Sambhv Steel Tubes Limited has informed the Exchange about Investor Presentation
July 24, 2025
To,
To,
Listing Compliance Department
Listing Compliance Department
National Stock Exchange of India Limited
BSE Limited
Exchange Plaza, Bandra Kurla Complex,
P J Towers, Dalal Street,
Bandra (East), Mumbai– 400051
Mumbai - 400 001
Symbol: SAMBHV
Scrip Code: 544430
Dear Sir / Madam,
Sub: Earnings presentation and Press Release on Unaudited Financial Results for the
Quarter ended June 30, 2025
In terms of Regulation 30 of the Listing Regulations read with Schedule III to the Listing
regulations, please find attached Earnings Presentation and Press Release respectively made
by the Company on Unaudited Financial Results of the Company for the quarter ended June
30, 2025.
This disclosure along with the enclosures shall be made available on the website of the
Company at:
www.sambhv.com
This is for your information and records.
Thanking you,
For, Sambhv Steel Tubes Limited
Niraj Shrivastava
(Company Secretary and Compliance Officer)
Membership No. F8459
SAMBHV STEEL TUBES LIMITED
Q1FY26 Investor Presentation, July 2025
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sambhv Steel Tubes Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
Certain statements in this presentation concerning our future growth prospects are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward- looking statements. The risks and uncertainties relating to the statements include, but are not limited to, risks and uncertainties regarding fiscal policy, competition, inflationary pressures and general economic conditions affecting demand / supply and price conditions in domestic and international markets. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. The Company does not make any promise to update/provide such presentation along with results to be declared in the coming years.
2
Table Of Contents
Business Overview
Diversified Product Portfolio
Key Investment Thesis
Future Outlook
Q1FY26 Performance Highlights
01
02
03
04
05
Management Commentary
“Sambhv Steel Tubes Limited, recognized as single-location backward-integrated producer of structural pipes and tubes along with stainless steel coils, marked a key achievement with its debut on India’s premier stock exchanges. IPO proceeds have been deployed towards reducing debt and for general corporate purpose. With a diversified product portfolio & integrated presence across the pipes, tubes, & stainless steel value chain, we remain committed to sustainable growth.
Coming to Q1FY26 performance, I’m pleased to report that we have achieved highest-ever total sales volumes, revenue, EBITDA, & PAT, with YoY growth of 50%, 69%, 58%, & 35% respectively. Sambhv is well-positioned to capitalize on rising demand and lead India’s steel industry”
Mr. Suresh Goyal Chairman & Executive Director
4
Business Overview
FY25 at a Glance
Key Financial Highlights (FY25)
INR 15,114 Mn Revenue
INR 1,611 Mn Total EBITDA*
INR 1,546 Mn EBITDA
INR 580 Mn PAT
INR 5,624 EBITDA /T (Excl. Sponge Iron)
INR 5,321 EBITDA / T
INR 1,274 Mn Cash Flow from Operations
3.5x Debt / EBITDA
18 Days Working Capital Cycle
11.9% ROCE
Key Operational Metrics
Intermediate Products
Structural Pipes & Tubes
Stainless Steel
Pre-Galvanized Coils & Pipes
Total Volume
Production Volume 6,70,794 MTPA
Production Volume 2,15,099 MTPA
Production Volume 38,221 MTPA
Production Volume 30,190 MTPA
Production Volume 9,54,304
Sales Volume 55,565 MTPA
Sales Volume 2,12,623 MTPA
Sales Volume 9,745 MTPA
Sales Volume 12,648 MTPA
Sales Volume 2,90,581
Note - All figures show Standalone Financial Performance and are as at 31st March 2025; *Including Other Income
6
Key Milestones
FY18
FY19
FY20
FY22
FY23
FY24
FY25
FY26
Commenced operation with the manufacturing of sponge iron with installed capacity of 60,000 MTPA.
Commissioned 15MW power plant (6 MW WHRB + 9 MW AFBC) and commenced manufacturing of blooms / slabs with installed capacity of 120,000 MTPA.
Increased the capacity of Sponge iron to 105,000 MTPA, blooms/slabs to 231,000 MTPA and HR coils to 350,000 MTPA. Commenced manufacturing of ERW Pipes with installed capacity of 150,000 MTPA & increased it to 250,000 MTPA.
Expanded the capacity of sponge iron to 280,000 MTPA, HR coils to 390,000 MTPA, ERW & GI Pipes to 350,000 MTPA, and the power plant to 25 MW (16 MW WHRB + 9 MW AFBC). Achieved the capability to produce stainless steel blooms/slabs & HR coils with installed capacity of 60,000 MTPA each. Commenced manufacturing of GP Pipes with installed capacity of 100,000 MTPA and Stainless Steel CR Coils with installed capacity of 58,000 MTPA.
