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Swing Capital

Vibhor Steel Tubes Ltd

NSE: VSTL BSE: 544124Metal

Incorporated in 2003, Vibhor Steel Tubes Ltd specializes in the production, export, and distribution of steel pipes and tubes[1]

₹119
52W: ₹101 — ₹207
PE 21.1 · Book ₹102 · +17% vs book
Market Cap₹225 Cr
Stock P/E21.1Price to Earnings
ROCE8.14%Return on Capital
ROE6.26%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 1.18 times its book value
  • +Promoter holding has increased by 0.96% over last quarter.

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 12.5% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.62%
FIIs0.31%
DIIs0%
Public25.07%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.48%73.48%73.48%73.65%▲0.273.65%73.65%73.65%74.62%▲1.0
FIIs1.02%0.13%▼0.90.04%▼0.10.16%▲0.10.16%0.07%▼0.10.03%▼0.00.31%▲0.3
DIIs0%0%0%0%0%0%0%0%
Public25.5%26.4%▲0.926.48%▲0.126.18%▼0.326.18%26.29%▲0.126.32%▲0.025.07%▼1.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales280.17251.01291.2224.75236.09247.25288.3230.96281.76301.5
Expenses266.04238.26278.11215.76229.21237.62277.19220.8272.72292.6
Operating Profit14.1312.7513.098.996.889.6311.1110.169.048.9
OPM %5.04%5.08%4.5%4%2.91%3.89%3.85%4.4%3.21%2.95%
Net Profit5.184.314.893.020.893.434.443.141.421.66
EPS ₹3.653.042.581.590.471.812.341.660.750.88

AI Insights

Revenue Trend

TTM revenue at ₹1,103Cr, up 10.7% YoY. OPM at 4%.

Debt Position

Borrowings at ₹194Cr. Debt-to-equity ratio: 1.11x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹45Cr (41% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (-0.90pp change). FIIs: 0.31% (-1.52pp change). Promoters hold 74.62%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 8% (Mar 2025). Working capital days: 25.

Valuation

PE 21.1x with 8.14% ROCE. Price is 17% above book value of ₹102. Dividend yield: 0%.

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