Panchmahal Steel Ltd (PANCHMAHQ) — share price & stock analysis
From losses in FY14 and FY15 and FY16 and FY20 to record profits — the comeback is real, the price knows it.
Panchmahal Steel Ltd (PANCHMAHQ) trades at ₹320 as of 6 March 2026, up 118% over the past year — beating NIFTY 500 for 36 weeks. The machine reads this as turnaround: from losses in FY14 and FY15 and FY16 and FY20 to record profits — the comeback is real, the price knows it. the price is in Stage 2 — advancing, 32 weeks in; the business cycle reads DEEP CYCLICAL / EXPANSION. Fundamentals-momentum score: 22/100 (deteriorating).
Data as of 6 March 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹610 Cr
- ROE
- 2.1%
- Book value / share
- ₹80.3
- Revenue (FY25)
- ₹383 Cr
- Profit after tax (FY25)
- ₹3 Cr
- Weinstein stage
- Stage 2 (32 weeks)
- Data as of
- 6 March 2026
Profits swing violently in this business — real losses in FY14 and FY15 and FY16 and FY20. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 38% of their historical range, margins are mid-band, and valuation history is thin. That reads as EXPANSION — the comfortable middle — the easy money off the bottom is made; from here the story has to keep delivering.net_profit
1 of the 6 things we track are currently moving the right way — most of the dashboard is red.
Where the levels actually stand: ROCE 5% — weak; debt moderate (0.31× equity); margins mid-band. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
The price is in a confirmed uptrend — 32 weeks and counting
STAGE 2 · ADVANCING · 32 WEEKSStock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 32 weeks in, confirmed.stage
The price sits above its rising 200-day average (₹285 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 36 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 16 | 15.4 | 25.9 | 15.4 | 4 |
| May 16 | 26.9 | 24.6 | 21.7 | 4 |
| Jul 16 | 23.6 | 23.6 | 21.6 | 4 |
| Sep 16 | 21.0 | 23.1 | 21.8 | 4 |
| Nov 16 | 21.1 | 22.9 | 22.2 | 4 |
| Jan 17 | 29.9 | 23.1 | 23.9 | 4 |
| Mar 17 | 28.4 | 26.6 | 30.8 | 2 |
| May 17 | 38.6 | 30.3 | 36.7 | 2 |
| Jul 17 | 57.9 | 37.4 | 50.3 | 2 |
| Sep 17 | 59.0 | 44.3 | 56.9 | 2 |
| Dec 17 | 60.0 | 53.3 | 66.4 | 2 |
| Feb 18 | 53.8 | 55.3 | 60.5 | 2 |
| Apr 18 | 47.1 | 52.7 | 48.5 | 4 |
| Jun 18 | 37.9 | 48.8 | 42.2 | 4 |
| Aug 18 | 42.1 | 45.0 | 38.4 | 4 |
| Oct 18 | 44.1 | 42.6 | 38.2 | 4 |
| Dec 18 | 56.0 | 44.3 | 46.7 | 2 |
| Feb 19 | 38.0 | 45.1 | 45.2 | 2 |
| Apr 19 | 37.9 | 43.0 | 39.5 | 4 |
| Jun 19 | 31.6 | 39.9 | 34.2 | 4 |
| Aug 19 | 26.5 | 36.7 | 29.3 | 4 |
| Oct 19 | 25.0 | 34.2 | 27.7 | 4 |
| Dec 19 | 21.8 | 31.0 | 24.1 | 4 |
| Feb 20 | 21.7 | 28.8 | 23.9 | 4 |
| May 20 | 20.1 | 26.2 | 20.2 | 4 |
| Jul 20 | 21.8 | 25.1 | 21.3 | 4 |
| Sep 20 | 26.5 | 23.8 | 21.9 | 4 |
| Nov 20 | 32.5 | 25.5 | 28.0 | 2 |
| Jan 21 | 33.8 | 27.9 | 32.5 | 2 |
| Mar 21 | 32.3 | 30.7 | 34.9 | 2 |
| May 21 | 70.8 | 36.1 | 47.4 | 2 |
| Jul 21 | 91.5 | 55.0 | 83.3 | 2 |
| Sep 21 | 89.3 | 68.6 | 91.3 | 2 |
| Nov 21 | 111 | 81.4 | 106 | 2 |
| Jan 22 | 147 | 97.6 | 128 | 2 |
| Apr 22 | 147 | 115 | 145 | 2 |
| Jun 22 | 150 | 125 | 144 | 2 |
| Aug 22 | 137 | 131 | 141 | 2 |
| Oct 22 | 148 | 137 | 147 | 2 |
| Dec 22 | 141 | 139 | 144 | 2 |
| Feb 23 | 136 | 139 | 140 | 3 |
| Apr 23 | 150 | 136 | 134 | 4 |