Expanded the production capacity of Sponge iron to 90,000 MTPA.
Expanded the capacity of blooms / slabs to 150,000 MTPA and commenced manufacturing of HR coils with installed capacity of 150,000 MTPA.
Increased the installed capacity for blooms/slabs to 317,000 MTPA and commenced manufacturing of GI pipe. Commissioned a 132 kVA power line.
Successfully raised INR 440 Cr & listed on stock exchanges.
WHRB: Waste Heat Recovery Boiler, AFBC: Atmospheric Fluidized Bed Combustion
7
Detailed Manufacturing Process Flow
Backward Integrated Steel & Pipes Manufacturing facility
8
Diversified Product Portfolio
Diversified product portfolio across the ERW black pipe value chain (1/3)
Capability to produce ERW pipes & tubes with thickness of 1.20mm to 5.00mm from in-house HR Coils available in following configuration: (i) square section from 15mm x 15mm to 113mm x 113 mm (ii) rectangular section from 40mm x 20mm to 145mm x 82mm and (iii) round pipes from 15NB to 125NB; Can also produce large diameter pipes from wider coils up of to 6.00mm thickness available in following configuration: (i) square section up to 150mm x 150 mm (ii) rectangular section up to 200mm x 100mm and (iii) round pipes up to 150NB.
ERW Black Pipes & Tubes
Sponge Iron
Blooms/Slabs (Mild Steel)
Narrow Width HR Coil (Mild Steel)
ERW Black Pipes & Tubes
GI Pipes
Steel Door Frame
Refined form of iron ore produced through direct reduction process.
Used for manufacturing of crude steel.
Semi-finished steel product produced by melting & casting.
Used for manufacturing narrow-width HR coils.
Deforming blooms/ slabs at high temperature. HAGC technology controls thickness and surface quality with high precision.
Used for manufacturing of ERW black pipes & tubes.
Manufactured by rolling HR coils and welding it longitudinally across its length.
Primarily sold through distributors who further sell it to various end user industries.
Coating a protective layer of zinc on ERW black pipes through hot dipping process which protects it from corrosion & increases life expectancy.
Essential for hot & cold water supply systems, irrigation systems, plumbing systems.
Manufactured by rolling HR coils and further welding it longitudinally.
Used in affordable housing projects, villages and forest areas due to their termite proof and eco-friendly properties.
Installed Capacity 2,80,000 MTPA
Installed Capacity 3,00,000 MTPA
Installed Capacity 3,90,000 MTPA
Installed Capacity 3,50,000 MTPA
10
Diversified product portfolio across pre-galvanised pipe value chain (2/3)
GP Coils and Pre-Galvanized (GP) Pipes & tubes
Sponge Iron
Bloom/Slabs (Mild Steel)
Narrow Width HR Coils (Mild Steel)
Cold Rolled (CR) Coils
GP Coils
Pre-Galvanized (GP) Pipes
Refined form of iron ore produced through direct reduction process.
Used for manufacturing of crude steel.
Semi-finished steel product produced by melting & casting.
Used for manufacturing narrow- width HR coils.
Deforming blooms/ slabs at high temperature. HAGC technology controls thickness and surface quality with high precision.
Used for manufacturing of CR coils.
Manufactured by rolling HR coils below the recrystallization temperature and is rolled at room temperature.
Majorly used for manufacturing of CRFH pipes and GP coils.
Coating CR coils with a layer of zinc through latest Non-Ox technology.
Manufactured by rolling GP coils and further welding it longitudinally.
Used to manufacture GP Pipes. Partial sale to industries such as pre-fabricated buildings, purlin, cable trays etc.
Generally used in telecommunication, infrastructure, construction, solar structures etc.
Used widely in coastal region due to its corrosion resistant property.
Installed Capacity 2,80,000 MTPA
Installed Capacity 3,00,000 MTPA
Installed Capacity 3,90,000 MTPA
Installed Capacity 1,00,000 MTPA
Galvanized (“GP”) coils, Cold rolled full hard (“CRFH”)
Installed Capacity 1,00,000 MTPA
11
Diversified product portfolio across the stainless steel value chain (3/3)
Stainless Steel
Blooms/Slabs (Stainless Steel)
Narrow Width HR Coils (Stainless Steel)
Stainless Steel HRAP Coils
Stainless Steel CR Coils
Semi-finished steel product produced by melting & casting.
For stainless steel, the melting process has an additional step called argon oxygen decarburization, or AOD process.
