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Latest filing: 2026-08-13 10:46
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₹124.3 Cr Revenue in Q1 FY27; PAT Declines 25.9% Amid Operational Headwinds
Scoda Tubes reported a 27.6% YoY revenue growth to ₹124.3 cr for Q1 FY27, primarily driven by a robust 81.5% surge in export revenue. However, PAT declined by 25.9% to ₹5.3 cr, with PAT margins contracting from 7.3% to 4.2% due to a two-week gas supply disruption and higher freight costs. A significant positive is the reduction in Net Debt/Equity to 0.3x from 1.1x in FY25, following the company's public issue. The cash conversion cycle has elongated to 211 days, reflecting increased inventory and debtor days.
Confidence: HIGH
What changedThe company has significantly deleveraged its balance sheet post-listing but faced operational margin pressure from utility disruptions and global supply chain costs.
Why it mattersThe shift toward a 46.6% export mix demonstrates global competitiveness, but the margin hit highlights sensitivity to energy supply and the lag in pricing power during volatile periods.
Revenue (Q1 FY27): ₹124.3 crPAT Growth (YoY): -25.9%Net Debt/Equity: 0.3xExport Revenue Mix: 46.6%Seamless Capacity: 20,068 MTPACash Conversion Cycle: 211 days
📅 Short termThe stock may face pressure due to the sharp decline in PAT and margin contraction, despite the healthy top-line growth.
📈 Long termLong-term prospects depend on the successful ramp-up of the welded segment capacity in H2 FY27 and achieving the targeted blended EBITDA margin of 15-16%.
⚠ Risk flags
- Volatility in raw material prices
- Gas supply reliability
- Elongated working capital cycle
- Geopolitical freight cost impacts
Key Highlights
Revenue from operations increased 27.6% YoY to ₹124.3 cr, supported by strong export demand.
Export revenue grew 81.5% YoY to ₹57.9 cr, now accounting for 46.6% of total sales.
Net Debt/Equity ratio improved to 0.3x from 1.1x in FY25, strengthening the balance sheet.
PAT margin dropped 305 bps to 4.2% due to temporary gas supply issues and raw material volatility.
Cash conversion cycle increased to 211 days from 164 days in FY25, driven by higher debtor days (97).
👀 What to Watch
Investors should monitor the commissioning of the welded segment expansion in H2 FY27 and the company's ability to pass on raw material costs, given their 3-4 month order booking cycle.
Scoda Tubes Q1 Revenue up 27.6% YoY to ₹124.35 Cr, but PAT drops 25.8%
Scoda Tubes reported a 27.6% YoY increase in revenue to ₹124.35 cr for Q1 FY27, showing healthy top-line growth. However, Profit After Tax (PAT) declined by 25.8% YoY to ₹5.25 cr, down from ₹7.08 cr in the year-ago period. This bottom-line pressure was driven by a significant rise in raw material costs and a 27% increase in finance costs to ₹6.48 cr. Operating margins were squeezed as total expenses grew by 32.3% YoY, outpacing revenue growth.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results, showing a divergence between strong revenue growth and declining profitability.
Why it mattersThe margin contraction suggests that the company is facing cost pressures or operational inefficiencies during its current expansion phase, which could delay the benefits of its increased capacity.
Revenue (Q1 FY27): ₹124.35 crPAT (Q1 FY27): ₹5.25 crYoY Revenue Growth: 27.6%YoY PAT Growth: -25.8%Finance Costs: ₹6.48 cr
📅 Short termThe stock may face downward pressure in the short term as the market reacts to the significant drop in net profit and margin compression.
📈 Long termThe long-term outlook depends on the successful ramp-up of the new welded products capacity and the company's ability to stabilize margins through backward integration.
⚠ Risk flags
- Significant margin compression
- Rising finance costs
- High raw material cost volatility
Key Highlights
Revenue from operations grew 27.6% YoY to ₹124.35 cr from ₹97.42 cr.
Net Profit (PAT) fell 25.8% YoY to ₹5.25 cr compared to ₹7.08 cr in Q1 FY26.
Finance costs increased to ₹6.48 cr, a 27% rise from ₹5.10 cr in the previous year's quarter.
Raw material costs surged to ₹100.17 cr, significantly higher than the ₹14.25 cr reported in Q1 FY26.
Basic EPS declined to ₹0.88 from ₹1.44 in the corresponding quarter of the previous year.
👀 What to Watch
Monitor the company's ability to pass on raw material price increases and the progress of its 198% capacity expansion to 33,128 MTPA, which is critical for achieving its 15-16% blended EBITDA margin target.
Scoda Tubes FY26 PAT Rises 22% to ₹38.8 Cr; Targets 25% Revenue Growth in FY27
Scoda Tubes Limited reported a 7% YoY revenue growth to ₹518.7 crores for FY26, with PAT increasing 22% to ₹38.8 crores despite margin pressure in Q4. The company is transitioning from a single-segment seamless player to a diversified tubes company, with welded capacity set to reach 21,150 MTPA by H1 FY28. Management has provided a strong FY27 guidance of 25% revenue growth and 14-15% EBITDA margins, supported by a new 8.79 MW solar project expected to save ₹8.63 crores annually in power costs.
