Panchmahal Steel Ltd

PANCHMSTEL

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Market Cap

₹ 626 Cr

P/E

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Panchmahal Steel Limited (PSL), originally a mild steel manufacturer, now specializes in stainless steel products, including bars, rods, and wires.

Following a successful takeover in 1976 by R L Malhotra and Ashok Malhotra, PSL switched focus to stainless steel, improving its production capabilities and market reach.

PSL has upgraded its facilities significantly, increasing its steel-making capacity to 150,000 M.T. per annum and refining techniques to cater to diverse steel grades.

Known for customization, PSL utilizes advanced melting and refining technologies such as electric arc furnace and AOD converter to meet bespoke client specifications.

Accredited with ISO 9002 certification, PSL maintains high-quality standards, focusing on innovation and expansion to remain competitive in the steel industry.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

626 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

24.2

PEG Ratio

—

P/B Ratio

4.1

52W High

384.50

52W Low

135.00

Sales CAGR

-10.41%

-12.59%

3.00%

10Y

3.14%

Profit CAGR

12.12%

-61.57%

—

10Y

—

ROE

TTM

-1.13%

1.63%

10.38%

10Y

2.64%

ROCE

TTM

1.57%

6.27%

15.94%

10Y

11.43%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BMW	37.09	837 Cr	12.82	1.11	1.16	8.63	10.37	6.02
MWL	274.36	827 Cr	23.39	2.98	0.07	13.42	13.42	4.82
KAMDHENU	24.65	807 Cr	26.45	3.28	0.67	13.95	15.87	5.95
PANCHMSTEL	326.90	626 Cr	—	4.08	0.92	-1.13	1.57	-0.75
ISIBARS	12.13	477 Cr	—	12.89	0.00	-79.77	-17.31	-7.24
SURAJLTD	257.00	471 Cr	99.86	3.45	0.58	3.45	6.94	2.29
MANAKSTEEL	58.97	377 Cr	20.82	1.24	0.00	5.92	6.76	3.17

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	107	119	103	99	98	99	95	91	88	93
Expenses	103	115	101	93	93	94	90	91	88	89
Operating Profit	4.31	3.93	1.85	5.62	5.29	4.90	5.22	0.10	-0.20	3.18
OPM %	4.01	3.30	1.80	5.71	5.39	4.95	5.51	0.11	-0.23	3.43
Other Income	0.35	1.16	1.66	1.07	0.68	0.94	0.53	0.56	1.04	0.74
Interest	2.48	2.13	1.93	1.41	1.39	1.37	1.51	1.34	1.47	1.14
Depreciation	2.01	2.02	2.02	2.04	2.01	2.01	2.01	2.02	1.99	1.99
Profit Before Tax	0.17	0.95	-0.44	3.25	2.57	2.46	2.23	-2.70	-2.62	0.79
Tax %	17.65	24.21	27.27	24.62	25.29	27.64	25.56	24.81	26.72	30.38
Net Profit	0.13	0.71	-0.32	2.44	1.91	1.78	1.66	-2.03	-1.92	0.55
EPS in Rs	0.07	0.37	-0.17	1.28	1.00	0.94	0.87	-1.06	-1.01	0.29

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	362	398	453	330	339	574	489	428	383	373
Expenses	312	379	430	327	316	498	473	412	368	363
Operating Profit	51	19	23	3.90	23	76	16	16	16	10
OPM %	14.05	4.72	5.05	1.18	6.81	13.26	3.18	3.67	4.05	2.69
Other Income	3.64	4.64	2.19	2.03	4.34	4.01	1.41	4.25	2.71	3.07
Interest	14	13	14	13	10	5.90	7.08	7.94	5.61	5.69
Depreciation	7.78	7.84	7.64	7.63	7.45	7.59	7.96	8.09	8.06	8.03
Profit Before Tax	0.25	0.39	3.80	-15	9.81	67	1.90	3.92	4.56	-0.63
Tax %	-16.75	-40.32	32.66	-112.01	0.00	11.97	27.44	24.23	27.03	19.05
Net Profit	0.29	0.55	2.56	-32	9.81	59	1.38	2.97	3.33	-0.51
EPS in Rs	-0.71	0.28	1.34	-16.89	5.15	30.71	0.72	1.55	1.75	-0.91
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	13.03	0.00	0.00	172.41	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	19	19	19	19	19	19	19	19	19	19
Reserves	102	102	102	104	73	83	141	135	138	141
Borrowings	62	70	70	69	72	55	28	76	40	50
Other Liabilities	86	120	110	89	89	121	110	65	38	32
Total Liabilities	269	311	301	282	253	277	299	295	234	242
Fixed Assets	108	101	96	90	82	75	73	71	65	57
CWIP	0.00	0.31	0.21	0.14	0.00	0.02	0.00	0.58	0.13	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	160	209	205	192	170	202	226	224	169	184
Total Assets	269	311	301	282	253	277	299	295	234	242