Used for manufacturing of narrow-width HR coils.
Deforming blooms/ slabs at high temperature. HAGC technology controls thickness and surface quality with high precision.
Used for manufacturing of stainless steel HRAP coil.
Manufactured by annealing and pickling HR coils in continuous annealing-pickling lines.
Has cleaner surface and improved mechanical properties for downstream processing.
Used for manufacturing of stainless steel CR coils.
Manufactured by cold rolling and bright annealing of HRAP coils.
Majorly sold to stainless steel pipe manufacturers and utensil makers etc.
Installed Capacity 60,000 MTPA
Installed Capacity 60,000 MTPA
Installed Capacity 58,000 MTPA
HR annealed and pickled (“HRAP”) coils, Cold rolled (“CR”) coils
12
Key Investment Thesis
Key Strengths
Single Location Backward Integrated Facility For Manufacturing ERW Steel Pipes & Tubes
Track Record Of Healthy Financial Performance
1
7
2
Strategically Located Manufacturing Plants Resulting In Operational Efficiencies
Experienced Promoters and Management Team With Vast Experience In Steel Industry
6
3
5
4
Strong Process Innovation And Execution Capabilities Allowing Us To Produce Value-added Products
Well-positioned To Take Advantage Of The Growing Demand For Quality ERW Steel Pipes And Tubes
Wide-spread Well Connected Distribution Network Across India
14
1A
Single location backward integrated facility for ERW steel pipes
Integrated manufacturing facility located in Sarora (Raipur)
Presence across the value chain
Forward Integration over the years
Sponge Iron
Power
Blooms / Slabs (MS* & SS #)
HR Coils (MS* & SS #)
CR Coils
ERW/GI Pipes & Tubes
GP Pipes
Installed Capacity
280,000 MTPA
16 MW - WHRB
9 MW - AFBC
300,000 MTPA - MS* 60,000 MTPA - SS #
390,000 MTPA - MS* 60,000 MTPA - SS #
100,000 MTPA
350,000 MTPA
100,000 MTPA
Intermediate products (Sponge iron, mild steel blooms/slabs, HR coils) largely used captively for production of ERW Pipes and tubes, GI/GP pipes & Steel door frame
Narrow-width HR coils for ERW Pipes of thickness as per customer requirements, at par with primary manufacturers, reducing dependency on external suppliers.
Equipped with advanced hot rolling mill with hydraulic automatic gauge control, for high precision and efficiency.
Utilizing scrap generated across the plant to manufacture blooms/slabs, aimed at recycling & reducing wastage.
ERW steel pipes and tubes manufacturer that refines steel directly from iron ore instead of making products from aftermarket coils.
Integrated setup reduces delivery timelines allowing to service customers faster, leading to lower working capital requirement.
Forward integration initiatives have enabled production of value added finished products resulting in cost advantages.
WHRB: Waste Heat Recovery Boiler, AFBC: Atmospheric Fluidized Bed Combustion, *MS-Mild Steel, #SS-Stainless Steel (Manufacturing has been started in FY25)
15
1B
Increased capacity of value added finished products over years
Installed Capacity (MTPA)
Capacity Utilization
March 31, 2025 March 31, 2024 March 31, 2023 March 31, 2022 March 31, 2025 March 31, 2024 March 31, 2023 March 31, 2022
2,80,000
3,00,000
3,90,000
60,000
3,50,000
1,00,000
58,000
1,00,000
1,05,000
3,17,400
-
1,05,000
2,31,000
-
90,000
1,50,000
-
3,50,000
3,50,000
1,50,000
-
2,50,000
1,00,000
-
-
-
2,50,000
1,00,000
-
-
-
-
-
-
-
16,98,000
11,22,400
10,36,000
25MW
15MW
15MW
3,90,000
15MW
Reducing external dependency on power
89.03%
85.08%
47.08%
57.87%
42.15%
70.55%
17.96%
47.97%
36.99%
-
114.67%
82.57%
-
58.71%
-
74.04%
-
-
-
-
111.32%
94.52%
-
120.16%
110.40%
-
54.63%
102.66%
-
41.78%
-
-
-
-
-
-
-
-
-
-
89.03%
90.11%
92.71%
91.44%
31st March 2024
43.7%
56.3%
43.1%
30th June 2025
56.9%
External Power Consumption External Sources
External Power Consumption External Sources
WHRB: Waste Heat Recovery Boiler, AFBC: Atmospheric Fluidized Bed Combustion
01
02
Residual heat from sponge iron kiln & in power steam from boilers used generation (WHRB) resulting in energy conservation & reduction in green- house gas emissions.
