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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Steel - Tubes/Pipes has outperformed NIFTY 500 by 8.4% over 52 weeks and 3.5% over 13 weeks. 8 of 15 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself. APL Apollo Tubes Ltd leads with revenue of ₹23,064 crore, based on 15 of 15 comparable companies through Jun 2026.

## Sector relative strength

Steel - Tubes/Pipes has outperformed NIFTY 500 by 8.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.5%. 8 of 15 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. DEE Development Engineers Ltd is the strongest against the sector itself at +74.7%.

13-week sector return versus NIFTY 500: 3.5%
52-week sector return versus NIFTY 500: 8.4%
Stocks leading NIFTY: 8/15
Stocks leading sector: 5/14

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

Companies: 15
Combined market value: ₹96.2K Cr

## 4-Factor Sector Score

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

1. Sambhv Steel Tubes Ltd (SAMBHV): 68/100 — Favorable setup; evidence 73%
   - Growth & earnings 30.6/35 | Capital efficiency 15.5/25 | Valuation 10.0/20 | Relative strength 11.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 30.6 + 15.5 + 10 + 11.6 = 67.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. DEE Development Engineers Ltd (DEEDEV): 64/100 — Mixed-positive evidence; evidence 89%
   - Growth & earnings 23.8/35 | Capital efficiency 7.8/25 | Valuation 12.4/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 23.8 + 7.8 + 12.4 + 20 = 64
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. APL Apollo Tubes Ltd (APLAPOLLO): 63/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 25.7/35 | Capital efficiency 17.8/25 | Valuation 14.4/20 | Relative strength 4.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 25.7 + 17.8 + 14.4 + 4.6 = 62.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14% and the one-year return is 17.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Venus Pipes & Tubes Ltd (VENUSPIPES): 62/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.6/35 | Capital efficiency 21.1/25 | Valuation 6.5/20 | Relative strength 18.8/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 15.6 + 21.1 + 6.5 + 18.8 = 62
   - Decision use: Price leads the evidence: RS versus the benchmark is 26.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Gandhi Special Tubes Ltd (GANDHITUBE): 61/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 23.0/35 | Capital efficiency 18.7/25 | Valuation 10.9/20 | Relative strength 8.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 23 + 18.7 + 10.9 + 8.6 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Goodluck India Ltd (GOODLUCK): 59/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 18.7/35 | Capital efficiency 13.0/25 | Valuation 10.7/20 | Relative strength 17.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 18.7 + 13 + 10.7 + 17 = 59.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Man Industries (India) Ltd (MANINDS): 55/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.9/35 | Capital efficiency 14.3/25 | Valuation 12.3/20 | Relative strength 11.3/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 16.9 + 14.3 + 12.3 + 11.3 = 54.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Hariom Pipe Industries Ltd (HARIOMPIPE): 54/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.3/35 | Capital efficiency 15.6/25 | Valuation 11.3/20 | Relative strength 6.2/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 10 weeks with a reading, within the last 12
   - Exact sum: 21.3 + 15.6 + 11.3 + 6.2 = 54.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Welspun Specialty Solutions Ltd (WELSPLSOL): 51/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 20.3/35 | Capital efficiency 4.9/25 | Valuation 8.5/20 | Relative strength 16.8/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 20.3 + 4.9 + 8.5 + 16.8 = 50.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Scoda Tubes Ltd (SCODATUBES): 50/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 13.9/35 | Capital efficiency 16.7/25 | Valuation 10.5/20 | Relative strength 8.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 13.9 + 16.7 + 10.5 + 8.5 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. JTL Industries Ltd (JTLIND): 44/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 18.1/35 | Capital efficiency 5.8/25 | Valuation 11.7/20 | Relative strength 8.8/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 18.1 + 5.8 + 11.7 + 8.8 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Hi-Tech Pipes Ltd (HITECH): 39/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 16.5/35 | Capital efficiency 7.0/25 | Valuation 10.1/20 | Relative strength 5.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.5 + 7 + 10.1 + 5.5 = 39.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Maharashtra Seamless Ltd (MAHSEAMLES): 36/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 7.6/35 | Capital efficiency 13.6/25 | Valuation 12.2/20 | Relative strength 2.1/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 7.6 + 13.6 + 12.2 + 2.1 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Surya Roshni Ltd (SURYAROSNI): 27/100 — Adverse evidence; evidence 90%
   - Growth & earnings 6.6/35 | Capital efficiency 12.6/25 | Valuation 4.1/20 | Relative strength 3.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.6 + 12.6 + 4.1 + 3.9 = 27.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Rama Steel Tubes Ltd (RAMASTEEL): 22/100 — Adverse evidence; evidence 77%
   - Growth & earnings 7.5/35 | Capital efficiency 4.0/25 | Valuation 7.9/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 7.5 + 4 + 7.9 + 3 = 22.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

