MarketFriction

Zenith Steel Pipes & Industries Ltd

NSE ZENITHSTL · BSE 531845 · Iron & Steel Products
₹5.10 -3.77%
NSE close2026-10-01
52 week range4.41 - 10.33
Market cap₹74.3 Cr.
P/E26.7
Price band 20% Delivery 78.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales27.7445.8443.0628.5030.0735.6924.8218.9214.049.4011.297.18
Expenses34.2745.2336.3331.1530.6435.6826.8623.3719.4713.0213.887.30
Operating Profit-6.530.616.73-2.65-0.570.01-2.04-4.45-5.43-3.62-2.59-0.12
OPM %-23.54%1.33%15.63%-9.30%-1.90%0.03%-8.22%-23.52%-38.68%-38.51%-22.94%-1.67%
Other Income0.390.134.461.831.240.915.936.517.256.225.061.64
Interest0.730.740.730.610.620.630.620.620.630.640.600.61
Depreciation0.670.670.570.480.490.490.490.490.470.490.480.48
Profit before tax-7.54-0.679.89-1.91-0.44-0.202.780.950.721.471.390.43
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%
Net Profit-7.54-0.679.89-1.92-0.44-0.202.780.960.721.471.390.44
EPS in Rs-0.53-0.050.70-0.13-0.03-0.010.200.070.050.100.100.03
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales91.49156.92169.65183.63101.3877.87163.12164.92143.22119.0953.3841.91
Expenses128.66176.01211.86297.69132.1179.41148.04177.17143.47124.3469.6353.67
Operating Profit-37.17-19.09-42.21-114.06-30.73-1.5415.08-12.25-0.25-5.25-16.25-11.76
OPM %-40.63%-12.17%-24.88%-62.11%-30.31%-1.98%9.24%-7.43%-0.17%-4.41%-30.44%-28.06%
Other Income22.530.8016.167.1912.56-5.727.863.805.069.9125.0320.17
Interest10.438.677.697.294.533.476.993.482.922.482.482.48
Depreciation6.116.247.336.015.652.842.672.452.581.951.921.92
Profit before tax-31.18-33.20-41.07-120.17-28.35-13.5713.28-14.38-0.690.234.384.01
Tax %4.78%0.00%0.00%0.00%0.00%0.00%12.42%0.00%0.00%0.00%0.00%
Net Profit-32.66-33.20-41.07-120.17-28.34-13.5811.63-14.38-0.700.234.384.02
EPS in Rs-2.49-2.53-3.13-9.15-2.16-0.950.82-1.01-0.050.020.310.28
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-5%-7%-31%-62%
Compounded Profit Growth8%2%30%-17%
Stock Price CAGR21%40%8%-26%
Return on Equity%%%%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131.28131.28131.28131.28131.28131.28142.28142.28142.28142.28142.28142.28
Reserves-153.30-185.96-219.43-259.78-373.06-382.53-396.00-384.20-398.40-399.14-399.03-391.21
Borrowings276.98291.05299.97295.95283.23246.91227.93227.46219.35215.15215.19220.19
Other Liabilities110.60123.25141.16178.83194.63184.24161.73206.88205.67223.68200.11182.68
Total Liabilities365.56359.62352.98346.28236.08179.90135.94192.42168.90181.97158.55153.94
Fixed Assets97.1597.1491.9880.3374.5565.8748.0344.3844.6443.6141.8040.03
CWIP17.0413.2612.7012.7814.440.000.000.000.990.821.201.29
Investments0.010.010.010.010.010.010.000.000.000.000.000.00
Other Assets251.36249.21248.29253.16147.08114.0287.91148.04123.27137.54115.55112.62
Total Assets365.56359.62352.98346.28236.08179.90135.94192.42168.90181.97158.55153.94
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-30.65-5.307.064.1321.2024.9316.44-1.1717.904.746.25-1.04
Cash from Investing Activity46.517.37-2.474.87-0.1314.06-0.657.71-3.24-2.47-1.28-1.19
Cash from Financing Activity-16.371.31-7.05-7.47-20.86-40.99-15.45-7.46-11.34-7.12-2.440.42
Net Cash Flow-0.513.38-2.461.540.21-1.990.34-0.923.32-4.842.53-1.81
Free Cash Flow-30.48-6.774.599.0020.9724.7115.837.6714.223.355.73-1.27
CFO/OP53%14%-37%-10%-19%-81%-1,068%24%-135%-2,456%-119%6%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days448.58435.14293.47249.5771.6831.7556.86112.13104.22150.57173.35390.57
Inventory Days78.1898.6937.769.862.9932.1782.79107.9262.3890.8052.2172.59
Days Payable173.03217.59180.44195.49213.77325.67309.25346.42277.39408.76603.80957.03
Cash Conversion Cycle353.73316.23150.7963.95-139.11-261.75-169.60-126.37-110.79-167.38-378.24-493.87
Working Capital Days-447.54-536.87-392.94-421.00-631.63-1,073.79-1,357.40-604.38-697.44-755.38-913.77-1,872.66
ROCE %-18.80%-8.45%-10.89%-17.29%-101.76%-128.38%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%15.64%
DIIs0.20%0.12%0.08%0.08%0.08%0.08%0.02%0.02%0.02%0.02%0.02%0.02%
Public84.17%84.23%84.29%84.29%84.29%84.29%84.34%84.35%84.34%84.34%84.35%84.34%
No. of Shareholders74,86373,26175,23081,77081,95282,18482,76283,24881,56080,09379,75079,262

