20-quarter listed-company comparison

Steel - Tubes/Pipes Stocks in India

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

The 15 Steel - Tubes/Pipes companies listed in India are APL Apollo Tubes Ltd (₹59.8K Cr, the largest), Maharashtra Seamless Ltd, Man Industries (India) Ltd and 12 more. 10 of 15 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

Top 10 Steel - Tubes/Pipes Stocks in India (Sep 2026) — ranked by 4-Factor score

1Man Industries (India) Ltd₹6.5K Cr68.9/100Favorable setup · strongest on PEG and relative strength versus sector
2Sambhv Steel Tubes Ltd₹3.9K Cr67.3/100Favorable setup · strongest on profit growth and ROCE improvement
3APL Apollo Tubes Ltd₹59.8K Cr67.2/100Favorable setup · strongest on ROCE and ROCE improvement
4DEE Development Engineers Ltd₹4.8K Cr62.5/100Mixed-positive evidence · strongest on PEG and ROCE improvement
5Gandhi Special Tubes Ltd₹1.1K Cr61.0/100Mixed-positive evidence · strongest on ROCE and margin improvement
6Venus Pipes & Tubes Ltd₹4.2K Cr60.9/100Mixed-positive evidence · strongest on ROCE and relative strength versus sector
7JTL Industries Ltd₹3.4K Cr60.6/100Mixed-positive evidence · strongest on profit growth and margin improvement
8Maharashtra Seamless Ltd₹9.8K Cr51.3/100Mixed-positive evidence · strongest on 13-week relative-strength change and relative strength versus sector
9Welspun Specialty Solutions Ltd₹3.7K Cr47.7/100Mixed-negative evidence · strongest on relative strength versus sector and margin improvement
10Scoda Tubes Ltd₹778 Cr45.0/100Mixed-negative evidence · strongest on ROCE and financial resilience

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Steel - Tubes/Pipes Index — Constituents & Performance

All 15 listed Indian Steel - Tubes/Pipes companies are named here, largest first — the same constituent set people search for as the Nifty Steel - Tubes/Pipes index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

02 · the sector itself · before any single company

How has Steel - Tubes/Pipes moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 5% ahead of NIFTY 500. Earnings across its companies grew 3% on average over the last four reported quarters — close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 5 weeks running.

BREAKING OUT · ahead 5w✓Moving with the index10 of 16 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑5w · 11/16 >200d (+0) · 10/16 lead (+3) · EPS 10/15↑

Steel - Tubes/Pipes, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 16 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Steel - Tubes/Pipes outperforming NIFTY 500?

Steel - Tubes/Pipes has outperformed NIFTY 500 by 14.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 5.1%. 10 of 15 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Man Industries (India) Ltd is the strongest against the sector itself at +58.9%.

+5.1%Sector vs NIFTY 500 · 13 weeks

+14.7%Sector vs NIFTY 500 · 52 weeks

10/15Stocks leading NIFTY 500

7/14Stocks leading sector

Sector metric: 16.4 as of 2026-08-22 · BROADENING · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Steel - Tubes/Pipes has outperformed NIFTY 500 by 14.7% over 52 weeks and 5.1% over 13 weeks. 10 of 15 covered companies beat NIFTY on Mansfield relative strength, while 7 of 14 beat the sector itself. APL Apollo Tubes Ltd leads with revenue of ₹23,064 crore, based on 15 of 15 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹1.1 L Cr