DEE Development Engineers Ltd has the strongest one-year price move in Steel - Tubes/Pipes at +127.2%. It also leads on Mansfield relative strength against NIFTY at +87.6%. 8 of 15 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. DEE Development Engineers Ltd (DEEDEV): 127%
2. Welspun Specialty Solutions Ltd (WELSPLSOL): 55%
3. Goodluck India Ltd (GOODLUCK): 45%
4. Man Industries (India) Ltd (MANINDS): 25%
5. APL Apollo Tubes Ltd (APLAPOLLO): 18%

### Strongest relative strength versus NIFTY 500
1. DEE Development Engineers Ltd (DEEDEV): 88%
2. Venus Pipes & Tubes Ltd (VENUSPIPES): 27%
3. Welspun Specialty Solutions Ltd (WELSPLSOL): 26%
4. Goodluck India Ltd (GOODLUCK): 24%
5. Man Industries (India) Ltd (MANINDS): 18%

## Revenue Scale & Growth Durability

What the numbers say: APL Apollo Tubes Ltd is the scale leader at ₹23,064 crore, 205.9% ahead of Surya Roshni Ltd. Sambhv Steel Tubes Ltd's growth is 60.4% from a ₹2,413 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

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

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

Evidence: APL Apollo Tubes Ltd · ₹23,064 crore | 205.9% versus #2 · Surya Roshni Ltd | 8/8 recent comparable periods | 15/15 companies · 230 observations

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

### Revenue — largest
1. APL Apollo Tubes Ltd (APLAPOLLO): ₹23.1K Cr
2. Surya Roshni Ltd (SURYAROSNI): ₹7.5K Cr
3. Maharashtra Seamless Ltd (MAHSEAMLES): ₹4.7K Cr
4. Hi-Tech Pipes Ltd (HITECH): ₹4.2K Cr
5. Goodluck India Ltd (GOODLUCK): ₹4.1K Cr

