Zenith Steel Pipes & Industries Ltd

ZENITHSTL

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Market Cap

₹ 104 Cr

P/E

22.91

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Zenith Steel Pipes & Industries Limited is a leading Indian manufacturer specializing in ERW and SAW pipes.

The company has a strong historical connection starting as a Birla-promoted entity in 1960.

Zenith Steel Pipes operates significant production facilities in Khopoli and has expanded internationally with subsidiaries like Zenith Middle East FZE.

The company underwent major changes, including demergers and capacity expansions, growing steel pipe production from 120,000 to 210,000 tonnes.

Despite missing recent data, its historical expansions and strategic decisions suggest a focus on growth and diversification.

Sector

Steel

Industry

Steel - Tubes / Pipes

Market Cap

104 Cr

Volatility

Low Risk

P/E Ratio

22.9

Industry P/E

25.9

PEG Ratio

0.2

P/B Ratio

—

52W High

10.27

52W Low

5.71

Sales CAGR

-13.16%

30.29%

0.61%

10Y

8.29%

Profit CAGR

95.13%

—

10Y

—

ROE

TTM

-1.69%

0.46%

3.60%

10Y

19.14%

ROCE

TTM

-18.62%

-2.34%

-0.27%

10Y

16.18%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
REMIEDEL	134.90	168 Cr	67.74	2.82	0.00	5.26	6.32	2.61
ZENITHSTL	7.36	104 Cr	22.91	0.00	0.00	-1.69	-18.62	2.75
NMSTEEL	30.55	56 Cr	12.65	0.71	0.00	4.16	6.83	2.79
MITTALSTL	43.50	52 Cr	14.47	0.82	0.00	26.88	16.77	5.86
TNSTLTU	45.70	23 Cr	344.77	2.39	0.00	0.70	2.92	0.21
CRIMSON	43.60	19 Cr	161.48	3.41	0.00	2.09	9.81	0.38
MUKATPIPE	13.65	16 Cr	—	0.00	0.00	7.31	-16.91	-12.83

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	24	28	46	43	29	30	36	25	19	14
Expenses	25	34	45	36	31	31	36	27	23	19
Operating Profit	-1.07	-6.53	0.64	6.73	-2.66	-0.58	0.01	-2.04	-4.44	-5.44
OPM %	-4.39	-23.54	1.40	15.63	-9.33	-1.93	0.03	-8.22	-23.47	-38.75
Other Income	0.16	0.42	0.18	4.55	1.85	1.26	0.94	6.12	6.53	7.27
Interest	0.72	0.73	0.74	0.73	0.61	0.62	0.63	0.62	0.62	0.63
Depreciation	0.67	0.67	0.67	0.57	0.48	0.49	0.49	0.49	0.49	0.47
Profit Before Tax	-2.31	-7.51	-0.60	9.98	-1.90	-0.42	-0.17	2.97	0.98	0.73
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-2.31	-7.51	-0.60	9.98	-1.90	-0.42	-0.17	2.97	0.98	0.73
EPS in Rs	-0.17	-0.53	-0.04	0.70	-0.13	-0.03	-0.01	0.21	0.07	0.05