Fundamentals

Market Cap₹ 74.3 Cr.
Current Price₹ 5.22
Stock P/E26.7
Book Value₹ -17.5
ROCE%
ROE%
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-62%
Compounded Profit Growth (TTM)-17%
Consolidated figures.
Valuation
Market capRs 73 Cr
Enterprise valueRs 291 Cr
P/E (TTM)18.05x
Price to book-0.29x
Price to sales1.73x
EV / EBITDA34.63x
EV / EBIT44.87x
EV / sales6.95x
Earnings yield5.54%
P/E, 3-year average402.10x
P/B, 3-year average-0.39x
P/E, 5-year average202.09x
P/B, 5-year average-0.27x
Profitability
Operating margin (excl. other income)-30.44%
Operating margin (incl. other income)16.45%
EBITDA margin20.07%
Pre-tax margin9.57%
Net profit margin9.59%
Net margin, latest quarter6.13%
ROE-1.73%
ROA2.80%
ROE, 3-year average-0.52%
ROA, 3-year average0.85%
ROE, 5-year average-0.09%
ROA, 5-year average0.33%
Other income / net worth-10.05%
Growth
Sales growth (latest year)-55.18%
Profit growth (latest year)1804.35%
Sales CAGR, 3 years-31.34%
Sales CAGR, 5 years-7.27%
Sales growth QoQ-36.40%
Profit growth QoQ-68.35%
Sales growth YoY (latest quarter)-62.05%
Profit growth YoY (latest quarter)-54.17%
Per share
EPS (TTM)Rs 0.28
EPS (latest quarter)Rs 0.03
EPS, 3-year averageRs -0.02
EPS, 5-year averageRs -0.06
Book value per shareRs -17.50
Sales per shareRs 2.95
Cash flow per shareRs -0.07
Free cash flow per shareRs -0.09
Efficiency
Asset turnover0.35x
Fixed asset turnover1.33x
Inventory turnover5.03x
Inventory days73 days
Debtor days391 days
Debtors turnover0.93x
Creditor days957 days
Cash conversion cycle-494 days
Working capital days-1873 days
Leverage
Total debtRs 220 Cr
Cash and bankRs 2 Cr
Net debtRs 219 Cr
Debt to equity-0.88x
Net debt / EBITDA26.00x
Interest coverage2.62x
Owners' fund to total sources-161.71%
Debt to assets143.04%
Cash flow
Cash from Operating Activity (latest year)Rs -1 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs 0 Cr
Net Cash Flow (latest year)Rs -2 Cr
Free cash flow (latest year)Rs -1 Cr
FCFE (approx.: FCF + change in debt)Rs 4 Cr
Cash from ops / profit, 5 years23.00x
Statement figures
Net sales (TTM)Rs 42 Cr
Net sales (latest year)Rs 53 Cr
Sales (latest quarter)Rs 7 Cr
Operating profit excl. other income (latest year)Rs -16 Cr
Operating profit (latest quarter)Rs -0 Cr
Other income (TTM)Rs 20 Cr
EBITDA (TTM)Rs 8 Cr
PBDT (TTM)Rs 6 Cr
Profit before tax (TTM)Rs 4 Cr
Net profit (TTM)Rs 4 Cr
Net profit (latest year)Rs 4 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 30 Cr
Total expenditure (latest year)Rs 70 Cr
Total income (latest year)Rs 78 Cr
Share capitalRs 142 Cr
ReservesRs -391 Cr
Shareholders' fundsRs -249 Cr
Total assetsRs 154 Cr
Net blockRs 40 Cr
Capital work in progressRs 1 Cr
ReceivablesRs 57 Cr
InventoryRs 6 Cr
Other liabilitiesRs 183 Cr
Shares outstanding (crore)14.23
Ownership
Promoter holding15.64% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 18.1 is at the 70th percentile of its own 2.5-year range (median 12.6, low 4.1, high 41.3).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodZENITHSTLNifty 50Difference
1 week-3.2%-2.8% -0.4 pts
1 month-3.8%-6.8% +3.0 pts
3 months-9.1%-7.6% -1.5 pts
6 months+9.7%+0.4% +9.3 pts
1 year-27.6%-9.9% -17.6 pts
2 years-53.8%-13.6% -40.2 pts
3 years+25.9%+14.2% +11.8 pts
5 years+436.8%+27.9% +409.0 pts