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

### 20-quarter Revenue history
- APLAPOLLO: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.4K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 ₹5.6K Cr
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- WELSPLSOL: Sep 2021 ₹21 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹138 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹239 Cr | Dec 2025 ₹226 Cr | Mar 2026 ₹220 Cr | Jun 2026 ₹194 Cr
- JTLIND: Sep 2021 ₹263 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹681 Cr | Jun 2022 ₹259 Cr | Sep 2022 ₹300 Cr | Dec 2022 ₹343 Cr | Mar 2023 ₹473 Cr | Jun 2023 ₹505 Cr | Sep 2023 ₹502 Cr | Dec 2023 ₹567 Cr | Mar 2024 ₹466 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹452 Cr | Mar 2025 ₹469 Cr | Jun 2025 ₹544 Cr | Sep 2025 ₹429 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹693 Cr | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹569 Cr | Mar 2023 ₹702 Cr | Jun 2023 ₹642 Cr | Sep 2023 ₹746 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹867 Cr | Sep 2024 ₹706 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹734 Cr | Jun 2025 ₹791 Cr | Sep 2025 ₹859 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹331 Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹400 Cr | Jun 2025 ₹461 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹363 Cr | Mar 2026 ₹507 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹125 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹350 Cr | Mar 2023 ₹399 Cr | Jun 2023 ₹313 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹262 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹246 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- APLAPOLLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 29% | Dec 2022 34% | Mar 2023 5.1% | Jun 2023 32% | Sep 2023 17% | Dec 2023 -3.4% | Mar 2024 7.6% | Jun 2024 9.4% | Sep 2024 3.1% | Dec 2024 30% | Mar 2025 16% | Jun 2025 3.9% | Sep 2025 9.1% | Dec 2025 10% | Mar 2026 14% | Jun 2026 8.5%
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.9% | Mar 2024 -26% | Jun 2024 -5.9% | Sep 2024 -16% | Dec 2024 -1.6% | Mar 2025 17% | Jun 2025 -0.5% | Sep 2025 -10% | Dec 2025 -23% | Mar 2026 -9.7% | Jun 2026 —
- SURYAROSNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 2.0% | Dec 2022 -0.4% | Mar 2023 -6.5% | Jun 2023 1.9% | Sep 2023 -3.4% | Dec 2023 -4.1% | Mar 2024 -3.3% | Jun 2024 1.0% | Sep 2024 -20% | Dec 2024 -3.6% | Mar 2025 3.2% | Jun 2025 -15% | Sep 2025 21% | Dec 2025 3.2% | Mar 2026 0.8% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 47% | Jun 2024 18% | Sep 2024 8.4% | Dec 2024 -23% | Mar 2025 18% | Jun 2025 21% | Sep 2025 39% | Dec 2025 77% | Mar 2026 27% | Jun 2026 —
- GOODLUCK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 23% | Dec 2022 -0.1% | Mar 2023 9.1% | Jun 2023 3.9% | Sep 2023 13% | Dec 2023 24% | Mar 2024 18% | Jun 2024 6.4% | Sep 2024 10% | Dec 2024 7.3% | Mar 2025 23% | Jun 2025 7.7% | Sep 2025 1.5% | Dec 2025 10% | Mar 2026 -1.5% | Jun 2026 —
- MANINDS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -5.1% | Dec 2022 4.3% | Mar 2023 -2.6% | Jun 2023 -3.9% | Sep 2023 119% | Dec 2023 27% | Mar 2024 36% | Jun 2024 53% | Sep 2024 -21% | Dec 2024 -12% | Mar 2025 50% | Jun 2025 -0.9% | Sep 2025 3.5% | Dec 2025 13% | Mar 2026 -5.0% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 73% | Sep 2025 84% | Dec 2025 60% | Mar 2026 38% | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 42% | Dec 2022 28% | Mar 2023 60% | Jun 2023 58% | Sep 2023 52% | Dec 2023 52% | Mar 2024 27% | Jun 2024 33% | Sep 2024 20% | Dec 2024 12% | Mar 2025 15% | Jun 2025 15% | Sep 2025 28% | Dec 2025 29% | Mar 2026 17% | Jun 2026 —
- WELSPLSOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 314% | Dec 2022 178% | Mar 2023 64% | Jun 2023 99% | Sep 2023 139% | Dec 2023 57% | Mar 2024 9.8% | Jun 2024 -0.5% | Sep 2024 -19% | Dec 2024 11% | Mar 2025 32% | Jun 2025 24% | Sep 2025 43% | Dec 2025 16% | Mar 2026 9.8% | Jun 2026 -3.8%
- JTLIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 14% | Dec 2022 48% | Mar 2023 -31% | Jun 2023 95% | Sep 2023 67% | Dec 2023 65% | Mar 2024 -1.5% | Jun 2024 2.2% | Sep 2024 -4.4% | Dec 2024 -20% | Mar 2025 0.6% | Jun 2025 5.4% | Sep 2025 -11% | Dec 2025 4.2% | Mar 2026 48% | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 -3.0% | Jun 2024 35% | Sep 2024 -5.4% | Dec 2024 21% | Mar 2025 7.8% | Jun 2025 -8.8% | Sep 2025 22% | Dec 2025 41% | Mar 2026 102% | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 21% | Jun 2025 34% | Sep 2025 7.0% | Dec 2025 21% | Mar 2026 27% | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 14% | Jun 2024 -12% | Sep 2024 11% | Dec 2024 -3.6% | Mar 2025 9.8% | Jun 2025 18% | Sep 2025 -1.2% | Dec 2025 22% | Mar 2026 9.0% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1.1% | Jun 2025 6.1% | Sep 2025 4.3% | Dec 2025 17% | Mar 2026 -0.1% | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 -33% | Jun 2024 -31% | Sep 2024 29% | Dec 2024 4.9% | Mar 2025 9.3% | Jun 2025 24% | Sep 2025 22% | Dec 2025 5.2% | Mar 2026 -16% | Jun 2026 —

