Steel Pipe Stocks and Companies in India

The largest Steel Pipe stocks in India by market value are APL Apollo Tubes (₹60,718 crore), Maharashtra Seamless (₹7,652 crore) and Man Industries (India) (₹5,983 crore), at prices of 6 Nov 2026.

• APL Apollo Tubes: ₹2,185.30 | market value ₹60,718 crore | P/E 46.3
• Maharashtra Seamless: ₹571.10 | market value ₹7,652 crore | P/E 10.4
• Man Industries (India): ₹797.70 | market value ₹5,983 crore | P/E 29.2
• Goodluck India: ₹540.55 | market value ₹5,385 crore | P/E 25.5
• Sambhv Steel Tubes: ₹163.39 | market value ₹4,811 crore | P/E 24.3
• Surya Roshni: ₹216.76 | market value ₹4,711 crore | P/E 15.1
• Venus Pipes & Tubes: ₹1,722.50 | market value ₹3,952 crore | P/E 38.0
• DEE Development Engineers: ₹542.80 | market value ₹4,084 crore | P/E 49.8
• JTL Industries: ₹75.55 | market value ₹2,887 crore | P/E 25.2
• Welspun Specialty Solutions: ₹44.82 | market value ₹2,970 crore | P/E 206.2

The other 5 Steel Pipe companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 15 listed Indian Steel - Tubes/Pipes companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Steel - Tubes/Pipes index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. APL Apollo Tubes Ltd₹61,000 cr
2. Maharashtra Seamless Ltd₹7,210 cr
3. Man Industries (India) Ltd₹5,440 cr
4. Goodluck India Ltd₹5,320 cr
5. Sambhv Steel Tubes Ltd₹4,960 cr
6. Surya Roshni Ltd₹4,760 cr
7. Venus Pipes & Tubes Ltd₹4,150 cr
8. DEE Development Engineers Ltd₹3,820 cr
9. JTL Industries Ltd₹2,920 cr
10. Welspun Specialty Solutions Ltd₹2,710 cr
11. Hi-Tech Pipes Ltd₹1,390 cr
12. Gandhi Special Tubes Ltd₹1,020 cr
13. Hariom Pipe Industries Ltd₹964 cr
14. Scoda Tubes Ltd₹628 cr
15. Rama Steel Tubes Ltd₹614 cr

15 Steel Pipe companies in the Steel - Tubes/Pipes industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 15 are listed below, largest first. The largest is APL Apollo Tubes (₹60,965 crore) and the smallest with a market value is Rama Steel Tubes.

Download all 15 Steel Pipe companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 7% ahead of NIFTY 500. Earnings across its companies grew 11% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 13 weeks running.

5 of 16 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 13 weeks running; 8 of the 16 companies in the industry index above their 200-day average (3 fewer than four weeks earlier); 5 of those 16 pass the momentum test (3 fewer than four weeks earlier); earnings rising at 11 of the 16 that report earnings.

Participation is shrinking, 8 → 5 of 16 over four weeks, after being ahead of NIFTY 500. Price-only fade, 11 of 16 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Steel - Tubes/Pipes has done better than the NIFTY 500 by 15.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.5%. Man Industries (India) Ltd is the strongest against the sector itself at +31%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 19.8 as of 30 October 2026 (consolidation, falling).

Steel - Tubes/Pipes has done better than the NIFTY 500 by 15.7% over 52 weeks and by 4.5% over 13 weeks. 5 of 15 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 7 of the 13 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Sambhv Steel Tubes Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.

Maharashtra Seamless Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

DEE Development Engineers Ltd has the strongest one-year price move in Steel - Tubes/Pipes at +96.8%. Man Industries (India) Ltd leads on relative strength against the NIFTY, at +40.0%. 8 of 15 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Steel - Tubes/Pipes itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Prices rose while earnings barely changed in 2017, then fell through 2018 to 2020 despite stronger earnings; the March 2020 price index was 92.9 against earnings of 188.2. The large recovery after that eventually gained earnings support, reaching a price index of 1193.7 and earnings of 485.5 by December 2023. In the week of 5 October 2026, 66.7% of 15 Steel - Tubes/Pipes companies were beating the Nifty 500, against 71.4% on 25 May 2026.