Key Highlights
FY26 revenue stood at ₹518.7 crores (up 7% YoY) with PAT at ₹38.8 crores (up 22% YoY).
Management guided for 25% revenue growth in FY27 with EBITDA margins of 14% to 15%.
Welded tube capacity expansion to 21,150 MTPA is underway with H2 FY27 operational targets.
Installation of 8.79 MW solar capacity to generate ₹8.63 crores in annual electricity cost savings.
Inventory days increased to 217 days in FY26 due to gas-related shutdowns but are targeted to reduce to 160 days in FY27.
👀 What to Watch
Investors should focus on the company's ability to execute its welded capacity expansion and reduce inventory levels as guided. The shift toward higher captive consumption (70% currently) and solar energy savings provides a strong margin cushion against raw material volatility.
Scoda Tubes FY26 PAT Grows 22.4% to ₹38.8 Cr; Exports Surge 39% as Debt Levels Drop
Scoda Tubes reported a 7% YoY revenue growth to ₹518.7 crore for FY26, primarily driven by a robust 39% increase in export revenue which now accounts for 34.6% of the mix. While PAT grew by 22.4% to ₹38.8 crore, EBITDA margins saw a compression from 16.1% to 14.7% due to higher operating costs. The company significantly deleveraged its balance sheet, bringing Net Debt/Equity down to 0.3x from 1.1x following its IPO. However, the cash conversion cycle stretched significantly to 211 days from 164 days, indicating working capital pressure.
Key Highlights
FY26 PAT increased 22.4% YoY to ₹38.8 crore, while Revenue from Operations rose 7% to ₹518.7 crore.
Export revenue grew 39% YoY to ₹179.5 crore, offsetting a 4.7% decline in domestic revenue.
Net Debt/Equity ratio improved to 0.3x from 1.1x in FY25, following the infusion of IPO proceeds.
Working capital cycle worsened with inventory days rising to 217 (vs 163) and debtor days to 97 (vs 76).
Q4 FY26 was relatively weak with flat revenue of ₹123.6 crore and a 7.4% YoY decline in PAT.
👀 What to Watch
Investors should monitor the company's ability to optimize its inventory and debtor cycles, which have significantly lengthened this year. While the debt reduction is a positive structural change, the weak Q4 performance and margin compression warrant a cautious 'watch' approach.
Scoda Tubes FY26 PAT Rises 22% to ₹388M; Cancels Overseas Acquisition
Scoda Tubes reported a 22.4% YoY increase in net profit for FY26, reaching ₹388.43 million, supported by an 8.3% growth in total income to ₹5,292.21 million. However, the bottom line was significantly boosted by an accounting change in the depreciation method (WDV to SLM), which reduced annual expenses by ₹156.66 million. The company also announced the cancellation of its 100% acquisition of Arvind sp.z o.o. due to cross-border remittance and regulatory hurdles. Quarterly performance for Q4 FY26 was relatively flat, with revenue at ₹1,235.69 million.
Key Highlights
Annual Net Profit grew 22.4% YoY to ₹388.43 million in FY26 vs ₹317.41 million in FY25.
Total Income for the year increased to ₹5,292.21 million from ₹4,888.46 million.
Change in depreciation method from WDV to SLM reduced annual expenses by ₹156.66 million.
Cancelled the acquisition of 100% stake in Arvind sp.z o.o. (EUR 7,000) due to remittance and regulatory constraints.
Q4 FY26 PAT stood at ₹63.19 million, a slight decline from ₹68.27 million in Q4 FY25.
👀 What to Watch
Investors should be cautious as the profit growth is primarily driven by a change in accounting estimates for depreciation rather than operational expansion. Monitor the company's domestic growth trajectory following the aborted international acquisition.
Scoda Tubes FY26 PAT Rises 22% to ₹388.4M; Cancels Polish Acquisition
Scoda Tubes reported a 7% year-on-year growth in annual revenue to ₹5,186.50 million for FY26, with Profit After Tax (PAT) increasing 22.4% to ₹388.43 million. However, Q4 FY26 performance was flat with revenue at ₹1,235.69 million and a slight PAT decline to ₹63.19 million. Notably, the company changed its depreciation method from WDV to SLM, which reduced depreciation expenses by ₹156.66 million, significantly boosting the reported profit. The Board also announced the cancellation of the 100% acquisition of Arvind sp.z o.o. (Poland) due to regulatory and remittance hurdles.
Key Highlights
Annual Revenue from operations grew 7% YoY to ₹5,186.50 million from ₹4,848.90 million.
Full-year Net Profit increased to ₹388.43 million, aided by a ₹156.66 million reduction in depreciation due to an accounting method change.
Q4 FY26 PAT stood at ₹63.19 million, down from ₹68.27 million in the same quarter last year.
Cancelled the proposed 100% stake acquisition in Polish firm Arvind sp.z o.o. citing cross-border remittance constraints.
