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Zenith Steel Pipes & Industries Limited (ZENITHSTL)

₹5.10 -0.78% last close, 16 Oct

📊 NSE: ZENITHSTL 🏢 Steel - Medium / Small 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Zenith Steel's revenue was ₹11.3 Cr (-54.5% year on year, +20.1% on the previous quarter), and net profit ₹1.4 Cr (-50.0% year on year); the operating margin was -22.9%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹11.3	-54.5%	+20.1%
Operating profit	₹-2.6	loss widened	loss narrowed
Net profit	₹1.4	-50.0%	-5.4%
EPS (₹)	0.10	-50.0%	+0.0%
Operating margin	-22.9%	—	—

Full quarterly financials → Results calendar →

ZENITHSTL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 87.79% of the ZENITHSTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.43%. That is higher than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

87.79%Delivery, 16 Oct

74.43%Own 20-session average

0.4×Volume vs its average

₹5.10NSE close · -0.78%

Delivery in the last 5 sessions: 88.2% · 78.6% · 88.6% · 68.7% · 87.8%

Delivery across the market →

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

Zenith Steel Pipes Concludes 64th AGM; Approves Material Related Party Transactions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 09:32 PM

Zenith Steel Pipes & Industries Limited concluded its 64th Annual General Meeting on September 30, 2026. Shareholders approved six ordinary resolutions, including the adoption of FY26 financial statements and approval for Material Related Party Transactions. Additionally, M/s. Pimple & Associates was appointed as Secretarial Auditor for a five-year term spanning FY27 to FY31. The meeting saw no registered speaker members and concluded within 37 minutes.

Held 64th Annual General Meeting on September 30, 2026 via video conferencing
Adopted FY26 Standalone and Consolidated Audited Financial Statements
Appointed M/s. Pimple & Associates as Secretarial Auditor for 5 years from FY27 to FY31
Approved ordinary resolution for Material Related Party Transactions

💡 Track the formal scrutinizer's report and voting results expected within 48 hours to confirm resolution vote percentages, particularly regarding related-party transactions.

Zenith Steel Resubmits Audited FY26 Financials Following NSE Clarification Query

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 09 Sep 2026, 01:39 PM

Zenith Steel Pipes & Industries Limited submitted a clarification to the National Stock Exchange regarding its audited financial results for the quarter and year ended March 31, 2026. The exchange had raised procedural queries regarding the submission of a machine-readable copy and the format of the audit qualification declaration. The company confirmed that an unmodified opinion declaration signed by the Audit Committee Chairperson was provided alongside the machine-readable financial statements. The underlying standalone FY26 numbers reflect revenue from operations of Rs 4,997.31 lakhs (down from Rs 11,909.25 lakhs in FY25) and profit before tax from continuing operations of Rs 318.08 lakhs.

Resubmitted machine-readable copy of financial results for quarter and year ended March 31, 2026 per NSE query
Submitted declaration of unmodified audit opinion signed by Audit Committee Chairperson Mrs. Sadhna Patil
Standalone FY26 revenue from operations reported at Rs 4,997.31 lakhs compared to Rs 11,909.25 lakhs in FY25
Standalone FY26 total comprehensive income stood at Rs 310.34 lakhs versus Rs 17.88 lakhs in FY25
Total equity remains deeply negative at Rs -24,729.30 lakhs as of March 31, 2026

💡 Monitor whether the exchange raises any further compliance non-conformities and track upcoming Q1/Q2 FY27 operational performance given the company's severe negative net worth.

Zenith Steel Pipes Dispatches FY26 Annual Report; 64th AGM Scheduled for Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 11:44 PM

Zenith Steel Pipes & Industries Limited has issued the notice for its 64th Annual General Meeting, scheduled to be held on September 30, 2026, via Video Conferencing. Alongside the notice, the company shared its Annual Report for FY25-26. Key agenda items include adoption of financial statements, reappointment of retiring director Purushottam Sonavane, ratification of Cost Auditor remuneration of Rs 75,000 p.a., and appointment of Secretarial Auditors for 5 years. The statutory auditor noted multiple material weaknesses in internal controls over financial reporting as of March 31, 2026.

