- Revenue show mixed trends y-o-y
- FY26 outlook steady on strong orders, cost control.
India’s leading steel pipe and tube makers reported a mixed performance in FY’25. Jindal SAW faced a marginal decline in profitability despite steady revenues and a healthy export-driven order book. APL Apollo posted strong revenues and profit growth, supported by rising sales volumes. On the other hand, Welspun Corp saw a drop in revenues but maintained EBITDA growth. Additionally, Surya Roshni improved margins and PAT in Q4, while MAN Industries reported robust quarterly growth and a solid order pipeline, ensuring future visibility.
Performance highlights in FY’25
1. Jindal SAW: The company reported total revenue from operations of INR 20,948 crore for FY’25, marking a marginal decline of 1% y-o-y compared to INR 21,126 crore in the previous fiscal year. Additionally, revenue for Q4FY’25 declined by 8% y-o-y to INR 5,067 crore, up from INR 5,494 crore in Q4FY’24.
EBITDA stood at 757 crore in Q4FY’25, down by 23% y-o-y from INR 989 crore in Q4FY’24.
Profit after tax (PAT) dropped by 82% y-o-y to INR 87 crore in Q4FY’25 against INR 480 crore in the same quarter of the previous financial year.
Jindal SAW recorded sales of 16,98,000 tonnes (t) in FY’25, a slight decline of 1% against 17,16,000 t in FY’24 in iron and steel pipes segment.
The company’s current orderbook (standalone) stands at around $132.8 crore out of which iron and steel pipes orders are around $132.2 Cr and $0.5 Cr are pellet orders.
The company’s order book includes nearly 23% of orders from global markets, which presents a significant opportunity for exports. These orders are scheduled to be completed in the next 9-12 months.
2.APL Apollo: Total revenue from operations was at INR 20,689 crore for FY’25, an increase of 14 % y-o-y against INR 18,118 crore in the previous fiscal year. Moreover, the company saw an increase of 16% y-o-y in revenues to INR 5,509 Cr in Q4FY’25 against INR 4,766 crore in Q4FY’24.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 48% y-o-y to INR 414 crore in Q4FY25 from INR 280 crore in the same quarter of FY’24.
The company’s net profits increased by 72% y-o-y to INR 293 crore in Q4FY’25 compared to INR 170 crore in Q4FY’24.
Additionally, the company recorded sales of 850,000 t in Q4FY’25, a rise of 25% against 679,000 t in Q4FY’24.
3.Welspun Corp: Total revenue from operations was at INR 14,167 crore for FY’25, a decrease of 19 % y-o-y against INR 17,582 crore in the previous fiscal year. Moreover, for Q4FY’25, the same registered a decline of 12.7 % to INR 3,967 crore as against INR 4,544 crore in Q4FY’24.
EBITDA stood at INR 1,858 crore in FY’25, an increase of 3 % y-o-y against INR 1,804 crore in FY’24. Additionally, the same increased by 22% y-o-y in Q4FY’25 from INR 502 crore against INR 413 crore in Q4FY’24.
Welspun’s robust order book stood around Rs 19,500 Cr including line pipes (India & US), ductile iron (DI) pipes and stainless steel bars & Pipes.
4.Surya Roshni: Total revenue of the company stood at INR 7,436 Cr for FY’25, a decrease of 5 % y-o-y against INR 7,809 Cr in the previous fiscal year. The company’s consolidated revenue for Q4FY’25 went marginally up by 3% on a y-o-y basis to INR 2,146 Cr compared to INR 2,080 Cr in Q4FY’24.
The company recorded a rise in EBITDA margins by 22% y-o-y to INR 211 crore in Q4FY’25 as compared to INR 173 crore in the same quarter of the previous financial year.
PAT increased by 25% y-o-y to INR 130 crore in Q4FY’25 against INR 104 crore in Q4FY’24.
5.MAN Industries: Total revenue from operations was at INR 3,505 Cr for FY’25, an increase of 11.6 % y-o-y against INR 3,142 crore in the previous fiscal year. Moreover, for Q4FY’25, the same climbed up by 50% to INR 1,218 crore as against INR 811 crore in Q4FY’24.
The company reported an EBIDTA of INR 353 crore in FY’25, rising by 20.5 % compared to INR 293 crore in FY’24.
MAN Industries reported a PAT of INR 68 crore in Q4FY’25, up by 182% y-o-y compared to INR 24 crore in Q4FY’24.
The order book remains robust at INR 2500 crore, with expected execution over the next 6 to 12 months. Additionally, the company boasts a healthy bid pipeline of INR 15,000 crore, further reinforcing strong revenue visibility.
Outlook
As FY’26 begins, India’s pipe and tube manufacturers are navigating a mixed landscape. APL Apollo is likely to sustain its growth trajectory, driven by volume gains and margin expansion. MAN Industries is also poised for strong performance, supported by a healthy order book and bidding pipeline.
Welspun Corp, while facing revenue headwinds, is expected to leverage its diversified product mix and global presence. Surya Roshni’s improved profitability signals operational efficiency, while Jindal SAW may focus on margin recovery despite a solid export pipeline. Overall, order visibility and cost efficiency will shape sector performance in the coming quarters.
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