# Steel - Tubes/Pipes — company-by-company sector analysis

> Steel - Tubes/Pipes: APL Apollo Tubes Ltd owns the largest revenue base; Sambhv Steel Tubes Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Steel - Tubes/Pipes has outperformed NIFTY 500 by 9.3% over 52 weeks and 4.8% over 13 weeks. 8 of 15 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself. APL Apollo Tubes Ltd leads with revenue of ₹22,627 crore, based on 15 of 15 comparable companies through Mar 2026.

### Is the Steel - Tubes/Pipes sector outperforming NIFTY 500?

Steel - Tubes/Pipes has outperformed NIFTY 500 by 9.3% over 52 weeks and 4.8% over 13 weeks. 8 of 15 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself.

### Which Steel - Tubes/Pipes company is largest by revenue?

APL Apollo Tubes Ltd leads with revenue of ₹22,627 crore, based on 15 of 15 comparable companies through Mar 2026.

### Which Steel - Tubes/Pipes company is growing fastest?

Sambhv Steel Tubes Ltd has the fastest current revenue growth at 60.4%, across 15 of 15 comparable companies.

### Which Steel - Tubes/Pipes company has the strongest 4-Factor Sector Score?

Sambhv Steel Tubes Ltd ranks first at 67.7/100 with 72.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Steel - Tubes/Pipes company reports the most CAPEX?

DEE Development Engineers Ltd reports the largest latest CAPEX at ₹45 crore, with 5 of 15 companies comparable.

### Which Steel - Tubes/Pipes company has the least gross debt?

Gandhi Special Tubes Ltd has the lowest comparable gross debt at ₹0 crore. Goodluck India Ltd has the highest at ₹1,119 crore.

### Which Steel - Tubes/Pipes company has the lowest comparable PEG?

Man Industries (India) Ltd has the lowest comparable Guarded PEG at 0.2, among 7 of 15 companies that pass the metric’s comparability rules.

### How much history does this Steel - Tubes/Pipes comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Steel - Tubes/Pipes has outperformed NIFTY 500 by 9.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.8%. 8 of 15 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. DEE Development Engineers Ltd is the strongest against the sector itself at +72%.

13-week sector return versus NIFTY 500: 4.8%
52-week sector return versus NIFTY 500: 9.3%
Stocks leading NIFTY: 8/15
Stocks leading sector: 5/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 15
Combined market value: ₹95.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sambhv Steel Tubes Ltd (SAMBHV): 68/100 — Favorable setup; evidence 73%
   - Growth & earnings 30.6/35 | Capital efficiency 17.0/25 | Valuation 10.0/20 | Relative strength 10.1/20
   - Exact sum: 30.6 + 17 + 10 + 10.1 = 67.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. DEE Development Engineers Ltd (DEEDEV): 65/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 23.8/35 | Capital efficiency 8.3/25 | Valuation 12.4/20 | Relative strength 20.0/20
   - Exact sum: 23.8 + 8.3 + 12.4 + 20 = 64.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Gandhi Special Tubes Ltd (GANDHITUBE): 62/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 23.0/35 | Capital efficiency 19.5/25 | Valuation 11.9/20 | Relative strength 8.0/20
   - Exact sum: 23 + 19.5 + 11.9 + 8 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Venus Pipes & Tubes Ltd (VENUSPIPES): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.6/35 | Capital efficiency 19.2/25 | Valuation 5.7/20 | Relative strength 18.8/20
   - Exact sum: 15.6 + 19.2 + 5.7 + 18.8 = 59.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 32.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Goodluck India Ltd (GOODLUCK): 57/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.7/35 | Capital efficiency 11.1/25 | Valuation 10.9/20 | Relative strength 16.5/20
   - Exact sum: 18.7 + 11.1 + 10.9 + 16.5 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. APL Apollo Tubes Ltd (APLAPOLLO): 57/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 24.5/35 | Capital efficiency 20.9/25 | Valuation 6.5/20 | Relative strength 4.6/20
   - Exact sum: 24.5 + 20.9 + 6.5 + 4.6 = 56.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.5% and the one-year return is 9.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7. Welspun Specialty Solutions Ltd (WELSPLSOL): 55/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 20.3/35 | Capital efficiency 8.4/25 | Valuation 8.5/20 | Relative strength 17.7/20
   - Exact sum: 20.3 + 8.4 + 8.5 + 17.7 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Man Industries (India) Ltd (MANINDS): 54/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.9/35 | Capital efficiency 13.6/25 | Valuation 12.0/20 | Relative strength 11.3/20
   - Exact sum: 16.9 + 13.6 + 12 + 11.3 = 53.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Hariom Pipe Industries Ltd (HARIOMPIPE): 52/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.3/35 | Capital efficiency 13.7/25 | Valuation 11.3/20 | Relative strength 6.1/20
   - Exact sum: 21.3 + 13.7 + 11.3 + 6.1 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Scoda Tubes Ltd (SCODATUBES): 48/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 13.9/35 | Capital efficiency 14.8/25 | Valuation 10.4/20 | Relative strength 8.9/20
   - Exact sum: 13.9 + 14.8 + 10.4 + 8.9 = 48
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. JTL Industries Ltd (JTLIND): 44/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 18.1/35 | Capital efficiency 8.5/25 | Valuation 9.7/20 | Relative strength 7.8/20
   - Exact sum: 18.1 + 8.5 + 9.7 + 7.8 = 44.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Hi-Tech Pipes Ltd (HITECH): 42/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 16.1/35 | Capital efficiency 9.1/25 | Valuation 11.2/20 | Relative strength 5.7/20
   - Exact sum: 16.1 + 9.1 + 11.2 + 5.7 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Maharashtra Seamless Ltd (MAHSEAMLES): 41/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 7.8/35 | Capital efficiency 16.1/25 | Valuation 13.2/20 | Relative strength 3.9/20
   - Exact sum: 7.8 + 16.1 + 13.2 + 3.9 = 41
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14. Surya Roshni Ltd (SURYAROSNI): 30/100 — Adverse evidence; evidence 87%
   - Growth & earnings 7.3/35 | Capital efficiency 14.4/25 | Valuation 4.7/20 | Relative strength 3.7/20
   - Exact sum: 7.3 + 14.4 + 4.7 + 3.7 = 30.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Rama Steel Tubes Ltd (RAMASTEEL): 25/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.5/35 | Capital efficiency 6.5/25 | Valuation 8.3/20 | Relative strength 3.0/20
   - Exact sum: 7.5 + 6.5 + 8.3 + 3 = 25.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: APL Apollo Tubes Ltd is the scale leader at ₹22,627 crore, 200.1% ahead of Surya Roshni Ltd. Sambhv Steel Tubes Ltd's growth is 60.4% from a ₹2,413 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: APL Apollo Tubes Ltd is the scale benchmark; Sambhv Steel Tubes Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: APL Apollo Tubes Ltd's growth falls below Sambhv Steel Tubes Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: APL Apollo Tubes Ltd · ₹22,627 crore | 200.1% versus #2 · Surya Roshni Ltd | 8/8 recent comparable periods | 15/15 companies · 229 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. APL Apollo Tubes Ltd (APLAPOLLO): ₹22.6K Cr
2. Surya Roshni Ltd (SURYAROSNI): ₹7.5K Cr
3. Maharashtra Seamless Ltd (MAHSEAMLES): ₹4.7K Cr
4. Hi-Tech Pipes Ltd (HITECH): ₹4.2K Cr
5. Goodluck India Ltd (GOODLUCK): ₹4.1K Cr

### Revenue growth — fastest growers
1. Sambhv Steel Tubes Ltd (SAMBHV): 60%
2. DEE Development Engineers Ltd (DEEDEV): 38%
3. Hi-Tech Pipes Ltd (HITECH): 37%
4. Hariom Pipe Industries Ltd (HARIOMPIPE): 23%
5. Venus Pipes & Tubes Ltd (VENUSPIPES): 22%