Total Assets grew to ₹6,578.96 million following the successful completion of a ₹2,200 million IPO in June 2025.
👀 What to Watch
Investors should be cautious as the profit growth was largely driven by a change in depreciation accounting rather than pure operational efficiency. Monitor how the company redeploys the capital originally intended for international expansion to drive domestic growth.
Scoda Tubes to Set Up 3.8 MW Solar Project for ₹13.7 Cr; Expected Annual Savings of ₹3.76 Cr
Scoda Tubes Limited has received approval from GEDA to establish a 3.8 MW (DC) ground-mounted solar project in Gujarat for captive power consumption. The project involves an estimated capital expenditure of ₹13.70 crore and is expected to generate nearly 6 million KWH of electricity annually. This strategic move is projected to save the company approximately ₹3.76 crore in annual electricity costs. The initiative aligns with the Gujarat Integrated Renewable Energy Policy-2025 and is aimed at improving operational margins through cost reduction.
Key Highlights
Total estimated project cost of ₹13.70 crore for a 3.8 MW (DC) solar plant
Expected annual electricity generation of 5,964,100 KWH
Projected annual savings in electricity bills of approximately ₹3.76 crore
Daily electricity bill savings estimated at ₹1.03 lakh
Approval received from Gujarat Energy Development Agency (GEDA) for captive consumption
👀 What to Watch
This is a margin-accretive development as the projected annual savings represent a significant portion of the initial investment. Investors should monitor the project's commissioning timeline and its subsequent impact on the company's bottom line.
Scoda Tubes to Add 8,000 MTPA Capacity with ₹400 Million Investment
Scoda Tubes Limited has announced a major capacity expansion of 8,000 MTPA for Welded Tubes & Pipes at its Mehsana facility. The project involves a capital expenditure of ₹400 million, which will be funded through a combination of internal accruals and bank term loans. This expansion is incremental to the growth plans previously disclosed in the company's May 2025 prospectus. Completion is expected by the end of Q3 FY 2026-27, aiming to significantly enhance the company's market presence and meet rising demand.
Key Highlights
Proposed capacity addition of 8,000 MTPA for Welded Tubes & Pipes.
Total investment of ₹400 million to be funded via internal accruals and term loans.
Project completion targeted by the end of Q3 FY 2026-27.
Expansion is in addition to existing plans disclosed in the May 2025 prospectus.
👀 What to Watch
Investors should monitor the company's execution timeline and the impact of increased interest costs from new loans on future margins. The massive scale-up relative to current capacity suggests a high-growth trajectory if demand remains robust.
Scoda Tubes to Set Up 4.99 MW Solar Plant for ₹17.99 Cr; Expected Yearly Savings of ₹4.88 Cr
Scoda Tubes has received approval from the Gujarat Energy Development Agency (GEDA) to establish a 4.99 MW (DC) ground-mounted solar project for captive power consumption. The project involves a capital expenditure of approximately ₹17.99 crores and is expected to generate 7.74 million KWH of electricity annually. This initiative is projected to save the company roughly ₹4.88 crores in annual electricity costs, significantly enhancing operational margins. The project will be located in Patan, Gujarat, under the state's Integrated Renewable Energy Policy-2025.
Key Highlights
Total estimated project investment of ₹17.99 crores for 4.99 MW (DC) capacity
Expected annual electricity generation of 7,740,738 KWH
Projected annual savings in electricity bills of approximately ₹4.88 crores
Estimated daily electricity generation of 21,207.5 KWH resulting in ₹1.34 lakhs daily savings
Project payback period is estimated at approximately 3.7 years based on projected savings
👀 What to Watch
Investors should view this as a margin-accretive move that reduces long-term operational costs and improves the company's ESG profile. Monitor the commissioning timeline to ensure the project begins contributing to cost savings as scheduled.
Scoda Tubes Q3 FY26: Revenue up 17% to ₹152.4 Cr, PAT grows 18% to ₹11.5 Cr
Scoda Tubes reported a 17.3% y-o-y growth in revenue for Q3 FY26, reaching ₹152.4 crores, driven by a strong 41% surge in export sales. While PAT increased by 17.8% to ₹11.5 crores, EBITDA margins saw a contraction from 17.8% to 15.1% due to lower gross margins. The company significantly strengthened its balance sheet, reducing its Net Debt/Equity ratio to 0.2x from 1.1x in the previous fiscal year, following its recent listing and fundraise.
Key Highlights
Revenue from operations grew 17.3% y-o-y to ₹152.4 crores in Q3 FY26.
Profit After Tax (PAT) increased by 17.8% y-o-y to ₹11.5 crores with a steady 7.5% margin.
Export revenue witnessed a robust 41% growth, now contributing 32% of total revenue compared to 26% last year.
Net Debt/Equity ratio improved drastically to 0.2x from 1.1x in FY25.
EBITDA margins compressed to 15.1% from 17.8% in the corresponding quarter last year.
👀 What to Watch
Investors should monitor the sustainability of export growth and the company's ability to recover EBITDA margins. The significant reduction in debt provides a strong cushion for future capacity expansion and improves the overall risk profile.
