P S Raj Steels Limited (PSRAJ)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, P S's revenue was ₹136 Cr (+7.1% year on year, +4.1% on the previous half-year), and net profit ₹5.0 Cr (+25.0% year on year); the operating margin was 5.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹136 | +7.1% | +4.1% |
| Operating profit | ₹7.0 | +16.7% | +15.0% |
| Net profit | ₹5.0 | +25.0% | +26.2% |
| EPS (₹) | 1.23 | +30.9% | +17.1% |
| Operating margin | 5.1% | — | — |
EPS restated for the ₹10 to ₹2 split of Jul 2026: H1 FY26 ₹5.25 to ₹1.05.
PSRAJ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.69% of the PSRAJ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.53%. The price fell 3.06% on unusually low delivery. It traded 2.3 times its average daily volume.
Delivery in the last 5 sessions: 46.7% · 84.4% · 77.3% · 100.0% · 57.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
P S Raj Steels Limited has issued the notice for its 22nd Annual General Meeting (AGM) scheduled for September 30, 2026, at 4:00 P.M. in Hisar, Haryana. Ordinary business items include the adoption of audited financial statements for FY ended March 31, 2026, and the re-appointment of director Gaurav Gupta. Special business resolutions include ratifying Rs. 40,000 remuneration for cost auditor E B & Associates for FY27 and approving the continuation of Raj Kumar Dewan as Non-Executive Independent Director upon reaching age 75. Remote e-voting will be provided via NSDL.
- 22nd Annual General Meeting scheduled for September 30, 2026, at 4:00 P.M.
- Proposed ratification of Rs. 40,000 plus expenses for Cost Auditor E B & Associates for FY 2026-2027
- Special resolution to approve continuation of Independent Director Raj Kumar Dewan who turns 75 on October 29, 2026
- Adoption of Standalone Audited Financial Statements for the financial year ended March 31, 2026
P S Raj Steels Limited has announced the resignation of Mr. Dinesh Vinayak (DIN: 10765895) from his position as Non-Executive Independent Director, effective August 28, 2026. The resignation is cited to be due to personal reasons and other professional commitments, with no other material reasons confirmed. Consequently, Mr. Vinayak also ceases to serve as a Member of the Nomination and Remuneration Committee and Chairperson of the Stakeholders Relationship Committee.
- Resignation of Non-Executive Independent Director Dinesh Vinayak effective August 28, 2026
- Ceases to be Chairperson of the Stakeholders Relationship Committee and Member of the Nomination and Remuneration Committee
- Confirmation provided stating no material reasons other than personal and professional commitments
- Director held zero directorships in other listed entities
P S Raj Steels Limited has announced the resignation of Mr. Manish Kumar from the position of Company Secretary & Compliance Officer, effective July 25, 2026. Following this departure, the company has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events under SEBI Regulation 30(5). The authorized KMPs now include Mr. Deepak Kumar (Managing Director) and Mr. Vinod Kumar (Chief Financial Officer). This is a routine administrative update for the recently listed SME.
- Resignation of Mr. Manish Kumar as Company Secretary & Compliance Officer effective July 25, 2026
- Updated KMP list for materiality disclosures effective from July 26, 2026
- Two KMPs (MD and CFO) remain authorized for regulatory disclosures under Regulation 30(5)
- Company maintains its registered office in Hisar, Haryana, following its 2025 NSE listing
P S Raj Steels Limited has informed the exchange that Mr. Manish Kumar has resigned from his role as Company Secretary and Compliance Officer. The resignation was effective as of July 25, 2026, with the official intimation filed on July 26, 2026. The outgoing officer cited personal reasons for his departure. As a Key Managerial Personnel (KMP), the company is now required to appoint a successor to maintain regulatory compliance standards.
- Mr. Manish Kumar (Membership No. A80588) resigned effective July 25, 2026
- The resignation was formally communicated to the exchange on July 26, 2026
- The departure is attributed to personal reasons as per the resignation letter
- The company was listed on the NSE SME exchange in 2025 and must maintain KMP roles for compliance
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Manufacturing of Stainless Steel Pipes and Tubes. Total turnover for FY 2024-2025 was INR 266.27 Cr, representing a 10.57% YoY decline from INR 297.75 Cr in FY 2023-2024.
Geographic Revenue Split
Not disclosed in available documents; however, manufacturing operations are concentrated in Hisar, Haryana.
