💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment (Pipes and Tubes). Total operating income grew by 3.28% from INR 723.46 Cr in FY24 to INR 747.17 Cr in FY25. For H1 FY26, reported revenue was INR 242.95 Cr.

Geographic Revenue Split

Not disclosed in available documents, though manufacturing is concentrated in Northern India (Haryana and Uttar Pradesh).

Profitability Margins

Net profit margin turned negative in FY25 with a loss of INR 7.22 Cr, compared to a profit of INR 5.13 Cr in FY24, representing a 240.7% decline in PAT. H1 FY26 reported a net loss of INR 9.68 Cr.

EBITDA Margin

EBITDA margin declined from 3.26% (INR 23.61 Cr) in FY24 to 2.53% (INR 18.92 Cr) in FY25, a 73 basis point reduction due to higher operational costs and pricing volatility.

Capital Expenditure

Historical and planned capital expenditure figures are not disclosed in Cr; however, the company maintains records for Property, Plant, and Equipment across two major facilities.

Credit Rating & Borrowing

Infomerics Ratings moved the company to 'Issuer Non-Cooperating' category due to non-availability of information; total debt stood at INR 126.37 Cr as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include Mild Steel (MS) and Carbon Steel (CS) coils and strips, which are essential for manufacturing ERW pipes and tubes.

Capacity Expansion

Current combined annual installed production capacity is 250,000 MT across facilities in Bahadurgarh (Haryana) and Kosi Kalan (Uttar Pradesh). No specific expansion timeline is disclosed.

Raw Material Costs

Raw material costs are a significant portion of revenue; fluctuating commodity prices are cited as a key risk to profitability and margin stability.

Manufacturing Efficiency

The company achieved increased productivity and optimized supply chain processes in FY25, though specific capacity utilization % is not disclosed.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved through strategic management of pricing, operational excellence, and leveraging its distribution network to build future business platforms in the Indian industry.

Products & Services

Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes, tubular poles, hollow sections, and CR coils & strips.

Brand Portfolio

All products are sold under the registered brand 'T.T. Swastik'.

Market Expansion

The company targets diverse customer requirements in irrigation, sewage, water supply, plumbing, oil & gas, and automobiles.

🌍 External Factors

Industry Trends

The Indian steel pipe industry is expected to grow due to demand in irrigation, oil & gas, and infrastructure; the company is positioned as a 'Govt. Recognised Star Export House'.

Competitive Landscape

Operates in a competitive market with rising competition from other ERW pipe manufacturers and fluctuating commodity prices.

Competitive Moat

The company's moat is built on its 50-year history (inc. 1973), its 'T.T. Swastik' brand, and a significant 250,000 MTPA production capacity across two states.

Macro Economic Sensitivity

Highly sensitive to inflation and global commodity price fluctuations, particularly steel, which directly impacts the cost of goods sold.

Consumer Behavior

Demand is driven by industrial use in irrigation, sewage, water supply, plumbing, oil & gas, and automobiles.

Geopolitical Risks

Global factors and trade dynamics are cited as risks that could impact the strategic management of pricing and growth.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution norms and manufacturing standards for steel pipes; the company is a Govt. Recognised Star Export House.

Taxation Policy Impact

The company recognized a deferred tax liability of INR 40.37 Lakhs as of September 30, 2025.

Legal Contingencies

Trade receivables of INR 164.82 Cr and various trade payables are subject to confirmation and reconciliation, which could lead to future financial adjustments.

⚠️ Risk Analysis

Key Uncertainties

Audit qualification regarding INR 32.80 Cr of interest income misclassified as operating revenue poses a risk to the reliability of reported revenue and profitability metrics.

Geographic Concentration Risk

100% of manufacturing facilities are located in Northern India (Haryana and Uttar Pradesh), creating regional concentration risk.

Third Party Dependencies

Dependency on raw material suppliers for steel coils; supply chain disruptions are noted as a critical risk to production.

Credit & Counterparty Risk

Trade receivables of INR 164.82 Cr as of September 2025 represent a significant portion of current assets, with some balances requiring reconciliation.