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.44	5.70	14	14	7.01	29	38	-30	40	-5.05
Cash from Investing Activity	0.70	1.49	-0.66	0.08	3.06	-0.24	-3.19	-6.46	4.92	1.22
Cash from Financing Activity	-5.54	-6.00	-14	-14	-10.00	-28	-32	34	-45	4.13
Net Cash Flow	-1.39	1.19	-0.28	-0.00	0.08	0.72	2.26	-3.06	0.02	0.30

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.90%	74.86%	74.86%	74.38%	73.81%	73.81%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%	3.93%
Public	21.17%	21.17%	21.17%	21.17%	21.17%	21.17%	21.17%	21.21%	21.21%	21.69%	22.26%	22.26%
Total Shareholders	3,535	3,439	3,338	3,187	3,173	3,063	2,844	2,814	2,746	2,774	2,695	2,603

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 11, 2025	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	149.67	1.28 Cr	85,231	0.45
Jun 07, 2025	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	147.27	0.15 Cr	10,153	0.05
Jun 05, 2025	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	141.39	0.20 Cr	13,874	0.07
Mar 08, 2025	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	150.12	1.22 Cr	80,958	0.42
Mar 07, 2025	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	176.93	0.19 Cr	10,972	0.05
Dec 14, 2024	Mrs. tejas hanish malhotra	Insider - Promoters Immediate Relative	Acquisition	—	—	1,00,000	—
Dec 14, 2024	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	—	—	1,00,000	0.52
Dec 09, 2024	Mr. shaan hanish malhotra	Insider - Promoters Immediate Relative	Acquisition	—	—	1,00,000	—
Dec 09, 2024	Mr. hanish ashok malhotra	Insider - Promoter Group	Disposal	—	—	1,00,000	0.52
Apr 26, 2023	Bikrampur investments and tra...	Bulk	Buy	152.27	2.06 Cr	1,35,000	0.70

Projection

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Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	107	119	103	99	98	99	95	91	88	93
Expenses	103	115	101	93	93	94	90	91	88	89
Operating Profit	4.31	3.93	1.85	5.62	5.29	4.90	5.22	0.10	-0.20	3.18
OPM %	4.01	3.30	1.80	5.71	5.39	4.95	5.51	0.11	-0.23	3.43
Other Income	0.35	1.16	1.66	1.07	0.68	0.94	0.53	0.56	1.04	0.74
Interest	2.48	2.13	1.93	1.41	1.39	1.37	1.51	1.34	1.47	1.14
Depreciation	2.01	2.02	2.02	2.04	2.01	2.01	2.01	2.02	1.99	1.99
Profit Before Tax	0.17	0.95	-0.44	3.25	2.57	2.46	2.23	-2.70	-2.62	0.79
Tax %	17.65	24.21	27.27	24.62	25.29	27.64	25.56	24.81	26.72	30.38
Net Profit	0.13	0.71	-0.32	2.44	1.91	1.78	1.66	-2.03	-1.92	0.55
EPS in Rs	0.07	0.37	-0.17	1.28	1.00	0.94	0.87	-1.06	-1.01	0.29

