Swastik Pipe Limited (SWASTIK)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Swastik Pipe's revenue was ₹146 Cr (-61.6% year on year, -39.2% on the previous half-year), and net profit ₹-48.0 Cr (a bigger loss than a year earlier); the operating margin was -38.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹146 | -61.6% | -39.2% |
| Operating profit | ₹-56.0 | to loss | loss widened |
| Net profit | ₹-48.0 | loss widened | loss widened |
| EPS (₹) | -20.61 | loss widened | loss widened |
| Operating margin | -38.4% | — | — |
SWASTIK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the SWASTIK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 98.41%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 7 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
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
Swastik Pipe Limited has submitted its quarterly compliance certificates under Regulations 74(5) and 76(1) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. As per the Reconciliation of Share Capital Audit Report issued by PCS Purti Katyal & Associates, the company's total issued and listed capital stands unchanged at 2,32,31,460 equity shares of face value Rs. 10 each. Of the total equity base, 37,75,200 shares (16.25%) are held in dematerialized form with CDSL. This is a standard regulatory filing confirming capital reconciliation and dematerialization status.
- Total issued and listed capital confirmed at 2,32,31,460 equity shares of Rs. 10 each
- Shares held in dematerialized form with CDSL stand at 37,75,200 equity shares (16.25%)
- Filing covers compliance for the quarter ended September 30, 2026
- Report certified by Practicing Company Secretary firm Purti Katyal & Associates on October 8, 2026
Swastik Pipe Limited announced that shareholders ratified the appointment of Shri Ravi Shekhar as Director and Whole Time Director at the 53rd Annual General Meeting held on September 28, 2026. He was initially appointed by the Board on October 1, 2025, bringing over 20 years of experience in sales and marketing. The disclosure confirms that he has no financial or familial relationships with other Board members. This ratification completes the statutory approval process for his executive role.
- Shareholder ratification completed at the 53rd AGM on September 28, 2026
- Initial Board appointment effective since October 1, 2025
- Appointed director brings over 20 years of sales and marketing expertise
- No financial or other relationships with any existing Board members
Swastik Pipe Limited has executed a One-Time Settlement (OTS) with lender Hero FinCorp Limited regarding its loan account. Following the settlement payment, Hero FinCorp issued a No Dues Certificate confirming the outstanding loan stands completed. The specific settlement amount and original debt exposure to Hero FinCorp were not disclosed in the filing. Swastik Pipe noted it continues to pursue bilateral OTS and debt restructuring discussions with all remaining lenders.
- One-time Settlement (OTS) completed and paid with Hero FinCorp Limited as of September 16, 2026
- Hero FinCorp Limited has issued a No Dues Certificate closing the loan account
- Company continues bilateral OTS and restructuring discussions with all remaining lenders
- Settlement amount and loan quantum were not disclosed in the filing
Swastik Pipe Limited has issued communications to shareholders who have not registered their email addresses as of August 28, 2026, pursuant to Regulation 36(1)(b) of SEBI LODR Regulations. The communication provides web links to access the FY 2025-26 Annual Report and Notice for the 53rd Annual General Meeting (AGM). The AGM is scheduled to take place via Video Conferencing on September 28, 2026, at 11:30 AM IST. The dispatch also serves as a reminder for shareholders holding physical shares to update mandatory KYC details.
- 53rd Annual General Meeting scheduled for September 28, 2026, at 11:30 AM IST via Video Conferencing
- Dispatch issued to shareholders without registered email addresses as of August 28, 2026
- Web links provided for accessing the Notice and Annual Report for FY 2025-26
- Reminder issued to physical mode shareholders to update KYC details including PAN, bank, and nomination
Swastik Pipe Limited has issued the notice for its 53rd Annual General Meeting scheduled for September 28, 2026. In the accompanying Annual Report, the Managing Director disclosed that FY26 revenue dropped 47.6% YoY to Rs 394.26 crore, with net loss widening to Rs 57.56 crore compared to Rs 7.22 crore in FY25. The company acknowledged that its accounts have been classified as Non-Performing Assets (NPAs) and reported being in advanced discussions with lenders for a One-Time Settlement (OTS). Shareholder voting items also include the regularization of Mr. Ravi Shekhar as Whole-Time Director.
