Zenith Steel Pipes & Industries Ltd

Zenith Steel Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Zenith Steel Pipes & Industries Ltd

₹ 5.45 -2.85%
07 Jul 12:12 p.m.
zenithsteelpipes.com BSE: 531845 NSE: ZENITHSTL
About

Incorporated 1960, Zenith Steel Pipes & Industries Ltd does manufacturing and selling of ERW And SAW Pipes[1]

Key Points

Business Overview:[1]
ZSPIL (formerly known as Zenith Birla
(India) Limited) is the pioneer in the field
of manufacturing of ERW & Hot Dip Galvanized pipes in India. It is one of the largest suppliers
of ERW Black & Galvanized pipes of Diameters from ½ inch to 20 inches to the U.S.A market from India. It also manufactures Spirally Welded Pipes (HSAW) from 18-inch to 100-inch OD (457 mm to 2540 mm OD), which are used in the bulk transportation of water.

Website BSE NSE
  • Market Cap ₹ 77.5 Cr.
  • Current Price ₹ 5.45
  • High / Low ₹ 10.3 / 4.39
  • Stock P/E 41.5
  • Book Value ₹ -17.4
  • Dividend Yield 0.00 %
  • ROCE %
  • ROE %
  • Face Value ₹ 10.0
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Pros

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -5.05% over past five years.
  • Promoter holding is low: 15.6%
  • Contingent liabilities of Rs.37.0 Cr.
  • Earnings include an other income of Rs.25.0 Cr.
  • Company has high debtors of 360 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
30.57 24.39 27.74 45.84 43.06 28.50 30.07 35.69 24.82 18.92 13.76 8.77 8.53
28.42 25.47 28.42 45.29 42.10 31.15 30.64 35.68 26.86 23.37 19.34 12.64 12.14
Operating Profit 2.15 -1.08 -0.68 0.55 0.96 -2.65 -0.57 0.01 -2.04 -4.45 -5.58 -3.87 -3.61
OPM % 7.03% -4.43% -2.45% 1.20% 2.23% -9.30% -1.90% 0.03% -8.22% -23.52% -40.55% -44.13% -42.32%
-0.31 0.11 0.39 0.12 4.46 1.83 1.24 0.91 5.93 6.51 7.25 6.22 5.06
Interest 0.98 0.72 0.73 0.74 0.73 0.61 0.62 0.63 0.62 0.62 0.63 0.64 0.60
Depreciation 0.64 0.67 0.67 0.67 0.57 0.48 0.49 0.49 0.49 0.49 0.47 0.49 0.48
Profit before tax 0.22 -2.36 -1.69 -0.74 4.12 -1.91 -0.44 -0.20 2.78 0.95 0.57 1.22 0.37
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% 0.00%
0.22 -2.36 -1.69 -0.74 4.12 -1.92 -0.44 -0.20 2.78 0.96 0.57 1.22 0.37
EPS in Rs 0.02 -0.17 -0.12 -0.05 0.29 -0.13 -0.03 -0.01 0.20 0.07 0.04 0.09 0.03
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
66.42 75.05 85.84 128.56 138.95 61.64 64.75 146.17 164.06 143.22 119.09 49.97
125.47 111.97 106.58 171.18 249.99 86.40 68.88 142.80 161.90 143.45 124.34 67.49
Operating Profit -59.05 -36.92 -20.74 -42.62 -111.04 -24.76 -4.13 3.37 2.16 -0.23 -5.25 -17.52
OPM % -88.90% -49.19% -24.16% -33.15% -79.91% -40.17% -6.38% 2.31% 1.32% -0.16% -4.41% -35.06%
1.87 21.77 0.26 15.93 4.54 6.35 -10.97 7.43 3.80 5.06 9.91 25.03
Interest 9.20 9.92 7.45 7.09 6.80 3.92 3.00 6.58 3.18 2.92 2.48 2.48
Depreciation 6.29 6.11 6.24 7.33 6.01 5.65 2.84 2.67 2.45 2.58 1.95 1.92
Profit before tax -72.67 -31.18 -34.17 -41.11 -119.31 -27.98 -20.94 1.55 0.33 -0.67 0.23 3.11
Tax % 0.00% 4.62% 0.00% 0.00% 0.00% 0.00% 0.00% 106.45% 0.00% 0.00% 0.00% 0.00%
-72.67 -32.61 -34.17 -41.11 -119.31 -27.98 -20.94 -0.09 0.33 -0.67 0.23 3.11
EPS in Rs -5.54 -2.48 -2.60 -3.13 -9.09 -2.13 -1.47 -0.01 0.02 -0.05 0.02 0.22
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -4%
5 Years: -5%
3 Years: -33%
TTM: -58%
Compounded Profit Growth
10 Years: 7%
5 Years: 19%
3 Years: 82%
TTM: 290%
Stock Price CAGR
10 Years: 23%
5 Years: 43%
3 Years: 12%
1 Year: -28%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: %