### 20-quarter Revenue history
- APLAPOLLO: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 —
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- GOODLUCK: Sep 2021 ₹636 Cr | Dec 2021 ₹707 Cr | Mar 2022 ₹701 Cr | Jun 2022 ₹826 Cr | Sep 2022 ₹783 Cr | Dec 2022 ₹706 Cr | Mar 2023 ₹765 Cr | Jun 2023 ₹858 Cr | Sep 2023 ₹886 Cr | Dec 2023 ₹878 Cr | Mar 2024 ₹902 Cr | Jun 2024 ₹913 Cr | Sep 2024 ₹976 Cr | Dec 2024 ₹942 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹983 Cr | Sep 2025 ₹991 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹165 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹287 Cr | Mar 2026 ₹362 Cr | Jun 2026 —
- MANINDS: Sep 2021 ₹490 Cr | Dec 2021 ₹631 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹510 Cr | Sep 2022 ₹465 Cr | Dec 2022 ₹658 Cr | Mar 2023 ₹598 Cr | Jun 2023 ₹490 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹833 Cr | Mar 2024 ₹811 Cr | Jun 2024 ₹749 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹732 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹742 Cr | Sep 2025 ₹834 Cr | Dec 2025 ₹830 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- VENUSPIPES: Sep 2021 ₹89 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹276 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹297 Cr | Mar 2026 ₹302 Cr | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹324 Cr | Sep 2024 ₹316 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹495 Cr | Jun 2025 ₹559 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹685 Cr | Jun 2026 —
- WELSPLSOL: Sep 2021 ₹21 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹220 Cr | Jun 2026 ₹194 Cr
- JTLIND: Sep 2021 ₹263 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹681 Cr | Jun 2022 ₹259 Cr | Sep 2022 ₹300 Cr | Dec 2022 ₹343 Cr | Mar 2023 ₹473 Cr | Jun 2023 ₹505 Cr | Sep 2023 ₹502 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹466 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹452 Cr | Mar 2025 ₹469 Cr | Jun 2025 ₹544 Cr | Sep 2025 ₹429 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹693 Cr | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹569 Cr | Mar 2023 ₹702 Cr | Jun 2023 ₹642 Cr | Sep 2023 ₹746 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹867 Cr | Sep 2024 ₹706 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹734 Cr | Jun 2025 ₹791 Cr | Sep 2025 ₹859 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹331 Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹461 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹507 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹125 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹350 Cr | Mar 2023 ₹399 Cr | Jun 2023 ₹313 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹246 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- APLAPOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 29% | Dec 2022 34% | Mar 2023 5.1% | Jun 2023 32% | Sep 2023 17% | Dec 2023 -3.4% | Mar 2024 7.6% | Jun 2024 9.4% | Sep 2024 3.1% | Dec 2024 30% | Mar 2025 16% | Jun 2025 3.9% | Sep 2025 9.1% | Dec 2025 10% | Mar 2026 14% | Jun 2026 —
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.9% | Mar 2024 -26% | Jun 2024 -5.9% | Sep 2024 -16% | Dec 2024 -1.6% | Mar 2025 17% | Jun 2025 -0.5% | Sep 2025 -10% | Dec 2025 -23% | Mar 2026 -9.7% | Jun 2026 —
- SURYAROSNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 2.0% | Dec 2022 -0.4% | Mar 2023 -6.5% | Jun 2023 1.9% | Sep 2023 -3.4% | Dec 2023 -4.1% | Mar 2024 -3.3% | Jun 2024 1.0% | Sep 2024 -20% | Dec 2024 -3.6% | Mar 2025 3.2% | Jun 2025 -15% | Sep 2025 21% | Dec 2025 3.2% | Mar 2026 0.8% | Jun 2026 —
- GOODLUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 23% | Dec 2022 -0.1% | Mar 2023 9.1% | Jun 2023 3.9% | Sep 2023 13% | Dec 2023 24% | Mar 2024 18% | Jun 2024 6.4% | Sep 2024 10% | Dec 2024 7.3% | Mar 2025 23% | Jun 2025 7.7% | Sep 2025 1.5% | Dec 2025 10% | Mar 2026 -1.5% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 47% | Jun 2024 18% | Sep 2024 8.4% | Dec 2024 -23% | Mar 2025 18% | Jun 2025 21% | Sep 2025 39% | Dec 2025 77% | Mar 2026 27% | Jun 2026 —
- MANINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -5.1% | Dec 2022 4.3% | Mar 2023 -2.6% | Jun 2023 -3.9% | Sep 2023 119% | Dec 2023 27% | Mar 2024 36% | Jun 2024 53% | Sep 2024 -21% | Dec 2024 -12% | Mar 2025 50% | Jun 2025 -0.9% | Sep 2025 3.5% | Dec 2025 13% | Mar 2026 -5.0% | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 42% | Dec 2022 28% | Mar 2023 60% | Jun 2023 58% | Sep 2023 52% | Dec 2023 52% | Mar 2024 27% | Jun 2024 33% | Sep 2024 20% | Dec 2024 12% | Mar 2025 15% | Jun 2025 15% | Sep 2025 28% | Dec 2025 29% | Mar 2026 17% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 73% | Sep 2025 84% | Dec 2025 60% | Mar 2026 38% | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 314% | Dec 2022 178% | Mar 2023 64% | Jun 2023 99% | Sep 2023 139% | Dec 2023 57% | Mar 2024 9.8% | Jun 2024 -0.5% | Sep 2024 -19% | Dec 2024 11% | Mar 2025 32% | Jun 2025 24% | Sep 2025 43% | Dec 2025 16% | Mar 2026 9.8% | Jun 2026 -3.8%
- JTLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 14% | Dec 2022 48% | Mar 2023 -31% | Jun 2023 95% | Sep 2023 67% | Dec 2023 65% | Mar 2024 -1.5% | Jun 2024 2.2% | Sep 2024 -4.4% | Dec 2024 -20% | Mar 2025 0.6% | Jun 2025 5.4% | Sep 2025 -11% | Dec 2025 4.2% | Mar 2026 48% | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 -3.0% | Jun 2024 35% | Sep 2024 -5.4% | Dec 2024 21% | Mar 2025 7.8% | Jun 2025 -8.8% | Sep 2025 22% | Dec 2025 41% | Mar 2026 102% | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 21% | Jun 2025 34% | Sep 2025 7.0% | Dec 2025 21% | Mar 2026 27% | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 14% | Jun 2024 -12% | Sep 2024 11% | Dec 2024 -3.6% | Mar 2025 9.8% | Jun 2025 18% | Sep 2025 -1.2% | Dec 2025 22% | Mar 2026 9.0% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1.1% | Jun 2025 6.1% | Sep 2025 4.3% | Dec 2025 17% | Mar 2026 -0.1% | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 -33% | Jun 2024 -31% | Sep 2024 29% | Dec 2024 4.9% | Mar 2025 9.3% | Jun 2025 24% | Sep 2025 22% | Dec 2025 5.2% | Mar 2026 -16% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Gandhi Special Tubes Ltd leads both opm at 41.3% and margin change at +4.3 percentage points.

Investor read: Gandhi Special Tubes Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Gandhi Special Tubes Ltd · 41.3% | 129.4% versus #2 · DEE Development Engineers Ltd | 7/8 recent comparable periods | 15/15 companies · 260 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Gandhi Special Tubes Ltd (GANDHITUBE): 41%
2. DEE Development Engineers Ltd (DEEDEV): 18%
3. Maharashtra Seamless Ltd (MAHSEAMLES): 18%
4. Venus Pipes & Tubes Ltd (VENUSPIPES): 16%
5. Scoda Tubes Ltd (SCODATUBES): 14%

### Margin change — fastest expanders
1. Gandhi Special Tubes Ltd (GANDHITUBE): +4.3 pp
2. JTL Industries Ltd (JTLIND): +4.0 pp
3. Welspun Specialty Solutions Ltd (WELSPLSOL): +3.3 pp
4. Sambhv Steel Tubes Ltd (SAMBHV): +3.0 pp
5. Goodluck India Ltd (GOODLUCK): +2.0 pp

### 20-quarter OPM history
- APLAPOLLO: Sep 2021 7.2% | Dec 2021 6.3% | Mar 2022 6.3% | Jun 2022 5.6% | Sep 2022 5.8% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 6.0% | Sep 2024 3.0% | Dec 2024 6.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- MAHSEAMLES: Sep 2021 14% | Dec 2021 14% | Mar 2022 12% | Jun 2022 16% | Sep 2022 17% | Dec 2022 18% | Mar 2023 19% | Jun 2023 19% | Sep 2023 21% | Dec 2023 26% | Mar 2024 22% | Jun 2024 10% | Sep 2024 18% | Dec 2024 20% | Mar 2025 20% | Jun 2025 14% | Sep 2025 10% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- SURYAROSNI: Sep 2021 5.2% | Dec 2021 4.8% | Mar 2022 6.6% | Jun 2022 3.8% | Sep 2022 6.5% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 6.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 4.0% | Sep 2025 6.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 —
- GOODLUCK: Sep 2021 6.9% | Dec 2021 6.7% | Mar 2022 7.5% | Jun 2022 6.2% | Sep 2022 6.1% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 9.0% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 14% | Jun 2023 9.0% | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 3.0% | Mar 2025 22% | Jun 2025 16% | Sep 2025 16% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- MANINDS: Sep 2021 8.6% | Dec 2021 9.4% | Mar 2022 6.6% | Jun 2022 4.3% | Sep 2022 3.3% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 5.0% | Sep 2024 8.0% | Dec 2024 11% | Mar 2025 10% | Jun 2025 7.0% | Sep 2025 15% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- VENUSPIPES: Sep 2021 15% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 12% | Dec 2022 13% | Mar 2023 12% | Jun 2023 15% | Sep 2023 18% | Dec 2023 19% | Mar 2024 20% | Jun 2024 20% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 10% | Jun 2024 14% | Sep 2024 7.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 13% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 13% | Jun 2026 —
- WELSPLSOL: Sep 2021 -21% | Dec 2021 -7.2% | Mar 2022 -5.8% | Jun 2022 -3.5% | Sep 2022 -7.3% | Dec 2022 7.1% | Mar 2023 13% | Jun 2023 12% | Sep 2023 5.8% | Dec 2023 6.8% | Mar 2024 8.0% | Jun 2024 6.7% | Sep 2024 1.7% | Dec 2024 3.8% | Mar 2025 4.9% | Jun 2025 2.1% | Sep 2025 6.1% | Dec 2025 7.5% | Mar 2026 5.1% | Jun 2026 5.4%
- JTLIND: Sep 2021 7.4% | Dec 2021 8.2% | Mar 2022 6.6% | Jun 2022 4.2% | Sep 2022 8.8% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 8.0% | Mar 2025 4.0% | Jun 2025 4.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- HITECH: Sep 2021 5.3% | Dec 2021 5.7% | Mar 2022 5.0% | Jun 2022 3.5% | Sep 2022 3.9% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 3.0% | Sep 2023 4.0% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 6.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 4.0% | Mar 2026 3.0% | Jun 2026 —
- HARIOMPIPE: Sep 2021 13% | Dec 2021 13% | Mar 2022 14% | Jun 2022 11% | Sep 2022 13% | Dec 2022 15% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- GANDHITUBE: Sep 2021 37% | Dec 2021 32% | Mar 2022 33% | Jun 2022 38% | Sep 2022 37% | Dec 2022 32% | Mar 2023 37% | Jun 2023 37% | Sep 2023 36% | Dec 2023 38% | Mar 2024 40% | Jun 2024 39% | Sep 2024 41% | Dec 2024 42% | Mar 2025 37% | Jun 2025 43% | Sep 2025 44% | Dec 2025 46% | Mar 2026 41% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 16% | Sep 2024 16% | Dec 2024 18% | Mar 2025 14% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- RAMASTEEL: Sep 2021 4.8% | Dec 2021 4.9% | Mar 2022 6.2% | Jun 2022 2.6% | Sep 2022 2.2% | Dec 2022 2.7% | Mar 2023 6.9% | Jun 2023 5.2% | Sep 2023 6.0% | Dec 2023 6.6% | Mar 2024 5.0% | Jun 2024 5.3% | Sep 2024 0.2% | Dec 2024 1.8% | Mar 2025 4.1% | Jun 2025 0.6% | Sep 2025 1.5% | Dec 2025 2.2% | Mar 2026 1.7% | Jun 2026 —

