Zenith Steel Pipes & Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 7.92x)
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (2120.3% of PBT)
- Recent results are weak - TTM profit is down 67.1% versus prior year
- Company has a low return on capital employed of 0.0%
- Company has a low return on equity of 0.0% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1306.00 | 12.89 | 319376.29 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 183.60 | 20.77 | 229196.25 | 2.18 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 196.35 | 18.98 | 81102.86 | 1.20 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2522.00 | 28.81 | 66528.00 | 0.20 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| APLAPOLLO | 2217.80 | 50.10 | 61579.08 | 0.38 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| JSL | 733.55 | 18.62 | 60475.30 | 0.55 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| SHYAMMETL | 1072.40 | 26.65 | 29934.10 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 309.55 | 30.29 | 19795.98 | 0.65 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2629.05 | 42.57 | 18427.54 | 0.38 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 490.90 | 15.31 | 17298.40 | 0.41 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 239.75 | 20.01 | 16140.90 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| ZENITHSTL | 5.38 | 19.07 | 76.55 | 0.00 | 0.44 | -54.23 | 7.18 | -62.07 | 0.00 | -1.64 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 28 | 46 | 43 | 29 | 30 | 36 | 25 | 19 | 14 | 9 | 9 | 7 | |
| 25 | 28 | 45 | 42 | 31 | 31 | 36 | 27 | 23 | 19 | 13 | 12 | 8 | |
| Operating Profit | -1 | -1 | 1 | 1 | -3 | -1 | 0 | -2 | -4 | -6 | -4 | -1 | -0 |
| OPM % | -4.43% | -2.45% | 1.20% | 2.23% | -9.29% | -1.90% | 0.03% | -8.22% | -23.47% | -40.62% | -44.13% | -11.61% | -3.18% |
| Other Income | 0 | 0 | 0 | 5 | 2 | 1 | 1 | 6 | 7 | 7 | 6 | 4 | 2 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -2 | -2 | -1 | 4 | -2 | -0 | -0 | 3 | 1 | 1 | 1 | 0 | 0 | |
| Tax % | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -2 | -2 | -1 | 4 | -2 | -0 | -0 | 3 | 1 | 1 | 1 | 0 | 0 |
| -0 | -0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Equity Capital | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 | 142 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 75 | 86 | 129 | 139 | 62 | 65 | 146 | 164 | 143 | 119 | 38 | |
| 112 | 107 | 171 | 250 | 86 | 69 | 143 | 162 | 144 | 122 | 52 | |
| Operating Profit | -15 | -20 | -26 | -100 | -18 | 1 | 4 | 9 | 5 | 7 | — |
| OPM % | -20 | -24 | -20 | -72 | -30 | 2 | 3 | 6 | 4 | 6 | — |
| Other Income | 22 | 1 | 17 | 11 | 6 | 5 | 0 | 7 | 5 | 10 | 19 |
| Interest | 10 | 7 | 7 | 7 | 4 | 3 | 7 | 3 | 3 | 5 | 2 |
| Depreciation | 6 | 6 | 7 | 6 | 6 | 3 | 3 | 2 | 3 | 2 | 2 |
| -33 | -34 | -41 | -119 | -28 | -5 | 2 | 4 | -0 | 0 | 3 | |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 69 | 0 | 0 | 0 | 0 |
| Net Profit | -33 | -34 | -41 | -119 | -28 | -5 | 1 | 4 | -0 | 0 | 3 |
| EPS | 0 | 0 | 0 | 0 | 0 | -1 | -0 | 0 | -0 | 0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -2 | -3 | -3 | -9 | -2 | -0 | 0 | 0 | -0 | 0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 14%
- 3 Years:
- -7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 11%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 131 | 131 | 131 | 131 | 131 | 142 | 142 | 142 | 142 | 142 |
| -176 | -210 | -250 | -363 | -372 | -393 | -393 | -392 | -393 | -393 | |
| 211 | 248 | 245 | 246 | 211 | 199 | 195 | 191 | 171 | 171 | |
| Trade Payables | 32 | 57 | 75 | 81 | 55 | 31 | 75 | 87 | 85 | 86 |
| 153 | 118 | 139 | 139 | 138 | 139 | 145 | 138 | 173 | 148 | |
| Total Liabilities | 351 | 345 | 340 | 235 | 164 | 119 | 164 | 166 | 179 | 155 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 97 | 92 | 80 | 75 | 66 | 48 | 44 | 45 | 44 | 42 | |
| Capital Work in Progress | 13 | 13 | 13 | 14 | 0 | 0 | 0 | 1 | 1 | 1 |
| 3 | 3 | 3 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | |
| 19 | 13 | 3 | 1 | 5 | 11 | 28 | 21 | 20 | 8 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56 | 53 | |
| Cash & Bank | 4 | 3 | 3 | 3 | 2 | 3 | 3 | 6 | 1 | 3 |
| 215 | 221 | 239 | 139 | 88 | 57 | 89 | 93 | 57 | 48 | |
| Total Assets | 351 | 345 | 340 | 235 | 164 | 119 | 164 | 166 | 179 | 155 |
| Total Debt | 286 | 295 | 291 | 278 | 242 | 224 | 224 | 215 | 211 | 211 |
