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About
Vibhor Steel Tubes Ltd (VSTL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544124 NSE: VSTL Steel & Iron Products | Small Cap | Vibhor Steel Tubes Share Price
₹117.80 4.00 (3.51%)
As on 04-Sep'26 16:59
Vibhor Steel Tubes Ltd (VSTL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544124 NSE: VSTL Steel & Iron Products | Small Cap | Vibhor Steel Tubes Share Price
₹117.80 4.00 (3.51%)
As on 04-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹223 Cr.
Current Price
₹117.8
52-Week Low / High
₹101 / 168
TTM EPS
₹4
TTM Sales
₹1,212 Cr.
Book Value per Share
₹104.9
P/E Ratio
29.47
Higher than its 5-year historical median
Industry PE
25.3
Price to Book (P/B)
1.12
Lower than its 5-year historical median
Price to Sales (P/S)
0.18
Lower than its 5-year historical median
EV/EBITDA
8.24
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
4.57%
Underperforms industry median
Return on Capital Employed (ROCE)
7.57%
Underperforms industry median
Return on Assets (ROA)
1.93%
Operating Profit Margin
3.8%
Net Profit Margin
0.77%
Gross Profit Margin
2.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
15.35%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
19.1%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-25.32%
Asset Quality
Promoter Holding
74.74%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹180 Cr.
Equity
₹19 Cr.
Face Value
₹10
All Time Low / High
₹100.60 / 442.00
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Strong
Is Vibhor Steel Tubes Ltd a good quality company?
Vibhor Steel Tubes Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Vibhor Steel Tubes Ltd performance compare with that of its Peers?
Revenue growth of Vibhor Steel Tubes Ltd vs industry peers?
Vibhor Steel Tubes Ltd revenue CAGR is 17.62%, compared to the industry median CAGR of 8.22%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Vibhor Steel Tubes Ltd?
Promoters hold 74.74% of the Vibhor Steel Tubes Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Vibhor Steel Tubes Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -27.06% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Vibhor Steel Tubes Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.9% | 14.4% | 18.2% | 15% | 8.3% | 7.6% | - |
| Value Creation Index ⓘ | -0.3 | 0.0 | 0.3 | 0.1 | -0.4 | -0.5 | - |
Growth Parameters ⓘ |
|||||||
| Sales ⓘ | 510 | 818 | 1,113 | 1,073 | 996 | 1,149 | 1,212 |
| Sales YoY Gr. | - | 60.2% | 36.1% | -3.6% | -7.1% | 15.4% | - |
| Adj EPS ⓘ | 0.4 | 8.2 | 14.9 | 9.4 | 6.1 | 5.2 | 4 |
| YoY Gr. | - | 2044.7% | 82.2% | -36.8% | -35% | -15.6% | - |
| BVPS (₹) ⓘ | 42.7 | 50.8 | 65.7 | 93.8 | 99.2 | 103.9 | 104.9 |
| Adj Net Profit ⓘ | 0.5 | 11.6 | 21.1 | 17.8 | 11.6 | 9.8 | 8 |
| Cash Flow from Ops. ⓘ | 45.4 | -34.6 | 7 | 5.9 | 35.9 | 61.3 | - |
| Debt/CF from Ops. ⓘ | 1.6 | -3.7 | 21.7 | 24 | 4.8 | 3.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 17.6% | 1.1% | 15.4% | ||||
| Adj EPS ⓘ | NA | 68.4% | -29.7% | -15.6% | ||||
| BVPSⓘ | NA | 19.5% | 16.5% | 4.7% | ||||
| Share Price | - | - | - | -27.1% | ||||
