Sambhv Steel Tubes Limited — Investor Meet, 04-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Sambhv Steel Tubes posted its strongest 9-month performance: revenue at INR1,728 Cr (+70%), EBITDA at INR184 Cr (+73%), and PAT at INR88 Cr (+110%). Q3 saw revenue reach INR589 Cr (+60%) and PAT double to INR24 Cr, despite EBITDA/ton temporarily dipping to INR5,200 (from INR6,100 in Q2).

Management explained the Q3 dip was due to a temporary stainless steel import window, HR coil price drops, and a 15-day shutdown for GP capacity expansion. A strong Q4 rebound is anticipated, targeting INR7,500 EBITDA/ton, fueled by higher coil prices, use of low-cost inventory, and new Chinese SS export duties. FY26 EBITDA/ton is projected at INR7,000.

Capacity expansions include greenfield stainless steel projects (3.5 lakh tons) and brownfield increases for GP (to 1.16 lakh tons) and SSCR (to 1.16 lakh tons by March 2026). The company secured PLI scheme approval for stainless steel and is exploring seamless stainless steel tubes, aiming for import substitution. Debt stands at INR210 Cr (Dec 31), with plans to fund a significant capex from debt and internal accruals. A planned 25-30 MW power plant seeks energy self-sufficiency.