Red flags

F-score 3 of 8
seriousNegative equity Shareholders' equity is negative
explainReceivables outrunning sales Receivables grew 1% vs sales -55% in 2026
lookInventory outrunning sales Inventory grew -24% vs sales -55% in 2026
lookProfit leans on other income Other income was 571% of pre-tax profit in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹7 Cr -62.1% vs Jun 2025. Net profit ₹0 Cr -54.2%.
Against our estimate for Jun 2026: sales -36.8%, profit -55.6% in line. Our estimate for Sep 2026: sales Rs 8 Cr, profit Rs 1 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-23Annual General Meeting
2023-09-22Annual General Meeting
2022-09-22Annual General Meeting
2021-09-21 Annual General Meeting
2020-09-21 Annual General Meeting
2019-09-19 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-21 Annual General Meeting
2016-09-15 Annual General Meeting
2015-09-16 Annual General Meeting
2014-09-22Annual General Meeting
2013-09-16Annual General Meeting
2012-09-07Annual General Meeting
2011-09-12Annual General Meeting
2010-08-11Bonus 1:50.8333
2010-07-07Annual General Meeting / Final Dividend Rs 0.60 And Special Dividend Rs 1.40 Per Share.
2010-03-04Scheme Of Arrangement
2009-09-15Agm/Div-Re.0.60 Per Share
2008-09-05Agm/Dividend - 2%
2008-02-13Interim Div-Rs.0.50 Pr Sh
2007-09-06Agm/Dividend-6% Bc Dates Revised
DateTypeWhat it says
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-01-31NCLATZenith Birla (India) Ltd. VS Pushpa Vasanji Negandhi & Ors.
2019-01-25NCLATZenith Birla (India) Ltd. VS Pushpa Vasanji Negandhi & Ors.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Zenith Steel Pipes & Industries Ltd?

Zenith Steel Pipes & Industries Ltd (ZENITHSTL) has a market capitalisation of Rs 74.3 Cr. at the 2026-10-01 close.

What is the P/E ratio of Zenith Steel Pipes & Industries Ltd?

Zenith Steel Pipes & Industries Ltd trades at a P/E of 26.7 on trailing twelve-month profit, at the 2026-10-01 close.

What were Zenith Steel Pipes & Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Zenith Steel Pipes & Industries Ltd sales was Rs 7 Cr (-62.1% vs Jun 2025) and net profit was Rs 0 Cr.

What is the 52-week high and low of Zenith Steel Pipes & Industries Ltd?

The 52-week high is Rs 10.33 and the 52-week low is Rs 4.41.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03