Utilizing by-products from sponge iron (like Dolochar) for power generation (AFBC) ensuring waste reduction & cost-effectiveness.
16
Bloom/Slabs with AOD (Stainless Steel)
60,000
Particulars
Sponge Iron
Bloom/Slabs (Mild Steel)
HR Coil (Mild Steel)
HR Coil (Stainless Steel)
ERW & GI Pipes
CR Coils (Mild Steel)
CR Coils (Stainless Steel)
Pre-Galvanized (GP) Pipes
Total
Power
Sustainable Captive Power Generation
Owned renewable energy power plant with total installed capacity of 25 MW comprising of 16 MW WHRB^ and 9 MW AFBC^ based systems.
2
Strategically located manufacturing plants resulting in operational efficiencies
Chhattisgarh
250 km from Sarora, subsidiary of largest coal producer in India. Long term supply agreements in place
Maharatna (PSU) Coal Mines
Kesda
Kuthrel
Sarora (Tilda) Facility
Facility (spread across 364,770 sqm) located in Close proximity to key suppliers
Producing India’s highest grade of iron ore, access to DRCLO grade as raw material
Navratna PSU Iron ore Mines
Optimizing logistics ensuring a steady and efficient supply chain as well as minimizing logistics complexities for distribution.
By harnessing natural resources of Chhattisgarh, able to produce sponge iron which is integral to its steel products and a key input in production value chain.
Well connected by roads and railways, locational advantage ensures easy availability of heavy vehicles for the distribution of products across India.
DRCLO: Directly reduced calibrated lump ore
2nd Manufacturing facility, spread over 73,980 SQM, has been operationalized in Kuthrel in FY25, for production of value added products such as GP coils, GP pipes, SS HRAP coils, SS CR coils etc.
Greenfield expansion planned in Kesda under wholly owned subsidiary, Sambhv Tubes Private Limited, for which land of 404,800 SQM has been acquired. NOC from Gram Panchayat has been obtained. Public hearing for EC has been successfully conducted by CECB. The HR mill has been procured and is being imported.
17
3A
Strong process innovation & execution allowing to produce value-added products
Secondary route for manufacturing HR Coil
Manufacture of Stainless Steel through AOD process
• Producing HR coils through a secondary manufacturing route,
using induction furnaces and sponge iron.
• Using sponge iron as a feed for induction furnaces and as a
substitute of steel scrap because high-quality scrap is costly and scarcely available.
• Scrap/virgin raw materials melted, decarburized & refined in a special AOD vessel. Degassing, homogenization, and inclusion flotation to produce a clean and uniform product.
• Among limited number of manufacturers in India manufacturing
SS blooms/slabs through the AOD process, which is a cost-effective process.
Manufacturing alloy steel products through ladle refining furnace
• Ladle refining furnace is used to raise the temperature and adjust
the chemical composition of molten steel.
•
Involves process such as de-oxidation, desulphurization, dephosphorization, controlled additions of alloying elements and inclusion modification on molten steel.
Cost-effective method for power generation
• WHRB based power plant with a capacity of 16 MW generating power
using flue gases generated from DRI kilns resulting in energy conservation.
• AFBC boiler based power plant with a capacity of 9 MW suitable for combustion of relatively low quality fuel which is generated as a by- product during the sponge iron manufacturing process; resulted into the reduction of waste.
AOD: Argon oxygen decarburization
18
4
Wide-spread well connected distribution network across India
FY23
FY24
FY25
Increasing distribution network across the country
1
1
4
1
1
6
2
2
1
1
2
1
1
1
1
1
8
4
2
1
1
8
2
2
3
1
20 Distributors
39 Distributors 600+ Dealers
2
1
1
1
5
1
2
1
9
1
1
10
2
2
3
1
43 Distributors 700+ Dealers
The company has built a strong foothold in Chhattisgarh, Maharashtra, Gujarat, Haryana, Rajasthan, Uttar Pradesh, Madhya Pradesh, and Telangana, with its geographic presence expanding from 10 states in FY23 to 15 states and 1 UT in FY25.
Regular sales meet with distributors & dealers, personalized visit to retailers & fabricators, training & feedback sessions for continuous product & quality improvement.
Supplying to OEMs, through distributors, engaged in a diverse range of industries, including crane manufacturers, tractor part producers, cultivator manufacturers, and telecommunication tower manufacturers.
Products also sold to end-user customers such as construction & infrastructure companies and government organizations & projects.