### 20-quarter Margin change history
- APLAPOLLO: Sep 2021 −0.5 pp | Dec 2021 −2.7 pp | Mar 2022 −1.7 pp | Jun 2022 −4.4 pp | Sep 2022 −1.4 pp | Dec 2022 −0.3 pp | Mar 2023 +0.7 pp | Jun 2023 +1.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +6.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- MAHSEAMLES: Sep 2021 −6.6 pp | Dec 2021 −0.7 pp | Mar 2022 −8.4 pp | Jun 2022 −0.9 pp | Sep 2022 +3.0 pp | Dec 2022 +4.0 pp | Mar 2023 +7.3 pp | Jun 2023 +2.5 pp | Sep 2023 +3.8 pp | Dec 2023 +8.0 pp | Mar 2024 +3.0 pp | Jun 2024 −9.0 pp | Sep 2024 −3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −2.0 pp | Jun 2025 +4.0 pp | Sep 2025 −8.0 pp | Dec 2025 −6.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SURYAROSNI: Sep 2021 −2.1 pp | Dec 2021 −2.5 pp | Mar 2022 −0.4 pp | Jun 2022 −2.6 pp | Sep 2022 +1.3 pp | Dec 2022 +3.2 pp | Mar 2023 +5.4 pp | Jun 2023 +2.2 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- GOODLUCK: Sep 2021 −1.1 pp | Dec 2021 −1.0 pp | Mar 2022 +1.7 pp | Jun 2022 −0.8 pp | Sep 2022 −0.8 pp | Dec 2022 +0.3 pp | Mar 2023 +0.5 pp | Jun 2023 +1.8 pp | Sep 2023 +1.9 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 −11.0 pp | Mar 2025 +8.0 pp | Jun 2025 +3.0 pp | Sep 2025 +1.0 pp | Dec 2025 +14.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- MANINDS: Sep 2021 −0.3 pp | Dec 2021 −2.8 pp | Mar 2022 −1.1 pp | Jun 2022 −5.2 pp | Sep 2022 −5.3 pp | Dec 2022 −0.4 pp | Mar 2023 +0.4 pp | Jun 2023 +5.7 pp | Sep 2023 +3.7 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −5.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +7.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 +1.4 pp | Jun 2022 +1.2 pp | Sep 2022 −2.6 pp | Dec 2022 +0.9 pp | Mar 2023 −0.5 pp | Jun 2023 +2.3 pp | Sep 2023 +5.7 pp | Dec 2023 +6.0 pp | Mar 2024 +8.0 pp | Jun 2024 +5.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 −0.9 pp | Sep 2025 +3.0 pp | Dec 2025 −1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- WELSPLSOL: Sep 2021 −5.2 pp | Dec 2021 +36.0 pp | Mar 2022 +10.3 pp | Jun 2022 +30.6 pp | Sep 2022 +13.7 pp | Dec 2022 +14.3 pp | Mar 2023 +18.9 pp | Jun 2023 +15.7 pp | Sep 2023 +13.1 pp | Dec 2023 −0.3 pp | Mar 2024 −5.1 pp | Jun 2024 −5.5 pp | Sep 2024 −4.1 pp | Dec 2024 −3.0 pp | Mar 2025 −3.1 pp | Jun 2025 −4.6 pp | Sep 2025 +4.4 pp | Dec 2025 +3.7 pp | Mar 2026 +0.2 pp | Jun 2026 +3.3 pp
- JTLIND: Sep 2021 +0.7 pp | Dec 2021 −0.3 pp | Mar 2022 −1.4 pp | Jun 2022 −1.9 pp | Sep 2022 +1.4 pp | Dec 2022 −0.2 pp | Mar 2023 +4.4 pp | Jun 2023 +2.8 pp | Sep 2023 −1.8 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- HITECH: Sep 2021 +0.2 pp | Dec 2021 +0.1 pp | Mar 2022 +0.1 pp | Jun 2022 −2.1 pp | Sep 2022 −1.3 pp | Dec 2022 −0.7 pp | Mar 2023 −0.0 pp | Jun 2023 −0.5 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 +0.4 pp | Jun 2022 −1.7 pp | Sep 2022 −0.1 pp | Dec 2022 +2.3 pp | Mar 2023 −1.4 pp | Jun 2023 +0.5 pp | Sep 2023 −0.8 pp | Dec 2023 −3.4 pp | Mar 2024 +0.5 pp | Jun 2024 +1.3 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GANDHITUBE: Sep 2021 −2.6 pp | Dec 2021 −10.4 pp | Mar 2022 −7.5 pp | Jun 2022 −2.8 pp | Sep 2022 +0.0 pp | Dec 2022 −0.1 pp | Mar 2023 +4.1 pp | Jun 2023 −0.8 pp | Sep 2023 −1.7 pp | Dec 2023 +5.6 pp | Mar 2024 +2.7 pp | Jun 2024 +1.7 pp | Sep 2024 +5.0 pp | Dec 2024 +4.5 pp | Mar 2025 −3.0 pp | Jun 2025 +4.5 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.3 pp | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +1.0 pp | Jun 2025 −1.4 pp | Sep 2025 −1.0 pp | Dec 2025 −2.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- RAMASTEEL: Sep 2021 +0.6 pp | Dec 2021 +1.2 pp | Mar 2022 +0.7 pp | Jun 2022 −2.6 pp | Sep 2022 −2.6 pp | Dec 2022 −2.2 pp | Mar 2023 +0.7 pp | Jun 2023 +2.5 pp | Sep 2023 +3.8 pp | Dec 2023 +3.8 pp | Mar 2024 −1.9 pp | Jun 2024 +0.1 pp | Sep 2024 −5.8 pp | Dec 2024 −4.8 pp | Mar 2025 −0.9 pp | Jun 2025 −4.7 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 −2.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: APL Apollo Tubes Ltd leads with ₹1,203 crore of TTM profit, 71.6% above Maharashtra Seamless Ltd. Sambhv Steel Tubes Ltd shows ≥100% on the scoring scale (195.8% uncapped) growth from a ₹142 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: APL Apollo Tubes Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: APL Apollo Tubes Ltd · ₹1,203 crore | 71.6% versus #2 · Maharashtra Seamless Ltd | 6/8 recent comparable periods | 15/15 companies · 229 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. APL Apollo Tubes Ltd (APLAPOLLO): ₹1.2K Cr
2. Maharashtra Seamless Ltd (MAHSEAMLES): ₹701 Cr
3. Surya Roshni Ltd (SURYAROSNI): ₹286 Cr
4. Goodluck India Ltd (GOODLUCK): ₹183 Cr
5. Man Industries (India) Ltd (MANINDS): ₹171 Cr

### Profit growth — fastest growers
1. Sambhv Steel Tubes Ltd (SAMBHV): 196%
2. DEE Development Engineers Ltd (DEEDEV): 77%
3. APL Apollo Tubes Ltd (APLAPOLLO): 59%
4. Hariom Pipe Industries Ltd (HARIOMPIPE): 23%
5. Scoda Tubes Ltd (SCODATUBES): 22%

