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
- 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 46.3% 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 | 1325.00 | 13.07 | 324022.65 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 189.00 | 21.38 | 235937.32 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 197.10 | 19.06 | 81412.65 | 1.19 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2591.20 | 29.60 | 68353.43 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| APLAPOLLO | 2250.00 | 50.83 | 62473.14 | 0.38 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| JSL | 737.70 | 18.72 | 60817.43 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| SHYAMMETL | 1066.05 | 26.49 | 29756.85 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 305.30 | 29.88 | 19524.19 | 0.66 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2732.25 | 44.24 | 19150.89 | 0.37 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 508.95 | 15.87 | 17934.44 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 240.90 | 20.11 | 16218.33 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| ZENITHSTL | 5.98 | 21.19 | 85.08 | 0.00 | 0.44 | -54.23 | 7.18 | -62.07 | 0.00 | -1.64 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 11 | 7 | |
| 25 | 34 | 45 | 36 | 31 | 31 | 36 | 27 | 23 | 19 | 13 | 14 | 8 | |
| Operating Profit | -1 | -7 | 1 | 7 | -3 | -1 | 0 | -2 | -4 | -5 | -4 | -3 | -1 |
| OPM % | -4.39% | -23.54% | 1.33% | 15.63% | -9.29% | -1.93% | 0.03% | -8.22% | -23.52% | -38.75% | -38.51% | -22.94% | -16.80% |
| 0 | 0 | 0 | 5 | 2 | 1 | 1 | 6 | 7 | 7 | 6 | 5 | 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 |
| Profit before Tax | -2 | -8 | -1 | 10 | -2 | -0 | -0 | 3 | 1 | 1 | 1 | 1 | 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 | 0 | 0 | 0 | 0 | -2 | -0 | -0 | 3 | 1 | 1 | 1 | 1 | 0 |
| -0.16 | -0.53 | -0.04 | 0.70 | -0.13 | -0.03 | -0.01 | 0.21 | 0.07 | 0.05 | 0.10 | 0.10 | 0.03 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 91 | 157 | 170 | 184 | 101 | 78 | 163 | 165 | 143 | 119 | 42 | |
| 129 | 176 | 212 | 298 | 132 | 79 | 148 | 177 | 144 | 122 | 55 | |
| Operating Profit | -37 | -19 | -42 | -114 | -31 | -2 | 15 | -12 | -0 | -3 | -13 |
| OPM % | -40.62% | -12.16% | -24.88% | -62.11% | -30.34% | -1.97% | 9.24% | -7.42% | -0.20% | -2.59% | -30.68% |
| 21 | 1 | 16 | 7 | 13 | 11 | 9 | 7 | 5 | 10 | 20 | |
| Interest | 10 | 9 | 8 | 7 | 5 | 3 | 7 | 3 | 3 | 5 | 2 |
| Depreciation | 6 | 6 | 7 | 6 | 6 | 3 | 3 | 2 | 3 | 2 | 2 |
| Profit before Tax | -33 | -33 | -41 | -120 | -28 | 3 | 14 | -11 | -0 | 0 | 4 |
| Tax % | -0.15% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 11.69% | -0.00% | -0.00% | 0.00% | 0.00% |
| Net Profit | -33 | -33 | -41 | -120 | -28 | 3 | 12 | -11 | -0 | 0 | 4 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.95 | 0.82 | -1.01 | -0.05 | 0.02 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 3%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -73%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 40%
- 3 Years:
- 14%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 131 | 131 | 131 | 131 | 131 | 142 | 142 | 142 | 142 | 142 |
| -186 | -219 | -260 | -373 | -383 | -396 | -384 | -398 | -399 | -399 | |