19
5
Well-positioned to take advantage of growing demand for ERW steel pipes & tubes
Global steel demand is primarily led by China & India, further room to increase per capita consumption in India at par with global economies
Global Steel Demand (MMTPA)
Global per capita steel consumption (CY23) - Kg
India Steel Demand (MMTPA)
Flat Steel
Long Steel
2,000-2,050
1,714
1,763
CY18
CY23
CY28P
World
Russia
USA
Japan
India
China
219
309
266
432
98
74.4
61.9
81.1
70.9
49.3
49.4
113-118
100-105
635
FY19
FY24
FY25E
FY29P
India steel demand set to grow at a faster rate driven by rapid infrastructure boost by the government
India Steel Pipe & Tubes Demand (MMTPA)
India ERW Pipes & Tubes (MMTPA)
Demand Segmentation- By Type & End User Industry (FY24)
Capacity
10.0
66%
Utilisation 12.0
13.0
69%
72%
9.3
64%
18.5
5.5
13.0
25-30%
FY25E
FY29P
FY19
FY22
FY23
FY24
30-35%
ERW Others
Total
8.8
2.9 5.9
FY19
12.3
3.3
9.0
FY24
13.1
3.9
9.2
Source: CRISIL Report; E – Estimated; P - Projected
12-14%
Oil & Gas
WSS
12-14%
Irrigation
Power
Structurals
12-13%
Others
1-2%
20
6
Experienced promoters and management team with vast experience
Brijlal Goyal, Promoter
• 34+ years of experience in steel and plastics manufacturing. • Played a pivotal role in the growth of business.
Vikas Kumar Goyal, MD & CEO • 19+ years of experience in the steel manufacturing industry. His role includes oversight of key functions including finance, strategy, sales and business development, marketing, procurement etc.
• Received Young Leader award 40 under 40 by Brand Story in
2024.
Bhavesh Khetan, Executive Director & COO • 10+ years of experience in iron and steel industry. • Relevant sector experience and oversees our overall plant
operations and administration.
Suresh Kumar Goyal, Chairman & Executive Director • 20+ years of experience in steel manufacturing, a veteran in industry.
• Received Times Most Powerful Leader award in 2022. • Has been instrumental in diversifying product portfolio, adopting new
technology & seamless execution of new projects.
Anu Garg, CFO • A CA by profession, she has 3+ years of experience. • Associate member of the Institute of Chartered Accountants of
India.
• Holds a bachelor’s degree in commerce from MATS University.
Bikash Agrawal, Chief Strategy Officer • 15+ years of experience in the field of finance. • Holds a master’s degree in business administration and
chartered financial analyst membership from CFA Institute, USA.
Ms. Nidhi Thakkar Independent Director
Mr. Manoj Khetan Independent Director
Mr. Kishore Kumar Singh Independent Director
Backed by an Experienced set of Board of Directors
~14 years of experience and previously associated with Sarda Energy and Minerals & Lafarge India
~9 years of experience in Steel industry and previously associated with National Steel & Agro Industries Ltd.& with Shreeyam Power
~36 years of association and he’s a retired Indian administrative services (“IAS”) officer
Also on Board of Directors
21
7A
Track record of healthy financial performance
5,000
4,000
3,000
2,000
1,000
-
Revenue (INR Million)
CAGR: 23%
12,858
15,114
8,193
9,372
FY22
FY23
FY24
FY25
EBITDA* (INR Million)
CAGR: 8%
EBITDA
EBITDA Margin
1,599
1,547
1,172
12.51%
12.44%
10.23%
1,245
15.20%
Gross Profit (INR Million)
CAGR: 31%
Gross profit
Gross Profit Margin
4,469
100.0%
3,656
2,405
29.57%
25.66%
28.43%
FY23
FY24
FY25
1,995
24.35%
FY22
PAT (INR Million)
PAT
PAT Margin 825
6.42%
721
8.80%
603
6.43%
581
3.84%
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Note - All figures show Standalone Financial Performance; * Excluding other income
80.0%
60.0%
40.0%
20.0%
0.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
22
7B
Track record of healthy financial performance
Sales Volume (MTPA)*
Finished Goods Sales Segmentation FY25 (By Value)
Structural Pipes and Tubes
Pre-Galvanised (GP) Coils and Pipes
Stainless Steel Coils
Intermediate Products
2,90,393
2,23,262
55,565
1,58,053
38,199
9,745
12,648
92,366
65,687
185,063
212,436
1,57,384
157,384
FY22
FY23
FY24
FY25
14%
3%
5%
8%
Intermediate Products
Others
Pre-Galvanised (GP) Coils and Pipes
Stainless Steel Coils
70%
Structural Pipes & Tubes
EBITDA/Ton (INR)