## Operating Economics & Margin Trend

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

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

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

Evidence: Gandhi Special Tubes Ltd · 41.3% | 129.4% versus #2 · DEE Development Engineers Ltd | 7/8 recent comparable periods | 15/15 companies · 261 observations

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

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

### Margin change — fastest expanders
1. Gandhi Special Tubes Ltd (GANDHITUBE): +4.3 pp
2. JTL Industries Ltd (JTLIND): +4.2 pp
3. Welspun Specialty Solutions Ltd (WELSPLSOL): +3.3 pp
4. Sambhv Steel Tubes Ltd (SAMBHV): +3.0 pp
5. Goodluck India Ltd (GOODLUCK): +2.0 pp

### 20-quarter OPM history
- APLAPOLLO: Sep 2021 7.2% | Dec 2021 6.3% | Mar 2022 6.3% | Jun 2022 5.6% | Sep 2022 5.8% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 6.0% | Sep 2024 2.9% | Dec 2024 6.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 7.0%
- MAHSEAMLES: Sep 2021 14% | Dec 2021 14% | Mar 2022 12% | Jun 2022 16% | Sep 2022 17% | Dec 2022 18% | Mar 2023 19% | Jun 2023 19% | Sep 2023 21% | Dec 2023 26% | Mar 2024 22% | Jun 2024 10% | Sep 2024 18% | Dec 2024 20% | Mar 2025 20% | Jun 2025 14% | Sep 2025 10% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- SURYAROSNI: Sep 2021 5.2% | Dec 2021 4.8% | Mar 2022 6.6% | Jun 2022 3.8% | Sep 2022 6.5% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 6.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 4.3% | Sep 2025 6.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 14% | Jun 2023 9.0% | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 3.5% | Mar 2025 22% | Jun 2025 16% | Sep 2025 16% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- GOODLUCK: Sep 2021 6.9% | Dec 2021 6.7% | Mar 2022 7.5% | Jun 2022 6.2% | Sep 2022 6.1% | Dec 2022 7.0% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 9.0% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —
- MANINDS: Sep 2021 8.6% | Dec 2021 9.4% | Mar 2022 6.6% | Jun 2022 4.3% | Sep 2022 3.3% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 7.0% | Jun 2024 5.0% | Sep 2024 8.0% | Dec 2024 11% | Mar 2025 10% | Jun 2025 7.0% | Sep 2025 15% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 10% | Jun 2024 14% | Sep 2024 7.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 13% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 13% | Jun 2026 —
- VENUSPIPES: Sep 2021 15% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 12% | Dec 2022 13% | Mar 2023 12% | Jun 2023 15% | Sep 2023 18% | Dec 2023 19% | Mar 2024 20% | Jun 2024 20% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- WELSPLSOL: Sep 2021 -21% | Dec 2021 -7.2% | Mar 2022 -5.8% | Jun 2022 -3.5% | Sep 2022 -7.3% | Dec 2022 7.1% | Mar 2023 13% | Jun 2023 12% | Sep 2023 5.8% | Dec 2023 6.8% | Mar 2024 8.0% | Jun 2024 6.7% | Sep 2024 1.7% | Dec 2024 3.8% | Mar 2025 4.9% | Jun 2025 2.1% | Sep 2025 6.1% | Dec 2025 7.5% | Mar 2026 5.1% | Jun 2026 5.4%
- JTLIND: Sep 2021 7.4% | Dec 2021 8.2% | Mar 2022 6.6% | Jun 2022 4.2% | Sep 2022 8.8% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 8.0% | Mar 2025 3.8% | Jun 2025 4.3% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 8.0% | Jun 2026 —
- HITECH: Sep 2021 5.3% | Dec 2021 5.7% | Mar 2022 5.0% | Jun 2022 3.5% | Sep 2022 3.9% | Dec 2022 5.0% | Mar 2023 4.8% | Jun 2023 3.3% | Sep 2023 3.6% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 4.9% | Sep 2024 6.0% | Dec 2024 5.0% | Mar 2025 4.8% | Jun 2025 5.0% | Sep 2025 5.0% | Dec 2025 3.9% | Mar 2026 3.1% | Jun 2026 —
- HARIOMPIPE: Sep 2021 13% | Dec 2021 13% | Mar 2022 14% | Jun 2022 11% | Sep 2022 13% | Dec 2022 15% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- GANDHITUBE: Sep 2021 37% | Dec 2021 32% | Mar 2022 33% | Jun 2022 38% | Sep 2022 37% | Dec 2022 32% | Mar 2023 37% | Jun 2023 37% | Sep 2023 36% | Dec 2023 38% | Mar 2024 40% | Jun 2024 39% | Sep 2024 41% | Dec 2024 42% | Mar 2025 37% | Jun 2025 43% | Sep 2025 44% | Dec 2025 46% | Mar 2026 41% | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 16% | Sep 2024 16% | Dec 2024 18% | Mar 2025 14% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- RAMASTEEL: Sep 2021 4.8% | Dec 2021 4.9% | Mar 2022 6.2% | Jun 2022 2.6% | Sep 2022 2.2% | Dec 2022 2.7% | Mar 2023 6.9% | Jun 2023 5.2% | Sep 2023 6.0% | Dec 2023 6.6% | Mar 2024 5.0% | Jun 2024 5.3% | Sep 2024 0.2% | Dec 2024 1.8% | Mar 2025 4.1% | Jun 2025 0.6% | Sep 2025 1.5% | Dec 2025 2.2% | Mar 2026 1.7% | Jun 2026 —