| Jun 23 | 131 | 136 | 133 | 3 |
| Aug 23 | 121 | 133 | 127 | 4 |
| Oct 23 | 128 | 135 | 137 | 4 |
| Dec 23 | 148 | 138 | 144 | 2 |
| Feb 24 | 151 | 141 | 147 | 2 |
| Apr 24 | 233 | 149 | 166 | 2 |
| Jun 24 | 221 | 176 | 215 | 2 |
| Aug 24 | 212 | 188 | 212 | 2 |
| Nov 24 | 269 | 200 | 222 | 2 |
| Jan 25 | 282 | 220 | 252 | 2 |
| Mar 25 | 147 | 226 | 231 | 2 |
| May 25 | 165 | 204 | 177 | 4 |
| Jul 25 | 244 | 197 | 193 | 4 |
| Sep 25 | 261 | 219 | 251 | 2 |
| Nov 25 | 336 | 243 | 282 | 2 |
| Jan 26 | 308 | 268 | 308 | 2 |
| Mar 26 | 320 | 285 | 323 | 2 |
Out of the loss years — profitable again, still below its best
Over 11 years, sales went from ₹327 Cr to ₹383 Cr (about 1% a year), and profit from ₹−2.0 Cr to ₹3.0 Cr.revenuenet_profit
The books show real losses in FY14 and FY15 and FY16 and FY20 (worst: ₹−32.0 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 327 |
| FY15 | 390 |
| FY16 | 290 |
| FY17 | 329 |
| FY18 | 396 |
| FY19 | 453 |
| FY20 | 330 |
| FY21 | 339 |
| FY22 | 574 |
| FY23 | 489 |
| FY24 | 428 |
| FY25 | 383 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | -2 |
| FY15 | -4 |
| FY16 | -13 |
| FY17 | 0 |
| FY18 | 1 |
| FY19 | 3 |
| FY20 | -32 |
| FY21 | 10 |
| FY22 | 59 |
| FY23 | 1 |
| FY24 | 3 |
| FY25 | 3 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | 3.4 |
| FY15 | 2.8 |
| FY16 | -0.7 |
| FY17 | 5.5 |
| FY18 | 4.0 |
| FY19 | 5.1 |
| FY20 | 1.2 |
| FY21 | 6.8 |
| FY22 | 13.2 |
| FY23 | 3.3 |
| FY24 | 3.7 |
| FY25 | 4.2 |
Sales have gone quiet — growth has stalled
Dec 25 sales were ₹98.1 Cr, up 4% on the same quarter last year.revenue
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 23 | 130 | – |
| Jun 23 | 107 | – |
| Sep 23 | 119 | – |
| Dec 23 | 103 | – |
| Mar 24 | 99.0 | -24.2 |
| Jun 24 | 98.0 | -8.6 |
| Sep 24 | 99.0 | -16.9 |
| Dec 24 | 95.0 | -7.7 |
| Mar 25 | 91.0 | -7.4 |
| Jun 25 | 88.0 | -10.8 |
| Sep 25 | 93.0 | -6.5 |
| Dec 25 | 98.0 | 3.6 |
Margins have been rebuilt — 1.2% in FY20 to 4.2% now
Of every ₹100 of sales, the company keeps ₹4.5 as operating profit (a year ago it kept ₹5.5).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at 1.2% in FY20 and has been rebuilt to 4.2% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
The gross margin moved the same way (20% → 19%), so this is about input costs and pricing power — the raw-material equation worsened.gpm_pctopm_pct
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Mar 23 | 15.1 | 4.4 | 0.8 |
| Jun 23 | 18.6 | 4.0 | 0.1 |
| Sep 23 | 16.3 | 3.3 | 0.6 |
| Dec 23 | 14.9 | 1.8 | -0.3 |
| Mar 24 | 18.1 | 5.7 | 2.5 |
| Jun 24 | 20.6 | 5.4 | 2.0 |
| Sep 24 | 19.5 | 5.0 | 1.8 |
| Dec 24 | 19.8 | 5.5 | 1.8 |
| Mar 25 | 14.9 | 0.1 | -2.2 |
| Jun 25 | 14.8 | -0.2 | -2.2 |
| Sep 25 | 18.8 | 3.4 | 0.6 |
| Dec 25 | 18.6 | 4.5 | 1.3 |
Profit fell hard 26% — mostly from keeping more of each sale
Dec 25 profit after tax was ₹1.2 Cr, down 26% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Mar 23 | 1.0 | – |
| Jun 23 | 0.0 | – |
| Sep 23 | 1.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 2.0 | 125.9 |
| Jun 24 | 2.0 | 1,369.2 |
| Sep 24 | 2.0 | 150.7 |
| Dec 24 | 2.0 | 618.8 |
| Mar 25 | -2.0 | -183.2 |
| Jun 25 | -2.0 | -200.5 |
| Sep 25 | 1.0 | -69.1 |
| Dec 25 | 1.0 | -25.9 |
The single biggest driver was margins giving way.