64th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 03:00 p.m. IST
Approval sought for cost auditor remuneration of Rs. 75,000/- p.a. to M/s. Y. R. Doshi & Co.
Appointment of M/s. Pimple & Associates as Secretarial Auditor for 5 years (FY 2026-27 to 2030-31)
Auditor flagged multiple material weaknesses in internal financial controls including lack of delegation matrix and inventory overhead allocation systems

💡 Track voting outcomes of the AGM resolutions on September 30, 2026, and monitor subsequent quarterly updates regarding management's steps to rectify internal control deficiencies.

Zenith Steel Appoints Aradhana Nayak as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 24 Aug 2026, 11:43 PM

Zenith Steel Pipes & Industries Limited announced the cessation of Ms. Bhavika Sharma as Independent Director effective August 24, 2026, upon the completion of her tenure. The Board has approved the appointment of Mrs. Aradhana Nayak as an Additional Director in the Non-Executive Independent category with effect from August 24, 2026. Her appointment is for a term of 5 years, subject to approval by shareholders at the next General Meeting. This is a routine governance transition that does not alter day-to-day operations.

Ms. Bhavika Sharma ceased to be an Independent Director on August 24, 2026, upon term completion.
Mrs. Aradhana Nayak appointed as Non-Executive Independent Director effective August 24, 2026.
Proposed appointment is for a tenure of 5 (Five) years, subject to shareholder approval.

💡 Monitor upcoming shareholder resolutions for the approval of the appointment, alongside core operational execution under the company's turnaround plan.

Zenith Steel Q1 Revenue drops 62% YoY to ₹7.07 Cr amid Zinc Tank Rupture and ₹7.58 Cr Fraud Probe

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 14 Aug 2026, 12:00 AM

Zenith Steel reported a significant revenue contraction in Q1 FY27, with operations falling to ₹7.07 Cr from ₹18.92 Cr YoY, primarily due to a production halt following a zinc tank rupture on April 15, 2026. The company managed a marginal net profit of ₹0.33 Cr, largely supported by ₹1.66 Cr in other income. Financial stability remains critical as the company discloses a suspected ₹7.58 Cr fraud involving a consultant and continues to face SARFAESI proceedings for ₹193.19 Cr in outstanding debt. Operations are expected to resume fully by August 31, 2026.

Revenue from operations declined 62.6% YoY to ₹7.07 Cr for the quarter ended June 30, 2026.
Production suspended from April 15, 2026, due to a zinc tank rupture; full restoration expected by August 31, 2026.
Suspected fraud involving unauthorized bank access by a consultant estimated at ₹7.58 Cr.
Ongoing SARFAESI debt proceedings for ₹193.19 Cr assigned to India SME Asset Reconstruction Company.
Auditor qualified the report citing inventory valuation issues of ₹7.79 Cr and frozen bank accounts totaling ₹40.99 lakhs.

💡 Monitor the successful resumption of production by August 31, 2026, and the outcome of the DRT hearing scheduled for October 19, 2026. The company's negative net worth and fraud investigation make it a high-risk situation.

Zenith Steel Pipes: Routine Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 05:59 PM

Zenith Steel Pipes & Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company's Registrar and Share Transfer Agent (RTA), Bigshare Services Pvt. Ltd., processed all dematerialization requests for the quarter ended June 30, 2026. The RTA confirmed that security certificates were mutilated and cancelled, and the depository's name was substituted in the register of members within the mandated 15-day period. This is a standard administrative procedure with no impact on the company's financial or operational standing.

Compliance confirmed for the quarter ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days of receipt
Security certificates mutilated and cancelled after due verification by the Depository Participant
Registrar and Share Transfer Agent (RTA) confirmed as M/s. Bigshare Services Pvt. Ltd.

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for material updates on business performance.

Zenith Steel Pipes Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 12:44 PM

Zenith Steel Pipes & Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. This is a procedural filing and does not indicate any change in the company's underlying business operations or financial health.

