Sambhv Steel Tubes Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sambhv Steel Tubes Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sambhv Steel Tubes reported FY26 revenue growth of 60% to Rs 2,413 crore, EBITDA growth of 79% to Rs 276 crore, and PAT more than doubling to Rs 143 crore, with sales volume reaching an all-time high of 3,96,000 tons. For Q4 FY26, revenue rose 38% to Rs 685 crore, EBITDA grew 91% to Rs 92 crore, and EBITDA margin improved to 13%. Management discussed ongoing capacity expansion at Kesda and Kuthrel, debottlenecking of stainless steel and ERW capacity, a captive power plant project, and progress under the PLI scheme for stainless steel cold rolled coils.
Numbers mentioned
Revenue: INR2,413 crores (FY26)
p. 4
“Now moving to yearly performance, revenue increased by 60% to INR2,413 crores.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
EBITDA: INR276 crores (FY26)
p. 4
“EBITDA increased by 79% to INR276 crores with EBITDA margin remain over 11%.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
PAT: INR143 crores (FY26)
p. 4
“PAT more than doubled to INR143 crores while PAT margin improved from 3.8% to 6%.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
ROCE: 16% (FY26)
p. 4
“We have delivered ROCE of 16% despite continuous capex.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
Cash conversion cycle: 17 days (FY26)
p. 4
“Our cash conversion cycle remains stable at 17 days.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
Revenue: INR685 crores (Q4 FY26)
p. 4
“Revenue increased by 38% to INR685 crores.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
EBITDA: INR92 crores (Q4 FY26)
p. 4
“EBITDA grew by 91% to INR92 crores.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
EBITDA per ton: 9,500 (Q4 FY26)
p. 4
“EBITDA per ton stood at 9,500 excluding sponge iron sales.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
PAT: INR56 crores (Q4 FY26)
p. 4
“PAT more than doubled to INR56 crores.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
PAT margin: 8% (Q4 FY26)
p. 4
“EBITDA margin improved significantly to 13% and PAT margin improved to 8%.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
Sales volume: 3,96,000 ton (FY26)
p. 4
“Sales volume reached all-time high of 3,96,000 ton, registering growth of 37%.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
Value-added product volume: 3,56,000 ton (FY26)
p. 4
“Value-added product volumes increased to 3,56,000 ton, marking growth of 51%.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
EBITDA per ton: INR7,500 (FY26)
p. 4
“EBITDA per ton was INR7,500 excluding sponge iron sale.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Stainless steel debottlenecked capacity — 1,16,000 ton per annum
stated firmly by Vikas Kumar Goyal
p. 3
“We have completed the debottlenecking projects for stainless steel CR coils, which will increase capacity from 58,000 ton per annum to 1,16,000 ton per annum.”
Vikas Kumar Goyal, page 3 of the filed PDF · View the filing
ERW pipes and tubes capacity — 1,50,000 ton per annum
stated firmly by Vikas Kumar Goyal
p. 3
“We are expanding our ERW and tubes capacity by 1,50,000 ton per annum through direct forming technology (DFT) with an estimate capex of INR50 crores.”
Vikas Kumar Goyal, page 3 of the filed PDF · View the filing
Stainless steel greenfield capacity commissioning — 3,60,000 ton per annum · Q4 FY27
stated firmly by Vikas Kumar Goyal
p. 3
“The first phase of expansion having 3,60,000 ton per annum of stainless steel capacity remain on track for commissioning in quarter four, financial year 2027.”
Vikas Kumar Goyal, page 3 of the filed PDF · View the filing
Finished steel installed capacity — 2 million tons · 2030
stated as an aspiration by Vikas Kumar Goyal
p. 6
“in terms of future growth planning of 2 million ton of finished product, we have a bifurcation of, let's say, 10%, let's say 10 million ton of MS pipe and tubes, sorry, 10 lakh ton of MS pipes and tubes, 3 lakh ton of coated product and approximately 7 lakh ton of stainless steel coil.”
Vikas Kumar Goyal, page 6 of the filed PDF · View the filing
Market share — 10% to 12% in MS pipes/coils and 10% to 12% in stainless steel flat products/coils · 2030
stated as an aspiration by Vikas Kumar Goyal
p. 6
“We will have 10% to 12% of MS coil & pipe market share and 10% to 12% of stainless steel flat products & coil market share in 2030.”
Vikas Kumar Goyal, page 6 of the filed PDF · View the filing
Debt to net worth ratio — not more than 1.5 times net worth
stated firmly by Vikas Kumar Goyal
p. 6
“Let's say we, our long-term debt will not be more than 1.5 times of our net worth and, my long-term debt should not be more than 1.5 times of my forward EBITDA.”