Data: Where the profit change came from (Dec 24 → Dec 25)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Dec 24 | 2 |
| More sales | +0 |
| Thinner margins | −1 |
| Other income | +0 |
| Depreciation | 0 |
| Interest | +0 |
| Tax | +0 |
| PAT Dec 25 | 1 |
Cash has tracked profit for years — but slipped last year
Over the last 5 profitable years, the business reported ₹76.0 Cr of profit and collected ₹72.0 Cr of operating cash — about 95% conversion.operating_cash_flownet_profit
The wrinkle is the latest year: FY25 collected ₹−5.0 Cr against ₹3.0 Cr of reported profit — about -167%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit
The gap sits in receivables: customers now take 44 days to pay, up from 35. Profit booked, cash pending.debtor_days
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | 9.0 | -2.0 |
| FY15 | 11.0 | -4.0 |
| FY16 | 3.0 | -13.0 |
| FY17 | 6.0 | 0.0 |
| FY18 | 14.0 | 1.0 |
| FY19 | 14.0 | 3.0 |
| FY20 | 7.0 | -32.0 |
| FY21 | 29.0 | 10.0 |
| FY22 | 38.0 | 59.0 |
| FY23 | -30.0 | 1.0 |
| FY24 | 40.0 | 3.0 |
| FY25 | -5.0 | 3.0 |
The cash cycle is stretching — more money stuck in the pipeline
One rupee now takes about 191 days to go out the door as materials and come back as collected cash — up from 150 days the year before.cash_conversion_cycle
The biggest mover: inventory sitting longer in the warehouse (142 → 175 days).inventory_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY14 | 40.0 | 221 | 190 |
| FY15 | 28.0 | 155 | 127 |
| FY16 | 31.0 | 188 | 128 |
| FY17 | 48.0 | 219 | 177 |
| FY18 | 34.0 | 173 | 129 |
| FY19 | 22.0 | 155 | 97.0 |
| FY20 | 28.0 | 205 | 128 |
| FY21 | 36.0 | 237 | 182 |
| FY22 | 26.0 | 159 | 89.0 |
| FY23 | 33.0 | 156 | 51.0 |
| FY24 | 35.0 | 142 | 27.0 |
| FY25 | 44.0 | 175 | 27.0 |
No big build-out underway — growth must come from what already exists
The productive asset base has gone from ₹119 Cr (FY14) to ₹57.0 Cr.fixed_assetscwip
The build is self-funded: the last 3 years' investing outflow (₹0.0 Cr) fits inside the operating cash the business generated (₹5.0 Cr).investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 119 | 0.0 |
| FY15 | 116 | 0.0 |
| FY16 | 108 | 0.0 |
| FY17 | 101 | 0.0 |
| FY18 | 96.0 | 0.0 |
| FY19 | 90.0 | 0.0 |
| FY20 | 82.0 | 0.0 |
| FY21 | 75.0 | 0.0 |
| FY22 | 73.0 | 0.0 |
| FY23 | 71.0 | 1.0 |
| FY24 | 65.0 | 0.0 |
| FY25 | 57.0 | 0.0 |
Debt is present but comfortable
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹31.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY14 | 51.0 |
| FY15 | 56.0 |
| FY16 | 62.0 |
| FY17 | 70.0 |
| FY18 | 70.0 |
| FY19 | 69.0 |
| FY20 | 72.0 |
| FY21 | 55.0 |
| FY22 | 28.0 |
| FY23 | 76.0 |
| FY24 | 40.0 |
| FY25 | 50.0 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY14 | 0.4 |
| FY15 | 0.4 |
| FY16 | 0.5 |
| FY17 | 0.6 |
| FY18 | 0.6 |
| FY19 | 0.6 |
| FY20 | 0.8 |
| FY21 | 0.5 |
| FY22 | 0.2 |
| FY23 | 0.5 |
| FY24 | 0.3 |
| FY25 | 0.3 |
Every ₹100 kept in the business earns just ₹5
Return on capital employed is 5.0% (a year ago: 6.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | 3.0 |
| FY15 | 2.0 |
| FY16 | -4.0 |
| FY17 | 7.0 |
| FY18 | 7.0 |
| FY19 | 9.0 |
| FY20 | -2.0 |
| FY21 | 11.0 |
| FY22 | 41.0 |
| FY23 | 4.0 |
| FY24 | 6.0 |
| FY25 | 5.0 |
Promoters have trimmed their stake — 1.1 points over 8 quarters
Promoters hold 73.8% (down 1.1 points over 8 quarters). Foreign funds own null%, domestic funds 0.0%.promoters_pctfiis_pctdiis_pct
A falling promoter stake is a red flag until explained — it can be a fund-raise or an exit; the difference matters.promoters_pct
Meanwhile domestic funds have been the sellers — from 3.9% to 0.0% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) | Domestic funds (%) |
|---|---|---|
| Mar 23 | 74.9 | 3.9 |
| Jun 23 | 74.9 | 3.9 |
| Sep 23 | 74.9 | 3.9 |
| Dec 23 | 74.9 | 3.9 |
| Mar 24 | 74.9 | 3.9 |
| Jun 24 | 74.9 | 3.9 |
| Sep 24 | 74.9 | 3.9 |
| Dec 24 | 74.9 | 3.9 |
| Mar 25 | 74.4 | 3.9 |
| Jun 25 | 73.8 | 0.0 |
| Sep 25 | 73.8 | 0.0 |
| Dec 25 | 73.8 | 0.0 |
- Sales are NOT driving the profit move — revenue grew just 3.6% while profit moved much more. This is a margin-and-recovery story, which has a shorter runway than a volume story.revenuenet_profit
A turnaround that stuck — the question is what’s left to re-rate
The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.