### 20-quarter Net profit history
- APLAPOLLO: Sep 2021 ₹131 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹310 Cr | Mar 2026 ₹354 Cr | Jun 2026 —
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹160 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹44 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- GOODLUCK: Sep 2021 ₹17 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MANINDS: Sep 2021 ₹24 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- VENUSPIPES: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- WELSPLSOL: Sep 2021 ₹-11 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹5 Cr
- JTLIND: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- APLAPOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 15% | Dec 2022 46% | Mar 2023 -10% | Jun 2023 81% | Sep 2023 35% | Dec 2023 -1.8% | Mar 2024 -16% | Jun 2024 -0.5% | Sep 2024 -73% | Dec 2024 31% | Mar 2025 72% | Jun 2025 23% | Sep 2025 459% | Dec 2025 43% | Mar 2026 21% | Jun 2026 —
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 73% | Mar 2024 -42% | Jun 2024 -38% | Sep 2024 -12% | Dec 2024 -33% | Mar 2025 11% | Jun 2025 78% | Sep 2025 -43% | Dec 2025 31% | Mar 2026 -57% | Jun 2026 —
- SURYAROSNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 55% | Dec 2022 125% | Mar 2023 88% | Jun 2023 168% | Sep 2023 12% | Dec 2023 0.0% | Mar 2024 -33% | Jun 2024 56% | Sep 2024 -55% | Dec 2024 0.0% | Mar 2025 25% | Jun 2025 -63% | Sep 2025 118% | Dec 2025 -11% | Mar 2026 -25% | Jun 2026 —
- GOODLUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 18% | Dec 2022 -10% | Mar 2023 17% | Jun 2023 38% | Sep 2023 75% | Dec 2023 78% | Mar 2024 32% | Jun 2024 24% | Sep 2024 34% | Dec 2024 28% | Mar 2025 14% | Jun 2025 11% | Sep 2025 -8.5% | Dec 2025 7.3% | Mar 2026 33% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 120% | Dec 2024 -244% | Mar 2025 167% | Jun 2025 333% | Sep 2025 -18% | Dec 2025 — | Mar 2026 -13% | Jun 2026 —
- MANINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -47% | Sep 2022 -121% | Dec 2022 19% | Mar 2023 11% | Jun 2023 10% | Sep 2023 — | Dec 2023 -16% | Mar 2024 -20% | Jun 2024 73% | Sep 2024 -18% | Dec 2024 9.7% | Mar 2025 183% | Jun 2025 47% | Sep 2025 16% | Dec 2025 62% | Mar 2026 -25% | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 11% | Dec 2022 38% | Mar 2023 63% | Jun 2023 89% | Sep 2023 100% | Dec 2023 109% | Mar 2024 92% | Jun 2024 65% | Sep 2024 20% | Dec 2024 -22% | Mar 2025 -4.0% | Jun 2025 -11% | Sep 2025 8.3% | Dec 2025 44% | Mar 2026 8.3% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 127% | Sep 2025 520% | Dec 2025 118% | Mar 2026 212% | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 706% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 397% | Jun 2024 -83% | Sep 2024 -222% | Dec 2024 -159% | Mar 2025 -91% | Jun 2025 -138% | Sep 2025 — | Dec 2025 — | Mar 2026 20% | Jun 2026 —
- JTLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 54% | Dec 2022 54% | Mar 2023 37% | Jun 2023 127% | Sep 2023 40% | Dec 2023 50% | Mar 2024 -19% | Jun 2024 24% | Sep 2024 -7.1% | Dec 2024 -17% | Mar 2025 -43% | Jun 2025 -45% | Sep 2025 -15% | Dec 2025 4.0% | Mar 2026 124% | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.7% | Mar 2024 -31% | Jun 2024 125% | Sep 2024 64% | Dec 2024 36% | Mar 2025 64% | Jun 2025 17% | Sep 2025 11% | Dec 2025 -11% | Mar 2026 0.0% | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 33% | Sep 2025 -38% | Dec 2025 9.1% | Mar 2026 76% | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 28% | Jun 2024 -9.2% | Sep 2024 30% | Dec 2024 15% | Mar 2025 -11% | Jun 2025 51% | Sep 2025 2.6% | Dec 2025 30% | Mar 2026 -22% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 132% | Jun 2025 48% | Sep 2025 34% | Dec 2025 18% | Mar 2026 -7.5% | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -34% | Jun 2024 -17% | Sep 2024 -35% | Dec 2024 -38% | Mar 2025 -13% | Jun 2025 -20% | Sep 2025 -77% | Dec 2025 -68% | Mar 2026 -43% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: DEE Development Engineers Ltd reports ₹45 crore of CAPEX; DEE Development Engineers Ltd has the highest covered intensity at 18.5%. Coverage is only 5 of 15 companies and 11 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: DEE Development Engineers Ltd · ₹45 crore | 36.4% versus #2 · Sambhv Steel Tubes Ltd | 2/2 recent comparable periods | 5/15 companies · 11 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. DEE Development Engineers Ltd (DEEDEV): ₹45 Cr
2. Sambhv Steel Tubes Ltd (SAMBHV): ₹33 Cr
3. Scoda Tubes Ltd (SCODATUBES): ₹21 Cr
4. Venus Pipes & Tubes Ltd (VENUSPIPES): ₹13 Cr
5. Hariom Pipe Industries Ltd (HARIOMPIPE): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. DEE Development Engineers Ltd (DEEDEV): 19%
2. Scoda Tubes Ltd (SCODATUBES): 17%
3. Venus Pipes & Tubes Ltd (VENUSPIPES): 12%
4. Sambhv Steel Tubes Ltd (SAMBHV): 6.7%

### 20-quarter CAPEX history
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹37 Cr | Mar 2024 ₹45 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | 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 — | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹71 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹33 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | 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 — | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹6 Cr | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 19% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 — | Dec 2022 — | 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 — | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 22% | Sep 2024 23% | Dec 2024 14% | Mar 2025 6.7% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.6% | Mar 2025 17% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: APL Apollo Tubes Ltd has the clearest covered balance-sheet capacity with ₹388 crore net cash and gross debt of ₹498 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Gandhi Special Tubes Ltd · ₹0 crore | 100% versus #2 · Maharashtra Seamless Ltd | 8/8 recent comparable periods | 15/15 companies · 243 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Gandhi Special Tubes Ltd (GANDHITUBE): ₹0 Cr
2. Maharashtra Seamless Ltd (MAHSEAMLES): ₹13 Cr
3. Welspun Specialty Solutions Ltd (WELSPLSOL): ₹35 Cr
4. Surya Roshni Ltd (SURYAROSNI): ₹80 Cr
5. Rama Steel Tubes Ltd (RAMASTEEL): ₹130 Cr

### Net debt — lowest net debt
1. APL Apollo Tubes Ltd (APLAPOLLO): ₹-388 Cr
2. Surya Roshni Ltd (SURYAROSNI): ₹-373 Cr
3. Welspun Specialty Solutions Ltd (WELSPLSOL): ₹-120 Cr
4. Man Industries (India) Ltd (MANINDS): ₹-100 Cr
5. Gandhi Special Tubes Ltd (GANDHITUBE): ₹-11 Cr

### 20-quarter Gross debt history
- APLAPOLLO: Sep 2021 ₹552 Cr | Dec 2021 ₹552 Cr | Mar 2022 ₹581 Cr | Jun 2022 ₹581 Cr | Sep 2022 ₹952 Cr | Dec 2022 ₹952 Cr | Mar 2023 ₹873 Cr | Jun 2023 ₹873 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹634 Cr | Jun 2025 ₹634 Cr | Sep 2025 ₹715 Cr | Dec 2025 ₹715 Cr | Mar 2026 ₹498 Cr | Jun 2026 —
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹709 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹244 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹10 Cr | Dec 2025 — | Mar 2026 ₹13 Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹676 Cr | Dec 2021 ₹676 Cr | Mar 2022 ₹593 Cr | Jun 2022 ₹593 Cr | Sep 2022 ₹523 Cr | Dec 2022 ₹523 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- GOODLUCK: Sep 2021 ₹481 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹539 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹598 Cr | Jun 2023 ₹598 Cr | Sep 2023 ₹653 Cr | Dec 2023 ₹653 Cr | Mar 2024 ₹612 Cr | Jun 2024 ₹612 Cr | Sep 2024 ₹664 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹882 Cr | Jun 2025 ₹882 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹290 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹364 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹430 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹460 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹431 Cr | Jun 2025 ₹431 Cr | Sep 2025 ₹585 Cr | Dec 2025 ₹585 Cr | Mar 2026 ₹705 Cr | Jun 2026 —
- MANINDS: Sep 2021 ₹81 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹326 Cr | Jun 2024 ₹326 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹476 Cr | Jun 2025 ₹476 Cr | Sep 2025 ₹561 Cr | Dec 2025 ₹561 Cr | Mar 2026 ₹628 Cr | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 ₹50 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹197 Cr | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹351 Cr | Sep 2024 — | Dec 2024 ₹621 Cr | Mar 2025 ₹507 Cr | Jun 2025 ₹507 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹373 Cr | Jun 2026 —
- WELSPLSOL: Sep 2021 ₹197 Cr | Dec 2021 ₹197 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹278 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹233 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹303 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹35 Cr | Jun 2026 ₹35 Cr
- JTLIND: Sep 2021 ₹54 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- HITECH: Sep 2021 ₹340 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹393 Cr | Jun 2022 ₹394 Cr | Sep 2022 ₹360 Cr | Dec 2022 ₹360 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹343 Cr | Dec 2023 ₹343 Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹403 Cr | Sep 2024 ₹363 Cr | Dec 2024 ₹363 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹272 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹268 Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 ₹88 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹297 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹414 Cr | Dec 2023 ₹414 Cr | Mar 2024 ₹372 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹336 Cr | Mar 2025 ₹401 Cr | Jun 2025 ₹401 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹378 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 ₹110 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹140 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹203 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹203 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 ₹108 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹89 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹126 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹130 Cr | Jun 2026 —

### 20-quarter Net debt history
- APLAPOLLO: Sep 2021 ₹132 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹200 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹521 Cr | Sep 2023 ₹463 Cr | Dec 2023 ₹463 Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹-85 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹-313 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹-388 Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹675 Cr | Dec 2021 ₹675 Cr | Mar 2022 ₹592 Cr | Jun 2022 ₹592 Cr | Sep 2022 ₹522 Cr | Dec 2022 ₹522 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-30 Cr | Sep 2024 ₹-124 Cr | Dec 2024 ₹-124 Cr | Mar 2025 ₹-209 Cr | Jun 2025 ₹-280 Cr | Sep 2025 ₹-372 Cr | Dec 2025 ₹-372 Cr | Mar 2026 ₹-373 Cr | Jun 2026 —
- GOODLUCK: Sep 2021 ₹470 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹526 Cr | Sep 2022 ₹525 Cr | Dec 2022 ₹525 Cr | Mar 2023 ₹598 Cr | Jun 2023 ₹586 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹636 Cr | Mar 2024 ₹507 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹582 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹880 Cr | Jun 2025 ₹836 Cr | Sep 2025 ₹962 Cr | Dec 2025 ₹962 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹331 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹388 Cr | Mar 2024 ₹457 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹304 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹489 Cr | Dec 2025 ₹489 Cr | Mar 2026 ₹621 Cr | Jun 2026 —
- MANINDS: Sep 2021 ₹-19 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-183 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹-87 Cr | Dec 2023 ₹-87 Cr | Mar 2024 ₹-91 Cr | Jun 2024 ₹-157 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹-100 Cr | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 ₹48 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹223 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹310 Cr | Sep 2024 — | Dec 2024 ₹620 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹211 Cr | Jun 2026 —
- WELSPLSOL: Sep 2021 ₹194 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹235 Cr | Jun 2022 ₹275 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹232 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹-75 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-120 Cr | Jun 2026 ₹-120 Cr
- JTLIND: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹105 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹-81 Cr | Jun 2024 ₹-86 Cr | Sep 2024 ₹-129 Cr | Dec 2024 ₹-129 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- HITECH: Sep 2021 ₹323 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹341 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹377 Cr | Sep 2024 ₹329 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹115 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹181 Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 ₹88 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹412 Cr | Mar 2024 ₹340 Cr | Jun 2024 ₹340 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹334 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹350 Cr | Sep 2025 ₹412 Cr | Dec 2025 ₹412 Cr | Mar 2026 ₹401 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 ₹-79 Cr | Dec 2021 ₹-79 Cr | Mar 2022 ₹-36 Cr | Jun 2022 ₹-36 Cr | Sep 2022 ₹-33 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-53 Cr | Dec 2023 ₹-53 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹203 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹202 Cr | Mar 2025 ₹196 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 ₹98 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹119 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹180 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹125 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: APL Apollo Tubes Ltd leads ROCE at 31.6%, 3.2 percentage points above Gandhi Special Tubes Ltd. APL Apollo Tubes Ltd has the strongest latest improvement at +6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: APL Apollo Tubes Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: APL Apollo Tubes Ltd · 31.6% | 11.3% versus #2 · Gandhi Special Tubes Ltd | 3/8 recent comparable periods | 15/15 companies · 189 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. APL Apollo Tubes Ltd (APLAPOLLO): 32%
2. Gandhi Special Tubes Ltd (GANDHITUBE): 28%
3. Venus Pipes & Tubes Ltd (VENUSPIPES): 23%
4. Sambhv Steel Tubes Ltd (SAMBHV): 19%
5. Scoda Tubes Ltd (SCODATUBES): 17%