Trading window closure begins on July 1, 2026, for all designated persons.
Closure is in anticipation of the financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the announcement of the quarterly financial results.
Company reported a TTM revenue of Rs 54 Cr and a negative net worth of Rs -247 Cr in its latest context.

💡 Retail investors should treat this as a routine compliance matter and focus on the upcoming Q1 FY27 results to monitor the company's progress on its revival plan and debt management.

Zenith Steel Pipes FY26 Results Approved; Auditors Issue Qualified Opinion

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 26 May 2026, 10:38 PM

Zenith Steel Pipes & Industries Limited has approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. Crucially, the statutory auditors, M/s. DEVAM & Associates LLP, have issued a 'Qualified Opinion' regarding these financial results, indicating potential accounting or disclosure concerns. The board also appointed M/s. Pimple & Associates as the Secretarial Auditor for a five-year term starting from FY 2026-27. The meeting concluded late at 9:30 p.m. on May 26, 2026.

Approved audited standalone and consolidated financial results for the full year ended March 31, 2026.
Statutory Auditors issued a 'Qualified Opinion' on the financial statements, which is a significant red flag for investors.
M/s. Pimple & Associates appointed as Secretarial Auditor for a 5-year tenure (FY 2026-27 to 2030-31).
Trading window for company securities will remain closed for 48 hours following the public announcement.

💡 Investors should exercise caution and thoroughly review the 'Basis for Qualified Opinion' in the detailed audit report to understand the specific financial discrepancies or governance issues identified by the auditors.

Zenith Steel Pipes Reports FY26 Results; Auditors Issue Qualified Opinion

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 26 May 2026, 10:29 PM

Zenith Steel Pipes & Industries Limited has approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. Crucially, the statutory auditors, M/s. DEVAM & Associates LLP, have issued an audit report with a 'Qualified Opinion' regarding these financial results. Additionally, the board has appointed M/s. Pimple & Associates as the Secretarial Auditor for a five-year term spanning FY 2026-27 to 2030-31. The meeting concluded late at 9:30 p.m. following a four-and-a-half-hour session.

Approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Statutory Auditors M/s. DEVAM & Associates LLP issued a 'Qualified Opinion' on the financial statements.
Appointed M/s. Pimple & Associates as Secretarial Auditor for a 5-year period starting from FY 2026-27.
The board meeting was held on May 26, 2026, and lasted four and a half hours.
Trading window for company securities will remain closed for 48 hours following the public announcement.

💡 Investors should exercise caution and thoroughly examine the specific reasons behind the auditor's 'Qualified Opinion' to assess potential financial or reporting risks. It is advisable to wait for the full audit report details before making further investment decisions.

Zenith Steel Pipes to Close Trading Window from April 1, 2026 for FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 06:50 PM

Zenith Steel Pipes & Industries Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially declared to the exchanges. This is a standard regulatory procedure for listed companies in India.

Trading window closure starts from Wednesday, April 1, 2026
Closure is related to the financial results for the quarter and year ending March 31, 2026
Window to reopen 48 hours after the declaration of financial results
Applicable to all Designated Persons as per SEBI Insider Trading regulations

💡 This is a routine regulatory filing with no impact on the company's fundamentals. Investors should focus on the upcoming financial results for performance assessment.

Zenith Steel Appoints Uday Sawant as Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 11 Feb 2026, 01:29 PM

Zenith Steel Pipes & Industries Limited has appointed Mr. Uday Sawant as the Company Secretary and Compliance Officer, effective February 10, 2026. Mr. Sawant is an Associate member of the ICSI and brings over 15 years of experience in secretarial compliances for both listed and unlisted entities. As a Key Managerial Personnel (KMP), his role is critical for maintaining the company's corporate governance and regulatory adherence. The appointment was finalized by the Board following the recommendation of the Nomination and Remuneration Committee.