APL Apollo Tubes Ltd

Revenue growing

13/15

positive TTM year-on-year growth

Beating NIFTY 500

10/15

positive Mansfield relative strength

Comparing 5 of 15

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Man Industries (India) Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Venus Pipes & Tubes Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Man Industries (India) LtdMANINDS	68.9/100Favorable setup100% evidence	BREAKING OUT	23.0/35 Revenue 10.8% · PAT 25.9% · OPM change 7 pp 100% evidence	14.5/25 ROCE 16.2% · OPM 14% 100% evidence	11.4/20 P/E 31.8× · PEG 0.2 100% evidence	20.0/20 RS sector 58.9% · RS bench 82.2% · 1Y 104.6%7 of 12 weeks ahead 100% evidence
Exact sum: 23 + 14.5 + 11.4 + 20 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Sambhv Steel Tubes LtdSAMBHV	67.3/100Favorable setup77% evidence	BREAKING OUT	28.2/35 Revenue 48.7% · PAT 100% · OPM change 0 pp 100% evidence	16.2/25 ROCE 19.4% · OPM 13% 100% evidence	10.2/20 P/E 23.1× · PEG — 15% evidence	12.7/20 RS sector 5.4% · RS bench 22.1% · 1Y 7.4%7 of 12 weeks ahead 70% evidence
Exact sum: 28.2 + 16.2 + 10.2 + 12.7 = 67.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3APL Apollo Tubes LtdAPLAPOLLO	67.2/100Favorable setup100% evidence	BREAKING OUT	24.1/35 Revenue 10.4% · PAT 53.4% · OPM change 0 pp 100% evidence	18.6/25 ROCE 31.8% · OPM 7% 100% evidence	13.4/20 P/E 48.6× · PEG 0.7 100% evidence	11.1/20 RS sector -2.9% · RS bench 13.4% · 1Y 29.4%5 of 12 weeks ahead 100% evidence
Exact sum: 24.1 + 18.6 + 13.4 + 11.1 = 67.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4DEE Development Engineers LtdDEEDEV	62.5/100Mixed-positive evidence93% evidence	FADING	27.8/35 Revenue 40.1% · PAT 50% · OPM change 1 pp 100% evidence	8.0/25 ROCE 10.7% · OPM 17% 100% evidence	13.0/20 P/E 58.7× · PEG 0.62 65% evidence	13.7/20 RS sector 44.8% · RS bench 62.8% · 1Y 133.3%9 of 12 weeks ahead 100% evidence
Exact sum: 27.8 + 8 + 13 + 13.7 = 62.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Gandhi Special Tubes LtdGANDHITUBE	61.0/100Mixed-positive evidence87% evidence	TURNING	22.0/35 Revenue 11.1% · PAT 13.6% · OPM change 4 pp 95% evidence	19.3/25 ROCE 28.4% · OPM 47% 95% evidence	11.3/20 P/E 14.3× · PEG — 50% evidence	8.4/20 RS sector -7.8% · RS bench 7% · 1Y -11.3%1 of 12 weeks ahead 100% evidence
Exact sum: 22 + 19.3 + 11.3 + 8.4 = 61 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Venus Pipes & Tubes LtdVENUSPIPES	60.9/100Mixed-positive evidence100% evidence	LEADER	16.1/35 Revenue 21.9% · PAT 14.3% · OPM change 0 pp 100% evidence	19.6/25 ROCE 21.3% · OPM 16% 100% evidence	6.9/20 P/E 40.3× · PEG 3.93 100% evidence	18.3/20 RS sector 32.6% · RS bench 52.7% · 1Y 53.2%12 of 12 weeks ahead 100% evidence
Exact sum: 16.1 + 19.6 + 6.9 + 18.3 = 60.9 · Decision use: Price leads the evidence: RS versus the benchmark is 52.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7JTL Industries LtdJTLIND	60.6/100Mixed-positive evidence100% evidence	BREAKING OUT	25.3/35 Revenue 19% · PAT 42.4% · OPM change 3.7 pp 100% evidence	5.5/25 ROCE 9.6% · OPM 8% 100% evidence	13.6/20 P/E 29.5× · PEG 1.27 100% evidence	16.2/20 RS sector 12.2% · RS bench 29.7% · 1Y 11.2%9 of 12 weeks ahead 100% evidence
Exact sum: 25.3 + 5.5 + 13.6 + 16.2 = 60.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Maharashtra Seamless LtdMAHSEAMLES	51.3/100Mixed-positive evidence82% evidence	TURNING	9.7/35 Revenue -12.2% · PAT -16.1% · OPM change 2 pp 95% evidence	13.3/25 ROCE 14.3% · OPM 16% 76% evidence	12.7/20 P/E 13.2× · PEG — 50% evidence	15.6/20 RS sector 7.6% · RS bench 24.9% · 1Y 15%2 of 12 weeks ahead 100% evidence
Exact sum: 9.7 + 13.3 + 12.7 + 15.6 = 51.3 · Decision use: Price leads the evidence: RS versus the benchmark is 24.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9Welspun Specialty Solutions LtdWELSPLSOL	47.7/100Mixed-negative evidence74% evidence	LEADER	20.0/35 Revenue 15.2% · PAT 100% · OPM change 3.3 pp 74% evidence	5.8/25 ROCE 9.9% · OPM 5.4% 100% evidence	8.5/20 P/E 129× · PEG — 15% evidence	13.4/20 RS sector 14.9% · RS bench 32.5% · 1Y 78.8%12 of 12 weeks ahead 100% evidence
Exact sum: 20 + 5.8 + 8.5 + 13.4 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Scoda Tubes LtdSCODATUBES	45.0/100Mixed-negative evidence65% evidence	TURNING	9.6/35 Revenue 11.2% · PAT 8.7% · OPM change -1.7 pp 95% evidence	16.8/25 ROCE 16.5% · OPM 12.8% 95% evidence	10.4/20 P/E 21× · PEG — 15% evidence	8.2/20 RS sector — · RS bench -10.1% · 1Y -27.7%3 of 10 weeks ahead 25% evidence
Exact sum: 9.6 + 16.8 + 10.4 + 8.2 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Hariom Pipe Industries LtdHARIOMPIPE	44.5/100Mixed-negative evidence74% evidence	ASLEEP	12.0/35 Revenue 10.8% · PAT 1.5% · OPM change 0 pp 95% evidence	15.8/25 ROCE 15.7% · OPM 12% 95% evidence	10.9/20 P/E 16.2× · PEG — 15% evidence	5.8/20 RS sector -14.3% · RS bench -4.7% · 1Y -26%6 of 10 weeks ahead 70% evidence
Exact sum: 12 + 15.8 + 10.9 + 5.8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Goodluck India LtdGOODLUCK	41.5/100Mixed-negative evidence100% evidence	BASING	20.4/35 Revenue 9.9% · PAT 23.5% · OPM change 1 pp 100% evidence	11.1/25 ROCE 14.4% · OPM 10% 100% evidence	6.2/20 P/E 25.2× · PEG 1.68 100% evidence	3.8/20 RS sector -57% · RS bench 26.1% · 1Y -58%1 of 12 weeks ahead 100% evidence
Exact sum: 20.4 + 11.1 + 6.2 + 3.8 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Hi-Tech Pipes LtdHITECH	32.6/100Adverse evidence87% evidence	ASLEEP	14.8/35 Revenue 61.2% · PAT -1.3% · OPM change -1.5 pp 95% evidence	5.4/25 ROCE 9.8% · OPM 3.5% 95% evidence	10.2/20 P/E 20.6× · PEG — 50% evidence	2.2/20 RS sector -26.9% · RS bench -14.8% · 1Y -15.3%2 of 12 weeks ahead 100% evidence
Exact sum: 14.8 + 5.4 + 10.2 + 2.2 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Surya Roshni LtdSURYAROSNI	31.6/100Adverse evidence100% evidence	ASLEEP	13.3/35 Revenue 11.7% · PAT 8.3% · OPM change 0.7 pp 100% evidence	10.8/25 ROCE 15.6% · OPM 5% 100% evidence	5.0/20 P/E 15× · PEG 4.08 100% evidence	2.5/20 RS sector -25.5% · RS bench -13.1% · 1Y -27.4%3 of 12 weeks ahead 100% evidence
Exact sum: 13.3 + 10.8 + 5 + 2.5 = 31.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Rama Steel Tubes LtdRAMASTEEL	23.0/100Adverse evidence87% evidence	ASLEEP	8.7/35 Revenue -1.8% · PAT -44.1% · OPM change 2.1 pp 95% evidence	4.7/25 ROCE 5.6% · OPM 2.7% 95% evidence	7.4/20 P/E 49.6× · PEG — 50% evidence	2.2/20 RS sector -51.6% · RS bench -42.6% · 1Y -62%1 of 12 weeks ahead 100% evidence
Exact sum: 8.7 + 4.7 + 7.4 + 2.2 = 23 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Showing 10 of 15 companies

05 · what price has already done

Market action

DEE Development Engineers Ltd has the strongest one-year price move in Steel - Tubes/Pipes at +133.3%. Man Industries (India) Ltd leads on Mansfield relative strength against NIFTY at +82.2%. 10 of 15 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

APL Apollo Tubes Ltd has the highest Revenue among the 15 Steel - Tubes/Pipes companies compared here, at ₹23,064 crore. Surya Roshni Ltd is next at ₹7,981 crore. Hi-Tech Pipes Ltd has the highest Revenue growth at 61.2%, so level and change sit with different companies. 15 of 15 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: APL Apollo Tubes Ltd is the scale leader at ₹23,064 crore, 189% ahead of Surya Roshni Ltd. Hi-Tech Pipes Ltd's growth is 61.2% from a ₹4,822 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderAPL Apollo Tubes Ltd · ₹23,064 crore

Gap189% versus #2 · Surya Roshni Ltd

Persistence8/8 recent comparable periods

Coverage15/15 companies · 243 observations

Investor read: APL Apollo Tubes Ltd is the scale benchmark; Hi-Tech Pipes 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 Hi-Tech Pipes Ltd's for two consecutive comparable reports while operating margin also compresses.

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

Revenuelargest

1APL Apollo Tubes Ltd APLAPOLLO₹23.1K Cr

2Surya Roshni Ltd SURYAROSNI₹8.0K Cr

3Hi-Tech Pipes Ltd HITECH⚠ unverified₹4.8K Cr

4Maharashtra Seamless Ltd MAHSEAMLES₹4.6K Cr

5Goodluck India Ltd GOODLUCK₹4.4K Cr

Revenue growthfastest growers

1Hi-Tech Pipes Ltd HITECH⚠ unverified61%

2Sambhv Steel Tubes Ltd SAMBHV49%

3DEE Development Engineers Ltd DEEDEV40%

4Venus Pipes & Tubes Ltd VENUSPIPES22%

5JTL Industries Ltd JTLIND19%

Revenue · company comparison

15/15 level · 15/15 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
APL Apollo Tubes Ltd APLAPOLLO	₹5.6K Cr	8.5%	Jun 2026
Surya Roshni Ltd SURYAROSNI	₹2.0K Cr	27%	Jun 2026
Hi-Tech Pipes Ltd HITECH⚠ unverified	₹1.4K Cr	79%	Jun 2026
Goodluck India Ltd GOODLUCK	₹1.3K Cr	31%	Jun 2026
Maharashtra Seamless Ltd MAHSEAMLES	₹1.1K Cr	-4.7%	Jun 2026
Man Industries (India) Ltd MANINDS	₹1.1K Cr	42%	Jun 2026
Sambhv Steel Tubes Ltd SAMBHV	₹732 Cr	31%	Jun 2026
JTL Industries Ltd JTLIND	₹722 Cr	33%	Jun 2026
Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified	₹429 Cr	-6.9%	Jun 2026
Venus Pipes & Tubes Ltd VENUSPIPES	₹321 Cr	16%	Jun 2026
DEE Development Engineers Ltd DEEDEV	₹294 Cr	31%	Jun 2026
Rama Steel Tubes Ltd RAMASTEEL⚠ unverified	₹223 Cr	-17%	Jun 2026
Welspun Specialty Solutions Ltd WELSPLSOL	₹194 Cr	-3.8%	Jun 2026
Scoda Tubes Ltd SCODATUBES⚠ unverified	₹124 Cr	28%	Jun 2026
Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified	₹57 Cr	19%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · 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₹5.6K Cr

