Arthneeti

Zenith Steel Pipes & Industries Q2 FY27 Share Price & Earnings Call Analysis

₹4.86+0.83% today
Market cap
₹69 Cr
P/E
24.87
PEG
0.83
Price to sales
1.64
Debt to equity
0.00
52W high / low
₹8.47 / ₹4.60
Sales growth (5Y)
-7.27%
EBITDA margin
-28.06%
Net profit margin
5.75%
Promoter holding
15.64%
Sales (last year)
₹42 Cr

Incorporated 1960, Zenith Steel Pipes & Industries Ltd does manufacturing and selling of ERW And SAW Pipes[1]

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Zenith Steel rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹448 Cr17.9
240%+Up 2%+₹413 Cr12.0
340%+Up 2%+₹324 Cr22.7
440%+Up 0–2%₹1,079 Cr12.7
540%+Flat₹4,796 Cr53.0
640%+Flat₹1,534 Cr33.7

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Zenith Steel

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Zenith Steel

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%
DIIs +0.12%0.08%0.08%0.08%0.08%0.02%0.02%0.02%0.02%0.02%0.02%0.02%
Public +84.23%84.29%84.29%84.29%84.29%84.34%84.35%84.34%84.34%84.35%84.34%84.36%
No. of Shareholders73,26175,23081,77081,95282,18482,76283,24881,56080,09379,75079,26278,914

Pros & Cons

Zenith Steel

Key positives and risks surfaced from the company insights section.

Pros
  • The company has delivered a poor sales growth of -7.27% over past five years.
  • Promoter holding is low: 15.6%
  • Contingent liabilities of Rs.37.5 Cr.
  • Earnings include an other income of Rs.20.2 Cr.
  • Company has high debtors of 391 days.
Raw Insights
  • The company has delivered a poor sales growth of -7.27% over past five years.
  • Promoter holding is low: 15.6%
  • Contingent liabilities of Rs.37.5 Cr.
  • Earnings include an other income of Rs.20.2 Cr.
  • Company has high debtors of 391 days.

Financials of Zenith Steel

Quarterly Results

Quarter-by-quarter operating performance

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +24.4027.7445.8443.0628.5030.0735.6924.8218.9214.049.4011.297.18
YoY Sales growth-59.09%-44.35%+84.17%+40.95%+16.80%+8.40%-22.14%-42.36%-33.61%-53.31%-73.66%-54.51%-62.05%
Expenses +25.4834.2745.2336.3331.1530.6435.6826.8623.3719.4713.0213.887.30
Operating Profit-1.08-6.530.616.73-2.65-0.570.01-2.04-4.45-5.43-3.62-2.59-0.12
OPM %-4.43%-23.54%1.33%15.63%-9.30%-1.90%0.03%-8.22%-23.52%-38.68%-38.51%-22.94%-1.67%
Other Income +0.110.390.134.461.831.240.915.936.517.256.225.061.64
Interest0.720.730.740.730.610.620.630.620.620.630.640.600.61
Depreciation0.670.670.670.570.480.490.490.490.490.470.490.480.48
Profit before tax-2.36-7.54-0.679.89-1.91-0.44-0.202.780.950.721.471.390.43
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Net Profit +-2.36-7.54-0.679.89-1.92-0.44-0.202.780.960.721.471.390.44
EPS in Rs-0.17-0.53-0.050.70-0.13-0.03-0.010.200.070.050.100.100.03

Financials of Zenith Steel

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +84.0291.49156.92169.65183.63101.3877.87163.12164.92143.22119.0953.3841.91
Sales growth-63.37%+8.89%+71.52%+8.11%+8.24%-44.79%-23.19%+109.48%+1.10%-13.16%-16.85%-55.18%-61.73%
Expenses +141.82128.66176.01211.86297.69132.1179.41148.04177.17143.47122.1869.6353.67
Operating Profit-57.80-37.17-19.09-42.21-114.06-30.73-1.5415.08-12.25-0.25-3.09-16.25-11.76
OPM %-68.79%-40.63%-12.17%-24.88%-62.11%-30.31%-1.98%9.24%-7.43%-0.17%-2.59%-30.44%-28.06%
Other Income +2.5022.530.8016.167.1912.56-5.727.863.805.069.9125.0320.17
Interest9.3910.438.677.697.294.533.476.993.482.924.642.482.48
Depreciation6.296.116.247.336.015.652.842.672.452.581.951.921.92
Profit before tax-70.98-31.18-33.20-41.07-120.17-28.35-13.5713.28-14.38-0.690.234.384.01
Tax %0.13%4.78%0.00%0.00%0.00%0.00%0.00%12.42%0.00%0.00%0.00%0.00%
Net Profit +-71.07-32.66-33.20-41.07-120.17-28.34-13.5811.63-14.38-0.700.234.384.02
EPS in Rs-5.41-2.49-2.53-3.13-9.15-2.16-0.950.82-1.01-0.050.020.310.28
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Financials of Zenith Steel

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131.28131.28131.28131.28131.28131.28142.28142.28142.28142.28142.28142.28
Reserves-153.30-185.96-219.43-259.78-373.06-382.53-396.00-384.20-398.40-399.14-399.03-391.21
Borrowings +276.98291.05299.97295.95283.23246.91227.93227.46219.35215.15265.74268.65
Other Liabilities +110.60123.25141.16178.83194.63184.24161.73206.88205.67223.68149.56134.22
Total Liabilities365.56359.62352.98346.28236.08179.90135.94192.42168.90181.97158.55153.94
Fixed Assets +97.1597.1491.9880.3374.5565.8748.0344.3844.6443.6141.8040.03
CWIP17.0413.2612.7012.7814.440.000.000.000.990.821.201.29
Investments0.010.010.010.010.010.010.000.000.000.000.000.00
Other Assets +251.36249.21248.29253.16147.08114.0287.91148.04123.27137.54115.55112.62
Total Assets365.56359.62352.98346.28236.08179.90135.94192.42168.90181.97158.55153.94

Financials of Zenith Steel

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-30.65-5.307.064.1321.2024.9316.44-1.1717.904.743.94-1.09
Cash from Investing Activity +46.517.37-2.474.87-0.1314.06-0.657.71-3.24-2.47-1.56-1.13
Cash from Financing Activity +-16.371.31-7.05-7.47-20.86-40.99-15.45-7.46-11.34-7.12-0.140.42
Net Cash Flow-0.513.38-2.461.540.21-1.990.34-0.923.32-4.842.24-1.81
Free Cash Flow-30.48-6.774.599.0020.9724.7115.837.6714.223.353.42-1.32
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit53%14%-37%-10%-19%-81%-1,068%24%-135%-2,456%-128%7%

Financials of Zenith Steel

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days448.58435.14293.47249.5771.6831.7556.86112.13104.22150.57173.35390.57
Inventory Days78.1898.6937.769.862.9932.1782.79107.9262.3890.8052.2172.61
Days Payable173.03217.59180.44195.49213.77325.67309.25346.42277.39408.76603.80957.35
Cash Conversion Cycle353.73316.23150.7963.95-139.11-261.75-169.60-126.37-110.79-167.38-378.24-494.16
Working Capital Days-447.54-536.87-392.94-421.00-631.63-1,073.79-1,357.40-604.38-697.44-755.38-913.77-1,872.32
ROCE %-18.80%-8.45%-10.89%-17.29%-101.76%-128.38%39.15%

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What Zenith Steel's management said in earlier quarters

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