Mr. Uday Sawant appointed as Company Secretary and Compliance Officer w.e.f. February 10, 2026
The appointee brings over 15 years of professional experience in secretarial and legal compliances
Mr. Sawant is a qualified Associate member of the Institute of Company Secretaries of India (ACS: 30251)
The appointment ensures the company remains compliant with SEBI (LODR) Regulations regarding KMP positions

💡 This is a routine management appointment focused on regulatory compliance. No immediate action is required from investors as this is unlikely to have a direct impact on the stock's valuation.

Zenith Steel Q3 FY26: Net Profit at ₹1.22 Cr despite 75% YoY Revenue Slump

🔵 WATCH ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 09:26 PM

Zenith Steel Pipes & Industries reported a standalone net profit of ₹1.22 crore for Q3 FY26, a turnaround from a loss of ₹0.20 crore in the same quarter last year. However, this profit was largely driven by 'Other Income' of ₹6.22 crore, as core revenue from operations plummeted 75.4% YoY to just ₹8.77 crore. The company continues to operate under severe financial and legal distress, with negative reserves and ongoing SARFAESI proceedings involving ₹193.19 crore in bank dues. Auditors have issued a qualified conclusion, highlighting concerns over manual inventory valuation and lack of balance confirmations.

Standalone Net Profit turned positive at ₹1.22 crore vs a loss of ₹0.20 crore YoY.
Revenue from operations crashed 75.4% YoY to ₹8.77 crore from ₹35.69 crore.
Other Income of ₹6.22 crore accounted for the majority of the total income of ₹14.98 crore.
Auditors issued a qualified opinion citing manual inventory valuation and missing bank/party confirmations.
Ongoing legal disputes include a ₹193.19 crore bank consortium claim under the SARFAESI Act.

💡 Investors should exercise extreme caution as the reported profit is non-operational and the core business is shrinking rapidly. The significant legal liabilities and audit red flags suggest high risk and poor fundamental health.

Zenith Steel Q3 Results: Profit of ₹1.22 Cr Amid 75% Revenue Drop and Ongoing Legal Disputes

🔵 WATCH ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 09:23 PM

Zenith Steel reported a net profit of ₹1.22 crore for the quarter ended December 2025, recovering from a loss of ₹0.20 crore in the previous year's corresponding quarter. This turnaround occurred despite a massive 75.4% drop in revenue from operations, which fell to ₹8.77 crore, and was largely supported by ₹6.22 crore in other income. The company remains embroiled in significant legal issues, including a ₹193.19 crore debt recovery case and a SEBI penalty appeal in the Supreme Court. Auditors have raised concerns through a qualified opinion regarding balance confirmations and internal controls.

Net profit of ₹1.22 crore in Q3 FY26 vs a loss of ₹0.20 crore in Q3 FY25
Revenue from operations decreased by 75.4% YoY to ₹8.77 crore from ₹35.69 crore
Other income surged to ₹6.22 crore, including a foreign exchange gain of ₹1.22 crore
Ongoing SARFAESI proceedings for ₹193.19 crore with the next DRT hearing set for June 30, 2026
Tribus Real Estate has assumed loans totaling ₹158.95 crore as part of a debt settlement arrangement

💡 The company's financial health is precarious given the sharp revenue decline and massive outstanding litigations. Investors should wait for clarity on the debt settlement and the resolution of the qualified audit remarks before considering any position.

Zenith Steel Pipes: Resignation of Company Secretary Prakhar Agarwal Effective Feb 6, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Feb 2026, 04:58 PM

Zenith Steel Pipes & Industries Limited has announced the resignation of Mr. Prakhar Agarwal from his role as Company Secretary and Compliance Officer. The resignation was effective from the close of business hours on February 6, 2026. As a Key Managerial Personnel (KMP), his departure is a notable administrative change, though the company cited his desire to pursue outside opportunities as the reason. The company will now need to appoint a successor to ensure continued adherence to SEBI listing regulations.

Mr. Prakhar Agarwal resigned as Company Secretary and Compliance Officer effective February 6, 2026.
The official held the status of Key Managerial Personnel (KMP) within the organization.
The resignation letter was dated February 6, 2026, and the cessation was immediate as of the close of business hours.
The company is required to fill this vacancy to maintain compliance with SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine administrative change; however, investors should monitor for the appointment of a new Compliance Officer.