DEE Development Engineers Ltd · 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₹294 Cr

Goodluck India Ltd · 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₹1.3K Cr

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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₹429 Cr

Hi-Tech Pipes Ltd · HITECH⚠ unverified

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₹1.4K Cr

JTL Industries Ltd · 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₹722 Cr

Maharashtra Seamless Ltd · 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₹1.1K Cr

Man Industries (India) Ltd · 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₹1.1K Cr

Sambhv Steel Tubes Ltd · 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₹732 Cr

Surya Roshni Ltd · 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₹2.0K Cr

Venus Pipes & Tubes Ltd · 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₹321 Cr

Welspun Specialty Solutions Ltd · 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

Revenue growth · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · APLAPOLLO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202236%

Sep 202229%

Dec 202234%

Mar 20235.1%

Jun 202332%

Sep 202317%

Dec 2023-3.4%

Mar 20247.6%

Jun 20249.4%

Sep 20243.1%

Dec 202430%

Mar 202516%

Jun 20253.9%

Sep 20259.1%

Dec 202510%

Mar 202614%

Jun 20268.5%

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202447%

Jun 202418%

Sep 20248.4%

Dec 2024-23%

Mar 202518%

Jun 202521%

Sep 202539%

Dec 202577%

Mar 202627%

Jun 202631%

Goodluck India Ltd · GOODLUCK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202244%

Sep 202223%

Dec 2022-0.1%

Mar 20239.1%

Jun 20233.9%

Sep 202313%

Dec 202324%

Mar 202418%

Jun 20246.4%

Sep 202410%

Dec 20247.3%

Mar 202523%

Jun 20257.7%

Sep 20251.5%

Dec 202510%

Mar 2026-1.5%

Jun 202631%

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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 202521%

Jun 202534%

Sep 20257.0%

Dec 202521%

Mar 202627%

Jun 2026-6.9%

Hi-Tech Pipes Ltd · HITECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202311%

Mar 2024-3.0%

Jun 202435%

Sep 2024-5.4%

Dec 202421%

Mar 20257.8%

Jun 2025-8.8%

Sep 202522%

Dec 202541%

Mar 2026102%

Jun 202679%

JTL Industries Ltd · JTLIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202245%

Sep 202214%

Dec 202248%

Mar 2023-31%

Jun 202395%

Sep 202367%

Dec 202365%

Mar 2024-1.5%

Jun 20242.2%

Sep 2024-4.4%

Dec 2024-20%

Mar 20250.6%

Jun 20255.4%

Sep 2025-11%

Dec 20254.2%

Mar 202648%

Jun 202633%

Maharashtra Seamless Ltd · MAHSEAMLES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20236.9%

Mar 2024-26%

Jun 2024-5.9%

Sep 2024-16%

Dec 2024-1.6%

Mar 202517%

Jun 2025-0.5%

Sep 2025-10%

Dec 2025-23%

Mar 2026-9.7%

Jun 2026-4.7%

Man Industries (India) Ltd · MANINDS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202226%

Sep 2022-5.1%

Dec 20224.3%

Mar 2023-2.6%

Jun 2023-3.9%

Sep 2023119%

Dec 202327%

Mar 202436%

Jun 202453%

Sep 2024-21%

Dec 2024-12%

Mar 202550%

Jun 2025-0.9%

Sep 20253.5%

Dec 202513%

Mar 2026-5.0%

Jun 202642%

Sambhv Steel Tubes Ltd · 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 202573%

Sep 202584%

Dec 202560%

Mar 202638%

Jun 202631%

Surya Roshni Ltd · SURYAROSNI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202227%

Sep 20222.0%

Dec 2022-0.4%

Mar 2023-6.5%

Jun 20231.9%

Sep 2023-3.4%

Dec 2023-4.1%

Mar 2024-3.3%

Jun 20241.0%

Sep 2024-20%

Dec 2024-3.6%

Mar 20253.2%

Jun 2025-15%

Sep 202521%

Dec 20253.2%

Mar 20260.8%

Jun 202627%

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202241%

Sep 202242%

Dec 202228%

Mar 202360%

Jun 202358%

Sep 202352%

Dec 202352%

Mar 202427%

Jun 202433%

Sep 202420%

Dec 202412%

Mar 202515%

Jun 202515%

Sep 202528%

Dec 202529%

Mar 202617%

Jun 202616%

Welspun Specialty Solutions Ltd · WELSPLSOL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022314%

Dec 2022178%

Mar 202364%

Jun 202399%

Sep 2023139%

Dec 202357%

Mar 20249.8%

Jun 2024-0.5%

Sep 2024-19%

Dec 202411%

Mar 202532%

Jun 202524%

Sep 202543%

Dec 202516%

Mar 20269.8%

Jun 2026-3.8%

07 · compare level, then change

Operating Economics & Margin Trend

Gandhi Special Tubes Ltd has the highest OPM among the 15 Steel - Tubes/Pipes companies compared here, at 47%. DEE Development Engineers Ltd is next at 17%. Man Industries (India) Ltd has the highest Margin change at +7 percentage points, so level and change sit with different companies. Its OPM series carries 20 reported observations across the 20-quarter window.

What the numbers say: Gandhi Special Tubes Ltd leads opm at 47%; Man Industries (India) Ltd leads margin change at +7 percentage points.

LeaderGandhi Special Tubes Ltd · 47%

Gap176.5% versus #2 · DEE Development Engineers Ltd

Persistence7/8 recent comparable periods

Coverage15/15 companies · 274 observations

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.