### 20-quarter Margin change history
- APLAPOLLO: Sep 2021 −0.5 pp | Dec 2021 −2.7 pp | Mar 2022 −1.7 pp | Jun 2022 −4.4 pp | Sep 2022 −1.4 pp | Dec 2022 −0.3 pp | Mar 2023 +0.7 pp | Jun 2023 +1.4 pp | Sep 2023 +1.2 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −4.1 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 2026 0.0 pp | Jun 2026 0.0 pp
- MAHSEAMLES: Sep 2021 −6.6 pp | Dec 2021 −0.7 pp | Mar 2022 −8.4 pp | Jun 2022 −0.9 pp | Sep 2022 +3.0 pp | Dec 2022 +4.0 pp | Mar 2023 +7.3 pp | Jun 2023 +2.5 pp | Sep 2023 +3.8 pp | Dec 2023 +8.0 pp | Mar 2024 +3.0 pp | Jun 2024 −9.0 pp | Sep 2024 −3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −2.0 pp | Jun 2025 +4.0 pp | Sep 2025 −8.0 pp | Dec 2025 −6.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- SURYAROSNI: Sep 2021 −2.1 pp | Dec 2021 −2.5 pp | Mar 2022 −0.4 pp | Jun 2022 −2.6 pp | Sep 2022 +1.3 pp | Dec 2022 +3.2 pp | Mar 2023 +5.4 pp | Jun 2023 +2.2 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 −3.7 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- DEEDEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 −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 —
- GOODLUCK: Sep 2021 −1.1 pp | Dec 2021 −1.0 pp | Mar 2022 +1.7 pp | Jun 2022 −0.8 pp | Sep 2022 −0.8 pp | Dec 2022 +0.3 pp | Mar 2023 +0.5 pp | Jun 2023 +1.8 pp | Sep 2023 +1.9 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- MANINDS: Sep 2021 −0.3 pp | Dec 2021 −2.8 pp | Mar 2022 −1.1 pp | Jun 2022 −5.2 pp | Sep 2022 −5.3 pp | Dec 2022 −0.4 pp | Mar 2023 +0.4 pp | Jun 2023 +5.7 pp | Sep 2023 +3.7 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −5.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +7.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SAMBHV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 −0.9 pp | Sep 2025 +3.0 pp | Dec 2025 −1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- VENUSPIPES: Sep 2021 — | Dec 2021 — | Mar 2022 +1.4 pp | Jun 2022 +1.2 pp | Sep 2022 −2.6 pp | Dec 2022 +0.9 pp | Mar 2023 −0.5 pp | Jun 2023 +2.3 pp | Sep 2023 +5.7 pp | Dec 2023 +6.0 pp | Mar 2024 +8.0 pp | Jun 2024 +5.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WELSPLSOL: Sep 2021 −5.2 pp | Dec 2021 +36.0 pp | Mar 2022 +10.3 pp | Jun 2022 +30.6 pp | Sep 2022 +13.7 pp | Dec 2022 +14.3 pp | Mar 2023 +18.9 pp | Jun 2023 +15.7 pp | Sep 2023 +13.1 pp | Dec 2023 −0.3 pp | Mar 2024 −5.1 pp | Jun 2024 −5.5 pp | Sep 2024 −4.1 pp | Dec 2024 −3.0 pp | Mar 2025 −3.1 pp | Jun 2025 −4.6 pp | Sep 2025 +4.4 pp | Dec 2025 +3.7 pp | Mar 2026 +0.2 pp | Jun 2026 +3.3 pp
- JTLIND: Sep 2021 +0.7 pp | Dec 2021 −0.3 pp | Mar 2022 −1.4 pp | Jun 2022 −1.9 pp | Sep 2022 +1.4 pp | Dec 2022 −0.2 pp | Mar 2023 +4.4 pp | Jun 2023 +2.8 pp | Sep 2023 −1.8 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −4.2 pp | Jun 2025 −3.7 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.2 pp | Jun 2026 —
- HITECH: Sep 2021 +0.2 pp | Dec 2021 +0.1 pp | Mar 2022 +0.1 pp | Jun 2022 −2.1 pp | Sep 2022 −1.3 pp | Dec 2022 −0.7 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.3 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 +1.6 pp | Sep 2024 +2.4 pp | Dec 2024 0.0 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 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 +0.4 pp | Jun 2022 −1.7 pp | Sep 2022 −0.1 pp | Dec 2022 +2.3 pp | Mar 2023 −1.4 pp | Jun 2023 +0.5 pp | Sep 2023 −0.8 pp | Dec 2023 −3.4 pp | Mar 2024 +0.5 pp | Jun 2024 +1.3 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GANDHITUBE: Sep 2021 −2.6 pp | Dec 2021 −10.4 pp | Mar 2022 −7.5 pp | Jun 2022 −2.8 pp | Sep 2022 +0.0 pp | Dec 2022 −0.1 pp | Mar 2023 +4.1 pp | Jun 2023 −0.8 pp | Sep 2023 −1.7 pp | Dec 2023 +5.6 pp | Mar 2024 +2.7 pp | Jun 2024 +1.7 pp | Sep 2024 +5.0 pp | Dec 2024 +4.5 pp | Mar 2025 −3.0 pp | Jun 2025 +4.5 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +4.3 pp | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +1.0 pp | Jun 2025 −1.4 pp | Sep 2025 −1.0 pp | Dec 2025 −2.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- RAMASTEEL: Sep 2021 +0.6 pp | Dec 2021 +1.2 pp | Mar 2022 +0.7 pp | Jun 2022 −2.6 pp | Sep 2022 −2.6 pp | Dec 2022 −2.2 pp | Mar 2023 +0.7 pp | Jun 2023 +2.5 pp | Sep 2023 +3.8 pp | Dec 2023 +3.8 pp | Mar 2024 −1.9 pp | Jun 2024 +0.1 pp | Sep 2024 −5.8 pp | Dec 2024 −4.8 pp | Mar 2025 −0.9 pp | Jun 2025 −4.7 pp | Sep 2025 +1.3 pp | Dec 2025 +0.4 pp | Mar 2026 −2.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: APL Apollo Tubes Ltd leads with ₹1,229 crore of TTM profit, 75.3% above Maharashtra Seamless Ltd. Sambhv Steel Tubes Ltd shows ≥100% on the scoring scale (195.8% uncapped) growth from a ₹142 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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