| 250 | 274 | 273 | 261 | 225 | 206 | 205 | 198 | 194 | 194 | |
| Trade Payables | 41 | 62 | 79 | 69 | 54 | 40 | 90 | 91 | 89 | 90 |
| 122 | 105 | 123 | 147 | 152 | 143 | 139 | 136 | 156 | 132 | |
| Total Liabilities | 360 | 353 | 346 | 236 | 180 | 136 | 192 | 169 | 182 | 159 |
| 97 | 92 | 80 | 75 | 66 | 48 | 44 | 45 | 44 | 42 | |
| Capital Work in Progress | 13 | 13 | 13 | 14 | 0 | 0 | 0 | 1 | 1 | 1 |
| 19 | 13 | 4 | 1 | 5 | 11 | 28 | 21 | 20 | 8 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59 | 57 | |
| Cash & Bank | 5 | 3 | 4 | 5 | 3 | 3 | 4 | 6 | 1 | 3 |
| 225 | 233 | 245 | 142 | 106 | 74 | 116 | 96 | 57 | 48 | |
| Total Assets | 360 | 353 | 346 | 236 | 180 | 136 | 192 | 169 | 182 | 159 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5 | 7 | 4 | 21 | 25 | 16 | 4 | 16 | 5 | 6 | |
| Cash from Investing | 7 | -2 | 5 | -0 | 14 | -0 | 9 | -4 | -2 | -2 |
| Cash from Financing | 1 | -7 | -7 | -21 | -41 | -15 | -7 | -11 | -7 | -2 |
| 3 | -2 | 2 | 0 | -2 | 1 | 0 | 2 | -5 | 2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -2.49 | -2.53 | -3.13 | -9.15 | -2.16 | -0.95 | 0.82 | -1.01 | -0.05 | 0.02 |
| Book Value (₹) | -4.17 | -6.71 | -9.79 | -18.42 | -19.14 | -17.83 | -17.00 | -18.00 | -18.05 | -18.05 |
| 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 | -2.05 | -2.57 | -8.70 | -1.73 | 0.40 | 1.06 | -0.61 | 0.15 | 0.17 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -15.03% | -11.21% | -14.60% | -54.61% | -17.93% | 11.78% | 9.76% | -3.14% | -0.20% | -2.59% |
| Net Margin % | -33.56% | -20.48% | -23.56% | -65.44% | -27.96% | 3.67% | 7.65% | -6.73% | -0.32% | 0.40% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | -9.03% | -10.95% | -17.61% | -108.08% | -128.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| -9.01% | -9.32% | -11.75% | -41.27% | -13.63% | 1.81% | 7.60% | -6.15% | -0.26% | 0.28% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 398 | 265 | 254 | 151 | 81 | 49 | 70 | 108 | 135 | 177 |
| Inventory Days | 60 | 36 | 18 | 5 | 11 | 38 | 43 | 54 | 52 | 42 |
| Payable Days | 185 | 151 | 175 | 228 | 372 | 362 | 251 | 270 | 413 | 601 |
| 273 | 150 | 96 | -72 | -279 | -275 | -138 | -108 | -226 | -382 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -5.32x | -3.40x | -2.30x | -1.17x | -0.98x | -0.90x | -0.94x | -0.86x | -0.84x | -0.84x |
| Interest Coverage (x) | -2.13x | -2.83x | -4.34x | -15.49x | -5.26x | 1.82x | 3.02x | -2.19x | 0.84x | 1.10x |
| 0.65x | 0.59x | 0.57x | 0.31x | 0.27x | 0.23x | 0.35x | 0.30x | 0.27x | 0.23x | |
| GROWTH | ||||||||||
| Revenue Growth % | 8.89% | 71.52% | 8.11% | 8.24% | -44.79% | -23.19% | 109.47% | 1.11% | -13.16% | -16.85% |
| Operating Profit Growth % | 69.96% | -24.21% | -40.05% | -294.01% | 81.88% | 150.49% | 73.57% | -132.47% | 197.60% | 40.21% |
| Net Profit Growth % | 54.05% | -1.65% | -23.72% | -192.57% | 76.41% | 110.08% | 336.79% | -189.00% | 95.83% | 203.50% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 95.16% | 132.32% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 410.85x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -0.42x | -0.36x |
| 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 | 63.70x | 43.01x |
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.
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