Zenith Steel Pipes & Industries (ZENITHSTL) had a P/E of 17.5× on 6 Nov 2026, below the industry P/E of 19.9×, and the shares are 42% below their 52-week high. Sales fell 30% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. Its net worth is negative, as liabilities exceed assets, and borrowings are ₹220 Cr. It is a small-cap company with a market cap of ₹70 Cr, ranked 112th of 150 Steel companies by market cap; the shares fell 43% over the past year.
- ₹4.99
- ₹4.99
- ₹4.85
- ₹4.87
- 26.1K
Health check
- ReturnsBehind
−42.5% over a year, better than 0 of 7 peers.
- Price tagNegative equity
Book value is below zero, so P/E and P/B mislead here.
- GrowthShrinking
Sales −29.9% a year over 3 years.
- ProfitabilityDistorted
With negative net worth, return ratios are meaningless.
- Balance sheetStretched
Negative net worth: liabilities exceed assets.
- Red flags5 to check
Negative net worth: liabilities exceed assets.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹70 Cr
- Small cap
- P/E
- 17.5
- Industry 19.9
- Price to book
- −0.28
- Peers 2.28
- Dividend yield
- 0.00%
- ROE
- n/a
- Peers 23.4%
- ROCE
- n/a
- Peers 18.7%
- Debt to equity
- n/a
- Debt ₹220 Cr
- EPS (TTM)
- ₹0.28
- Face value ₹10
- OPM (TTM)
- −28.1%
- Net margin 9.3%
- Sales growth
- −62.1%
- Latest quarter vs a year ago
- Profit growth
- −54.2%
- Latest quarter vs a year ago
- Price to sales
- 1.68
- EV/EBITDA −16.1
Strengths and risks
Risks to check
- Negative net worth: liabilities exceed assets.
- Quarterly profit down 54.2% on a year ago.
- Quarterly sales down 62.1% on a year ago.
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- 42% below its 52-week high.
About Zenith Steel Pipes & Industries
Zenith Steel Pipes & Industries Limited, together with its subsidiaries, manufactures and sells steel pipes and related products in India and internationally. The company offers electric resistance welded (ERW) black and galvanized pipes; and helical submerged arc welded pipes. The company's products are used for various applications, such as agriculture and irrigation water distribution, sprinklers, drill rods, bore-wells, construction water…
- Headquarters
- Mumbai
- Employees
- 111
- Sector
- Basic Materials
- ISIN
- INE318D01020
- Website
- zenithsteelpipes.com
Price range
- Avg volume (3M)
- 80.6K
- 1-year return
- minus 42.5%
- From 52-week high
- minus 42.2%
Peers · Steel
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEELJSW Steel | 1,357.10 | plus 0.11% | 3,31,265 | 11.7 | 12.2 | 18.7% | 17.7% | 0.62 | 3.6% | plus 14.7% |
| TATASTEELTata Steel | 186.30 | plus 2.36% | 2,32,397 | 21.1 | 9.1 | 11.3% | 15.2% | 0.89 | −1.6% | plus 1.5% |
| JINDALSTELJindal Steel | 1,165.00 | plus 1.31% | 1,18,594 | 41.5 | 14.9 | 7.5% | 15.9% | 0.42 | −13.1% | plus 6.4% |
| LLOYDSMELloyds Metals And Energy | 1,785.50 | minus 1.38% | 1,00,482 | 19.1 | 18.8 | 19.4% | 37.4% | 1.23 | 71.3% | plus 37.4% |
| SAILSteel Authority of India | 171.60 | minus 0.41% | 70,880 | 12.6 | 8.1 | 7.2% | 12.9% | 0.50 | 2.0% | plus 24.7% |
| NMDCNMDC | 70.40 | minus 0.01% | 61,894 | 8.3 | 6.2 | 28.4% | 30.0% | 0.19 | 22.0% | minus 5.2% |
| APLAPOLLOAPL Apollo Tubes | 2,185.30 | minus 0.41% | 60,677 | 46.3 | 32.7 | 28.0% | 8.2% | 0.17 | 12.6% | plus 23.3% |
| ZENITHSTLZenith Steel Pipes & Industries | 4.91 | plus 0.82% | 70 | 17.5 | 33.9 | – | −28.1% | – | −29.9% | minus 42.5% |
| Median of 7 peers | – | −0.01% | 1,00,482 | 19.1 | 12.2 | 18.7% | 15.9% | 0.50 | 3.6% | 14.7% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 18.9 | 14 | 9.4 | 11.3 | 7.2 | |
| 23.4 | 19.5 | 13 | 13.9 | 7.3 | |
| −4.4 | −5.4 | −3.6 | −2.6 | −0.1 | |
| −23.5% | −38.8% | −38.5% | −23.0% | −1.7% | |
| 6.5 | 7.3 | 6.2 | 3.8 | 1.7 | |
| 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |
| 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |
| – | – | – | 1.3 | – | |
| 1 | 0.7 | 1.5 | 1.4 | 0.5 | |
| 1 | 0.7 | 1.5 | 1.4 | 0.4 | |
| 0.07 | 0.05 | 0.10 | 0.10 | 0.03 |
Profit & loss
- Sales CAGR 3Y
- −29.9%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 148 | 139 | 117 | 51 | |
| – | minus 5.8% | minus 15.8% | minus 56.5% | |
| 159 | 135 | 112 | 43.1 | |
| −11.1 | 4.7 | 4.9 | 7.9 | |
| −7.5% | 3.4% | 4.2% | 15.5% | |
| 6.7 | 0.3 | 2.3 | 3.4 | |
| 3.4 | 2.9 | 4.6 | 2.4 | |
| 2.5 | 2.6 | 2 | 1.9 | |
| −0.8 | −0 | −0.2 | −2.5 | |
| −11.1 | −0.5 | 0.5 | 4.5 | |
| −14.4 | −0.7 | 0.2 | 4.4 | |
| -1.01 | -0.05 | 0.02 | 0.31 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 142 | 142 | 142 | 142 | |
| −398 | −399 | −399 | −391 | |
| 198 | 194 | 198 | 199 | |
| 227 | 245 | 217 | 204 | |
| 169 | 182 | 159 | 154 | |
| 45.7 | 44.4 | 43 | 41.2 | |
| 1.2 | 0.8 | 1.2 | 1.3 | |
| 0 | 0 | 0 | 0 | |
| 5.3 | 0.4 | 3 | 1.1 | |
| 117 | 136 | 111 | 110 | |
| 169 | 182 | 159 | 154 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 17.9 | 4.7 | 3.9 | −1.1 | |
| −4.3 | −2.4 | −1.6 | −1.1 | |
| −11.3 | −7.1 | −0.1 | 0.4 | |
| 2.3 | −4.8 | 2.2 | −1.8 | |
| −3.7 | −1.4 | −0.5 | −0.2 | |
| 14.2 | 3.4 | 3.4 | −1.3 |
Shareholding pattern
- Promoters15.64%
- Public84.36%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 15.64% | 84.36% | 0.00 | |
| 30 Jun 2026 | 15.64% | 84.36% | 0.00 | |
| 31 Mar 2026 | 15.64% | 84.36% | 0.00 | |
| 31 Dec 2025 | 15.64% | 84.36% | 0.00 | |
| 30 Sep 2025 | 15.64% | 84.36% | – |
Major shareholders
Filings & events
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