Anand Seamless largest supplier share rose to 37.83% in FY26

Anand Seamless (ASL) sourced 37.83% of its FY26 raw-material purchases from its largest supplier, compared with 20.47% in FY25 and 11.67% in FY24. The increase occurred as ASL reported Rs 43.1852 crore of entirely domestic raw-material procurement in FY26, with no imports recorded.

Why did ASL's largest supplier share rise to 37.83% in FY26?

ASL has not disclosed a specific reason for the rise in its largest supplier share, which increased by 26.16 percentage points from FY24 to FY26. Purchases from the largest supplier rose to Rs 17.0347 crore in FY26, from Rs 4.6001 crore in FY25 and Rs 2.5216 crore in FY24. ASL defines the disclosed percentages as shares of raw-material purchases.

The increase extended beyond the largest supplier. ASL's top three suppliers accounted for 63.09% of raw-material purchases in FY26, compared with 55.70% in FY25 and 33.06% in FY24. The top five suppliers' share rose to 74.44% in FY26 from 66.22% in FY25 and 49.24% in FY24, directing a larger proportion of purchases to a relatively small supplier group.

ASL's procurement process starts with a requisition based on a production schedule or confirmed sales order. The company then selects a supplier from its Approved Vendor List, or AVL, that can meet specification and delivery requirements. The 37.83% share would continue if the largest supplier keeps receiving purchase orders under those requirements and ASL does not materially spread purchases among other approved vendors.

How concentrated was ASL's supplier base among its top 10 vendors?

ASL sourced 85.36% of FY26 raw-material purchases from its top 10 suppliers, leaving 14.64% outside that group. The top 10 suppliers received Rs 38.4351 crore in FY26, compared with Rs 18.2682 crore in FY25 and Rs 14.7208 crore in FY24. Their share rose by 17.21 percentage points over the two-year period.

Concentration was greatest at the top of ASL's supplier base. The largest supplier represented 37.83% of FY26 purchases, while the other nine suppliers within the top-10 group collectively represented 47.53%. The top three suppliers received Rs 28.4071 crore, or 63.09% of the raw-material-purchase measure used in ASL's supplier-dependence disclosure.

ASL separately reported total FY26 raw-material procurement of Rs 43.1852 crore, while its top-10 supplier table reports Rs 38.4351 crore as 85.36% of raw-material purchases. The top-10 amount and percentage imply a purchase base of about Rs 45.03 crore, about Rs 1.84 crore above the separately reported procurement total. The disclosure does not explain the difference, so the two figures should be read according to their stated definitions rather than as directly interchangeable totals.

Was ASL's raw-material procurement entirely domestic in FY26?

ASL reported that 100.00% of FY26 raw-material procurement was domestic, compared with 93.65% in FY25 and 95.45% in FY24. Domestic procurement increased to Rs 43.1852 crore in FY26 from Rs 12.2230 crore in FY25 and Rs 20.3272 crore in FY24. ASL reported no imports in FY26.

Imports were Rs 82.86 lakh, or 6.35% of procurement, in FY25 and Rs 96.95 lakh, or 4.55%, in FY24. The elimination of reported imports in FY26 did not lower supplier concentration, as the largest supplier's purchase share increased from 20.47% in FY25 to 37.83% in FY26. Domestic sourcing describes procurement geography, while the supplier table measures how raw-material purchases are distributed across vendors.

ASL lists stainless-steel, brass alloy, carbon and aluminium tubes and pipes; copper and aluminium strips; stainless-steel strips; coils; studs; lubricants; and casting products as primary materials. The reported domestic-procurement position depends on approved domestic vendors meeting required material grades, sizes, quantities, delivery dates and Material Test Certificate, or MTC, requirements.

What controls govern ASL's raw-material supplier selection and receipt?

ASL selects suppliers from its AVL after checking whether material grade, size and quantity meet relevant standards and whether the supplier can meet delivery requirements. Its purchase order specifies the material designation, quantity, delivery date, required MTC and other conditions. These procedures link supplier selection to technical and delivery eligibility rather than a disclosed commitment to buy a fixed volume from any supplier.

ASL's Quality Control team checks received material against the purchase order and MTC, accepting or rejecting material based on compliance. Accepted material is stored in designated areas with tagging and traceability, and ASL retains purchase orders, inspection reports, MTCs and related documents for audit and future reference. The process addresses specification and traceability, but ASL does not disclose alternative supplier capacity, contractual sourcing commitments or the time needed to qualify a replacement supplier.

ASL states that its procurement team engages suppliers to identify strategic procurement opportunities and anticipate future needs. The company may seek updated pricing and delivery terms from eligible suppliers when needed. Continued supply from the AVL would require vendors to meet ASL's stated specifications, documentation and delivery conditions, while the disclosure provides no quantified contingency plan for a supplier interruption.

Conclusion

ASL's FY26 disclosures show that raw-material procurement became 100.00% domestic while supplier concentration increased. The largest supplier's share climbed from 11.67% in FY24 to 37.83% in FY26, and the top 10 suppliers' share rose from 68.15% to 85.36%, under ASL's stated raw-material-purchase measure.

The next disclosed developments to watch are whether ASL broadens purchases among suppliers on its AVL and whether domestic vendors continue meeting MTC, quality and delivery requirements. Any later disclosure clarifying the difference between the Rs 43.1852 crore procurement total and the approximately Rs 45.03 crore purchase base implied by the top-10 supplier data would also help reconcile the reported measures.