Steel - Tubes/Pipes is one of the Top 25 sectors in our latest review.

From our industry review of 10 October 2026.

Higher-value products are the clearest lasting change across these companies. Better use of factories and new orders also help, but demand, borrowing and delivery dates differ sharply between companies. More capacity does not yet mean more profitable sales.

From our industry review of 10 October 2026.

4 of 16 Steel - Tubes/Pipes companies held a results call for July to September 2026. Goodluck India guided: Defence revenue ₹300 crore this year scaling to ₹1,000 crore plus by FY28 at 30-35 percent margin.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters cut theirs by 0.7 points.

• Spending on new plants and equipment was ₹4,892 crore in the last 12 months, 58% more than a year before.
• Projects still being built grew 17% in a year.
• 2 Steel - Tubes/Pipes calls in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 16 Steel - Tubes/Pipes companies, in percentage points.

Ownership and spending as of 10 October 2026.

1 chain of cause and effect links Steel - Tubes/Pipes to other industries right now. For Steel - Tubes/Pipes: Infrastructure and specialised industrial demand support orders, provided projects become deliveries.

From our cross-industry review of 10 October 2026.

The next things that show whether the Steel - Tubes/Pipes story is on course. First: APL Apollo's next results must show the promised volume recovery without sacrificing profit per ton.

• Maharashtra Seamless's finishing-line milestones and the January 2027 anti-dumping checkpoint.
• Man Industries' March 2027 project milestones and conversion of Saudi sales into profit after finance costs.
• Venus's fittings sales, customer approvals and spooling start by the end of the third quarter.
• Goodluck's delayed defence expansion and the financing needed to complete it.

What would change the story

A next-quarter industry profit print below the same quarter a year earlier, accompanied by a lower operating margin, would break the earnings-supported second-leg call.

From our industry review of 10 October 2026.

APL Apollo Tubes Ltd has the highest Revenue among the 15 Steel - Tubes/Pipes companies compared here, at ₹24,860 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 Sep 2026.

What the numbers say: APL Apollo Tubes Ltd is the largest at ₹24,860 crore, 211.5% ahead of Surya Roshni Ltd. Hi-Tech Pipes Ltd's growth is 61.2% from a ₹4,822 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: APL Apollo Tubes Ltd is the size to compare against; Hi-Tech Pipes Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Gandhi Special Tubes Ltd has the highest OPM among the 15 Steel - Tubes/Pipes companies compared here, at 46%. 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 46%; Man Industries (India) Ltd leads margin change at +7 percentage points.

What this means: Gandhi Special Tubes Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

APL Apollo Tubes Ltd has the highest Net profit among the 15 Steel - Tubes/Pipes companies compared here, at ₹1,309 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 earns the most, ₹1,309 crore of profit over the last 12 months, 77.6% above Maharashtra Seamless Ltd. Sambhv Steel Tubes Ltd shows at least 100% on the scoring scale (120% in full) growth from a profit base of ₹198 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: APL Apollo Tubes Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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%. DEE Development Engineers Ltd has the highest ROCE change at +2.1 percentage points, so level and change sit with different companies. Its ROCE series carries 16 reported observations across the 20-quarter window.

What the numbers say: APL Apollo Tubes Ltd leads ROCE at 31.8%, 3.4 percentage points above Gandhi Special Tubes Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: APL Apollo Tubes Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: JTL Industries Ltd (JTLIND): its two data sources disagree by up to 51% on reported income across 15 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Man Industries (India) Ltd has the lowest PEG among the 15 Steel - Tubes/Pipes companies compared here, at 0.22×. DEE Development Engineers Ltd is next at 0.62×. Maharashtra Seamless Ltd has the lowest P/E at 9.76×, so level and change sit with different companies. 12 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 0.22×, 64.5% below DEE Development Engineers Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Steel - Tubes/Pipes companies show up on 7 of our India lists. The most are on the momentum stocks list (5 companies).

This Steel - Tubes/Pipes comparison names 5 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. 1 has second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

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 Sep 2026 and market data through 30 October 2026.

1 of 15 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JTL Industries Ltd (JTLIND): its two data sources disagree by up to 51% on reported income across 15 comparable periods, so its derived ratios are withheld.

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.