### ROCE change — fastest improvers
1. APL Apollo Tubes Ltd (APLAPOLLO): +6.0 pp
2. DEE Development Engineers Ltd (DEEDEV): +4.7 pp
3. Sambhv Steel Tubes Ltd (SAMBHV): +4.6 pp
4. Goodluck India Ltd (GOODLUCK): +0.9 pp
5. Gandhi Special Tubes Ltd (GANDHITUBE): +0.8 pp

### 20-quarter ROCE history
- APLAPOLLO: Sep 2021 32% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 26% | Dec 2023 30% | Mar 2024 22% | Jun 2024 26% | Sep 2024 18% | Dec 2024 22% | Mar 2025 20% | Jun 2025 24% | Sep 2025 26% | Dec 2025 32% | Mar 2026 26% | Jun 2026 —
- SURYAROSNI: Sep 2021 19% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 26% | Dec 2023 29% | Mar 2024 20% | Jun 2024 24% | Sep 2024 18% | Dec 2024 20% | Mar 2025 18% | Jun 2025 17% | Sep 2025 16% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- GOODLUCK: Sep 2021 22% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 27% | Dec 2023 33% | Mar 2024 19% | Jun 2024 26% | Sep 2024 18% | Dec 2024 26% | Mar 2025 19% | Jun 2025 22% | Sep 2025 20% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.7% | Jun 2023 — | Sep 2023 — | Dec 2023 8.6% | Mar 2024 9.0% | Jun 2024 16% | Sep 2024 7.3% | Dec 2024 9.5% | Mar 2025 8.4% | Jun 2025 14% | Sep 2025 10% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- MANINDS: Sep 2021 16% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 9.2% | Dec 2022 — | Mar 2023 9.0% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 11% | Jun 2024 17% | Sep 2024 10% | Dec 2024 16% | Mar 2025 14% | Jun 2025 20% | Sep 2025 14% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 33% | Mar 2022 34% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 24% | Dec 2023 34% | Mar 2024 30% | Jun 2024 39% | Sep 2024 30% | Dec 2024 35% | Mar 2025 26% | Jun 2025 31% | Sep 2025 22% | Dec 2025 29% | Mar 2026 21% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.4% | Mar 2025 13% | Jun 2025 17% | Sep 2025 16% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- WELSPLSOL: Sep 2021 -13% | Dec 2021 — | Mar 2022 -11% | Jun 2022 — | Sep 2022 -7.6% | Dec 2022 — | Mar 2023 4.4% | Jun 2023 — | Sep 2023 21% | Dec 2023 26% | Mar 2024 18% | Jun 2024 23% | Sep 2024 23% | Dec 2024 22% | Mar 2025 3.2% | Jun 2025 11% | Sep 2025 4.8% | Dec 2025 19% | Mar 2026 6.5% | Jun 2026 10%
- JTLIND: Sep 2021 38% | Dec 2021 — | Mar 2022 41% | Jun 2022 — | Sep 2022 48% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 31% | Dec 2023 48% | Mar 2024 19% | Jun 2024 27% | Sep 2024 12% | Dec 2024 18% | Mar 2025 9.2% | Jun 2025 12% | Sep 2025 7.6% | Dec 2025 9.4% | Mar 2026 8.3% | Jun 2026 —
- HITECH: Sep 2021 21% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 14% | Jun 2024 19% | Sep 2024 15% | Dec 2024 20% | Mar 2025 11% | Jun 2025 14% | Sep 2025 10% | Dec 2025 13% | Mar 2026 10% | Jun 2026 —
- HARIOMPIPE: Sep 2021 28% | Dec 2021 33% | Mar 2022 35% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 17% | Dec 2023 — | Mar 2024 18% | Jun 2024 — | Sep 2024 18% | Dec 2024 21% | Mar 2025 19% | Jun 2025 22% | Sep 2025 18% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- GANDHITUBE: Sep 2021 29% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 30% | Jun 2023 — | Sep 2023 26% | Dec 2023 37% | Mar 2024 26% | Jun 2024 34% | Sep 2024 26% | Dec 2024 34% | Mar 2025 24% | Jun 2025 34% | Sep 2025 24% | Dec 2025 35% | Mar 2026 25% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 — | Dec 2024 31% | Mar 2025 30% | Jun 2025 42% | Sep 2025 15% | Dec 2025 24% | Mar 2026 15% | Jun 2026 —
- RAMASTEEL: Sep 2021 19% | Dec 2021 — | Mar 2022 28% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 22% | Mar 2024 15% | Jun 2024 16% | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 7.5% | Jun 2025 11% | Sep 2025 4.6% | Dec 2025 7.9% | Mar 2026 2.1% | Jun 2026 —

### 20-quarter ROCE change history
- APLAPOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 — | Sep 2024 −8.1 pp | Dec 2024 −8.8 pp | Mar 2025 −1.5 pp | Jun 2025 −1.9 pp | Sep 2025 +8.3 pp | Dec 2025 +10.3 pp | Mar 2026 +6.0 pp | Jun 2026 —
- SURYAROSNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 — | Mar 2023 +6.0 pp | Jun 2023 — | Sep 2023 +7.0 pp | Dec 2023 — | Mar 2024 −5.2 pp | Jun 2024 — | Sep 2024 −8.3 pp | Dec 2024 −8.5 pp | Mar 2025 −2.3 pp | Jun 2025 −7.1 pp | Sep 2025 −2.1 pp | Dec 2025 −1.9 pp | Mar 2026 −4.9 pp | Jun 2026 —
- GOODLUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 — | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 −5.3 pp | Jun 2024 — | Sep 2024 −9.4 pp | Dec 2024 −7.2 pp | Mar 2025 −0.9 pp | Jun 2025 −4.2 pp | Sep 2025 +2.2 pp | Dec 2025 −4.3 pp | Mar 2026 +0.9 pp | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +6.3 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +0.9 pp | Mar 2025 −0.6 pp | Jun 2025 −1.2 pp | Sep 2025 +2.9 pp | Dec 2025 +6.7 pp | Mar 2026 +4.7 pp | Jun 2026 —
- MANINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 — | Mar 2023 −4.8 pp | Jun 2023 — | Sep 2023 +4.7 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 — | Sep 2024 −3.7 pp | Dec 2024 −2.3 pp | Mar 2025 +3.0 pp | Jun 2025 +2.8 pp | Sep 2025 +3.4 pp | Dec 2025 +3.5 pp | Mar 2026 +0.5 pp | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −14.5 pp | Jun 2023 — | Sep 2023 +6.4 pp | Dec 2023 — | Mar 2024 +10.7 pp | Jun 2024 — | Sep 2024 +5.1 pp | Dec 2024 +1.1 pp | Mar 2025 −3.7 pp | Jun 2025 −8.2 pp | Sep 2025 −7.2 pp | Dec 2025 −6.1 pp | Mar 2026 −4.9 pp | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +11.5 pp | Mar 2026 +4.6 pp | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.7 pp | Dec 2022 — | Mar 2023 +15.2 pp | Jun 2023 — | Sep 2023 +28.1 pp | Dec 2023 — | Mar 2024 +13.7 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 −4.0 pp | Mar 2025 −14.9 pp | Jun 2025 −12.5 pp | Sep 2025 −17.7 pp | Dec 2025 −2.9 pp | Mar 2026 +3.3 pp | Jun 2026 −0.5 pp
- JTLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.5 pp | Dec 2022 — | Mar 2023 −10.6 pp | Jun 2023 — | Sep 2023 −16.6 pp | Dec 2023 — | Mar 2024 −11.3 pp | Jun 2024 — | Sep 2024 −19.2 pp | Dec 2024 −29.8 pp | Mar 2025 −9.7 pp | Jun 2025 −15.2 pp | Sep 2025 −4.3 pp | Dec 2025 −8.7 pp | Mar 2026 −0.9 pp | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 — | Mar 2023 −4.7 pp | Jun 2023 — | Sep 2023 −4.7 pp | Dec 2023 — | Mar 2024 −2.7 pp | Jun 2024 — | Sep 2024 −1.2 pp | Dec 2024 −0.8 pp | Mar 2025 −3.3 pp | Jun 2025 −5.2 pp | Sep 2025 −5.2 pp | Dec 2025 −6.8 pp | Mar 2026 −0.6 pp | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 — | Mar 2023 −20.2 pp | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 — | Mar 2025 +0.9 pp | Jun 2025 — | Sep 2025 +0.5 pp | Dec 2025 −1.4 pp | Mar 2026 −1.2 pp | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 — | Mar 2023 +0.9 pp | Jun 2023 — | Sep 2023 −5.3 pp | Dec 2023 — | Mar 2024 −3.7 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −2.9 pp | Mar 2025 −2.6 pp | Jun 2025 +0.4 pp | Sep 2025 −1.8 pp | Dec 2025 +0.8 pp | Mar 2026 +0.8 pp | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +19.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 −6.3 pp | Mar 2026 −14.2 pp | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 — | Mar 2023 −11.0 pp | Jun 2023 — | Sep 2023 −0.9 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −7.6 pp | Dec 2024 −10.5 pp | Mar 2025 −7.3 pp | Jun 2025 −5.1 pp | Sep 2025 −5.1 pp | Dec 2025 −3.3 pp | Mar 2026 −5.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Man Industries (India) Ltd has the lowest comparable Guarded PEG at 0.2×, 60.8% below Goodluck India Ltd. Only 7 of 15 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Man Industries (India) Ltd · 0.2× | 60.8% versus #2 · Goodluck India Ltd | 0/8 recent comparable periods | 7/15 companies · 47 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Man Industries (India) Ltd (MANINDS): 0.2
2. Goodluck India Ltd (GOODLUCK): 0.5
3. DEE Development Engineers Ltd (DEEDEV): 0.6
4. JTL Industries Ltd (JTLIND): 1.3
5. Venus Pipes & Tubes Ltd (VENUSPIPES): 3.4

