Scoda Tubes Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Scoda Tubes Ltd filed with BSE on 01 Jun 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
Scoda Tubes reported FY26 revenue growth of 7% to Rs 518 crores, with EBITDA margins of 14.7% versus 16.1% in FY25 and PAT growth of 22% to Rs 38.8 crores. Management attributed the moderation in growth to a piercing plant shutdown caused by gas shortages linked to global geopolitical disruptions in March. For FY27, management guided to 25% revenue growth with 14% to 15% EBITDA margins, alongside continued capex on a new welded pipe facility and a solar power project.
Numbers mentioned
Revenue: INR518 crores (FY26)
p. 3
“We have reported revenue growth of 7% for FY26, reaching INR518 crores.”
Samarth Patel, page 3 of the filed PDF · View the filing
Revenue: INR123.6 crores (Q4 FY26)
p. 4
“In Q4 FY26, the revenue was broadly flat at INR123.6 crores.”
Ravi Patel, page 4 of the filed PDF · View the filing
EBITDA: INR76.2 crores (FY26)
p. 4
“EBITDA in FY26 stood at INR76.2 crores.”
Ravi Patel, page 4 of the filed PDF · View the filing
EBITDA margin: 14.7% (FY26)
p. 4
“EBITDA margins stood at 14.7% versus 16.1% in FY25.”
Ravi Patel, page 4 of the filed PDF · View the filing
EBITDA: INR16.7 crores (Q4 FY26)
p. 4
“In Q4 FY26, EBITDA stood at INR16.7 crores.”
Ravi Patel, page 4 of the filed PDF · View the filing
PAT: INR38.8 crores (FY26)
p. 4
“PAT grew by 22% year-on-year to INR38.8 crores in FY26.”
Ravi Patel, page 4 of the filed PDF · View the filing
PAT margin: 7.5% (FY26)
p. 4
“PAT margins stood at 7.5% versus 6.5% last year, up by 100 basis points on a year-on-year basis.”
Ravi Patel, page 4 of the filed PDF · View the filing
Capex: INR110 crores (FY26)
p. 5
“In FY26, the company incurred INR110 crores in capex.”
Ravi Patel, page 5 of the filed PDF · View the filing
Net block of fixed assets: INR194.4 crores (as on 31st March)
p. 5
“Net block of fixed assets as on 31st March stood at INR194.4 crores and capital work-in-progress as on March 31st stood at INR8.8 crores.”
Ravi Patel, page 5 of the filed PDF · View the filing
Export revenue share: 34.6% (FY26)
p. 4
“Export revenue of total revenues stood at 34.6% and 44.8% in FY26 and Q4 FY26 respectively.”
Ravi Patel, page 4 of the filed PDF · View the filing
Order book: INR175 crores
p. 11
“It's around INR175 crores.”
Samarth Patel, page 11 of the filed PDF · View the filing
Inventory days: 217 days (FY26)
p. 5
“which will go down to 160 days, which is currently 217 days.”
Ravi Patel, page 5 of the filed PDF · View the filing
IPO proceeds raised: INR220 crores
p. 4
“we successfully completed our IPO during the year, raising INR220 crores and getting listed on the NSE and BSE.”
Samarth Patel, 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.
Revenue growth — 25% · FY27
stated firmly by Samarth Patel
p. 3
“Coming to FY27, we are expecting a 25% revenue growth with 14% to 15% EBITDA margins.”
Samarth Patel, page 3 of the filed PDF · View the filing
Welded facility commissioning — operational · H2 FY27
stated firmly by Samarth Patel
p. 3
“The new welded facility will be operational by H2, FY27.”
Samarth Patel, page 3 of the filed PDF · View the filing
Inventory days — 160 to 170 days · FY27 onward
stated firmly by Ravi Patel
p. 10
“the inventory days will go down in FY27 and it will remain in the range of 160 to 170 days for the future years.”
Ravi Patel, page 10 of the filed PDF · View the filing
Peak debt — INR250 crores · next year
stated firmly by Ravi Patel
p. 10
“Next year, it will increase by INR50 crores, so assuming INR250 crores.”