- FY26 turnover declined sharply to Rs 394.26 crore from Rs 752.56 crore in FY25
- Net loss for FY26 widened significantly to Rs 57.56 crore from Rs 7.22 crore in the prior year
- Management disclosed NPA classification by lenders and ongoing advanced discussions for a One-Time Settlement (OTS)
- 53rd AGM scheduled via virtual mode on September 28, 2026; e-voting cut-off date is September 21, 2026
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Pipes and Tubes). Total operating income grew by 3.28% from INR 723.46 Cr in FY24 to INR 747.17 Cr in FY25. For H1 FY26, reported revenue was INR 242.95 Cr.
Geographic Revenue Split
Not disclosed in available documents, though manufacturing is concentrated in Northern India (Haryana and Uttar Pradesh).
Profitability Margins
Net profit margin turned negative in FY25 with a loss of INR 7.22 Cr, compared to a profit of INR 5.13 Cr in FY24, representing a 240.7% decline in PAT. H1 FY26 reported a net loss of INR 9.68 Cr.
EBITDA Margin
EBITDA margin declined from 3.26% (INR 23.61 Cr) in FY24 to 2.53% (INR 18.92 Cr) in FY25, a 73 basis point reduction due to higher operational costs and pricing volatility.
Capital Expenditure
Historical and planned capital expenditure figures are not disclosed in Cr; however, the company maintains records for Property, Plant, and Equipment across two major facilities.
Credit Rating & Borrowing
Infomerics Ratings moved the company to 'Issuer Non-Cooperating' category due to non-availability of information; total debt stood at INR 126.37 Cr as of March 31, 2025.
Operational Drivers
Raw Materials
Primary raw materials include Mild Steel (MS) and Carbon Steel (CS) coils and strips, which are essential for manufacturing ERW pipes and tubes.
Capacity Expansion
Current combined annual installed production capacity is 250,000 MT across facilities in Bahadurgarh (Haryana) and Kosi Kalan (Uttar Pradesh). No specific expansion timeline is disclosed.
Raw Material Costs
Raw material costs are a significant portion of revenue; fluctuating commodity prices are cited as a key risk to profitability and margin stability.
Manufacturing Efficiency
The company achieved increased productivity and optimized supply chain processes in FY25, though specific capacity utilization % is not disclosed.
Strategic Growth
Growth Strategy
Growth will be achieved through strategic management of pricing, operational excellence, and leveraging its distribution network to build future business platforms in the Indian industry.
Products & Services
Mild Steel/Carbon Steel ERW Black and Galvanized Pipes/Tubes, tubular poles, hollow sections, and CR coils & strips.
Brand Portfolio
All products are sold under the registered brand 'T.T. Swastik'.
Market Expansion
The company targets diverse customer requirements in irrigation, sewage, water supply, plumbing, oil & gas, and automobiles.
External Factors
Industry Trends
The Indian steel pipe industry is expected to grow due to demand in irrigation, oil & gas, and infrastructure; the company is positioned as a 'Govt. Recognised Star Export House'.
Competitive Landscape
Operates in a competitive market with rising competition from other ERW pipe manufacturers and fluctuating commodity prices.
Competitive Moat
The company's moat is built on its 50-year history (inc. 1973), its 'T.T. Swastik' brand, and a significant 250,000 MTPA production capacity across two states.
Macro Economic Sensitivity
Highly sensitive to inflation and global commodity price fluctuations, particularly steel, which directly impacts the cost of goods sold.
Consumer Behavior
Demand is driven by industrial use in irrigation, sewage, water supply, plumbing, oil & gas, and automobiles.
Geopolitical Risks
Global factors and trade dynamics are cited as risks that could impact the strategic management of pricing and growth.
Regulatory & Governance
Industry Regulations
Subject to pollution norms and manufacturing standards for steel pipes; the company is a Govt. Recognised Star Export House.
Taxation Policy Impact
The company recognized a deferred tax liability of INR 40.37 Lakhs as of September 30, 2025.
Legal Contingencies
Trade receivables of INR 164.82 Cr and various trade payables are subject to confirmation and reconciliation, which could lead to future financial adjustments.
Risk Analysis
Key Uncertainties
Audit qualification regarding INR 32.80 Cr of interest income misclassified as operating revenue poses a risk to the reliability of reported revenue and profitability metrics.
Geographic Concentration Risk
100% of manufacturing facilities are located in Northern India (Haryana and Uttar Pradesh), creating regional concentration risk.
Third Party Dependencies
Dependency on raw material suppliers for steel coils; supply chain disruptions are noted as a critical risk to production.
Credit & Counterparty Risk
Trade receivables of INR 164.82 Cr as of September 2025 represent a significant portion of current assets, with some balances requiring reconciliation.