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

OPMhighest

1Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified47%

2DEE Development Engineers Ltd DEEDEV17%

3Maharashtra Seamless Ltd MAHSEAMLES16%

4Venus Pipes & Tubes Ltd VENUSPIPES16%

5Man Industries (India) Ltd MANINDS14%

Margin changefastest expanders

1Man Industries (India) Ltd MANINDS+7.0 pp

2Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified+4.0 pp

3JTL Industries Ltd JTLIND+3.7 pp

4Welspun Specialty Solutions Ltd WELSPLSOL+3.3 pp

5Rama Steel Tubes Ltd RAMASTEEL⚠ unverified+2.1 pp

Operating margin · company comparison

15/15 level · 15/15 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified	47%	+4.0 pp	Jun 2026
DEE Development Engineers Ltd DEEDEV	17%	+1.0 pp	Jun 2026
Maharashtra Seamless Ltd MAHSEAMLES	16%	+2.0 pp	Jun 2026
Venus Pipes & Tubes Ltd VENUSPIPES	16%	0.0 pp	Jun 2026
Man Industries (India) Ltd MANINDS	14%	+7.0 pp	Jun 2026
Sambhv Steel Tubes Ltd SAMBHV	13%	0.0 pp	Jun 2026
Scoda Tubes Ltd SCODATUBES⚠ unverified	13%	−1.7 pp	Jun 2026
Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified	12%	0.0 pp	Jun 2026
Goodluck India Ltd GOODLUCK	10%	+1.0 pp	Jun 2026
JTL Industries Ltd JTLIND	8.0%	+3.7 pp	Jun 2026
APL Apollo Tubes Ltd APLAPOLLO	7.0%	0.0 pp	Jun 2026
Welspun Specialty Solutions Ltd WELSPLSOL	5.4%	+3.3 pp	Jun 2026
Surya Roshni Ltd SURYAROSNI	5.0%	+0.7 pp	Jun 2026
Hi-Tech Pipes Ltd HITECH⚠ unverified	3.5%	−1.5 pp	Jun 2026
Rama Steel Tubes Ltd RAMASTEEL⚠ unverified	2.7%	+2.1 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · APLAPOLLO

Sep 20217.2%

Dec 20216.3%

Mar 20226.3%

Jun 20225.6%

Sep 20225.8%

Dec 20226.0%

Mar 20237.0%

Jun 20237.0%

Sep 20237.0%

Dec 20237.0%

Mar 20246.0%

Jun 20246.0%

Sep 20242.9%

Dec 20246.0%

Mar 20258.0%

Jun 20257.0%

Sep 20259.0%

Dec 20258.0%

Mar 20268.0%

Jun 20267.0%

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202314%

Jun 20239.0%

Sep 202313%

Dec 202314%

Mar 202414%

Jun 202413%

Sep 202415%

Dec 20243.5%

Mar 202522%

Jun 202516%

Sep 202516%

Dec 202517%

Mar 202618%

Jun 202617%

Goodluck India Ltd · GOODLUCK

Sep 20216.9%

Dec 20216.7%

Mar 20227.5%

Jun 20226.2%

Sep 20226.1%

Dec 20227.0%

Mar 20238.0%

Jun 20238.0%

Sep 20238.0%

Dec 20238.0%

Mar 20247.0%

Jun 20248.0%

Sep 20247.0%

Dec 20249.0%

Mar 20258.0%

Jun 20259.0%

Sep 20259.0%

Dec 202510%

Mar 202610%

Jun 202610%

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

Sep 202113%

Dec 202113%

Mar 202214%

Jun 202211%

Sep 202213%

Dec 202215%

Mar 202312%

Jun 202312%

Sep 202312%

Dec 202312%

Mar 202413%

Jun 202413%

Sep 202413%

Dec 202413%

Mar 202512%

Jun 202512%

Sep 202513%

Dec 202512%

Mar 202613%

Jun 202612%

Hi-Tech Pipes Ltd · HITECH⚠ unverified

Sep 20215.3%

Dec 20215.7%

Mar 20225.0%

Jun 20223.5%

Sep 20223.9%

Dec 20225.0%

Mar 20234.8%

Jun 20233.3%

Sep 20233.6%

Dec 20235.0%

Mar 20245.0%

Jun 20244.9%

Sep 20246.0%

Dec 20245.0%

Mar 20254.8%

Jun 20255.0%

Sep 20255.0%

Dec 20253.9%

Mar 20263.1%

Jun 20263.5%

JTL Industries Ltd · JTLIND

Sep 20217.4%

Dec 20218.2%

Mar 20226.6%

Jun 20224.2%

Sep 20228.8%

Dec 20228.0%

Mar 202311%

Jun 20237.0%

Sep 20237.0%

Dec 20237.0%

Mar 20248.0%

Jun 20248.0%

Sep 20246.0%

Dec 20248.0%

Mar 20253.8%

Jun 20254.3%

Sep 20258.0%

Dec 20258.0%

Mar 20268.0%

Jun 20268.0%

Maharashtra Seamless Ltd · MAHSEAMLES

Sep 202114%

Dec 202114%

Mar 202212%

Jun 202216%

Sep 202217%

Dec 202218%

Mar 202319%

Jun 202319%

Sep 202321%

Dec 202326%

Mar 202422%

Jun 202410%

Sep 202418%

Dec 202420%

Mar 202520%

Jun 202514%

Sep 202510%

Dec 202514%

Mar 202618%

Jun 202616%

Man Industries (India) Ltd · MANINDS

Sep 20218.6%

Dec 20219.4%

Mar 20226.6%

Jun 20224.3%

Sep 20223.3%

Dec 20229.0%

Mar 20237.0%

Jun 202310%

Sep 20237.0%

Dec 20238.0%

Mar 20247.0%

Jun 20245.0%

Sep 20248.0%

Dec 202411%

Mar 202510%

Jun 20257.0%

Sep 202515%

Dec 202515%

Mar 202612%

Jun 202614%

Sambhv Steel Tubes Ltd · SAMBHV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202410%

Jun 202414%

Sep 20247.0%

Dec 202410%

Mar 202510%

Jun 202513%

Sep 202510%

Dec 20259.0%

Mar 202613%

Jun 202613%

Surya Roshni Ltd · SURYAROSNI

Sep 20215.2%

Dec 20214.8%

Mar 20226.6%

Jun 20223.8%

Sep 20226.5%

Dec 20228.0%

Mar 202312%

Jun 20236.0%

Sep 20237.0%

Dec 20238.0%

Mar 20248.0%

Jun 20248.0%

Sep 20245.0%

Dec 20248.0%

Mar 20259.0%

Jun 20254.3%

Sep 20256.0%

Dec 20258.0%

Mar 20267.0%

Jun 20265.0%

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 202115%

Dec 202112%

Mar 202212%

Jun 202213%

Sep 202212%

Dec 202213%

Mar 202312%

Jun 202315%

Sep 202318%

Dec 202319%

Mar 202420%

Jun 202420%

Sep 202418%

Dec 202416%

Mar 202516%

Jun 202516%

Sep 202516%

Dec 202516%

Mar 202616%

Jun 202616%

Welspun Specialty Solutions Ltd · WELSPLSOL

Sep 2021-21%

Dec 2021-7.2%

Mar 2022-5.8%

Jun 2022-3.5%

Sep 2022-7.3%

Dec 20227.1%

Mar 202313%

Jun 202312%

Sep 20235.8%

Dec 20236.8%

Mar 20248.0%

Jun 20246.7%

Sep 20241.7%

Dec 20243.8%

Mar 20254.9%

Jun 20252.1%

Sep 20256.1%

Dec 20257.5%

Mar 20265.1%

Jun 20265.4%

Margin change · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · 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 2024−4.1 pp

Dec 2024−1.0 pp

Mar 2025+2.0 pp

Jun 2025+1.0 pp

Sep 2025+6.1 pp

Dec 2025+2.0 pp

Mar 20260.0 pp

Jun 20260.0 pp

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.0 pp

Jun 2024+4.0 pp

Sep 2024+2.0 pp

Dec 2024−10.5 pp

Mar 2025+8.0 pp

Jun 2025+3.0 pp

Sep 2025+1.0 pp

Dec 2025+13.5 pp

Mar 2026−4.0 pp

Jun 2026+1.0 pp

Goodluck India Ltd · 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 20240.0 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+1.0 pp

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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 20250.0 pp