Vikas Kumar Goyal, page 6 of the filed PDF · View the filing
Peak debt — INR800 crores long-term debt and INR200-300 crores working capital
stated conditionally by Vikas Kumar Goyal
p. 9
“So currently, the capex that is announced, we are expecting a peak long-term debt of around INR800 crores at max and INR200 crores to INR300 crores of working capital.”
Vikas Kumar Goyal, page 9 of the filed PDF · View the filing
EBITDA margin — 12% plus-minus 2%
stated as an aspiration by Management
p. 18
“our business usually operates on a median margin of 12%, plus-minus 2% bracket in the worst-case scenario and the best-case scenario.”
Management, page 18 of the filed PDF · View the filing
EBITDA per ton — INR7,500 to INR8,000 per ton · Q1 FY27
stated firmly by Vikas Kumar Goyal
p. 20
“So we would like to give you a guidance of INR7,500 to INR8,000 per ton for Q1 FY27.”
Vikas Kumar Goyal, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management detailed the remaining capex of about INR630 crores, term loan plans of INR675 crores for Kesda, and INR200 crores of additional capex to be funded through internal accrual and up to INR150 crores debt.
Answered by Vikas Kumar Goyal
Asked by Miraj: Breakdown of total capex plan and debt vs internal accrual funding
p. 5
“We have to take around, we have planned to take around INR675 crores of term loan for the Kesda capex.”
Vikas Kumar Goyal, page 5 of the filed PDF · View the filing
Management explained the gap between lower-cost raw material procured earlier and higher finished product prices as HR coil prices rose sharply in December.
Answered by Management
Asked by Vinit Thakur: Reason for the peak EBITDA per ton this quarter
p. 7
“As I told you in the last con-call as well, our raw material is iron ore and coal. The procurement of the third quarter was used in the fourth quarter, which was at a very bottom price.”
Management, page 7 of the filed PDF · View the filing
Management said roughly 50-60% of the price increase flows to EBITDA, with the rest offset by credit notes, discounts, and higher raw material costs like zinc.
Answered by Vikas Kumar Goyal
Asked by Mahek Talati: How much of realization increase passes through to EBITDA
p. 9
“So I think 50% to 60% is actually passed on to the EBITDA level. Rest actually we either passed on through our credit note or we are giving certain discounts to our customers.”
Vikas Kumar Goyal, page 9 of the filed PDF · View the filing
Management said the government has set an October 10 cutoff for non-BIS standard imports and that rising costs in China limit dumping risk, so domestic pricing pressure is limited.
Answered by Management
Asked by Chandresh Malpani: Update on the stainless steel import window and pricing risk
p. 15
“So it is not possible for a lot of dumping to happen or for material to come at a very low rate.”
Management, page 15 of the filed PDF · View the filing
Management confirmed seamless long product approval under PLI 1.2 but said full project details would be announced only once complete government approvals are secured.
Answered by Management
Asked by Randheer Singh: Status of the seamless pipe project and PLI approval
p. 17
“Sir, its approvals, I mean are expected now and for the PLI -- since you're asking about seamless pipe, our seamless long product has been approved under the PLI 1.2 scheme.”
Management, page 17 of the filed PDF · View the filing
Management said a below-normal monsoon this year, unlike last year's prolonged monsoon, could support a slight demand uptick for the steel industry.
Answered by Management
Asked by Isha: Outlook for Q1 FY27 demand and monsoon impact
p. 20
“So this time if there is an El Nino impact and a below normal monsoon, then we believe that for us as a steel industry there could be a slight demand uptick.”
Management, page 20 of the filed PDF · View the filing
Management explained that reported SS production of 1,69,000 tons includes intermediate slabs and HR coil that are captively consumed, leaving only CR coil as the saleable output of around 49,000 tons.
Answered by Management
Asked by Vinit Thakur: Explanation of the stainless steel production-to-sales conversion chain
p. 21
“So, if we add all three, then we reach a production quantity of around 1,69,000. But again, the saleable out of these three is only CR coils.”
Management, page 21 of the filed PDF · View the filing
Risks flagged
War-related crisis impacting operations and costs
p. 4
“the quarter marked our highest ever revenue, EBITDA and PAT performance despite the war-related crisis.”
Vikas Kumar Goyal, page 4 of the filed PDF · View the filing
Rising energy and raw material costs during the war period
p. 9
“And also with the raw material cost, let's say zinc has been increased many fold and certain energy cost also increased during this war time and also the other cost also being increased along with that.”
Vikas Kumar Goyal, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.