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

Evidence: APL Apollo Tubes Ltd · ₹1,229 crore | 75.3% versus #2 · Maharashtra Seamless Ltd | 7/8 recent comparable periods | 15/15 companies · 230 observations

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

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

### Profit growth — fastest growers
1. Sambhv Steel Tubes Ltd (SAMBHV): 196%
2. DEE Development Engineers Ltd (DEEDEV): 77%
3. APL Apollo Tubes Ltd (APLAPOLLO): 53%
4. Hariom Pipe Industries Ltd (HARIOMPIPE): 23%
5. Scoda Tubes Ltd (SCODATUBES): 22%

### 20-quarter Net profit history
- APLAPOLLO: Sep 2021 ₹131 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹225 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹193 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹302 Cr | Dec 2025 ₹310 Cr | Mar 2026 ₹354 Cr | Jun 2026 ₹263 Cr
- MAHSEAMLES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹160 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹218 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹242 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- SURYAROSNI: Sep 2021 ₹44 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- WELSPLSOL: Sep 2021 ₹-11 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹5 Cr
- JTLIND: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- HITECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- HARIOMPIPE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- GANDHITUBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- SCODATUBES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- RAMASTEEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

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

## Return On Capital Employed

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

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

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

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

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

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

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

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

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

## Valuation Against Growth & Quality

What the numbers say: Man Industries (India) Ltd has the lowest comparable PEG at 0.2×, 60.8% below Goodluck India 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.