Key Financial Parameters ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.9 | 17.5 | 25.5 | 13.1 | 6.3 | 5.1 | 3.8 |
| Op. Profit Mgn % ⓘ | 3.7 | 3.6 | 4.1 | 4.6 | 3.7 | 3.8 | 3.7 |
| Net Profit Mgn % ⓘ | 0.1 | 1.4 | 1.9 | 1.7 | 1.2 | 0.9 | 0.6 |
| Debt to Equity ⓘ | 1.2 | 1.8 | 1.6 | 0.8 | 0.9 | 1 | - |
| Working Cap Days ⓘ | 0 | 63 | 64 | 84 | 109 | 89 | 43 |
| Cash Conv. Cycle ⓘ | 0 | 35 | 39 | 51 | 61 | 51 | 10 |
Valuation of Vibhor Steel Tubes - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 510 | 818 | 1,113 | 1,073 | 996 | 1,149 |
| Operating Expenses ⓘ + | 492 | 789 | 1,068 | 1,024 | 960 | 1,106 |
| Operating Profit ⓘ | 19 | 29 | 46 | 49 | 36 | 43 |
| Operating Profit Margin (%) | 3.7% | 3.6% | 4.1% | 4.5% | 3.7% | 3.8% |
| Other Income ⓘ + | 1 | 1 | 1 | 2 | 2 | 3 |
| Interest ⓘ | 9 | 9 | 12 | 18 | 11 | 16 |
| Depreciation ⓘ | 7 | 6 | 6 | 8 | 10 | 17 |
| Profit Before Tax ⓘ | 4 | 15 | 28 | 24 | 17 | 12 |
| Tax ⓘ | 3 | 4 | 7 | 6 | 5 | 4 |
| Profit After Tax | 1 | 11 | 21 | 18 | 12 | 9 |
| PAT Margin (%) | 0.1% | 1.4% | 1.9% | 1.7% | 1.2% | 0.8% |
| Adjusted EPS (₹) | 0.5 | 8.0 | 14.9 | 9.3 | 6.2 | 4.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 60 | 72 | 93 | 178 | 188 | 197 | |||||
| Debt + | 70 | 124 | 150 | 135 | 160 | 180 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 33 | 43 | 42 | 56 | 87 | 27 | |||||
| Others Liabilities ⓘ | 9 | 10 | 8 | 15 | 39 | 34 | |||||
| Total Liabilities ⓘ | 173 | 249 | 294 | 383 | 473 | 439 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 52 | 50 | 54 | 69 | 69 | 163 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 12 | 68 | 20 | |||||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Inventories | 51 | 101 | 120 | 171 | 191 | 123 | |||||
| Trade Receivables | 39 | 45 | 54 | 51 | 72 | 55 | |||||
| Cash Equivalents | 15 | 21 | 26 | 24 | 19 | 16 | |||||
| Others Assets ⓘ | 15 | 32 | 39 | 56 | 55 | 61 | |||||
| Total Assets ⓘ | 173 | 249 | 294 | 383 | 473 | 439 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 45 | -35 | 7 | 6 | 36 | 61 |
| Cash Flow From Investing Activity ⓘ + | -1 | -4 | -16 | -42 | -58 | -70 |
| Cash Flow From Financing Activity ⓘ + | -36 | 44 | 13 | 35 | 16 | 6 |
| Net Cash Flow ⓘ | 8 | 6 | 5 | -1 | -5 | -3 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.14 | 17.11 | 25.51 | 13.08 | 6.43 | 4.57 | ||||
| ROCE (%) | 9.9 | 14.42 | 18.21 | 14.95 | 8.29 | 7.57 | ||||
| Asset Turnover Ratio | 2.95 | 3.88 | 4.11 | 3.17 | 2.33 | 2.52 | ||||
| PAT to CFO Conversion(x) | 45 | -3.18 | 0.33 | 0.33 | 3 | 6.78 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 28.10 | 18.80 | 16.30 | 17.90 | 22.50 | 20.20 | ||||
| Inventory Days | 36.50 | 34 | 36.30 | 49.50 | 66.30 | 49.90 | ||||
| Payable Days | 26.50 | 18.50 | 15.20 | 18.60 | 29.30 | 20.30 | ||||
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Vibhor Steel Tubes Ltd FAQs
The current trading price of Vibhor Steel Tubes on 04-Sep-2026 16:59 is ₹117.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Sep-2026 the market cap of Vibhor Steel Tubes stood at ₹223.4 Cr
The latest P/E ratio of Vibhor Steel Tubes as of 03-Sep-2026 is 29.47.
The latest P/B ratio of Vibhor Steel Tubes as of 03-Sep-2026 is 1.12.