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 131.28 131.28 131.28 131.28 131.28 131.28 142.28 142.28 142.28 142.28 142.28 142.28
Reserves -143.22 -175.83 -210.03 -250.17 -362.59 -371.70 -392.73 -392.75 -392.32 -392.95 -392.68 -389.57
276.98 285.51 294.55 290.51 277.70 241.61 224.27 223.66 215.23 210.99 210.91 215.46
105.88 109.98 128.72 168.79 188.20 162.90 145.06 191.07 200.34 218.24 194.55 177.59
Total Liabilities 370.92 350.94 344.52 340.41 234.59 164.09 118.88 164.26 165.53 178.56 155.06 145.76
97.15 97.14 91.98 80.33 74.55 65.87 48.03 44.38 44.64 43.61 41.80 40.03
CWIP 17.04 13.26 12.70 12.78 14.44 0.00 0.00 0.00 0.99 0.82 1.20 1.29
Investments 2.61 2.61 2.61 2.61 2.61 2.61 0.02 0.02 0.02 0.02 0.02 0.02
254.12 237.93 237.23 244.69 142.99 95.61 70.83 119.86 119.88 134.11 112.04 104.42
Total Assets 370.92 350.94 344.52 340.41 234.59 164.09 118.88 164.26 165.53 178.56 155.06 145.76

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-31.33 -0.48 7.32 1.22 20.73 25.54 14.54 -1.66 18.07 4.83 6.36 -0.94
46.51 7.37 -2.47 4.87 -0.13 14.06 -0.65 7.71 -3.24 -2.47 -1.28 -1.19
-16.07 -3.72 -5.71 -6.89 -20.47 -40.15 -13.33 -7.19 -11.09 -7.17 -2.55 -0.04
Net Cash Flow -0.89 3.18 -0.85 -0.79 0.13 -0.55 0.56 -1.14 3.73 -4.81 2.53 -2.16
Free Cash Flow -31.16 -1.95 4.85 6.09 20.37 39.76 13.93 7.18 14.39 3.44 5.84 -1.17
CFO/OP 53% 1% -35% -3% -19% -103% -352% 94% 776% -2,709% -121% 5%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 76.00 70.91 126.12 87.76 98.06 61.29 32.24 74.41 97.42 142.05 162.84 359.89
Inventory Days 104.82 110.45 64.87 10.64 4.01 68.78 106.87 111.80 66.27 90.80 52.21 72.59
Days Payable 240.04 185.70 287.65 244.84 335.58 713.41 306.47 300.45 281.54 389.46 574.78 948.12
Cash Conversion Cycle -59.22 -4.35 -96.66 -146.44 -233.51 -583.34 -167.36 -114.24 -117.85 -156.60 -359.73 -515.65
Working Capital Days -520.19 -612.65 -691.65 -530.52 -809.09 -1,746.01 -1,633.45 -704.23 -696.74 -750.29 -907.49 -2,020.54
ROCE % -18.74% -8.40% -11.65% -17.25% -97.17% -101.13%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Export Turnover (Standalone)
Rs Lakhs

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Number of Manufacturing Plants/Units
count
Number of Permanent Employees
count
Number of Countries Exported To
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64% 15.64%
0.29% 0.20% 0.12% 0.08% 0.08% 0.08% 0.08% 0.02% 0.02% 0.02% 0.02% 0.02%
84.08% 84.17% 84.23% 84.29% 84.29% 84.29% 84.29% 84.34% 84.35% 84.34% 84.34% 84.35%
No. of Shareholders 75,29274,86373,26175,23081,77081,95282,18482,76283,24881,56080,09379,750

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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