Ravi Patel, page 10 of the filed PDF · View the filing
Export-domestic mix — 40% export and 60% domestic · FY27
stated as an aspiration by Samarth Patel
p. 9
“For the future revenue, which is targeted as a balance of 40% export and 60% domestic mix with continued focus on international expansion.”
Samarth Patel, page 9 of the filed PDF · View the filing
Seamless utilization — 70% · FY27
stated firmly by Samarth Patel
p. 11
“For FY27, for seamless we will be operating at almost 70% of the utilization and for welded we will be doing I think this year would be around 25% out of the installed capacity.”
Samarth Patel, page 11 of the filed PDF · View the filing
Full captive consumption of mother hollow — fully captive · FY28
stated as an aspiration by Samarth Patel
p. 4
“We have moved to 70% captive consumption, intending to be fully captive by FY28.”
Samarth Patel, page 4 of the filed PDF · View the filing
Growth outlook revision — H1 FY27
stated conditionally by Samarth Patel
p. 9
“we would like to revisit our growth outlook in H1 FY27 because current times it's very much difficult because of the geopolitical situation.”
Samarth Patel, page 9 of the filed PDF · View the filing
Welded capacity expansion — 21,150 metric tons per annum · H1 FY28
stated firmly by Samarth Patel
p. 4
“The total welded capacity post-expansion will be 21,150 metric tons per annum by the H1 FY28 and expecting optimum contribution by FY29.”
Samarth Patel, page 4 of the filed PDF · View the filing
FY27 capex — INR100 crores · FY27
stated firmly by Ravi Patel
p. 7
“Almost INR100 CR addition would be there for the current FY27.”
Ravi Patel, page 7 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 said raw material price increases are passed through to customers and clarified the company is stainless steel only, not alloy.
Answered by Samarth Patel
Asked by Sucrit Patil: What strategic levers are being prioritized to expand the tube portfolio while managing raw material volatility and export growth?
p. 5
“That is if the price is increased by 25% to 30%, it is passed on to the customer.”
Samarth Patel, page 5 of the filed PDF · View the filing
Management said no further equity dilution is planned, with expansion funded via internal accruals and term loans.
Answered by Samarth Patel
Asked by Adishwar Golchha: Will there be equity dilution to fund the welded capacity expansion?
p. 7
“So, for now, we don't have any plan for diluting any more equity.”
Samarth Patel, page 7 of the filed PDF · View the filing
Management attributed the delay to geopolitical disruption affecting machine imports from China, logistics and fuel costs.
Answered by Samarth Patel
Asked by Sahil Sanghvi: Why was the high diameter welded pipe capex delayed from the originally planned Q3 FY27?
p. 8
“but again after the war situation in April, we got to know that it is going to be delayed and we will start receiving the machineries in maybe July or August.”
Samarth Patel, page 8 of the filed PDF · View the filing
Management said the domestic/export mix targeted is 60/40 and that the guidance is conservative, to be revisited in H1 FY27.
Answered by Samarth Patel
Asked by Viraj Parekh: Can you break down the 25% FY27 revenue growth guidance by domestic versus export, and is there upside optionality?
p. 9
“we are targeting around 40% of export and 60% of domestic mix, which includes both seamless as well as welded.”
Samarth Patel, page 9 of the filed PDF · View the filing
Management cited potential BHEL tender orders and data centre capex demand as domestic growth drivers, though the base case remains conservative.
Answered by Ravi Patel
Asked by Viraj Parekh: What is driving domestic growth given it has lagged export growth historically?
p. 9
“So of course, the growth will be more than 20% what we are expecting.”
Ravi Patel, page 9 of the filed PDF · View the filing
Management said the BHEL tender has been repeatedly postponed and is now expected in June or July.
Answered by Samarth Patel
Asked by Parikshit: Have any orders been received from BHEL, and what is the tender status?
p. 11
“So now what we are expecting in maybe July or August, we will be participating in the next coming BHEL orders.”
Samarth Patel, page 11 of the filed PDF · View the filing
Management explained the gas cut in March curtailed production and was the largest revenue headwind for the quarter.