Dec 2025−1.0 pp

Mar 2026+1.0 pp

Jun 20260.0 pp

Hi-Tech Pipes Ltd · HITECH⚠ unverified

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 2023−0.2 pp

Jun 2023−0.2 pp

Sep 2023−0.3 pp

Dec 20230.0 pp

Mar 2024+0.2 pp

Jun 2024+1.6 pp

Sep 2024+2.4 pp

Dec 20240.0 pp

Mar 2025−0.2 pp

Jun 2025+0.1 pp

Sep 2025−1.0 pp

Dec 2025−1.1 pp

Mar 2026−1.7 pp

Jun 2026−1.5 pp

JTL Industries Ltd · 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 2025−4.2 pp

Jun 2025−3.7 pp

Sep 2025+2.0 pp

Dec 20250.0 pp

Mar 2026+4.2 pp

Jun 2026+3.7 pp

Maharashtra Seamless Ltd · 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+2.0 pp

Man Industries (India) Ltd · 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 20240.0 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+7.0 pp

Sambhv Steel Tubes Ltd · 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 20260.0 pp

Surya Roshni Ltd · 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 20230.0 pp

Mar 2024−4.0 pp

Jun 2024+2.0 pp

Sep 2024−2.0 pp

Dec 20240.0 pp

Mar 2025+1.0 pp

Jun 2025−3.7 pp

Sep 2025+1.0 pp

Dec 20250.0 pp

Mar 2026−2.0 pp

Jun 2026+0.7 pp

Venus Pipes & Tubes Ltd · 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 20240.0 pp

Dec 2024−3.0 pp

Mar 2025−4.0 pp

Jun 2025−4.0 pp

Sep 2025−2.0 pp

Dec 20250.0 pp

Mar 20260.0 pp

Jun 20260.0 pp

Welspun Specialty Solutions Ltd · 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

08 · compare level, then change

Profit Scale & Acceleration

APL Apollo Tubes Ltd has the highest Net profit among the 15 Steel - Tubes/Pipes companies compared here, at ₹1,229 crore. Maharashtra Seamless Ltd is next at ₹737 crore. Sambhv Steel Tubes Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: APL Apollo Tubes Ltd leads with ₹1,229 crore of TTM profit, 66.8% above Maharashtra Seamless Ltd. Sambhv Steel Tubes Ltd shows ≥100% on the scoring scale (146.3% uncapped) growth from a ₹165 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderAPL Apollo Tubes Ltd · ₹1,229 crore

Gap66.8% versus #2 · Maharashtra Seamless Ltd

Persistence7/8 recent comparable periods

Coverage15/15 companies · 243 observations

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.

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 profitlargest

1APL Apollo Tubes Ltd APLAPOLLO₹1.2K Cr

2Maharashtra Seamless Ltd MAHSEAMLES₹737 Cr

3Surya Roshni Ltd SURYAROSNI₹312 Cr

4Goodluck India Ltd GOODLUCK₹210 Cr

5Man Industries (India) Ltd MANINDS₹204 Cr

Profit growthfastest growers

1Sambhv Steel Tubes Ltd SAMBHV100%

2APL Apollo Tubes Ltd APLAPOLLO53%

3DEE Development Engineers Ltd DEEDEV50%

4JTL Industries Ltd JTLIND42%

5Man Industries (India) Ltd MANINDS26%

Net profit · company comparison

15/15 level · 14/15 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Maharashtra Seamless Ltd MAHSEAMLES	₹266 Cr	16%	Jun 2026
APL Apollo Tubes Ltd APLAPOLLO	₹263 Cr	11%	Jun 2026
Goodluck India Ltd GOODLUCK	₹67 Cr	68%	Jun 2026
Man Industries (India) Ltd MANINDS	₹61 Cr	118%	Jun 2026
Surya Roshni Ltd SURYAROSNI	₹60 Cr	76%	Jun 2026
Sambhv Steel Tubes Ltd SAMBHV	₹57 Cr	68%	Jun 2026
JTL Industries Ltd JTLIND	₹35 Cr	106%	Jun 2026
Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified	₹28 Cr	27%	Jun 2026
Venus Pipes & Tubes Ltd VENUSPIPES	₹26 Cr	4.0%	Jun 2026
Hi-Tech Pipes Ltd HITECH⚠ unverified	₹20 Cr	-4.8%	Jun 2026
Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified	₹17 Cr	-29%	Jun 2026
DEE Development Engineers Ltd DEEDEV	₹16 Cr	23%	Jun 2026
Rama Steel Tubes Ltd RAMASTEEL⚠ unverified	₹5 Cr	9.9%	Jun 2026
Scoda Tubes Ltd SCODATUBES⚠ unverified	₹5 Cr	-26%	Jun 2026
Welspun Specialty Solutions Ltd WELSPLSOL	₹5 Cr	20%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · 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₹263 Cr

DEE Development Engineers Ltd · 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₹16 Cr

Goodluck India Ltd · 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₹67 Cr

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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₹17 Cr

Hi-Tech Pipes Ltd · HITECH⚠ unverified

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₹20 Cr

JTL Industries Ltd · 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₹35 Cr

Maharashtra Seamless Ltd · 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₹266 Cr

Man Industries (India) Ltd · 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₹61 Cr

Sambhv Steel Tubes Ltd · 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₹57 Cr

Surya Roshni Ltd · 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₹60 Cr

Venus Pipes & Tubes Ltd · 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₹26 Cr

Welspun Specialty Solutions Ltd · 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

Profit growth · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · APLAPOLLO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-27%

Sep 202215%

Dec 202246%

Mar 2023-10%

Jun 202381%

Sep 202335%

Dec 2023-1.8%

Mar 2024-16%

Jun 2024-0.5%

Sep 2024-73%

Dec 202431%

Mar 202572%

Jun 202523%

Sep 2025459%

Dec 202543%

Mar 202621%

Jun 202611%

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.0%

Jun 2024—

Sep 2024120%

Dec 2024-244%

Mar 2025167%

Jun 2025333%

Sep 2025-18%

Dec 2025—

Mar 2026-13%

Jun 202623%

Goodluck India Ltd · GOODLUCK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202250%

Sep 202218%

Dec 2022-10%

Mar 202317%

Jun 202338%

Sep 202375%

Dec 202378%

Mar 202432%

Jun 202424%

Sep 202434%

Dec 202428%

Mar 202514%

Jun 202511%

Sep 2025-8.5%

Dec 20257.3%

Mar 202633%

Jun 202668%

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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 20250.0%

Jun 202533%

Sep 2025-38%

Dec 20259.1%

Mar 202676%

Jun 2026-29%

Hi-Tech Pipes Ltd · HITECH⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20237.7%

Mar 2024-31%

Jun 2024125%

Sep 202464%

Dec 202436%

Mar 202564%

Jun 202517%

Sep 202511%

Dec 2025-11%

Mar 20260.0%

Jun 2026-4.8%

JTL Industries Ltd · JTLIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202238%

Sep 202254%

Dec 202254%

Mar 202337%

Jun 2023127%

Sep 202340%

Dec 202350%

Mar 2024-19%

Jun 202424%

Sep 2024-7.1%

Dec 2024-17%

Mar 2025-43%

Jun 2025-45%

Sep 2025-15%

Dec 20254.0%

Mar 2026124%

Jun 2026106%

Maharashtra Seamless Ltd · MAHSEAMLES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202373%

Mar 2024-42%

Jun 2024-38%

Sep 2024-12%

Dec 2024-33%

Mar 202511%

Jun 202578%

Sep 2025-43%

Dec 202531%

Mar 2026-57%

Jun 202616%

Man Industries (India) Ltd · MANINDS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-47%

