ZENITHSTL
Zenith Steel Pipes & Industries financials
- Market cap
- ₹85 Cr
- Sector
- Capital Goods
What Zenith Steel Pipes & Industries Limited does
Zenith Steel Pipes & Industries Limited (formerly Zenith Birla (India) Limited) is a pioneer of ERW (electric resistance welded) and hot-dip-galvanized steel pipe manufacturing in India, incorporated in 1960 with commercial production starting in 1962. It makes ERW Black and Galvanized pipes from 1/2 inch to 20 inch diameter and is among the largest suppliers of these pipes to the U.S.A. market from India. It also manufactures Spirally Welded (HSAW) pipes from 18 inch to 100 inch OD (457mm to 2540mm), used for bulk transportation of water, and runs two wholly owned overseas subsidiaries (Zenith USA Inc. and Zenith Middle East FZ LLC in the UAE) set up to develop export markets.
Segments
- ERW Pipes
- HSAW Pipes
- Manufacturing units
- 4 (Khopoli & Murbad, Maharashtra; Tarapur, Maharashtra; Trichy, Tamil Nadu) — Khopoli unit under lock-out since Nov 2013
- ERW pipe diameter range
- 1/2 inch to 20 inch (Black & Galvanized)
- HSAW pipe size range
- 18 inch to 100 inch OD (457mm to 2540mm)
- Permanent employees
- 121
- Overseas subsidiaries
- 2 (Zenith USA Inc.; Zenith Middle East FZ LLC, UAE)
- Years in operation
- 63+ years (incorporated 1960; commercial production since 1962)
Quarterly results
Q1 FY27: revenue down 62.6%, net profit down 65.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 36 | 25 | 19 | 14 −54% | 9 −75% | 9 −66% | 7 −63% |
| EBITDA | -1 | 0 | -2 | -4 | -6 −879% | -4 −38800% | -4 −77% | -0 +95% |
| Net profit | -0 | -0 | 3 | 1 | 1 +230% | 1 +710% | 0 −87% | 0 −66% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −23.7% 1Y
1Y: ₹7.67 on 10 Sept 2025 → ₹5.85. High ₹9.88 (23 Oct 2025), low ₹4.6 (28 Jan 2026).
Financials, as filed
Revenue fell 40.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to -35.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹141 Cr | ₹119 Cr | ₹50 Cr |
| Operating profit | ₹-0 Cr | ₹-5 Cr | ₹-18 Cr |
| Operating margin | -0.2% | -4.4% | -35.0% |
| Interest | ₹3 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹3 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹-1 Cr | ₹0 Cr | ₹3 Cr |
| Net margin | -0.5% | 0.2% | 6.2% |
| Cash from operations | ₹5 Cr | ₹6 Cr | ₹-1 Cr |
| Free cash flow | ₹3 Cr | ₹6 Cr | ₹-1 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹142 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr |
| Reserves | ₹-393 Cr | ₹-393 Cr | ₹-392 Cr | ₹-393 Cr | ₹-394 Cr | ₹-390 Cr |
| Borrowings | ₹224 Cr | ₹224 Cr | ₹215 Cr | ₹211 Cr | ₹215 Cr | ₹215 Cr |
| Other liabilities | ₹145 Cr | ₹191 Cr | ₹200 Cr | ₹218 Cr | ₹191 Cr | ₹178 Cr |
| Total liabilities | ₹119 Cr | ₹164 Cr | ₹166 Cr | ₹179 Cr | ₹155 Cr | ₹146 Cr |
| Fixed assets | ₹48 Cr | ₹44 Cr | ₹45 Cr | ₹44 Cr | ₹41 Cr | ₹40 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹71 Cr | ₹120 Cr | ₹120 Cr | ₹134 Cr | ₹113 Cr | ₹104 Cr |
| Total assets | ₹119 Cr | ₹164 Cr | ₹166 Cr | ₹179 Cr | ₹155 Cr | ₹146 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 5% to 79,262.
- Promoters
- 15.6%
- DIIs
- 0.0%
- Public
- 84.3%
Since Jun 2025
- Public −0.01 pp
- Promoters 0.00 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 15.6%, DIIs 0.2%, Public 84.2%.Dec '23: Promoters 15.6%, DIIs 0.1%, Public 84.2%.Mar '24: Promoters 15.6%, DIIs 0.1%, Public 84.3%.Jun '24: Promoters 15.6%, DIIs 0.1%, Public 84.3%.Sep '24: Promoters 15.6%, DIIs 0.1%, Public 84.3%.Dec '24: Promoters 15.6%, DIIs 0.1%, Public 84.3%.Mar '25: Promoters 15.6%, DIIs 0.0%, Public 84.3%.Jun '25: Promoters 15.6%, DIIs 0.0%, Public 84.3%.Sep '25: Promoters 15.6%, DIIs 0.0%, Public 84.3%.Dec '25: Promoters 15.6%, DIIs 0.0%, Public 84.3%.Mar '26: Promoters 15.6%, DIIs 0.0%, Public 84.3%.Jun '26: Promoters 15.6%, DIIs 0.0%, Public 84.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zenith Steel Pipes & Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Birla Bombay Private Limited | 5.74% | unchanged |
| Hitesh Ramji Javeri | 5.48% | unchanged |
| Birla Precision Technologies | 4.92% | unchanged |
| Birla Edutech | 2.81% | unchanged |
| Magesh | 2.67% | unchanged |
| New Agro Warehousing Private Limited | 2.66% | unchanged |
| Nirved Traders Pvt Ltd | 1.93% | unchanged |
| Overskud Multi Asset Management Private Limited | 1.77% | unchanged |
| Harsha Hitesh Javeri | 1.76% | unchanged |
| Surinder Singh Harbhajan Singh Rajpal | 1.72% | unchanged |
| Harmeetsingh Harbhajansingh Rajpal | 1.72% | unchanged |
| Amarjeetsingh Harbhajan Rajpal | 1.68% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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