### P/E — lowest P/E
1. Maharashtra Seamless Ltd (MAHSEAMLES): 10.9
2. Hariom Pipe Industries Ltd (HARIOMPIPE): 16.0
3. Surya Roshni Ltd (SURYAROSNI): 18.1
4. Gandhi Special Tubes Ltd (GANDHITUBE): 18.2
5. Hi-Tech Pipes Ltd (HITECH): 22.6

### 20-quarter Guarded PEG history
- APLAPOLLO: Sep 2021 0.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 6.1 | Jun 2023 — | Sep 2023 3.4 | Dec 2023 2.4 | Mar 2024 3.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SURYAROSNI: Sep 2021 — | Dec 2021 — | Mar 2022 0.3 | Jun 2022 0.3 | Sep 2022 — | Dec 2022 1.4 | Mar 2023 0.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GOODLUCK: Sep 2021 0.3 | Dec 2021 — | Mar 2022 0.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 1.0 | Sep 2023 1.5 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.7 | Mar 2026 0.5 | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MANINDS: Sep 2021 0.1 | Dec 2021 — | Mar 2022 0.3 | Jun 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 — | Jun 2023 0.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 — | Sep 2023 2.1 | Dec 2023 0.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 1.0 | Jun 2025 3.9 | Sep 2025 — | Dec 2025 — | Mar 2026 3.4 | Jun 2026 —
- JTLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7 | Sep 2022 0.7 | Dec 2022 — | Mar 2023 — | Jun 2023 1.2 | Sep 2023 — | Dec 2023 1.2 | Mar 2024 — | Jun 2024 1.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- APLAPOLLO: Sep 2021 45.5 | Dec 2021 45.8 | Mar 2022 41.6 | Jun 2022 37.8 | Sep 2022 46.5 | Dec 2022 48.6 | Mar 2023 51.4 | Jun 2023 53.9 | Sep 2023 61.6 | Dec 2023 55.5 | Mar 2024 54.3 | Jun 2024 58.9 | Sep 2024 58.1 | Dec 2024 72.1 | Mar 2025 66.7 | Jun 2025 64.4 | Sep 2025 57.5 | Dec 2025 49.9 | Mar 2026 48.3 | Jun 2026 —
- MAHSEAMLES: Sep 2021 6.3 | Dec 2021 10.1 | Mar 2022 9.8 | Jun 2022 6.1 | Sep 2022 7.3 | Dec 2022 5.5 | Mar 2023 5.6 | Jun 2023 7.7 | Sep 2023 9.2 | Dec 2023 12.6 | Mar 2024 10.3 | Jun 2024 9.2 | Sep 2024 9.8 | Dec 2024 11.0 | Mar 2025 12.1 | Jun 2025 13.1 | Sep 2025 9.1 | Dec 2025 9.4 | Mar 2026 9.0 | Jun 2026 —
- SURYAROSNI: Sep 2021 21.1 | Dec 2021 16.2 | Mar 2022 12.9 | Jun 2022 9.7 | Sep 2022 13.1 | Dec 2022 12.5 | Mar 2023 13.6 | Jun 2023 14.1 | Sep 2023 14.3 | Dec 2023 22.2 | Mar 2024 14.5 | Jun 2024 20.6 | Sep 2024 21.9 | Dec 2024 19.3 | Mar 2025 16.6 | Jun 2025 21.6 | Sep 2025 21.7 | Dec 2025 17.7 | Mar 2026 13.5 | Jun 2026 —
- GOODLUCK: Sep 2021 16.0 | Dec 2021 17.8 | Mar 2022 12.6 | Jun 2022 9.7 | Sep 2022 14.9 | Dec 2022 11.6 | Mar 2023 13.3 | Jun 2023 12.9 | Sep 2023 17.3 | Dec 2023 23.4 | Mar 2024 19.6 | Jun 2024 20.0 | Sep 2024 25.5 | Dec 2024 21.2 | Mar 2025 15.2 | Jun 2025 24.4 | Sep 2025 24.2 | Dec 2025 20.7 | Mar 2026 19.3 | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 29.0 | Sep 2024 56.6 | Dec 2024 41.4 | Mar 2025 60.7 | Jun 2025 50.8 | Sep 2025 35.2 | Dec 2025 29.9 | Mar 2026 22.9 | Jun 2026 —
- MANINDS: Sep 2021 6.1 | Dec 2021 5.7 | Mar 2022 4.8 | Jun 2022 4.2 | Sep 2022 6.0 | Dec 2022 7.2 | Mar 2023 8.1 | Jun 2023 12.8 | Sep 2023 15.3 | Dec 2023 14.6 | Mar 2024 19.7 | Jun 2024 24.1 | Sep 2024 19.4 | Dec 2024 19.4 | Mar 2025 15.8 | Jun 2025 17.2 | Sep 2025 16.6 | Dec 2025 15.8 | Mar 2026 12.2 | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12.1 | Sep 2022 27.6 | Dec 2022 35.5 | Mar 2023 36.6 | Jun 2023 52.6 | Sep 2023 50.6 | Dec 2023 45.6 | Mar 2024 51.5 | Jun 2024 48.5 | Sep 2024 46.9 | Dec 2024 31.0 | Mar 2025 26.1 | Jun 2025 29.8 | Sep 2025 30.4 | Dec 2025 25.6 | Mar 2026 19.1 | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 43.6 | Dec 2025 29.0 | Mar 2026 24.4 | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 -24.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -69.3 | Jun 2023 262.4 | Sep 2023 420.4 | Dec 2023 116.0 | Mar 2024 64.4 | Jun 2024 42.1 | Sep 2024 63.7 | Dec 2024 69.1 | Mar 2025 55.5 | Jun 2025 67.8 | Sep 2025 257.2 | Dec 2025 300.9 | Mar 2026 97.9 | Jun 2026 171.4
- JTLIND: Sep 2021 25.9 | Dec 2021 31.0 | Mar 2022 24.7 | Jun 2022 18.0 | Sep 2022 25.1 | Dec 2022 28.8 | Mar 2023 27.3 | Jun 2023 28.0 | Sep 2023 33.4 | Dec 2023 34.7 | Mar 2024 26.0 | Jun 2024 33.6 | Sep 2024 33.0 | Dec 2024 28.0 | Mar 2025 24.5 | Jun 2025 29.0 | Sep 2025 32.1 | Dec 2025 28.6 | Mar 2026 21.6 | Jun 2026 —
- HITECH: Sep 2021 21.4 | Dec 2021 17.7 | Mar 2022 17.2 | Jun 2022 12.5 | Sep 2022 20.0 | Dec 2022 28.5 | Mar 2023 25.7 | Jun 2023 21.0 | Sep 2023 22.4 | Dec 2023 30.9 | Mar 2024 37.8 | Jun 2024 40.4 | Sep 2024 52.6 | Dec 2024 41.0 | Mar 2025 26.6 | Jun 2025 25.3 | Sep 2025 29.8 | Dec 2025 23.8 | Mar 2026 19.6 | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13.6 | Sep 2022 17.3 | Dec 2022 23.7 | Mar 2023 26.4 | Jun 2023 35.1 | Sep 2023 28.7 | Dec 2023 30.2 | Mar 2024 23.0 | Jun 2024 29.9 | Sep 2024 36.7 | Dec 2024 25.8 | Mar 2025 16.5 | Jun 2025 20.2 | Sep 2025 22.9 | Dec 2025 17.2 | Mar 2026 14.7 | Jun 2026 —
- GANDHITUBE: Sep 2021 13.3 | Dec 2021 10.2 | Mar 2022 10.3 | Jun 2022 11.3 | Sep 2022 13.6 | Dec 2022 14.2 | Mar 2023 13.1 | Jun 2023 14.8 | Sep 2023 16.3 | Dec 2023 18.1 | Mar 2024 16.9 | Jun 2024 17.4 | Sep 2024 18.2 | Dec 2024 17.0 | Mar 2025 13.1 | Jun 2025 14.7 | Sep 2025 17.1 | Dec 2025 14.0 | Mar 2026 13.2 | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 35.2 | Sep 2025 24.6 | Dec 2025 22.6 | Mar 2026 17.6 | Jun 2026 —
- RAMASTEEL: Sep 2021 19.4 | Dec 2021 22.6 | Mar 2022 19.8 | Jun 2022 23.4 | Sep 2022 37.6 | Dec 2022 65.2 | Mar 2023 51.6 | Jun 2023 58.6 | Sep 2023 53.8 | Dec 2023 52.2 | Mar 2024 62.6 | Jun 2024 57.1 | Sep 2024 78.4 | Dec 2024 71.6 | Mar 2025 62.5 | Jun 2025 80.5 | Sep 2025 71.9 | Dec 2025 78.7 | Mar 2026 42.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Man Industries (India) Ltd leads ev/ebitda at 5.7×; Maharashtra Seamless Ltd leads p/bv at 1.12×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Man Industries (India) Ltd · 5.7× | 9.5% versus #2 · Maharashtra Seamless Ltd | 0/8 recent comparable periods | 15/15 companies · 234 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Man Industries (India) Ltd (MANINDS): 5.7
2. Maharashtra Seamless Ltd (MAHSEAMLES): 6.3
3. Hariom Pipe Industries Ltd (HARIOMPIPE): 6.7
4. Surya Roshni Ltd (SURYAROSNI): 6.7
5. Gandhi Special Tubes Ltd (GANDHITUBE): 9.5