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

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

Evidence: Man Industries (India) Ltd · 0.2× | 60.8% versus #2 · Goodluck India Ltd | 0/8 recent comparable periods | 7/15 companies · 48 observations

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

### PEG — lowest PEG
1. Man Industries (India) Ltd (MANINDS): 0.2
2. Goodluck India Ltd (GOODLUCK): 0.5
3. DEE Development Engineers Ltd (DEEDEV): 0.6
4. APL Apollo Tubes Ltd (APLAPOLLO): 0.7
5. JTL Industries Ltd (JTLIND): 1.3

### P/E — lowest P/E
1. Maharashtra Seamless Ltd (MAHSEAMLES): 10.8
2. Hariom Pipe Industries Ltd (HARIOMPIPE): 16.0
3. Surya Roshni Ltd (SURYAROSNI): 18.2
4. Gandhi Special Tubes Ltd (GANDHITUBE): 18.4
5. Hi-Tech Pipes Ltd (HITECH): 22.6

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

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


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

## Every company
- APL Apollo Tubes Ltd (APLAPOLLO) — market value ₹50.5K Cr; latest fundamentals Jun 2026
- Maharashtra Seamless Ltd (MAHSEAMLES) — market value ₹7.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Surya Roshni Ltd (SURYAROSNI) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- DEE Development Engineers Ltd (DEEDEV) — market value ₹5.1K Cr; latest fundamentals Mar 2026
- Goodluck India Ltd (GOODLUCK) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Man Industries (India) Ltd (MANINDS) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Sambhv Steel Tubes Ltd (SAMBHV) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Venus Pipes & Tubes Ltd (VENUSPIPES) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Welspun Specialty Solutions Ltd (WELSPLSOL) — market value ₹3.4K Cr; latest fundamentals Jun 2026
- JTL Industries Ltd (JTLIND) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Hi-Tech Pipes Ltd (HITECH) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hariom Pipe Industries Ltd (HARIOMPIPE) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Gandhi Special Tubes Ltd (GANDHITUBE) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Scoda Tubes Ltd (SCODATUBES) — market value ₹877 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Rama Steel Tubes Ltd (RAMASTEEL) — market value ₹676 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

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

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

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

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

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

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

Steel - Tubes/Pipes has outperformed NIFTY 500 by 8.4% over 52 weeks and 3.5% over 13 weeks. 8 of 15 covered companies beat NIFTY on Mansfield relative strength, while 5 of 14 beat the sector itself.

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

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

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

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

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

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

### Which Steel - Tubes/Pipes company 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.

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

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

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

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

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

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

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

APL Apollo Tubes Ltd is the largest, with trailing-twelve-month revenue of ₹23,064 crore, ahead of Surya Roshni Ltd at ₹7,540 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 41.3%, from 15 of 15 comparable companies. Gandhi Special Tubes Ltd shows the biggest recent improvement, at +4.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

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

APL Apollo Tubes Ltd earns the most, at ₹1,229 crore of trailing-twelve-month net profit, from 15 of 15 comparable companies. Sambhv Steel Tubes Ltd has the fastest profit growth at 195.8%, though growth off a small or recovering profit base overstates how much has actually changed.

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

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

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

On 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 8.4% over the last 52 weeks and 3.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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

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

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

Sambhv Steel Tubes Ltd scores 67.7 out of 100 with 72.6% evidence confidence, from 30.6 points on growth and earnings, 15.5 on capital efficiency, 10 on valuation and 11.6 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 ₹96,247 crore of combined market value. APL Apollo Tubes Ltd is the largest at ₹50,520 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 24.4×, 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 2026-08-05.

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

8 of the 15 covered Steel - Tubes/Pipes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 8.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.