Cash Flow from Operations (INR Million)
7,911
7,422
7,161
5,321
1,424
1,274
656
345
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
*The captive consumption of intermediate products for production of our finished products increased in Fiscal 2024 and hence our sales volumes of intermediate products has declined. Figures are on Standalone Basis
23
7C
Track record of healthy financial performance
Working Capital Cycle^ (Days)
57
47
41
64
29
18
Return Ratios (%)
ROCE
ROE
34
20
25
18
12
12
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Debt Metrics
Cash Flow from Operations to EBITDA Ratio
Debt/Equity
Debt/EBITDA
Interest Coverage Ratio
6.1
4.7
4.5
1.9
1.6
2.4
1.4
2.2
0.8
1.1
3.5
2.5
0.56
0.28
0.89
0.82
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Note - All figures show Standalone Financial Performance; ^Days calculated on Revenue
24
7D
Annual Income Statement
Particulars (Rs. Mn)
FY25
FY24
FY23
FY22
Net Revenue from Operations
Total Expenditure
EBITDA
EBITDA Margin (%)
Other Income
Depreciation
EBIT
Finance Cost
PBT
Tax Expense
PAT
PAT Margin (%)
Reported EPS
15,114
12,858
9,372
13,567
11,259
8,200
1,547
1,599
1,172
8,193
6,948
1,245
10.23%
12.43%
12.52%
15.20%
65
344
36
209
18
162
14
101
1,268
1,426
1,028
1,158
478
790
209
581
318
1,108
283
825
218
810
207
603
191
967
246
721
3.84%
6.41%
6.44%
8.80%
2.41
3.79
3.01
3.59
Revenue CAGR 23% FY22-FY25
Gross Profit CAGR 31% FY22-FY25
EBITDA CAGR 8% FY22-FY25
Note - All figures show Standalone Financial Performance
25
7E
Annual Balance Sheet
Assets (Rs.in Mn)
FY25
FY24
FY23
FY22
7,150
857
3,367
2,156
2,940
2,353
215
167
Fixed Assets
Work-In-Progress
Goodwill
Intangible Assets
Financial Assets
i) Investments
ii) Other Financial Assets
Other Non-Current Assets
Non - Current Assets
Inventories
Financial Assets
i) Trade Receivables
ii) Cash & Cash Equivalents
iii)Bank Balances
iv)Other Financial Assets
Othe Current Assets
Current Tax Assets
Current Assets
Total Assets
0
655
309
134
9,106
2,539
1,472
51
110
31
996
40
1
1
153
571
6,248
1,491
941
76
354
21
270
Note - All figures show Standalone Financial Performance
EQUITY AND LIABILITIES (Rs. In Mn) Share Capital
Other Equity
Total Equity
Financial Liabilities
i) Borrowings
ii) Lease Liabilities
Provisions
Deferred Tax Liabilities
Non - Current Liabilities
Financial Liabilities
i) Borrowings
FY25
FY24
FY23
FY22
2,410
2,550
4,960
2,410
1,973
4,383
201
1,903
2,104
201
1,292
1,493
3,576
1,814
1,690
1,365
36
22
302
3,936
35
14
188
22
8
142
2
9
97
2,051
1,863
1,473
1,741
1,654
1,138
1,048
1
0
87
2
0
58
214
3,458
1,414
115
2,695
1,215
346
156
ia) Lease Liabilities
2
75
5
1
83
4
ii) Trade Payables
iii) Other Financial Liabilities
Other Current Liabilities
221
431
Provisions
3
3,247
264
183
11
1
978
128
135
2
69
0
283
69
57
1
7
5,239
14,345
3,153
9,401
2,064
5,521
1,890
4,585
Current Tax Liabilities
Current Liabilities
Total Equity & Liabilities
5,448
2,967
1,555
14,345
9,401
5,521
1
310
49
80
0
130
1,619
4,585
26
7E
Annual Cash Flow Statement
For the year ended (INR Million)
A. Cash flow from operating activities
Profit before tax
Adjustments for:
March 31, 2025
March 31, 2024
March 31, 2023
March 31, 2022
790
1,108
811
967
For the year ended (INR Million)
B. Cash flow from investing activities
Payments for purchase of property, plant, and equipment including capital work-in-progress, intangible assets, and capital advances
March 31, 2025
March 31, 2024
March 31, 2023
March 31, 2022
(2,227)
(2,849)
(871)
(989)
209
162
101
Proceeds from sale of property, plant, and equipment and intangible assets
4
2
Depreciation and amortisation expenses
Loss on sale of property, plant & equipment (net)
Balance written off for receivables & advances Allowance for doubtful debts, loans, advances, and others Fair value amortization on loan to employees Gain on sale of current investments
Gain on account of remeasurement in lease term
Finance cost Interest income
344
(1)
1
1
0 -
-
478 (49)
3
1
0
0 (3)
0
304 (23)
2
0
0
0 -
0
214 (9)
1
-
0
0 -
-
181 (7)
Operating profit before working capital changes
1,565
1,599
1,180
1,243
Adjustments for:
(Increase)/decrease in loans (Increase)/decrease in other financial assets (Increase)/decrease in other assets (Increase)/decrease in inventories (Increase)/decrease in trade receivables Increase/(decrease) in provisions Increase/(decrease) in trade payables Increase/(decrease) in other financial liabilities Increase/(decrease) in other current liabilities Cash flow from operations Less: Income tax paid (net)
Net cash generated from operating activities (A)
(7) (130) (727) (1,048) (532) 12 2,269 25 49 1,476 (202)
1,274
(3) (64) (49) (76) (596) 8 695 13 78 1,605 (181)
1,424
0 (17) 209 (199) (190) 10 (27) 3 (23) 947 (291)
656
(1) (19) (38) (860) (80) 4 168 7 19 443 (98)
345
Note - All figures show Standalone Financial Performance
Investment/(matured) in fixed deposit (net) Investment in subsidiary Proceeds from sales of investment in subsidiary Purchase of current investments Proceeds from sale of current investments Interest received Net cash (used in)/ from investing activities (B)
C. Cash flow from financing activities (refer note 45)
Proceeds from non-current borrowings Repayment of non-current borrowings
Proceeds / (repayment) of current borrowings (net) (excluding current maturities of non-current borrowings)
Repayment towards principal portion of lease liabilities Payment of interest on lease liabilities Proceeds from issue of equity shares (Refer Note 17) Share issue expenses Finance cost paid Net cash (used in)/ from financing activities (C)
Net increase/ (decrease) in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the year
Add: Cash and cash equivalents pursuant to business combinations
Cash and cash equivalents at the end of the year
209 (652) - - - 50 (2,615)
2,314 (401)
(65)
(2) (4) - - (526) 1,317
(24)
76
0
51
(283) 0 0 (500) 503 11 (3,116)
1,241 (1,081)
482
0 (2) 1,504 (50) (326) 1,766
74
2
76
19
(4) - - - - 7 (849)
979 (577)
13
(2) (1) - - (217) 195
1
1
2
2
(22) - - - - 6 (1,002)
1,312 (1,024)
545
0 0 - - (176) 657
(1)
1
1
27
Future Outlook
Key strategies (1/2)
Capacity Expansion
Increase Distribution Network
Value Added Products and Customization
Commissioned Kuthrel facility in FY25 with focus on GP Coils, GP Pipes, stainless steel HRAP coils & stainless steel CR coils. Facility also has excess land which can be used for further expansion
Expand reach to other States while increasing the supply to existing States as well to improve product availability by increasing no. of distributors to ensure outreach to a much larger pool of dealers, retailers and fabricators
Continue to develop new value added products and focus on customization to further increase the customer base and satisfy evolving market trends
Planning to commission Greenfield facility in Kesda under wholly owned subsidiary, Sambhv Tubes Pvt Ltd, with intention to add 1.20 MMTPA of finished products in 3 phases, Phase 1 is expected to be commissioned in FY27. NOC from Gram Panchayat & TOR from the MoEF has been obtained. Public hearing for EC has been successfully conducted by CECB. HR mill has been procured and land has been acquired.
Commenced supply of GP pipes to meet growing demand, especially targeting coastal belt. Accordingly, plan to increase distributors in states/UT’s such as Kerala, Tamil Nadu, Andhra Pradesh, Goa, Maharashtra etc. Also planning to expand international footprint by leveraging our expertise in ERW pipes and tubes (GI and GP)
Commenced production of SS HRAP coils, SS CR coils, CRFH pipes, GP coils and GP pipes in FY25. These products will help in increasing end-use industry exposure towards sectors including hot and cold-water supply systems, telecommunications, infrastructure, construction, firefighting systems, irrigation systems, plumbing systems, poles, signage supports, fencing, and handrails
29
Key strategies (2/2)
Cost Optimisation
Brand Building
Machining capabilities, automation of processes, adherence to high quality standards help in achieving operational efficiency.
For GP Coils & Pipes, company adopted advanced technology which will use significantly less quantity of zinc thereby further improving cost efficiency
Scope for establishing Power Plant to meet the remaining power requirement of Unit 1 and Unit 2, thereby reducing dependence on external power.
