India: Sambhv Steel and Tubes reports record Q2FY’26 performance with 83% y-o-y revenue growth

• Sales surges 53% y-o-y in Q2FY’26 amid strong demand
• Stainless steel capacity being expanded by 1.2 mnt/year

India’s integrated steel pipes and tubes manufacturer, Sambhv Steel and Tubes Limited, reported its strongest-ever quarterly performance in Q2FY’26, driven by robust demand for structural pipes, stainless steel coils, and galvanised products, along with improved capacity utilisation across key divisions.

Financial performance

Revenue rose 83% y-o-y to INR 5,802 million in Q2FY’26, compared to INR 3,163 million in Q2FY’25, supported by higher sales across the ERW, GP, and stainless steel segments.

EBITDA grew 168% y-o-y to INR 603 million, with margins improving to 10.4% from 7.1% last year, led by better product realisations and operational efficiencies.

PAT surged 446% y-o-y to INR 300 million, maintaining a margin of 5.2%, despite higher input costs.

Total sales stood at 98,768 t, up by 53% from 64,567 t a year ago.

Operational metrics

The company’s total production stood at 334,112 t in Q2FY’26, while total sales reached 98,768 t.

Segment-wise, intermediate products (sponge iron, slabs, HR/CR coils) recorded a production volume of 199,585 t, with sales of 9,206 t. Production of structural pipes and tubes (ERW black and CRFH pipes) reached 58,078 t, with sales of 57,788 t. In the stainless steel division (slabs, HR and CR coils), production was 40,666 t, with sales of 11,567 t. Meanwhile, production of pre-galvanised coils and pipes stood at 35,782 t, with sales of 20,207 t, underscoring the company’s growing presence in value-added segments.

Expansion, capex plans

Sambhv is executing a 1.2 mnt/year greenfield stainless steel capacity expansion across Kesda, Baloda Bazar, and Kuthrel (Raipur) in phases.

Phase I includes 0.36 mnt/year stainless steel coil capacity and a 25 MW power plant, with total estimated capex of INR 9,350 million, targeted for commissioning by FY27.

The Kesda unit received a recommendation for environmental clearance from the MoEF&CC Expert Appraisal Committee in November 2025.

Outlook

The company expects sustained demand from infrastructure, construction, and process industries, supported by government capex and strong private sector participation. With a focus on value-added stainless and galvanised products, operational efficiency, and cost optimisation through captive power, Sambhv aims to continue its high-growth trajectory over the next several quarters.