Sep 2022-121%

Dec 202219%

Mar 202311%

Jun 202310%

Sep 2023—

Dec 2023-16%

Mar 2024-20%

Jun 202473%

Sep 2024-18%

Dec 20249.7%

Mar 2025183%

Jun 202547%

Sep 202516%

Dec 202562%

Mar 2026-25%

Jun 2026118%

Sambhv Steel Tubes Ltd · 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 2025127%

Sep 2025520%

Dec 2025118%

Mar 2026212%

Jun 202668%

Surya Roshni Ltd · SURYAROSNI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-41%

Sep 202255%

Dec 2022125%

Mar 202388%

Jun 2023168%

Sep 202312%

Dec 20230.0%

Mar 2024-33%

Jun 202456%

Sep 2024-55%

Dec 20240.0%

Mar 202525%

Jun 2025-63%

Sep 2025118%

Dec 2025-11%

Mar 2026-25%

Jun 202676%

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202229%

Sep 202211%

Dec 202238%

Mar 202363%

Jun 202389%

Sep 2023100%

Dec 2023109%

Mar 202492%

Jun 202465%

Sep 202420%

Dec 2024-22%

Mar 2025-4.0%

Jun 2025-11%

Sep 20258.3%

Dec 202544%

Mar 20268.3%

Jun 20264.0%

Welspun Specialty Solutions Ltd · WELSPLSOL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023706%

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024397%

Jun 2024-83%

Sep 2024-222%

Dec 2024-159%

Mar 2025-91%

Jun 2025-138%

Sep 2025—

Dec 2025—

Mar 202620%

Jun 2026—

09 · compare level, then change

Return On Capital Employed

APL Apollo Tubes Ltd has the highest ROCE among the 15 Steel - Tubes/Pipes companies compared here, at 31.8%. Gandhi Special Tubes Ltd is next at 28.4%. The same company also holds the highest ROCE change, at +6 percentage points. 15 of 15 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: APL Apollo Tubes Ltd leads ROCE at 31.8%, 3.4 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.

LeaderAPL Apollo Tubes Ltd · 31.8%

Gap12% versus #2 · Gandhi Special Tubes Ltd

Persistence3/8 recent comparable periods

Coverage15/15 companies · 189 observations

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.

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.

ROCEhighest

1APL Apollo Tubes Ltd APLAPOLLO32%

2Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified28%

3Venus Pipes & Tubes Ltd VENUSPIPES21%

4Sambhv Steel Tubes Ltd SAMBHV19%

5Scoda Tubes Ltd SCODATUBES⚠ unverified17%

ROCE changefastest improvers

1APL Apollo Tubes Ltd APLAPOLLO+6.0 pp

2DEE Development Engineers Ltd DEEDEV+4.7 pp

3Sambhv Steel Tubes Ltd SAMBHV+4.6 pp

4Goodluck India Ltd GOODLUCK+0.9 pp

5Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified+0.8 pp

Return on capital · company comparison

15/15 level · 15/15 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
APL Apollo Tubes Ltd APLAPOLLO	26%	+6.0 pp	Jun 2026
Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified	25%	+0.8 pp	Jun 2026
Venus Pipes & Tubes Ltd VENUSPIPES	21%	−4.9 pp	Jun 2026
Goodluck India Ltd GOODLUCK	19%	+0.9 pp	Jun 2026
Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified	17%	−1.2 pp	Jun 2026
Sambhv Steel Tubes Ltd SAMBHV	17%	+4.6 pp	Jun 2026
Scoda Tubes Ltd SCODATUBES⚠ unverified	15%	−14.2 pp	Jun 2026
Man Industries (India) Ltd MANINDS	15%	+0.5 pp	Jun 2026
DEE Development Engineers Ltd DEEDEV	13%	+4.7 pp	Jun 2026
Surya Roshni Ltd SURYAROSNI	13%	−4.9 pp	Jun 2026
Welspun Specialty Solutions Ltd WELSPLSOL	10%	−0.5 pp	Jun 2026
Hi-Tech Pipes Ltd HITECH⚠ unverified	10%	−0.6 pp	Jun 2026
JTL Industries Ltd JTLIND	8.3%	−0.9 pp	Jun 2026
Rama Steel Tubes Ltd RAMASTEEL⚠ unverified	2.1%	−5.4 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · APLAPOLLO

Sep 202132%

Dec 2021—

Mar 202228%

Jun 2022—

Sep 202224%

Dec 2022—

Mar 202324%

Jun 2023—

Sep 202326%

Dec 202330%

Mar 202422%

Jun 202426%

Sep 202418%

Dec 202422%

Mar 202520%

Jun 202524%

Sep 202526%

Dec 202532%

Mar 202626%

Jun 2026—

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232.7%

Jun 2023—

Sep 2023—

Dec 20238.6%

Mar 20249.0%

Jun 202416%

Sep 20247.3%

Dec 20249.5%

Mar 20258.4%

Jun 202514%

Sep 202510%

Dec 202516%

Mar 202613%

Jun 2026—

Gandhi Special Tubes Ltd · GANDHITUBE⚠ unverified

Sep 202129%

Dec 2021—

Mar 202229%

Jun 2022—

Sep 202232%

Dec 2022—

Mar 202330%

Jun 2023—

Sep 202326%

Dec 202337%

Mar 202426%

Jun 202434%

Sep 202426%

Dec 202434%

Mar 202524%

Jun 202534%

Sep 202524%

Dec 202534%

Mar 202625%

Jun 2026—

Goodluck India Ltd · GOODLUCK

Sep 202122%

Dec 2021—

Mar 202225%

Jun 2022—

Sep 202227%

Dec 2022—

Mar 202325%

Jun 2023—

Sep 202327%

Dec 202333%

Mar 202419%

Jun 202426%

Sep 202418%

Dec 202426%

Mar 202519%

Jun 202522%

Sep 202520%

Dec 202521%

Mar 202619%

Jun 2026—

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

Sep 202128%

Dec 202133%

Mar 202235%

Jun 2022—

Sep 202220%

Dec 2022—

Mar 202314%

Jun 2023—

Sep 202317%

Dec 2023—

Mar 202418%

Jun 2024—

Sep 202418%

Dec 202421%

Mar 202519%

Jun 202522%

Sep 202518%

Dec 202520%

Mar 202617%

Jun 2026—

Hi-Tech Pipes Ltd · HITECH⚠ unverified

Sep 202121%

Dec 2021—

Mar 202221%

Jun 2022—

Sep 202221%

Dec 2022—

Mar 202317%

Jun 2023—

Sep 202317%

Dec 202320%

Mar 202414%

Jun 202419%

Sep 202415%

Dec 202420%

Mar 202511%

Jun 202514%

Sep 202510%

Dec 202513%

Mar 202610%

Jun 2026—

JTL Industries Ltd · JTLIND

Sep 202138%

Dec 2021—

Mar 202241%

Jun 2022—

Sep 202248%

Dec 2022—

Mar 202330%

Jun 2023—

Sep 202331%

Dec 202348%

Mar 202419%

Jun 202427%

Sep 202412%

Dec 202418%

Mar 20259.2%

Jun 202512%

Sep 20257.6%

Dec 20259.4%

Mar 20268.3%

Jun 2026—

Man Industries (India) Ltd · MANINDS

Sep 202116%

Dec 2021—

Mar 202214%

Jun 2022—

Sep 20229.2%

Dec 2022—

Mar 20239.0%

Jun 2023—

Sep 202314%

Dec 202318%

Mar 202411%

Jun 202417%

Sep 202410%

Dec 202416%

Mar 202514%

Jun 202520%

Sep 202514%

Dec 202519%

Mar 202615%

Jun 2026—

Sambhv Steel Tubes Ltd · 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 20248.4%