Continue to implement branding initiatives including impactful advertisements across electronic media, outdoor branding, digital platforms, & print media, to increase visibility
Personalized visits and informal gatherings like “Chai- Pe-Charcha” with fabricators and retailers . Periodic formal meets with distributors, dealers and retailers
Proactively meeting industry experts (architects, builders, contractors and traders) to discuss trends and explore opportunities
Continued participation in trade fairs & exhibitions (domestic and international) to connect with potential customers and gather market intelligence
30
Q1FY26 Performance Highlights
Q1FY26 at a Glance
Key Financial Highlights (Q1FY26)
INR 5,586 Mn Revenue
INR 735 Mn Total EBITDA^
INR 727 Mn EBITDA
INR 334 Mn PAT
INR 8,600 EBITDA /T (Excl. Sponge Iron)
INR 7,843 EBITDA / T
INR 391 Mn Cash Flow from Operations*
1.8x Debt / EBITDA*
22.6% ROCE**
21 Days Working Capital Cycle*
Key Operational Metrics
Intermediate Products
Structural Pipes & Tubes
Stainless Steel
Pre-Galvanized Coils & Pipes
Total Volume
Production Volume 1,86,634 MTPA
Production Volume 51,223 MTPA
Production Volume 32,606 MTPA
Production Volume 36,013 MTPA
Production Volume 3,06,476
Sales Volume 12,989 MTPA
Sales Volume 50,294 MTPA
Sales Volume 9,439 MTPA
Sales Volume 19,984 MTPA
Sales Volume 92,706
32 Note - All figures show Standalone Financial Performance; ^Including Other Income; *as on 30th Jun’25 on annualized basis; **excluding share application money received from Anchor Investors & as on 30th Jun’25 on annualized basis
Q1FY26 Quarterly Strategic Updates
Public hearing for Environmental Clearance of the Kesda Plant was successfully conducted by Chhattisgarh Environment Conservation Board.
Improved capacity utilization in the Pre-galvanized (GP) Pipes and Stainless Steel divisions.
Achieved highest quarterly performance to date in total sales volumes, revenue, EBITDA & PAT.
Consent to Establish (CTE) granted for doubling GP coils and Stainless Steel CR coils capacity from 58,000 MTPA to 116,000 MTPA each.
Successfully transitioning towards high margin value added products like CRFH Pipes, SS CR Coil and Galvanised Coils & Pipes
33
Financial Highlights
Revenue (INR Million)
Gross Profit (INR Mn) & Margin
69%
4,953
5,586
3,308
Gross Profit
Gross Profit Margin
31.61%
1,046
1,374
27.75%
1,672
29.92%
2,000
1,500
1,000
500
-
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
EBITDA (INR Million) & Margin
PAT (INR Million) & Margin
800
600
400
200
0
EBITDA
EBITDA Margin
13.89%
459
482
9.73%
727
13.02%
15.0%
10.0%
5.0%
0.0%
400
300
200
100
0
PAT
PAT Margin
7.48%
248
165
3.32%
334
5.98%
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
33% 32% 31% 30% 29% 28% 27% 26%
8.0%
6.0%
4.0%
2.0%
0.0%
34
Detailed Income Statement
Particulars (Rs. Mn)
Q1FY26 Q1FY25 Q4FY25
YoY
QoQ
FY25
FY24
YoY
Net Revenue from Operations
5,586
3,308
4,953
69%
13%
15,114
12,858
18%
Total Expenditure
4,859
2,848
4,471
71%
9%
EBITDA
727
460
482
58%
51%
13,567
1,547
11,259
20%
1,599
(3%)
EBITDA Margin (%)
13.02%
13.89%
9.73%
10.23%
12.44%
EBIT ( Incl. Other Income)
PBT (Excl. exceptional)
615
450
406
327
393
224
52%
56%
1,268
1,426
(11%)
38%
101%
790
1,108
(29%)
PBT Margin (%)
8.06%
9.89%
4.51%
5.23%
8.62%
PAT (Excl. exceptional)
334
248
165
35%
103%
581
825
(30%)
PAT Margin (%)
Reported EPS
5.98%
7.48%
3.32%
3.84%
6.42%
1.39
1.03
0.68
35%
104%
2.41
3.79
(36%)
35
Company Contact - cs@sambhv.com; camayank@sambhv.com
Investor Relations
Sana Kapoor Go India Advisors sana@GoIndiaAdvisors.com M:+91 81465 50469
Sheetal Khanduja Go India Advisors sheetal@GoIndiaAdvisors.com M:+91 97693 64166