SAMBHV STEEL TUBES FUNDAMENTAL RESEARCH REPORT

Sambhv Steel Tubes (NSE: SAMBHV, BSE: 544430), Raipur, Chhattisgarh, listed July 2025 (Rs 440 Cr fresh issue at ~Rs 82),makes ERW structural pipes and tubes, pre-galvanised (GP) coils and pipes, and stainless-steel (SS) CR coils . It runs abackward-integrated chain - iron ore and coal sourced within ~200-250 km, then its own sponge iron, blooms/slabs and HRcoil feeding the pipe mills - at two plants (Sarora and Kuthrel) with installed capacity of 3.5 lakh t ERW pipes, 1.16 lakh t GPand 1.16 lakh t SS coils. Management calls it India’s only fully integrated pipe maker (a company claim). Event 1 - record numbers, and Q2 volumes already strong. FY26 revenue Rs 2,413 Cr (+60%) , PAT Rs 142 Cr (+150%) ; Q1 FY27revenue Rs 732 Cr (+31%), PAT Rs 57 Cr (+66%), operating EBITDA Rs 9,355/t (Rs 10,002 excluding sponge iron) against Rs6,964/t for FY26. The 2-Oct-2026 sales update shows Q2 FY27 volume of 1,22,662 t (+24% YoY, +14% QoQ) and a record1,13,591 t of value-added products (+27% YoY). Event 2 - but management guides margins DOWN.