Zenith Steel PIP IND Ltd
NSE: ZENITHSTL · Iron & Steel Products · sector
₹5.00NSE close 2026-10-26
Key numbers
Market cap₹71 cr
Price₹5.00
52w high / low₹10 / ₹4
P/E17.9xSector median 15.5x
P/B–Sector median 1.7x
Book value₹-17.5
Dividend yield–Sector median 0.60%
ROE–Sector median 11.1%
ROCE–Sector median 11.9%
OPM-24.9%Sector median 6.7%
Debt / equity–Sector median 0.21x
EV/EBITDA–Sector median 11.8x
Interest cover2.6x
Current ratio0.23x
Sales growth 3y-31.3%Sector median +2.1%
Profit growth 3y–Sector median +13.0%
PEG0.60x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹2 cr vs borrowings ₹220 cr (FY26): borrowings are higher by ₹219 cr.
- Operating profit covered interest 2.6x in the last 12 months.
- 0.20% of the promoters' shares are pledged (0.0% of all shares).
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY22).
- Net loss in 2 of the last 8 quarters.
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- Other income was 471% of net profit in the last 12 months.
- Debtor days went from 151 (FY24) to 391 (FY26).
- No dividend in the last 5 financial years.
- Price ₹5.00 on 2026-10-26: -51.6% from the 52-week high, +13.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹11.04 · low ₹4.77
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 36 | 25 | 19 | 14 | 9 | 11 | 7 |
| EBITDA | -1 | 0 | -2 | -4 | -5 | -4 | -1 | -0 |
| OPM % | -1.9% | 0.0% | -8.2% | -23.5% | -38.7% | -38.5% | -11.3% | -1.7% |
| Other income | 1 | 1 | 6 | 7 | 7 | 6 | 4 | 2 |
| Net profit | -0 | -0 | 3 | 1 | 1 | 1 | 1 | 0 |
| EPS (₹) | -0.03 | -0.01 | 0.20 | 0.07 | 0.05 | 0.10 | 0.10 | 0.03 |
| Revenue YoY | -53.3% | -73.7% | -54.5% | -62.1% | ||||
| Profit YoY | – | – | -50.0% | -54.2% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 163 | 165 | 143 | 119 | 53 | 42 |
| EBITDA | 22 | -12 | -0 | -5 | -15 | -10 |
| Net profit | 12 | -14 | -1 | 0 | 4 | 4 |
| EPS (₹) | 0.83 | -1.01 | -0.05 | 0.02 | 0.31 | 0.28 |
| Revenue growth | +1.1% | -13.2% | -16.8% | -55.2% | -61.7% | |
| Profit growth | -223.6% | – | – | +1,804.3% | +29.6% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -31.3% | -7.3% | -61.7% |
| Net profit | – | – | +29.6% |
| EPS | – | – | – |
| Share price | – | -27.4% (2y) | -47.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | -256 | -257 | -257 | -249 |
| Borrowings | – | 220 | 215 | 215 | 220 |
| Cash & equivalents | – | 6 | 1 | 3 | 2 |
| Total assets | – | 169 | 182 | 159 | 154 |
| Fixed assets | – | 45 | 44 | 42 | 40 |
| Capital work in progress | – | 1 | 1 | 1 | 1 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 47 | 59 | 57 | 57 |
| Inventory | – | 21 | 20 | 8 | 6 |
| Payables | – | 92 | 89 | 90 | 78 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -3 | 17 | 5 | 7 | -1 |
| Cash from investing | 10 | -4 | -2 | -3 | -1 |
| Cash from financing | -7 | -11 | -7 | -2 | 0 |
| Capex | 1 | 4 | 1 | 1 | 0 |
| Free cash flow | -3 | 14 | 3 | 7 | -1 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 5.6% | 0.3% | -0.1% | -1.8% |
| ROCE % | – | 21.5% | -5.9% | -7.1% | -24.1% |
| Debtor days | – | 104 | 151 | 173 | 391 |
| Inventory days | – | 62 | 91 | 52 | 73 |
| Payable days | – | 273 | 409 | 604 | 957 |
| Cash conversion cycle (days) | – | -107 | -167 | -379 | -493 |
| Working capital days | – | -635 | -752 | -904 | -1,862 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 15.64% |
| DIIs | 0.02% |
| of which Mutual funds | 0.00% |
| Government | 0.00% |
| Public (non-institutions) | 84.34% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 15.64% | 15.64% | 15.64% | 15.64% | 15.64% | 15.64% | 15.64% | 15.64% |
| Promoter group | % |
|---|---|
| Birla Bombay Private Limited | 5.74% |
| Birla Precision Technologies | 4.92% |
| Birla Edutech | 2.81% |
| Nirved Traders PVT Ltd | 1.93% |
| Asian Distributors Private Limited | 0.10% |
| Yash Society | 0.05% |
| M/S Birla International PVT Ltd | 0.03% |
| Matri Seva Sadan Charity Trust | 0.02% |
| Shearson Investments & Trading Company Private Limited | 0.02% |
| Birla Industries Group Charity Trust | 0.01% |
| Arunkumar Gangaprasad Singhi | 0.00% |
| Birla Shloka Edutech Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| Hitesh Ramji Javeri | 5.48% |
| NEW Agro Warehousing Private Limited | 2.66% |
| Magesh . | 2.65% |
| Overskud Multi Asset Management Private Limited | 1.77% |
| Harsha Hitesh Javeri | 1.76% |
| Surinder Singh Harbhajan Singh Rajpal | 1.72% |
| Harmeetsingh Harbhajansingh Rajpal | 1.72% |
| Amarjeetsingh Harbhajan Rajpal | 1.68% |
| Thiagarajan Aravamudan | 1.07% |
| Birla Infrastructure Limited | 1.01% |
78,914 shareholders. Pledged: 0.20% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| ZENITHSTL | ₹71 cr | 17.9x | – | – | – | -24.9% | -31.3% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-23 | Other | Annual General Meeting |
| 2023-09-22 | Other | Annual General Meeting |
| 2022-09-22 | Other | Annual General Meeting |
| 2021-09-21 | Other | Annual General Meeting |
| 2020-09-21 | Other | Annual General Meeting |
| 2019-09-19 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-21 | Other | Annual General Meeting |
| 2016-09-15 | Other | Annual General Meeting |
| 2015-09-16 | Other | Annual General Meeting |
| 2014-09-22 | Other | Annual General Meeting |
| 2013-09-16 | Other | Annual General Meeting |
| 2012-09-07 | Other | Annual General Meeting |
| 2011-09-12 | Other | Annual General Meeting |
| 2010-08-11 | Bonus | Bonus 1:5 |
| 2010-07-07 | Dividend | Annual General Meeting / Final Dividend Rs 0.60 And Special Dividend Rs 1.40 Per Share. |
| 2010-03-04 | Restructuring | Scheme Of Arrangement |
| 2009-09-15 | Other | Agm/Div-Re.0.60 Per Share |
| 2008-09-05 | Dividend | Agm/Dividend - 2% |
| 2008-02-13 | Other | Interim Div-Rs.0.50 Pr Sh |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | ZENITHSTL |
| BSE code | 531845 |
| ISIN | INE318D01020 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.