Biggest worry: cash generation falling (₹40.0 Cr → ₹−5.0 Cr).operating_cash_flow
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Panchmahal Steel Ltd do?
Incorporated in 1972, Panchmahal Steel Ltd manufactures Stainless Steel Long Products viz. Bars, Rods and Wires. It is listed in the Steel Products sector with a market capitalisation of ₹610 Cr.
What is Panchmahal Steel Ltd's share price?
As of 6 March 2026, Panchmahal Steel Ltd trades at ₹320, up 118% over the past year, with a market capitalisation of ₹610 Cr. Beating NIFTY 500 for 36 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Panchmahal Steel Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Panchmahal Steel Ltd's intrinsic value at ₹13.0 per share under base assumptions (bear ₹11.0, bull ₹18.0), against the current price of ₹320 — a 96% premium to model value. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Panchmahal Steel Ltd report in its latest quarterly results?
In its most recent reported quarter (Q3 FY26, quarter ended December 2025): Dec 25 sales were ₹98.1 Cr, up 4% on the same quarter last year. Dec 25 profit after tax was ₹1.2 Cr, down 26% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Panchmahal Steel Ltd growing?
Sales have gone quiet — growth has stalled. Dec 25 sales were ₹98.1 Cr, up 4% on the same quarter last year.
Are Panchmahal Steel Ltd's profits growing?
Profit fell hard 26% — mostly from keeping more of each sale. Dec 25 profit after tax was ₹1.2 Cr, down 26% year on year.
What are Panchmahal Steel Ltd's operating margins?
Margins have been rebuilt — 1.2% in FY20 to 4.2% now. In the most recent quarter, of every ₹100 of sales, the company keeps ₹4.5 as operating profit (a year ago it kept ₹5.5).
What is Panchmahal Steel Ltd's long-term growth record?
Revenue grew from ₹327 Cr in FY14 to ₹383 Cr in FY25 — a 1.4% compound annual growth rate over 11 years. Profit CAGR is not meaningful across this span — the company reported losses in FY14, FY15, FY16, FY20.
Is Panchmahal Steel Ltd stock in an uptrend?
The price is in a confirmed uptrend — 32 weeks and counting. Panchmahal Steel Ltd is in Stage 2 — advancing, 32 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Panchmahal Steel Ltd stock rising?
The price is up 118% over the past year, in a confirmed Stage 2 uptrend (32 weeks), and has beaten NIFTY 500 for 36 weeks.
Is Panchmahal Steel Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 36 weeks, as of 6 March 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Panchmahal Steel Ltd in its business cycle?
The data reads Panchmahal Steel Ltd as a deep cyclical business currently in its expansion phase — earnings at 38% of their own historical range. Profits swing violently in this business — real losses in FY14 and FY15 and FY16 and FY20. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Does Panchmahal Steel Ltd have too much debt?
Debt is present but comfortable. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹31.
What is the bull case for Panchmahal Steel Ltd?
From losses in FY14 and FY15 and FY16 and FY20 to record profits — the comeback is real, the price knows it. Sales have gone quiet — growth has stalled.
What is the bear case for Panchmahal Steel Ltd — what could break the story?
Biggest worry: cash generation falling (₹40.0 Cr → ₹−5.0 Cr). Two weak quarters in a row would kill this story. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Panchmahal Steel Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: a turnaround that stuck — the question is what’s left to re-rate. The numbers are genuinely mixed, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is on watch at 50% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.