Profitability Margins
Operating Profit (PBIDT) margin improved from 3.63% in FY24 to 4.62% in FY25. Net Profit (PAT) margin increased from 2.13% to 2.78% during the same period, indicating improved operational efficiency despite lower top-line revenue.
EBITDA Margin
Operating Profit (PBIDT) was INR 12.30 Cr in FY25, a 13.75% increase from INR 10.82 Cr in FY24. This margin expansion was driven by a reduction in interest costs and better management of operational expenses.
Capital Expenditure
Historical CAPEX includes the establishment of three manufacturing units (Unit I in 2007, Unit II in 2014, and Unit III in 2018). Specific planned CAPEX for FY26 is not disclosed in absolute INR values.
Credit Rating & Borrowing
Interest costs decreased by 9.67% YoY, from INR 1.52 Cr in FY24 to INR 1.37 Cr in FY25, suggesting a reduction in debt levels or improved borrowing terms.
Operational Drivers
Raw Materials
Stainless Steel Coils (Steel Coils) are the primary raw material, representing the bulk of manufacturing input costs.
Import Sources
Primarily sourced domestically from India. Imports from China and Vietnam have drastically reduced due to current BIS Regulations.
Key Suppliers
Jindal Stainless (JSL) is a key supplier; the company operates under a Memorandum of Understanding (MOU) and is JSL's largest client in the pipes and tubes division.
Capacity Expansion
Historical capacity reached 1,400 MTPA by 2011. The company currently operates three units in Hisar, Haryana, with Unit I utilizing 2 Tube Mills.
Raw Material Costs
Raw material prices have been pushed higher industry-wide due to BIS regulations restricting cheaper imports from China and Vietnam, forcing a reliance on domestic supply.
Manufacturing Efficiency
The company conducts training sessions to improve productivity levels; however, specific capacity utilization percentages are not disclosed.
Strategic Growth
Growth Strategy
Growth is targeted through the 'Stainless Bharat' initiative, leveraging the transition to a Public Limited Company and its 2025 NSE listing to access capital markets. The strategy focuses on expanding product offerings like NB pipes and maintaining its status as a preferred partner for Jindal Stainless.
Products & Services
Stainless Steel Pipes and Tubes, including NB (Nominal Bore) pipes.
Brand Portfolio
PSRAJ.
New Products/Services
Expanded into NB pipes in 2011; recent focus is on high-demand domestic steel products.
Market Expansion
Transitioned from a private to a public company in May 2024 and listed on the NSE SME exchange in 2025 to facilitate broader market reach.
Strategic Alliances
Long-term Memorandum of Understanding (MOU) with Jindal Stainless.
External Factors
Industry Trends
The industry is shifting toward domestic sourcing as BIS regulations make imports less viable. Stainless steel consumption in India is on an upward trajectory, supported by infrastructure growth.
Competitive Landscape
Competes with other domestic pipe manufacturers and faces pricing pressure from potential Chinese imports.
Competitive Moat
Moat is built on a 20-year relationship with Jindal Stainless and a localized manufacturing cluster in Hisar, providing a logistics and supply advantage.
Macro Economic Sensitivity
Highly sensitive to Indian government regulations (BIS) and domestic demand-supply conditions for stainless steel.
Geopolitical Risks
Trade barriers and BIS regulations specifically targeting imports from China and Vietnam significantly impact the raw material cost structure.
Regulatory & Governance
Industry Regulations
Strict adherence to BIS Regulations for raw material imports is mandatory, which dictates procurement strategy and impacts input costs.
Taxation Policy Impact
Provision for taxation in FY25 was INR 2.55 Cr, reflecting an effective tax rate of approximately 25.6% on Profit Before Tax of INR 9.96 Cr.
Legal Contingencies
The company has disclosed pending litigations in Note-20 of its financial statements, though specific INR values for these claims are not provided in the summary.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Steel Coils) and potential changes in government import duties or BIS norms.
Geographic Concentration Risk
Manufacturing is heavily concentrated in Hisar, Haryana, creating regional operational risk.
Third Party Dependencies
Significant dependency on Jindal Stainless for raw material procurement under an MOU.
Technology Obsolescence Risk
The company has implemented audit trail (edit log) facilities in its accounting software to mitigate data integrity risks and meet regulatory standards.