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	97	162	174	184	101	78	163	165	143	110
Expenses	129	176	212	298	127	79	148	177	143	117
Operating Profit	-31	-14	-38	-114	-26	-1.54	15	-12	-0.26	-7.05
OPM %	-32.19	-8.55	-21.53	-62.11	-25.72	-1.97	9.24	-7.42	-0.18	-6.44
Other Income	23	0.79	16	7.19	13	11	8.71	7.07	5.30	15
Interest	10	8.67	7.69	7.29	4.53	3.47	6.99	3.48	2.92	2.49
Depreciation	6.11	6.24	7.33	6.01	5.65	2.84	2.67	2.45	2.58	1.96
Profit Before Tax	-31	-33	-41	-120	-24	2.86	14	-11	-0.46	3.36
Tax %	-4.77	0.00	0.00	0.00	0.00	0.00	11.69	0.00	0.00	0.00
Net Profit	-33	-33	-41	-120	-24	2.86	12	-11	-0.46	3.36
EPS in Rs	—	—	—	-8.45	-2.21	-0.96	0.82	-0.99	-0.04	0.32
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	131	131	131	131	131	131	142	142	142	142
Reserves	-153	-186	-219	-260	-373	-383	-396	-384	-398	-399
Borrowings	226	238	274	273	261	225	228	227	219	215
Other Liabilities	162	176	167	201	217	206	162	207	206	224
Total Liabilities	366	360	353	346	236	180	136	192	169	182
Fixed Assets	97	97	92	80	75	66	48	44	45	44
CWIP	17	13	13	13	14	0.00	0.00	0.00	0.99	0.82
Investments	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00
Other Assets	251	249	248	253	147	114	88	148	123	138
Total Assets	366	360	353	346	236	180	136	192	169	182

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	21	25	16	-1.17	18	4.74
Cash from Investing Activity	-0.13	14	-0.65	7.71	-3.24	-2.47
Cash from Financing Activity	-21	-41	-15	-7.46	-11	-7.12
Net Cash Flow	0.21	-1.99	0.34	-0.92	3.32	-4.84

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	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%	15.64%
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	0.29%	0.29%	0.29%	0.19%	0.12%	0.08%	0.08%	0.08%	0.08%	0.02%	0.02%	0.02%
Public	84.07%	84.07%	84.07%	84.16%	84.24%	84.28%	84.28%	84.28%	84.28%	84.34%	84.34%	84.34%
Total Shareholders	75,583	75,938	75,292	74,863	73,261	75,230	81,770	81,952	82,184	82,762	83,248	81,560

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 13, 2025	Irage broking services llp	Bulk	Sell	9.07	0.76 Cr	8,37,832	0.58
Jun 13, 2025	Irage broking services llp	Bulk	Buy	9.25	0.55 Cr	5,95,704	0.41
Jun 13, 2025	Irage broking services llp	Bulk	Buy	9.02	0.65 Cr	7,22,089	0.50
Jun 13, 2025	Irage broking services llp	Bulk	Sell	9.25	0.45 Cr	4,81,918	0.33
Apr 16, 2024	Hi growth corporate services ...	Bulk	Sell	7.87	0.81 Cr	10,25,124	0.72
Apr 16, 2024	Hi growth corporate services ...	Bulk	Buy	7.85	0.47 Cr	5,95,298	0.41
Oct 19, 2023	Multiplier share & stock advi...	Bulk	Buy	6.49	0.54 Cr	8,29,664	0.58

Projection

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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	24	28	46	43	29	30	36	25	19	14
Expenses	25	34	45	36	31	31	36	27	23	19
Operating Profit	-1.07	-6.53	0.64	6.73	-2.66	-0.58	0.01	-2.04	-4.44	-5.44
OPM %	-4.39	-23.54	1.40	15.63	-9.33	-1.93	0.03	-8.22	-23.47	-38.75
Other Income	0.16	0.42	0.18	4.55	1.85	1.26	0.94	6.12	6.53	7.27
Interest	0.72	0.73	0.74	0.73	0.61	0.62	0.63	0.62	0.62	0.63
Depreciation	0.67	0.67	0.67	0.57	0.48	0.49	0.49	0.49	0.49	0.47
Profit Before Tax	-2.31	-7.51	-0.60	9.98	-1.90	-0.42	-0.17	2.97	0.98	0.73
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-2.31	-7.51	-0.60	9.98	-1.90	-0.42	-0.17	2.97	0.98	0.73
EPS in Rs	-0.17	-0.53	-0.04	0.70	-0.13	-0.03	-0.01	0.21	0.07	0.05