Mar 202513%

Jun 202517%

Sep 202516%

Dec 202520%

Mar 202617%

Jun 2026—

Surya Roshni Ltd · SURYAROSNI

Sep 202119%

Dec 2021—

Mar 202219%

Jun 2022—

Sep 202219%

Dec 2022—

Mar 202325%

Jun 2023—

Sep 202326%

Dec 202329%

Mar 202420%

Jun 202424%

Sep 202418%

Dec 202420%

Mar 202518%

Jun 202517%

Sep 202516%

Dec 202518%

Mar 202613%

Jun 2026—

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 2021—

Dec 202133%

Mar 202234%

Jun 2022—

Sep 202218%

Dec 2022—

Mar 202319%

Jun 2023—

Sep 202324%

Dec 202334%

Mar 202430%

Jun 202439%

Sep 202430%

Dec 202435%

Mar 202526%

Jun 202531%

Sep 202522%

Dec 202529%

Mar 202621%

Jun 2026—

Welspun Specialty Solutions Ltd · WELSPLSOL

Sep 2021-13%

Dec 2021—

Mar 2022-11%

Jun 2022—

Sep 2022-7.6%

Dec 2022—

Mar 20234.4%

Jun 2023—

Sep 202321%

Dec 202326%

Mar 202418%

Jun 202423%

Sep 202423%

Dec 202422%

Mar 20253.2%

Jun 202511%

Sep 20254.8%

Dec 202519%

Mar 20266.5%

Jun 202610%

ROCE change · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · 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—

DEE Development Engineers Ltd · 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—

Gandhi Special Tubes Ltd · GANDHITUBE⚠ unverified

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 2024−3.2 pp

Mar 2025−2.6 pp

Jun 2025−0.1 pp

Sep 2025−1.8 pp

Dec 2025+0.5 pp

Mar 2026+0.8 pp

Jun 2026—

Goodluck India Ltd · 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—

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

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—

Hi-Tech Pipes Ltd · HITECH⚠ unverified

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—

JTL Industries Ltd · 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—

Man Industries (India) Ltd · 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—

Sambhv Steel Tubes Ltd · 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—

Surya Roshni Ltd · 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—

Venus Pipes & Tubes Ltd · 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—

Welspun Specialty Solutions Ltd · 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

10 · compare level, then change

Valuation Against Growth & Quality

Man Industries (India) Ltd has the lowest PEG among the 15 Steel - Tubes/Pipes companies compared here, at 0.2×. DEE Development Engineers Ltd is next at 0.62×. Maharashtra Seamless Ltd has the lowest P/E at 13.2×, so level and change sit with different companies. 7 of 15 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Man Industries (India) Ltd has the lowest comparable PEG at 0.2×, 67.7% below DEE Development Engineers Ltd. Only 7 of 15 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderMan Industries (India) Ltd · 0.2×

Gap67.7% versus #2 · DEE Development Engineers Ltd

Persistence0/8 recent comparable periods

Coverage7/15 companies · 50 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Man Industries (India) Ltd MANINDS0.2

2DEE Development Engineers Ltd DEEDEV0.6

3APL Apollo Tubes Ltd APLAPOLLO0.7

4JTL Industries Ltd JTLIND1.3

5Goodluck India Ltd GOODLUCK1.7

P/Elowest P/E

1Maharashtra Seamless Ltd MAHSEAMLES13.2

2Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified14.3

3Surya Roshni Ltd SURYAROSNI15.0

4Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified16.2

5Hi-Tech Pipes Ltd HITECH⚠ unverified20.6

Valuation · company comparison

7/15 level · 15/15 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Surya Roshni Ltd SURYAROSNI	4.1	19.9	Jun 2026
Venus Pipes & Tubes Ltd VENUSPIPES	3.9	34.2	Jun 2026
Goodluck India Ltd GOODLUCK	1.7	25.8	Jun 2026
JTL Industries Ltd JTLIND	1.3	30.0	Jun 2026
APL Apollo Tubes Ltd APLAPOLLO	0.7	41.4	Jun 2026
DEE Development Engineers Ltd DEEDEV	0.6	58.4	Jun 2026
Man Industries (India) Ltd MANINDS	0.2	25.0	Jun 2026
Maharashtra Seamless Ltd MAHSEAMLES	—	12.0	Jun 2026
Sambhv Steel Tubes Ltd SAMBHV	—	22.1	Jun 2026
Welspun Specialty Solutions Ltd WELSPLSOL	—	171.4	Jun 2026
Hi-Tech Pipes Ltd HITECH⚠ unverified	—	24.0	Jun 2026
Hariom Pipe Industries Ltd HARIOMPIPE⚠ unverified	—	16.4	Jun 2026
Gandhi Special Tubes Ltd GANDHITUBE⚠ unverified	—	15.1	Jun 2026
Scoda Tubes Ltd SCODATUBES⚠ unverified	—	22.1	Jun 2026
Rama Steel Tubes Ltd RAMASTEEL⚠ unverified	—	58.0	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

APL Apollo Tubes Ltd · APLAPOLLO

Sep 20210.8

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20236.1

Jun 2023—

Sep 20233.4

Dec 20232.4

Mar 20243.1

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20256.1

Dec 2025—

Mar 2026—

Jun 20260.7

DEE Development Engineers Ltd · 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 20250.6

Dec 2025—

Mar 2026—

Jun 2026—

Goodluck India Ltd · GOODLUCK

Sep 20210.3

Dec 2021—

Mar 20220.2

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.3

Jun 20231.0

Sep 20231.5

Dec 20231.1

Mar 20241.4

Jun 20240.5

Sep 20240.8

Dec 20241.9

Mar 2025—

Jun 2025—

Sep 2025—

Dec 20251.7

Mar 20260.5

Jun 20261.7

JTL Industries Ltd · JTLIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.7

Sep 20220.7

Dec 2022—

Mar 2023—

Jun 20231.2

Sep 2023—

Dec 20231.2

Mar 2024—

Jun 20241.3

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Man Industries (India) Ltd · MANINDS

Sep 20210.1

Dec 2021—

Mar 20220.3

Jun 2022—

Sep 2022—

Dec 20220.4

Mar 2023—

Jun 20230.8

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20240.6

Sep 20240.4

Dec 2024—

Mar 2025—

Jun 20250.5

Sep 20250.5

Dec 20250.3

Mar 20260.2

Jun 2026—

Surya Roshni Ltd · SURYAROSNI

Sep 2021—

Dec 2021—

Mar 20220.3

Jun 20220.3

Sep 2022—

Dec 20221.4

Mar 20230.3

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20240.3

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20254.1

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.9

Jun 2023—

Sep 20232.1

Dec 20230.9

Mar 2024—

Jun 2024—

Sep 2024—

Dec 20240.5

Mar 20251.0

Jun 20253.9

Sep 2025—

Dec 2025—

Mar 20263.4

Jun 20263.9

P/E · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

APL Apollo Tubes Ltd · APLAPOLLO

Sep 202145.5

Dec 202145.8

Mar 202241.6

Jun 202237.8

Sep 202246.5

Dec 202248.6

Mar 202351.4

Jun 202353.9

Sep 202361.6

Dec 202355.5

Mar 202454.3

Jun 202458.9

Sep 202458.1

Dec 202472.1

Mar 202566.7

Jun 202564.4

Sep 202557.5

Dec 202549.9

Mar 202648.3

Jun 202641.4

DEE Development Engineers Ltd · DEEDEV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 202429.0

