Sambhv Steel Tubes Limited IPO
Established in 2018, Sambhv Steel Tubes Limited is a Chhattisgarh-based integrated manufacturer and one of India’s leading producers of electric resistance welded (ERW) steel pipes and structural tubes. The company also has a strong presence in the stainless steel coils segment. As per CRISIL, Sambhv ranks among the top domestic players by installed capacity for ERW pipes and is one of only two manufacturers producing them from in-house narrow-width hot-rolled (HR) coils. Sambhv Steel Tubes is well-positioned to benefit from India’s infrastructure boom, driven by government initiatives like the Jal Jeevan Mission and Amrit Bharat Station Scheme. Backed by a professional team and seasoned promoters, the company is geared for sustained growth.
Integrated Business Model
Sambhv operates a fully backward-integrated model, beginning with sponge iron, iron ore (sourced from a Navratna PSU), and coal (from a Maharatna PSU) to manufacture finished products such as:
– Black pipes
– GI/GP pipes
– CRFH pipes
– Stainless steel HRAP and CR coils
– Steel door frames
This integration provides cost efficiency, consistent quality, and faster time-to-market.
Manufacturing Footprint
The company has two strategically located manufacturing units:
1. Sarora (Tilda) Facility
2. Kuthrel Facility
Together, they have a total installed capacity of 1.7 million MTPA as of March 2025. A 25 MW captive power plant meets more than 56% of power needs, reducing production costs and the environmental footprint.
Diversified Product Use & Market Reach
Sambhv Steel Tubes Limited’s products cater to a wide range of industries, including housing and infrastructure, water management, agriculture, oil and gas, solar energy, telecom, and automotive. This diversified application ensures broad market reach and demand resilience across both public and private sector projects.
The company operates across 15 states and 1 Union Territory, supported by 700+ dealers and 43 distributors, ensuring a wide market presence.
Innovation & Technology
Innovation is central to Sambhv’s growth:
– Developed corten steel for marine containers
– Introduced termite-proof steel door frames for affordable housing projects
– Uses advanced technologies like Argon Oxygen Decarburization (AOD) and Ladle Refining for improved product quality and consistency
Objects of the Sambhv Steel Tubes Limited IPO:
Sambhv Steel Tubes Limited IPO Details:
Open Date: | Jun 25 2025 |
Close Date: | Jun 27 2025 |
Total Shares: | 6,58,53,657 |
Face Value: | ₹ 10 Per Equity Share |
Issue Type: | Book Building |
Issue Size: | 540 Cr. |
Lot Size: | 182 Shares |
Issue Price: | ₹ 77 to 82 Per Equity Share |
Listing At: | NSE,BSE |
Promoters And Management:
Financials of Sambhv Steel Tubes Limited IPO:
Particulars | 9M FY2025 (Consolidated) | FY 2023-24 (Standalone) | FY 2022-23 (Standalone) | FY 2021-22 (Standalone) |
Revenue from Operations | 1,016.09 | 1,285.75 | 937.22 | 819.34 |
Gross Profit Margin | 30.46% | 28.43% | 25.66% | 24.35% |
EBITDA | 106.36 | 159.87 | 117.30 | 124.51 |
EBITDA Margins | 10.47% | 12.43% | 12.52% | 15.20% |
PAT | 40.68 | 82.43 | 60.38 | 72.10 |
PAT Margins | 4% | 6.41% | 6.44% | 8.80% |
ROCE | 7.67% | 17.66% | 20.20% | 28.90% |
EBITDA per Tonne (In Rs.) | 5,346.25 | 7,160.70 | 7421.54 | 7,911.47 |
Operating Cash Flows | -42.12 | 142.42 | 65.55 | 34.49 |
Comparison With Peers:
Companies | Revenue | EBITDA Margins | PAT Margins | D/E Ratio | ROCE | EBITDA Per Tonne (In Rs.) | MCap | P/E |
Sambhv Steel Tubes (FY 2024) | 1,285.75 Cr. | 12.43% | 6.41% | 0.79 | 17.66% | 7,160 | 2416.21 Cr. | 29.31* |
APL Apollo Tubes (FY 2025) | 20,690 Cr. | 6% | 3.65% | 0.15 | 22.80% | 3,900 | 49,920 Cr. | 65.90 |
Hariom Pipes Industries (FY 2025) | 1,357 Cr. | 13% | 4.56% | 0.70 | 14.10% | 7,147 | 1,202 Cr. | 19.50 |
Hi-Tech Pipes (FY 2025) | 3,068 Cr. | 5% | 2.37% | 0.14 | 11.70% | 3,500 to 4,000 | 2,043 Cr. | 28 |
JTL Industries (FY 2025) | 1,913 Cr. | 6% | 5.17% | 0.04 | 13.20% | 4,200 to 4,400 | 2,881 Cr. | 29.20 |
Rama Steel Tubes (FY 2025) | 1,048 Cr. | 3% | 2.19% | 0.24 | 8.50% | 1,868 Cr. | 82.10 | |
Surya Roshni (FY 2025) | 7,435 Cr. | 8% | 4.68% | 0.01 | 20.90% | 5,400 | 7,277 Cr. | 20.90 |
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