutral. The stock trades at a P/E of 22.4 with a market cap of ₹870 Cr. Investors should review the full earnings analysis for detailed insights.
Is Scoda Tubes Ltd planning capital expenditure?
INR 27 crores has already been spent on capex in H1 FY '26. - Total estimated capex for current expansions is around INR 100 crores. - No increase or decrease expected in the capex; largely remains as earlier communicated. - Capital work in progress as of September 30, 2025, stands at INR 61.1 crores. - New seamless capacity expansion underway, increasing from 17,000 to 20,000 metric tons per annum by December 2025. - Welded plant construction started; commercial production targeted for Q1 FY '27. - Finished goods capacity will scale up from 11,088 to 33,128 metric tons per annum. - Working capital deployment of INR 50 crores underway. - Strategic acquisition of Arvind sp.z o.o.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.