### P/BV — lowest P/BV
1. Maharashtra Seamless Ltd (MAHSEAMLES): 1.1
2. Hi-Tech Pipes Ltd (HITECH): 1.3
3. Rama Steel Tubes Ltd (RAMASTEEL): 1.5
4. JTL Industries Ltd (JTLIND): 1.9
5. Hariom Pipe Industries Ltd (HARIOMPIPE): 1.9

### 20-quarter EV/EBITDA history
- APLAPOLLO: Sep 2021 24.9 | Dec 2021 26.2 | Mar 2022 24.4 | Jun 2022 22.6 | Sep 2022 28.5 | Dec 2022 32.8 | Mar 2023 33.5 | Jun 2023 34.1 | Sep 2023 38.1 | Dec 2023 33.2 | Mar 2024 32.1 | Jun 2024 34.5 | Sep 2024 34.3 | Dec 2024 40.0 | Mar 2025 37.7 | Jun 2025 38.2 | Sep 2025 33.8 | Dec 2025 31.1 | Mar 2026 30.4 | Jun 2026 —
- MAHSEAMLES: Sep 2021 5.2 | Dec 2021 7.2 | Mar 2022 6.9 | Jun 2022 7.1 | Sep 2022 7.5 | Dec 2022 5.7 | Mar 2023 5.7 | Jun 2023 6.4 | Sep 2023 7.5 | Dec 2023 10.1 | Mar 2024 8.3 | Jun 2024 6.7 | Sep 2024 6.8 | Dec 2024 7.6 | Mar 2025 8.3 | Jun 2025 9.2 | Sep 2025 6.4 | Dec 2025 6.5 | Mar 2026 6.3 | Jun 2026 —
- SURYAROSNI: Sep 2021 11.1 | Dec 2021 8.9 | Mar 2022 7.2 | Jun 2022 6.0 | Sep 2022 7.0 | Dec 2022 7.0 | Mar 2023 8.0 | Jun 2023 8.6 | Sep 2023 8.7 | Dec 2023 12.9 | Mar 2024 8.6 | Jun 2024 12.3 | Sep 2024 12.6 | Dec 2024 10.6 | Mar 2025 9.1 | Jun 2025 12.3 | Sep 2025 11.2 | Dec 2025 9.2 | Mar 2026 6.7 | Jun 2026 —
- GOODLUCK: Sep 2021 9.0 | Dec 2021 9.4 | Mar 2022 7.5 | Jun 2022 6.8 | Sep 2022 8.8 | Dec 2022 7.6 | Mar 2023 8.2 | Jun 2023 7.9 | Sep 2023 9.5 | Dec 2023 12.8 | Mar 2024 12.2 | Jun 2024 12.2 | Sep 2024 14.1 | Dec 2024 12.0 | Mar 2025 9.1 | Jun 2025 12.7 | Sep 2025 13.5 | Dec 2025 11.9 | Mar 2026 10.8 | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 27.7 | Sep 2024 18.6 | Dec 2024 16.9 | Mar 2025 16.6 | Jun 2025 18.3 | Sep 2025 14.5 | Dec 2025 12.3 | Mar 2026 11.6 | Jun 2026 —
- MANINDS: Sep 2021 3.1 | Dec 2021 2.5 | Mar 2022 2.1 | Jun 2022 2.9 | Sep 2022 3.7 | Dec 2022 1.6 | Mar 2023 2.1 | Jun 2023 4.2 | Sep 2023 6.5 | Dec 2023 6.2 | Mar 2024 8.4 | Jun 2024 9.6 | Sep 2024 7.9 | Dec 2024 7.1 | Mar 2025 5.7 | Jun 2025 7.9 | Sep 2025 8.4 | Dec 2025 7.6 | Mar 2026 5.7 | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18.6 | Sep 2022 22.3 | Dec 2022 24.4 | Mar 2023 24.7 | Jun 2023 33.3 | Sep 2023 32.2 | Dec 2023 28.9 | Mar 2024 31.4 | Jun 2024 28.3 | Sep 2024 27.4 | Dec 2024 18.1 | Mar 2025 14.9 | Jun 2025 16.4 | Sep 2025 16.6 | Dec 2025 14.0 | Mar 2026 10.7 | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 18.1 | Dec 2025 13.4 | Mar 2026 11.9 | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 173.2 | Dec 2022 106.3 | Mar 2023 58.6 | Jun 2023 60.1 | Sep 2023 45.6 | Dec 2023 37.6 | Mar 2024 26.9 | Jun 2024 36.9 | Sep 2024 51.3 | Dec 2024 51.5 | Mar 2025 36.9 | Jun 2025 46.2 | Sep 2025 43.7 | Dec 2025 41.5 | Mar 2026 31.0 | Jun 2026 58.4
- JTLIND: Sep 2021 18.4 | Dec 2021 22.0 | Mar 2022 17.6 | Jun 2022 13.0 | Sep 2022 19.4 | Dec 2022 21.5 | Mar 2023 25.2 | Jun 2023 23.2 | Sep 2023 26.0 | Dec 2023 25.5 | Mar 2024 18.2 | Jun 2024 24.1 | Sep 2024 25.4 | Dec 2024 20.7 | Mar 2025 17.4 | Jun 2025 19.8 | Sep 2025 20.8 | Dec 2025 18.7 | Mar 2026 14.1 | Jun 2026 —
- HITECH: Sep 2021 12.1 | Dec 2021 10.7 | Mar 2022 10.3 | Jun 2022 8.0 | Sep 2022 10.4 | Dec 2022 13.3 | Mar 2023 13.7 | Jun 2023 12.5 | Sep 2023 12.2 | Dec 2023 16.6 | Mar 2024 20.7 | Jun 2024 19.9 | Sep 2024 27.8 | Dec 2024 23.4 | Mar 2025 14.7 | Jun 2025 15.0 | Sep 2025 14.6 | Dec 2025 12.1 | Mar 2026 9.8 | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.4 | Sep 2022 11.8 | Dec 2022 14.6 | Mar 2023 16.0 | Jun 2023 22.5 | Sep 2023 17.2 | Dec 2023 18.7 | Mar 2024 13.7 | Jun 2024 15.1 | Sep 2024 17.9 | Dec 2024 13.3 | Mar 2025 7.9 | Jun 2025 8.9 | Sep 2025 9.9 | Dec 2025 7.8 | Mar 2026 6.7 | Jun 2026 —
- GANDHITUBE: Sep 2021 9.4 | Dec 2021 6.6 | Mar 2022 6.6 | Jun 2022 7.8 | Sep 2022 9.5 | Dec 2022 10.1 | Mar 2023 9.4 | Jun 2023 10.6 | Sep 2023 11.4 | Dec 2023 12.7 | Mar 2024 11.9 | Jun 2024 12.3 | Sep 2024 13.2 | Dec 2024 12.3 | Mar 2025 9.7 | Jun 2025 10.7 | Sep 2025 12.5 | Dec 2025 10.3 | Mar 2026 9.5 | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 22.4 | Sep 2025 13.7 | Dec 2025 12.7 | Mar 2026 9.5 | Jun 2026 —
- RAMASTEEL: Sep 2021 13.0 | Dec 2021 15.3 | Mar 2022 13.2 | Jun 2022 13.9 | Sep 2022 22.4 | Dec 2022 34.3 | Mar 2023 27.1 | Jun 2023 31.2 | Sep 2023 29.0 | Dec 2023 27.6 | Mar 2024 32.0 | Jun 2024 30.4 | Sep 2024 41.7 | Dec 2024 35.8 | Mar 2025 33.1 | Jun 2025 43.3 | Sep 2025 37.9 | Dec 2025 37.0 | Mar 2026 18.0 | Jun 2026 —