Answered by Samarth Patel
Asked by Jugal Parekh: What caused the last quarter's disruption and was it one-time or structural?
p. 13
“But the gas cut in late March was a single largest revenue headwind, curtailing production at a critical period.”
Samarth Patel, page 13 of the filed PDF · View the filing
Management cited cross-border remittance and regulatory challenges plus reduced benefit from the European import quota changes.
Answered by Samarth Patel
Asked by Jugal Parekh: Why was the previously planned acquisition cancelled?
p. 13
“So, investment was withdrawn primarily due to operational and cross-border remittance challenges from India.”
Samarth Patel, page 13 of the filed PDF · View the filing
Management attributed the margin gap to under-absorbed fixed costs from new capacity still stabilizing.
Answered by Ravi Patel
Asked by Shlok: Why is the company's margin lower than a listed peer, and what structural measures are being taken?
p. 14
“So, in FY26, EBITDA declined due to under-absorbed fixed cost from lower utilization of new capacity.”
Ravi Patel, page 14 of the filed PDF · View the filing
Management attributed the increase to supply chain disruptions lengthening payment cycles industry-wide.
Answered by Ravi Patel
Asked by Shubham: Why did debtor days rise 36% when revenue grew only 7%?
p. 19
“So, for debtor days, there has been major supply chain disruption, which resulted in longer payment cycles across the industry and overall logistic issues led to higher debtor days.”
Ravi Patel, page 19 of the filed PDF · View the filing
Management said finance costs rose due to capex-related borrowings, solar project funding, working capital use, and delayed tax interest.
Answered by Ravi Patel
Asked by Kapil: What caused the finance cost increase despite lower borrowings?
p. 16
“So FY26 finance cost increased primarily due to borrowings from ongoing capex and investment, solar project funding, and higher working capital utilization further drove up these expenses.”
Ravi Patel, page 16 of the filed PDF · View the filing
Risks flagged
Gas supply disruption from geopolitical conflict halted plant operations
p. 3
“The moderation in growth was primarily attributable to the shutdown of the piercing plant, impacted by gas shortages arising from the global geopolitical disruptions.”
Samarth Patel, page 3 of the filed PDF · View the filing
Elevated gas prices continuing to pressure costs
p. 3
“Starting in April, the plant has resumed operations; however, gas prices continue to remain elevated.”
Samarth Patel, page 3 of the filed PDF · View the filing
Raw material (stainless steel scrap) price volatility due to geopolitical situation and import dependence
p. 5
“Currently, the prices for base material in stainless steel has increased by 25% to 30%.”
Samarth Patel, page 5 of the filed PDF · View the filing
Delayed equipment delivery from China due to logistics and fuel surcharges
p. 8
“because right now, because of the fuel surcharge and limitations of the fuel, the transportation is also at halt.”
Samarth Patel, page 8 of the filed PDF · View the filing
BHEL tender repeatedly postponed due to their workload and backlog
p. 11
“So, the tender is being postponed by BHEL itself, maybe because of the workload or the previous orders which are not being executed in time, they are not willing to buy or prepare for the new orders.”
Samarth Patel, page 11 of the filed PDF · View the filing
Cancelled acquisition due to cross-border remittance and regulatory hurdles and European safeguard duty changes
p. 13
“Hurdles involved constraints related to regulatory compliance, banking, forex, and execution feasibility.”
Samarth Patel, page 13 of the filed PDF · View the filing
Reduced European import quota and increased safeguard duty diminishing benefit of overseas company
p. 13
“The benefit of setting up a company there was diminished because of the quota, which is being reduced by 50% in Europe and the safeguard duty is increased from 25% to 50%.”
Samarth Patel, page 13 of the filed PDF · View the filing
Supply chain disruption elongating debtor days
p. 19
“So, for debtor days, there has been major supply chain disruption, which resulted in longer payment cycles across the industry and overall logistic issues led to higher debtor days.”
Ravi Patel, page 19 of the filed PDF · View the filing
Production volume impacted significantly by gas unavailability in March
p. 13
“Due to lack of availability in the month of March, it impacted the production volumes by 40%.”
Samarth Patel, page 13 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.