Sep 202456.6

Dec 202441.4

Mar 202560.7

Jun 202550.8

Sep 202535.2

Dec 202529.9

Mar 202622.9

Jun 202658.4

Goodluck India Ltd · GOODLUCK

Sep 202116.0

Dec 202117.8

Mar 202212.6

Jun 20229.7

Sep 202214.9

Dec 202211.6

Mar 202313.3

Jun 202312.9

Sep 202317.3

Dec 202323.4

Mar 202419.6

Jun 202420.0

Sep 202425.5

Dec 202421.2

Mar 202515.2

Jun 202524.4

Sep 202524.2

Dec 202520.7

Mar 202619.3

Jun 202625.8

Hariom Pipe Industries Ltd · HARIOMPIPE⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202213.6

Sep 202217.3

Dec 202223.7

Mar 202326.4

Jun 202335.1

Sep 202328.7

Dec 202330.2

Mar 202423.0

Jun 202429.9

Sep 202436.7

Dec 202425.8

Mar 202516.5

Jun 202520.2

Sep 202522.9

Dec 202517.2

Mar 202614.7

Jun 202616.4

Hi-Tech Pipes Ltd · HITECH⚠ unverified

Sep 202121.4

Dec 202117.7

Mar 202217.2

Jun 202212.5

Sep 202220.0

Dec 202228.5

Mar 202325.7

Jun 202321.0

Sep 202322.4

Dec 202330.9

Mar 202437.8

Jun 202440.4

Sep 202452.6

Dec 202441.0

Mar 202526.6

Jun 202525.3

Sep 202529.8

Dec 202523.8

Mar 202619.6

Jun 202624.0

JTL Industries Ltd · JTLIND

Sep 202125.9

Dec 202131.0

Mar 202224.7

Jun 202218.0

Sep 202225.1

Dec 202228.8

Mar 202327.3

Jun 202328.0

Sep 202333.4

Dec 202334.7

Mar 202426.0

Jun 202433.6

Sep 202433.0

Dec 202428.0

Mar 202524.5

Jun 202529.0

Sep 202532.1

Dec 202528.6

Mar 202621.6

Jun 202630.0

Maharashtra Seamless Ltd · MAHSEAMLES

Sep 20216.3

Dec 202110.1

Mar 20229.8

Jun 20226.1

Sep 20227.3

Dec 20225.5

Mar 20235.6

Jun 20237.7

Sep 20239.2

Dec 202312.6

Mar 202410.3

Jun 20249.2

Sep 20249.8

Dec 202411.0

Mar 202512.1

Jun 202513.1

Sep 20259.1

Dec 20259.4

Mar 20269.0

Jun 202612.0

Man Industries (India) Ltd · MANINDS

Sep 20216.1

Dec 20215.7

Mar 20224.8

Jun 20224.2

Sep 20226.0

Dec 20227.2

Mar 20238.1

Jun 202312.8

Sep 202315.3

Dec 202314.6

Mar 202419.7

Jun 202424.1

Sep 202419.4

Dec 202419.4

Mar 202515.8

Jun 202517.2

Sep 202516.6

Dec 202515.8

Mar 202612.2

Jun 202625.0

Sambhv Steel Tubes Ltd · 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 202543.6

Dec 202529.0

Mar 202624.4

Jun 202622.1

Surya Roshni Ltd · SURYAROSNI

Sep 202121.1

Dec 202116.2

Mar 202212.9

Jun 20229.7

Sep 202213.1

Dec 202212.5

Mar 202313.6

Jun 202314.1

Sep 202314.3

Dec 202322.2

Mar 202414.5

Jun 202420.6

Sep 202421.9

Dec 202419.3

Mar 202516.6

Jun 202521.6

Sep 202521.7

Dec 202517.7

Mar 202613.5

Jun 202619.9

Venus Pipes & Tubes Ltd · VENUSPIPES

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202212.1

Sep 202227.6

Dec 202235.5

Mar 202336.6

Jun 202352.6

Sep 202350.6

Dec 202345.6

Mar 202451.5

Jun 202448.5

Sep 202446.9

Dec 202431.0

Mar 202526.1

Jun 202529.8

Sep 202530.4

Dec 202525.6

Mar 202619.1

Jun 202634.2

Welspun Specialty Solutions Ltd · WELSPLSOL

Sep 2021—

Dec 2021—

Mar 2022-24.8

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023-69.3

Jun 2023262.4

Sep 2023420.4

Dec 2023116.0

Mar 202464.4

Jun 202442.1

Sep 202463.7

Dec 202469.1

Mar 202555.5

Jun 202567.8

Sep 2025257.2

Dec 2025300.9

Mar 202697.9

Jun 2026171.4

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Steel - Tubes/Pipes comparison names 6 specific ways its own evidence can mislead, all listed below. All 15 companies here report on comparable dates, so no rank carries a stale marker. 5 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

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.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 15 Steel - Tubes/Pipes companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-11 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing9 cross-checked · 5 unverified · 1 withheld, of 15 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Steel - Tubes/Pipes company comparison FAQs

These 24 answers restate the Steel - Tubes/Pipes comparison above in question form. Every one is computed from the same 15 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

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

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

APL Apollo Tubes Ltd leads with revenue of ₹23,064 crore, based on 15 of 15 comparable companies through Jun 2026.

Which Steel - Tubes/Pipes company is growing fastest?

Hi-Tech Pipes Ltd has the fastest current revenue growth at 61.2%, across 15 of 15 comparable companies.

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

Man Industries (India) Ltd ranks first at 68.9/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Man Industries (India) Ltd has the lowest comparable PEG at 0.2, among 7 of 15 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Steel - Tubes/Pipes index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Steel - Tubes/Pipes, this page builds its own equal-weight basket of 15 listed Steel - Tubes/Pipes companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Man Industries (India) Ltd places first among 15 listed Steel - Tubes/Pipes companies, followed by Sambhv Steel Tubes 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 ₹23,064 crore, ahead of Surya Roshni Ltd at ₹7,981 crore. That covers 15 of 15 companies with comparable reporting through Jun 2026.

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

Gandhi Special Tubes Ltd has the highest operating margin at 47%, from 15 of 15 comparable companies. Man Industries (India) Ltd shows the biggest recent improvement, at +7 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 ₹1,229 crore of trailing-twelve-month net profit, from 15 of 15 comparable companies. Sambhv Steel Tubes Ltd has the fastest profit growth at the ≥100% scoring cap, 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 31.8%, 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 PEG — where a LOWER number is cheaper — Man Industries (India) Ltd screens cheapest at 0.2×. Only 7 of 15 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Steel - Tubes/Pipes has outperformed NIFTY 500 by 14.7% over the last 52 weeks and 5.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 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?

Man Industries (India) 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?

Man Industries (India) Ltd scores 68.9 out of 100 with 100% evidence confidence, from 23 points on growth and earnings, 14.5 on capital efficiency, 11.4 on valuation and 20 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, 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 ₹1,10,968 crore of combined market value. APL Apollo Tubes Ltd is the largest at ₹59,794 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

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 25.2×, 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 2026-09-17.

How is the Steel - Tubes/Pipes sector performing?

10 of the 15 covered Steel - Tubes/Pipes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 14.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

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.

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