Zenith Steel Pipes Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 06:43 PM

Zenith Steel Pipes & Industries Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Bigshare Services Pvt. Ltd, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the mandated timelines. The company verified that security certificates were mutilated and cancelled after due verification. This filing ensures that the register of members has been updated with the depositories as the registered owners.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within the 15-day regulatory window.
Bigshare Services Pvt. Ltd acted as the Registrar and Share Transfer Agent (RTA) for the process.
Verification that physical certificates were mutilated and cancelled as per SEBI guidelines.

💡 No action is required as this is a routine regulatory filing confirming standard administrative compliance.

View All ZENITHSTL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations declined 54.24% YoY to INR 1,376.23 Lakhs in Q2 FY26 from INR 3,007.35 Lakhs in Q2 FY25. For H1 FY26, revenue fell 44.21% YoY to INR 3,268.10 Lakhs. Segment-wise breakdown is not disclosed.

Geographic Revenue Split

Approximately 98% of revenue is generated in India, with international subsidiaries (Zenith USA and Zenith Middle East) contributing INR 27.87 Lakhs (2%) in Q2 FY26.

Profitability Margins

Net Profit Margin improved to 5.2% in Q2 FY26 (INR 71.62 Lakhs) from a negative margin of -1.45% (INR 43.80 Lakhs loss) in Q2 FY25, primarily driven by a 476% increase in Other Income to INR 726.87 Lakhs.

EBITDA Margin

EBITDA Margin stood at 13.27% in Q2 FY26 compared to 2.28% in Q2 FY25. However, core operating EBITDA (excluding other income) remains negative, indicating that profitability is reliant on non-operating items.

Credit Rating & Borrowing

Credit rating is not disclosed. Finance costs were INR 124.16 Lakhs for H1 FY26 on total current liabilities of INR 36,663.60 Lakhs.

⚙️ Operational Drivers

Raw Materials

Raw materials and components represent 54.4% of total revenue from operations in Q2 FY26, amounting to INR 749.04 Lakhs.

Key Suppliers

Not disclosed in available documents; management is engaging with 'key suppliers' to improve operational efficiency.

Raw Material Costs

Raw material costs were INR 1,908.83 Lakhs for H1 FY26, representing 58.4% of revenue. Costs increased 46.9% YoY in H1 despite a 44.2% drop in revenue, indicating significant input cost pressure.

📈 Strategic Growth

Growth Strategy

The Group is implementing a revival plan focused on improving operational efficiency, evaluating new business options to augment income, and ensuring long-term financial sustainability through projected future cash flows.

Products & Services

Steel pipes and related industrial products.

Brand Portfolio

Zenith Steel Pipes, The Yash Birla Group.

Strategic Alliances

Part of The Yash Birla Group; subsidiaries include Zenith USA INC and Zenith Middle East - FZ-LLP.

🌍 External Factors

Industry Trends

The steel pipe industry is undergoing a period of consolidation and revival; Zenith is positioning itself through strategic engagement with suppliers to stabilize operations.

Competitive Moat

The company relies on the established brand heritage of Zenith Steel Pipes and its association with the Yash Birla Group, though sustainability is currently challenged by negative net worth.

Geopolitical Risks

Zenith USA INC recorded no transactions in Q2 FY26 due to non-availability of bank statements, indicating operational risks in foreign jurisdictions.

⚖️ Regulatory & Governance

Industry Regulations

Non-compliance with the MSMED Act 2006 regarding vendor classification and interest provision is a noted regulatory gap.

Taxation Policy Impact

Current tax liabilities (Net) stand at INR 908.47 Lakhs as of Sept 30, 2025.

Legal Contingencies

The company received a GST demand notice of INR 28.76 Lakhs in the previous quarter. There is also a provision of INR 43.59 Lakhs for frozen/non-operating bank accounts.

⚠️ Risk Analysis

Key Uncertainties

Auditor qualifications regarding inventory valuation (INR 779.36 Lakhs) and the lack of updated financial information for the US subsidiary present significant reporting uncertainties.