### 20-quarter P/BV history
- APLAPOLLO: Sep 2021 13.2 | Dec 2021 12.6 | Mar 2022 11.4 | Jun 2022 12.8 | Sep 2022 9.9 | Dec 2022 10.4 | Mar 2023 12.2 | Jun 2023 13.2 | Sep 2023 15.0 | Dec 2023 13.0 | Mar 2024 12.7 | Jun 2024 14.3 | Sep 2024 11.8 | Dec 2024 10.9 | Mar 2025 11.0 | Jun 2025 13.5 | Sep 2025 10.9 | Dec 2025 11.4 | Mar 2026 12.0 | Jun 2026 —
- MAHSEAMLES: Sep 2021 0.6 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 1.2 | Sep 2022 1.3 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 1.8 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- SURYAROSNI: Sep 2021 3.0 | Dec 2021 2.2 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 2.3 | Jun 2023 3.0 | Sep 2023 2.9 | Dec 2023 4.3 | Mar 2024 2.8 | Jun 2024 3.6 | Sep 2024 3.7 | Dec 2024 2.7 | Mar 2025 2.3 | Jun 2025 3.4 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 1.7 | Jun 2026 —
- GOODLUCK: Sep 2021 1.8 | Dec 2021 2.2 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 2.4 | Dec 2022 1.9 | Mar 2023 2.4 | Jun 2023 2.4 | Sep 2023 2.7 | Dec 2023 3.8 | Mar 2024 3.6 | Jun 2024 4.0 | Sep 2024 3.4 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 3.3 | Sep 2025 2.9 | Dec 2025 2.5 | Mar 2026 2.3 | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 5.0 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 2.1 | Jun 2025 2.8 | Sep 2025 2.4 | Dec 2025 1.8 | Mar 2026 2.3 | Jun 2026 —
- MANINDS: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.5 | Mar 2024 1.9 | Jun 2024 2.2 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3 | Sep 2022 3.9 | Dec 2022 4.9 | Mar 2023 4.9 | Jun 2023 7.2 | Sep 2023 8.2 | Dec 2023 7.9 | Mar 2024 10.7 | Jun 2024 12.9 | Sep 2024 11.1 | Dec 2024 6.4 | Mar 2025 5.1 | Jun 2025 6.8 | Sep 2025 5.2 | Dec 2025 4.4 | Mar 2026 3.6 | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.3 | Dec 2025 2.9 | Mar 2026 2.7 | Jun 2026 —
- WELSPLSOL: Sep 2021 23.4 | Dec 2021 76.5 | Mar 2022 72.8 | Jun 2022 22.4 | Sep 2022 41.4 | Dec 2022 40.4 | Mar 2023 25.6 | Jun 2023 37.9 | Sep 2023 76.4 | Dec 2023 50.2 | Mar 2024 40.0 | Jun 2024 89.9 | Sep 2024 36.4 | Dec 2024 33.5 | Mar 2025 20.5 | Jun 2025 13.6 | Sep 2025 5.5 | Dec 2025 5.8 | Mar 2026 4.8 | Jun 2026 8.9
- JTLIND: Sep 2021 7.6 | Dec 2021 11.1 | Mar 2022 7.6 | Jun 2022 5.5 | Sep 2022 7.6 | Dec 2022 9.8 | Mar 2023 9.3 | Jun 2023 10.5 | Sep 2023 9.5 | Dec 2023 8.5 | Mar 2024 6.6 | Jun 2024 8.8 | Sep 2024 5.1 | Dec 2024 3.0 | Mar 2025 2.5 | Jun 2025 3.4 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 1.4 | Jun 2026 —
- HITECH: Sep 2021 3.8 | Dec 2021 2.8 | Mar 2022 2.7 | Jun 2022 2.3 | Sep 2022 2.7 | Dec 2022 3.8 | Mar 2023 3.8 | Jun 2023 3.4 | Sep 2023 2.5 | Dec 2023 3.3 | Mar 2024 4.2 | Jun 2024 3.9 | Sep 2024 5.1 | Dec 2024 3.8 | Mar 2025 2.8 | Jun 2025 2.6 | Sep 2025 1.9 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.8 | Sep 2022 2.7 | Dec 2022 3.7 | Mar 2023 3.3 | Jun 2023 4.9 | Sep 2023 4.1 | Dec 2023 4.3 | Mar 2024 2.8 | Jun 2024 3.7 | Sep 2024 4.5 | Dec 2024 2.9 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 2.7 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —
- GANDHITUBE: Sep 2021 3.4 | Dec 2021 2.6 | Mar 2022 2.3 | Jun 2022 2.6 | Sep 2022 3.2 | Dec 2022 3.8 | Mar 2023 4.0 | Jun 2023 4.8 | Sep 2023 4.6 | Dec 2023 4.5 | Mar 2024 4.5 | Jun 2024 5.3 | Sep 2024 4.4 | Dec 2024 4.2 | Mar 2025 3.3 | Jun 2025 3.9 | Sep 2025 4.2 | Dec 2025 3.2 | Mar 2026 3.3 | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 8.0 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 2.0 | Jun 2026 —
- RAMASTEEL: Sep 2021 4.7 | Dec 2021 5.0 | Mar 2022 4.8 | Jun 2022 6.5 | Sep 2022 4.2 | Dec 2022 7.0 | Mar 2023 7.1 | Jun 2023 9.4 | Sep 2023 6.6 | Dec 2023 5.9 | Mar 2024 7.1 | Jun 2024 4.5 | Sep 2024 6.9 | Dec 2024 5.4 | Mar 2025 4.2 | Jun 2025 5.5 | Sep 2025 4.3 | Dec 2025 3.3 | Mar 2026 1.5 | Jun 2026 —

## Market action

DEE Development Engineers Ltd has the strongest one-year price move in Steel - Tubes/Pipes at +114%. It also leads on Mansfield relative strength against NIFTY at +88.9%. 8 of 15 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. DEE Development Engineers Ltd (DEEDEV): 114%
2. Welspun Specialty Solutions Ltd (WELSPLSOL): 51%
3. Goodluck India Ltd (GOODLUCK): 33%
4. Man Industries (India) Ltd (MANINDS): 21%
5. Gandhi Special Tubes Ltd (GANDHITUBE): 19%

### Strongest relative strength versus NIFTY 500
1. DEE Development Engineers Ltd (DEEDEV): 89%
2. Venus Pipes & Tubes Ltd (VENUSPIPES): 33%
3. Welspun Specialty Solutions Ltd (WELSPLSOL): 30%
4. Goodluck India Ltd (GOODLUCK): 27%
5. Man Industries (India) Ltd (MANINDS): 20%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 5 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- APL Apollo Tubes Ltd (APLAPOLLO) — market value ₹50.6K Cr; latest fundamentals Mar 2026
- Maharashtra Seamless Ltd (MAHSEAMLES) — market value ₹7.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Surya Roshni Ltd (SURYAROSNI) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Goodluck India Ltd (GOODLUCK) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- DEE Development Engineers Ltd (DEEDEV) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- Man Industries (India) Ltd (MANINDS) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Venus Pipes & Tubes Ltd (VENUSPIPES) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Sambhv Steel Tubes Ltd (SAMBHV) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Welspun Specialty Solutions Ltd (WELSPLSOL) — market value ₹3.4K Cr; latest fundamentals Jun 2026
- JTL Industries Ltd (JTLIND) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Hi-Tech Pipes Ltd (HITECH) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hariom Pipe Industries Ltd (HARIOMPIPE) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gandhi Special Tubes Ltd (GANDHITUBE) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Scoda Tubes Ltd (SCODATUBES) — market value ₹880 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Rama Steel Tubes Ltd (RAMASTEEL) — market value ₹697 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 9. Unverified: 5. Withheld: 1. Graded companies: 15.

5 of 15 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 15 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Maharashtra Seamless Ltd (MAHSEAMLES) — its two data sources disagree by up to 29% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | MAHSEAMLES | Maharashtra Seamless Ltd | diff_gt_2pct | disagreement up to 29.31% over 14 comparable periods

- UNVERIFIED | HITECH | Hi-Tech Pipes Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HARIOMPIPE | Hariom Pipe Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GANDHITUBE | Gandhi Special Tubes Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SCODATUBES | Scoda Tubes Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RAMASTEEL | Rama Steel Tubes Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Steel - Tubes/Pipes index?

The Nifty Steel - Tubes/Pipes index tracks India's listed Steel - Tubes/Pipes companies as a single basket. This page follows the same 15 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Steel - Tubes/Pipes sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Steel - Tubes/Pipes stocks in India?

Ranked by this page's four-factor score, Sambhv Steel Tubes Ltd places first among 15 listed Steel - Tubes/Pipes companies, followed by DEE Development Engineers Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Steel - Tubes/Pipes stocks are listed in India?

This comparison covers 15 listed Steel - Tubes/Pipes companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Steel - Tubes/Pipes company is the biggest?

APL Apollo Tubes Ltd is the largest, with trailing-twelve-month revenue of ₹22,627 crore, ahead of Surya Roshni Ltd at ₹7,540 crore. That covers 15 of 15 companies with comparable reporting through Mar 2026.

### Which Steel - Tubes/Pipes company is growing fastest?

Sambhv Steel Tubes Ltd has the fastest revenue growth at 60.4% year on year, across 15 of 15 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Steel - Tubes/Pipes company has the best profit margins?

Gandhi Special Tubes Ltd has the highest operating margin at 41.3%, from 15 of 15 comparable companies. Gandhi Special Tubes Ltd shows the biggest recent improvement, at +4.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Steel - Tubes/Pipes company makes the most profit?

APL Apollo Tubes Ltd earns the most, at ₹1,203 crore of trailing-twelve-month net profit, from 15 of 15 comparable companies. Sambhv Steel Tubes Ltd has the fastest profit growth at 195.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Steel - Tubes/Pipes company earns the highest return on capital?

APL Apollo Tubes Ltd leads on return on capital employed at 31.6%, across 15 of 15 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Steel - Tubes/Pipes stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Man Industries (India) Ltd screens cheapest at 0.2×. Only 7 of 15 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Steel - Tubes/Pipes company has the strongest balance sheet?

Gandhi Special Tubes Ltd carries the lowest comparable gross debt at ₹0 crore, from 15 of 15 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Steel - Tubes/Pipes sector beating the market?

Steel - Tubes/Pipes has outperformed NIFTY 500 by 9.3% over the last 52 weeks and 4.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Steel - Tubes/Pipes stock has the strongest price momentum?

DEE Development Engineers Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Steel - Tubes/Pipes company scores highest for research priority?

Sambhv Steel Tubes Ltd scores 67.7 out of 100 with 72.6% evidence confidence, from 30.6 points on growth and earnings, 17 on capital efficiency, 10 on valuation and 10.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Steel - Tubes/Pipes companies does this comparison cover, and over what period?

It compares 15 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Steel - Tubes/Pipes sector?

The 15 Steel - Tubes/Pipes companies on this page carry ₹95,634 crore of combined market value. APL Apollo Tubes Ltd is the largest at ₹50,612 crore, about 53% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Steel - Tubes/Pipes sector's P/E ratio?

The median price-to-earnings ratio across the 15 Steel - Tubes/Pipes companies on this page is 23.6×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Steel - Tubes/Pipes sector performing?

8 of the 15 covered Steel - Tubes/Pipes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/steel-tubes-pipes