| Net Working Capital | -122 | -159 | -184 | -305 | -293 | -287 | -279 | -285 | -293 | -293 |
| Contingent Liabilities | 277 | 346 | 388 | 218 | 152 | 92 | 89 | 52 | 52 | 0 |
| Book Value per Share | -3.39 | -6.00 | -9.06 | -17.62 | -18.31 | -17.60 | -17.60 | -17.57 | -17.62 | -17.60 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | 7 | 1 | 21 | 26 | 15 | -2 | 18 | 5 | 6 | |
| Cash from Investing | 7 | -2 | 5 | -0 | 14 | -0 | 9 | -4 | -2 | -2 |
| Cash from Financing | -4 | -6 | -7 | -20 | -40 | -13 | -7 | -11 | -7 | -3 |
| 3 | -1 | -1 | 0 | -0 | 1 | -0 | 3 | -5 | 2 | |
| Free Cash Flow | -2 | 7 | 1 | 21 | 26 | 14 | -2 | 14 | 3 | 6 |
| OCF / Net Profit | 0.01 | -0.21 | -0.03 | -0.17 | -0.91 | -3.23 | -2.20 | 4.91 | -11.00 | 13.27 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 52 | 68 | 60 | 72 | 55 | 36 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -2.48 | -2.60 | -3.13 | -9.09 | -2.13 | -0.32 | 0.05 | 0.25 | -0.03 | 0.03 |
| Book Value (₹) | -3.39 | -6.00 | -9.06 | -17.62 | -18.31 | -17.60 | -17.60 | -17.57 | -17.62 | -17.60 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -2.02 | -2.13 | -2.57 | -8.63 | -1.70 | -0.12 | 0.24 | 0.43 | 0.15 | 0.17 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -18.73% | -22.36% | -19.58% | -71.90% | -29.88% | 2.05% | 2.60% | 5.63% | -0.20% | -2.59% |
| Net Margin % | -40.32% | -37.52% | -30.86% | -85.86% | -45.39% | -6.96% | 0.52% | 2.20% | -0.31% | 0.40% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | -8.97% | -11.70% | -17.56% | -103.22% | -101.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| -9.04% | -9.83% | -12.00% | -41.50% | -14.04% | -3.19% | 0.53% | 2.19% | -0.26% | 0.29% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 64 | 89 | 83 | 90 | 141 | 45 | 44 | 82 | 127 | 167 |
| Inventory Days | 72 | 64 | 22 | 6 | 19 | 46 | 48 | 54 | 52 | 42 |
| Payable Days | 181 | 223 | 216 | 323 | 878 | 428 | 212 | 257 | 394 | 573 |
| -45 | -71 | -111 | -228 | -719 | -337 | -119 | -121 | -215 | -364 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -6.41x | -3.74x | -2.44x | -1.20x | -1.00x | -0.90x | -0.89x | -0.86x | -0.84x | -0.84x |
| Interest Coverage (x) | -2.29x | -3.59x | -4.80x | -16.55x | -6.14x | -0.51x | 1.37x | 2.14x | 0.85x | 1.10x |
| 0.65x | 0.59x | 0.57x | 0.31x | 0.24x | 0.19x | 0.30x | 0.29x | 0.27x | 0.22x | |
| GROWTH | ||||||||||
| Revenue Growth % | 12.99% | 14.39% | 49.76% | 8.08% | -55.64% | 5.04% | 125.75% | 12.24% | -12.70% | -16.85% |
| Operating Profit Growth % | 70.06% | -34.42% | -28.10% | -282.99% | 81.57% | 107.22% | 185.49% | 143.41% | -45.12% | 39.54% |
| Net Profit Growth % | 55.13% | -4.77% | -20.32% | -190.21% | 76.55% | 83.89% | 116.78% | 377.36% | -112.15% | 209.23% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -112.16% | 209.23% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 192.95x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.43x | -0.37x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 62.57x | 42.40x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-24 - Zenith Steel Pipes & Industries Limited has informed the Exchange about change in Management
2026-08-18 - Zenith Steel Pipes & Industries Limited has informed the Exchange about Copy of Newspaper Publication for unaudited standalone and consolidated financial result for the quarter ended June 30, 2026
2026-08-14 - Zenith Steel Pipes & Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14 - Zenith Steel Pipes & Industries Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026.
2026-06-27 - Zenith Steel Pipes & Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-18 - The Exchange has sought clarification from Zenith Steel Pipes & Industries Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-05-28 - Zenith Steel Pipes & Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-05-26 - Zenith Steel Pipes & Industries Limited has informed the Exchange about Outcome of the Board Meeting held on 26/05/2026 for approve the Audited Standalone and Consolidated financial result for the quarter and year ended March 31, 2026
2026-05-26 - Zenith Steel Pipes & Industries Limited has submitted to the Exchange, the audited standalone and consolidated financial results for the period ended March 31, 2026.
News
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