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	97	162	174	184	101	78	163	165	143	110
Expenses	129	176	212	298	127	79	148	177	143	117
Operating Profit	-31	-14	-38	-114	-26	-1.54	15	-12	-0.26	-7.05
OPM %	-32.19	-8.55	-21.53	-62.11	-25.72	-1.97	9.24	-7.42	-0.18	-6.44
Other Income	23	0.79	16	7.19	13	11	8.71	7.07	5.30	15
Interest	10	8.67	7.69	7.29	4.53	3.47	6.99	3.48	2.92	2.49
Depreciation	6.11	6.24	7.33	6.01	5.65	2.84	2.67	2.45	2.58	1.96
Profit Before Tax	-31	-33	-41	-120	-24	2.86	14	-11	-0.46	3.36
Tax %	-4.77	0.00	0.00	0.00	0.00	0.00	11.69	0.00	0.00	0.00
Net Profit	-33	-33	-41	-120	-24	2.86	12	-11	-0.46	3.36
EPS in Rs	—	—	—	-8.45	-2.21	-0.96	0.82	-0.99	-0.04	0.32
Dividend Payout %	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	131	131	131	131	131	131	142	142	142	142
Reserves	-153	-186	-219	-260	-373	-383	-396	-384	-398	-399
Borrowings	226	238	274	273	261	225	228	227	219	215
Other Liabilities	162	176	167	201	217	206	162	207	206	224
Total Liabilities	366	360	353	346	236	180	136	192	169	182
Fixed Assets	97	97	92	80	75	66	48	44	45	44
CWIP	17	13	13	13	14	0.00	0.00	0.00	0.99	0.82
Investments	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00
Other Assets	251	249	248	253	147	114	88	148	123	138
Total Assets	366	360	353	346	236	180	136	192	169	182

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	21	25	16	-1.17	18	4.74
Cash from Investing Activity	-0.13	14	-0.65	7.71	-3.24	-2.47
Cash from Financing Activity	-21	-41	-15	-7.46	-11	-7.12
Net Cash Flow	0.21	-1.99	0.34	-0.92	3.32	-4.84

Overview

Detailed Summary

Zenith Steel Pipes & Industries Limited is a leading Indian manufacturer specializing in ERW and SAW pipes.

The company has a strong historical connection starting as a Birla-promoted entity in 1960.

Zenith Steel Pipes operates significant production facilities in Khopoli and has expanded internationally with subsidiaries like Zenith Middle East FZE.

The company underwent major changes, including demergers and capacity expansions, growing steel pipe production from 120,000 to 210,000 tonnes.

Despite missing recent data, its historical expansions and strategic decisions suggest a focus on growth and diversification.

Sector

Steel

Industry

Steel - Tubes / Pipes

Market Cap

104 Cr

Volatility

Low Risk

P/E Ratio

22.9

Industry P/E

25.9

PEG Ratio

0.2

P/B Ratio

—

52W High

10.27

52W Low

5.71

Sales CAGR

-13.16%

30.29%

0.61%

10Y

8.29%

Profit CAGR

95.13%

—

10Y

—

ROE

TTM

-1.69%

0.46%

3.60%

10Y

19.14%

ROCE

TTM

-18.62%

-2.34%

-0.27%

10Y

16.18%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
REMIEDEL	134.90	168 Cr	67.74	2.82	0.00	5.26	6.32	2.61
ZENITHSTL	7.36	104 Cr	22.91	0.00	0.00	-1.69	-18.62	2.75
NMSTEEL	30.55	56 Cr	12.65	0.71	0.00	4.16	6.83	2.79
MITTALSTL	43.50	52 Cr	14.47	0.82	0.00	26.88	16.77	5.86
TNSTLTU	45.70	23 Cr	344.77	2.39	0.00	0.70	2.92	0.21
CRIMSON	43.60	19 Cr	161.48	3.41	0.00	2.09	9.81	0.38
MUKATPIPE	13.65	16 Cr	—	0.00	0.00	7.31	-16.91	-12.83