The 52-week high of Vibhor Steel Tubes is ₹168.0 and the 52-week low is ₹100.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Vibhor Steel Tubes is ₹1,212 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Vibhor Steel Tubes Ltd is a below average quality company.
The key valuation ratios of Vibhor Steel Tubes Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Vibhor Steel Tubes Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Vibhor Steel Tubes Ltd
Vibhor Steel Tubes is manufacturer and exporter of Mild Steel/Carbon Steel ERW Black and Galvanized Pipes, Hallow Steel Pipe, Cold rolled Steel (CR) Strips/ Coils. It is an old manufacturer, exporter and supplier of steel pipes and tubes to various heavy engineering industries in India. Steel pipes and tubes can be used for many purposes such as steel pipes for frames and shafts, steel pipes for bicycle frames, steel pipes for furniture, CDW pipes for shockers, steel pipes for various structural purposes, steel pipes for various engineering purposes etc. The company has a very wide range of steel pipes and tubes products. The lengths of the steel pipes & tubes in different ranges unless otherwise specified by the customers. It manufactures steel pipes and tubes in various shapes and sizes such square, round, rectangular and elliptical or any special shape.
The company was originally incorporated as ‘Vibhor Steel Tubes Private Limited’ a private limited company under the Companies Act, 1956 at, pursuant to a certificate of incorporation dated April 16, 2003 issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. Thereafter, the company was converted from private to public company, pursuant to a special resolution passed by the shareholders of the Company on June 14, 2023 and a fresh certificate of incorporation consequent to change of name was issued by the Registrar of Companies, Delhi (RoC) on July 07, 2023.
Business area of the company
The company is engaged in the business of manufacturing of ERW Pipes & Tubes, Galvanized Pipes & Tubes and Crash Barriers.
Products of the company
- ERW (Electric Resistance Welded) pipes
- Hot-dipped galvanized pipes
- Hollow sections tubes
- Crash barrier
History and milestones
- 2003: The Company was incorporated as ‘Vibhor Steel Tubes Limited’.
- 2004: Mills were made operative with production capacity of 25,000 MTPAin unit I.
- 2007: Capacity doubled to 60,000 MTPA.
- 2008: New factory unit I having 8 mill & a new galvanized line was set up.
- 2011: Company manufactured 90,000 MTPA with helpof advanced tube mill imported from Australia and state of the art slitting line from USA.
- 2013: Started exporting to Egypt.
- 2017: Factory set up in Telangana with capacity of 96,000 MTPA (Unit -II).
- 2018: Size 12” Tube mill has been started at Telangana Unit in the year 2018 and its Unit-II has executed turnover Rs 113.00 crore.
- 2019: Company has achieved a Turnover of more than Rs 500 crore.
- 2022: Company has added a ware house in Hisar, Haryana.
- 2022: Company has achieved a Turnover of more than Rs 800 crores and its profit has also increased to Rs 11.48 crore.
- 2023: Company has achieved a Turnover of more than Rs 1,100 crore and its profit has also increased by more than 80%.
- 2023: Company has added the production of two new products i.e., Square Pipe and crash barriers.
- 2023: Conversion of Company from Private to Public under the Companies Act, 2013.
- 2023: Company has acquired the land in Orrisa for setting up a new plant (Unit -III).
- 2024: Vibhor Steel Tubes listed on the BSE and NSE.
- 2024: Entered into an agreement with Fortuna Public Relations, ‘Agency’ for availing public relations and investor relation media support services.
- 2025: Received new work order from Patel Infrastructure for the supply of Metal Crash Barriers for the Ganga Expressway Project.
- 2025: Successfully commenced trial production at its Unit III plant in Odisha in March 2025.
- 2025: Commenced commercial production at Unit III in Odisha, utilizing generator power June 2025.
- 2025: Commenced supply of the Electric Resistance Welded (ERW) and Galvanized (GI) Pipes produced from its greenfield plant located at Sundargarh in Odisha in August 2025.
- 2026: Received new work order worth around Rs 1.80 crore from Royal Infraconstru for the supply of Metal Crash Barriers.
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