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	362	398	453	330	339	574	489	428	383	373
Expenses	312	379	430	327	316	498	473	412	368	363
Operating Profit	51	19	23	3.90	23	76	16	16	16	10
OPM %	14.05	4.72	5.05	1.18	6.81	13.26	3.18	3.67	4.05	2.69
Other Income	3.64	4.64	2.19	2.03	4.34	4.01	1.41	4.25	2.71	3.07
Interest	14	13	14	13	10	5.90	7.08	7.94	5.61	5.69
Depreciation	7.78	7.84	7.64	7.63	7.45	7.59	7.96	8.09	8.06	8.03
Profit Before Tax	0.25	0.39	3.80	-15	9.81	67	1.90	3.92	4.56	-0.63
Tax %	-16.75	-40.32	32.66	-112.01	0.00	11.97	27.44	24.23	27.03	19.05
Net Profit	0.29	0.55	2.56	-32	9.81	59	1.38	2.97	3.33	-0.51
EPS in Rs	-0.71	0.28	1.34	-16.89	5.15	30.71	0.72	1.55	1.75	-0.91
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	13.03	0.00	0.00	172.41	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	19	19	19	19	19	19	19	19	19	19
Reserves	102	102	102	104	73	83	141	135	138	141
Borrowings	62	70	70	69	72	55	28	76	40	50
Other Liabilities	86	120	110	89	89	121	110	65	38	32
Total Liabilities	269	311	301	282	253	277	299	295	234	242
Fixed Assets	108	101	96	90	82	75	73	71	65	57
CWIP	0.00	0.31	0.21	0.14	0.00	0.02	0.00	0.58	0.13	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	160	209	205	192	170	202	226	224	169	184
Total Assets	269	311	301	282	253	277	299	295	234	242

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3.44	5.70	14	14	7.01	29	38	-30	40	-5.05
Cash from Investing Activity	0.70	1.49	-0.66	0.08	3.06	-0.24	-3.19	-6.46	4.92	1.22
Cash from Financing Activity	-5.54	-6.00	-14	-14	-10.00	-28	-32	34	-45	4.13
Net Cash Flow	-1.39	1.19	-0.28	-0.00	0.08	0.72	2.26	-3.06	0.02	0.30

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BMW	37.09	837 Cr	12.82	1.11	1.16	8.63	10.37	6.02
MWL	274.36	827 Cr	23.39	2.98	0.07	13.42	13.42	4.82
KAMDHENU	24.65	807 Cr	26.45	3.28	0.67	13.95	15.87	5.95
PANCHMSTEL	326.90	626 Cr	—	4.08	0.92	-1.13	1.57	-0.75
ISIBARS	12.13	477 Cr	—	12.89	0.00	-79.77	-17.31	-7.24
SURAJLTD	257.00	471 Cr	99.86	3.45	0.58	3.45	6.94	2.29
MANAKSTEEL	58.97	377 Cr	20.82	1.24	0.00	5.92	6.76	3.17

Overview

Detailed Summary

Panchmahal Steel Limited (PSL), originally a mild steel manufacturer, now specializes in stainless steel products, including bars, rods, and wires.

Following a successful takeover in 1976 by R L Malhotra and Ashok Malhotra, PSL switched focus to stainless steel, improving its production capabilities and market reach.

PSL has upgraded its facilities significantly, increasing its steel-making capacity to 150,000 M.T. per annum and refining techniques to cater to diverse steel grades.

Known for customization, PSL utilizes advanced melting and refining technologies such as electric arc furnace and AOD converter to meet bespoke client specifications.

Accredited with ISO 9002 certification, PSL maintains high-quality standards, focusing on innovation and expansion to remain competitive in the steel industry.

Sector

Steel

Industry

Steel - Medium / Small

Market Cap

626 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

24.2

PEG Ratio

—

P/B Ratio

4.1

52W High

384.50

52W Low

135.00

Sales CAGR

-10.41%

-12.59%

3.00%

10Y

3.14%

Profit CAGR

12.12%

-61.57%

—

10Y

—

ROE

TTM

-1.13%

1.63%

10.38%

10Y

2.64%

ROCE

TTM

1.57%

6.27%

15.94%

10Y

11.43%