P S Raj Steels FY26: PAT up 19%, 1:5 split

Stock split proposal keeps steel pipes stock in focus

P S Raj Steels, a small-cap manufacturer of stainless-steel pipes and tubes, reported FY26 results showing double-digit growth in revenue and profit. Alongside the annual numbers, the company’s board approved and recommended a 1:5 stock split, subject to shareholder approval. The proposed corporate action would split each equity share of face value ₹10 into five shares of face value ₹2 each. The company said the intent is to enhance liquidity and encourage wider retail participation by making the share price more affordable.

Broader market context on June 1, 2026

The update came on a day when Indian equity benchmarks closed lower. The Nifty 50 declined 0.70% to 23,382.60 on Monday, as per the data provided. Steel and metal stocks stayed on traders’ radar amid earnings announcements and corporate action updates across the segment. In this backdrop, P S Raj Steels’ share price ended at ₹392.00 on June 1, 2026, down 3.92% from the previous close, following the FY26 results and the stock split proposal.

Board approves 1:5 stock split, subject to shareholder approval

The company’s Board of Directors approved and recommended the stock split in a 1:5 ratio. Under the proposal, one equity share with a face value of ₹10 each will be subdivided into five equity shares of face value ₹2 each. The company explicitly linked the proposal to two stated objectives: improving liquidity in the equity shares and encouraging wider participation from retail investors. Because the split is subject to shareholder approval, the change is not effective until the required approvals are obtained and the process is completed.

What changes and what stays the same after the split

P S Raj Steels stated that the paid-up equity share capital will remain unchanged at ₹7.54 crore after the split. What will change is the number of shares outstanding, which is expected to rise materially due to the lower face value per share. As per the company’s numbers, outstanding shares would increase from 75.38 lakh shares to 3.77 crore shares after the split. This is a mechanical outcome of a split, where the ownership value is re-denominated into a larger number of shares while maintaining the same paid-up capital.

FY26 revenue rises 12.3% year-on-year

For FY26, P S Raj Steels reported revenue from operations of ₹265.99 crore, compared with ₹236.89 crore in FY25. This translates into a 12.3% year-on-year increase, based on the figures provided. Total income for FY26 stood at ₹266.48 crore, up from ₹236.95 crore in the previous financial year. The reported growth indicates that the company expanded its topline in FY26, with total income closely tracking revenue from operations.

FY26 profitability improves; PAT up 19.1%

On profitability, profit before tax (PBT) was reported at ₹11.29 crore in FY26 versus ₹9.96 crore in FY25, an increase of 13.4%. Profit after tax (PAT) rose to ₹8.81 crore from ₹7.40 crore, reflecting growth of 19.1% year-on-year. The company also reported higher earnings per share (EPS) for FY26 at ₹11.38, compared with ₹9.83 in FY25. These figures point to faster growth in net profit than in revenue during the year, as per the disclosed financials.

Half-year ended March 31, 2026: steady improvement

For the half-year ended March 31, 2026, revenue from operations was ₹137.15 crore, compared with ₹126.65 crore in the corresponding period last year. Total income for the half-year came in at ₹138.81 crore versus ₹126.91 crore in H2 FY25. Profit before tax increased to ₹5.95 crore from ₹4.79 crore, while profit after tax rose to ₹4.36 crore from ₹3.54 crore. The half-year numbers align with the full-year trend of higher revenue and improved profitability.

Business snapshot and sector classification

P S Raj Steels Ltd is described as manufacturing and supplying stainless-steel pipes and tubes in over 250 sizes. The company serves sectors such as railways, furniture, and food processing across India, based on the provided profile. The sector and industry classification given is Metals & Mining and Iron & Steel. The provided address references Hissar, Haryana, and the company email is listed as cs@psrajsteels.com.

Key numbers at a glance

Market impact: liquidity intent, price snapshots, and what is confirmed

The company’s stated rationale for the stock split is to improve liquidity and encourage retail participation by making shares more affordable. A split does not change paid-up capital, but it increases the number of shares, which can influence trading lot sizes and day-to-day liquidity once implemented. The provided material also includes other market snapshots from different dates and sources, such as a listed price of ₹290.00 as on April 30, 2026, and a market cap figure of ₹218.60 crore. Since these data points are time-stamped differently from the June 1 close of ₹392.00, they should be read as separate snapshots rather than a single continuous quote stream.

Additional profitability datapoints cited in the material

The provided text also states that profit is increasing, citing profit of ₹7.5 crore for TTM, ₹7.41 crore for Mar 2025, and ₹6.34 crore for Mar 2024. These figures are presented as additional reference points alongside the FY26 results. Readers should note that the FY26 PAT reported in the results section is ₹8.81 crore, while the TTM and other historical figures are listed separately in the same material.

What investors will track next

The stock split proposal is subject to shareholder approval, which is the next procedural step indicated. Investors typically watch for the record date and exchange filings related to such corporate actions, but no record date is provided in the supplied information. On the results side, the FY26 numbers and the half-year ended March 31, 2026 offer the latest confirmed financial performance data in the material.

Conclusion

P S Raj Steels reported FY26 revenue of ₹265.99 crore and PAT of ₹8.81 crore, alongside a board-approved proposal to split shares 1:5. The next key event is shareholder approval for the split, after which the company can proceed with implementation steps as required.