- National Fittings Ltd is fundamentally a foundry business that makes the metal connectors and valves that hold piping systems together - but it is in the middle of becoming something larger. Founded in 1993 in Coimbatore, Tamil Nadu, the company spent decades as a manufacturer and exporter of pipe fittings before a sweeping transformation began: a new promoter group with over 40 years in the casting business announced a share purchase agreement, the board approved a plan to shift the company’s registered office to Gujarat, and a merger was proposed to consolidate raw-material suppliers and manufacturing facilities. The recurring idea that explains every move is a drive to own more of the chain - from raw iron casting to finished fitting - so that the company is not just a middleman buying rough castings and machining them, but an integrated manufacturer that controls its own input costs and quality.
Business segments
Two engines at different stages - a legacy pipe-fittings exporter consolidating around niche large-size products, and a Gujarat-based integrated manufacturing platform being assembled through mergers and fresh capacity - each built on the casting know-how of the same promoter group.
1. Pipe fittings and valves: the niche export engine that funds the pivot
The company survives Chinese price competition by making large-size ductile iron fittings that most rivals cannot produce, earning higher realisations on products where competition is not competitive.
- Large-size fittings are the moat - the company focuses on big grooved and screwed fittings that Chinese manufacturers are not competitive in and that are not available from most suppliers, which supported 5-7% higher export realisations year on year.
- Exports to the Middle East pay the bills - the primary export market is the Middle East region, and the company recorded 6% revenue growth in FY25 even with geopolitical disruptions there, reflecting resilience in its core customer base.
- Domestic sales are the hedge - when Chinese competition squeezes export volumes, the company uses its distribution network to push products under “Make in India” infrastructure projects, convincing consultants to specify its fittings.
- A broad product range from one reportable segment - the company manufactures SG Iron Grooved and Screwed Pipe Fittings, Stainless Pipe Fittings, Ball Valves, and a line of pumps, all reported under a single “Manufacturing of Pipe Fittings” segment.
- No single customer calls the shots - the customer base is large, unrelated, and spread across diverse industries and geographies, so no individual counterparty poses a significant credit risk.
2. The Gujarat platform: a fully integrated manufacturer under construction
The incoming promoters are merging their privately held casting and land-holding companies into National Fittings, creating a single entity that will own the foundry, the land, and the finishing line - backward integration in one stroke.
- Bought, not just built - the Board approved a Scheme of Amalgamation to absorb Avisa Private Limited (which was incorporated to carry on the business of manufacturing, processing, and trading of steel, aluminum, and allied metal products) and Banil Casting Private Limited (which operates a foundry with Rs 62.60 crores in turnover) into National Fittings, with an appointed date of 1 April 2026.
- New capacity is being poured right now - a first phase of 3,000 metric tonnes per annum of iron cast fittings and assembly capacity is being set up at Village Mudhela, Vadodara, targeting operation by August 2026, with a further 10,000 MT per annum to be added by December 2026.
- The raw-material tap is being turned on - under a supplier agreement, Banil Casting will supply iron castings exclusively to National Fittings up to 400 MT per month, with an immediate increment of 160 MT from April 2026, giving the company a captive source of its primary input.
- The old factories were sold to fund the new - the company sold its Thekkalur foundry for Rs 28 crores and its Dindigul operations for Rs 13.5 crores, consolidating all foundry work into the Vedasandur division and freeing up Rs 41.5 crores for the Gujarat build-out.
- The registered office is moving with the business - the Board approved shifting the registered office from Coimbatore, Tamil Nadu to Halol, Gujarat, anchoring the company physically in the state where its new manufacturing future lies.
Group structure and partners
A standalone public company with no subsidiaries is being reshaped by a promoter group that already controls the casting suppliers it depends on, and the merger will lock that relationship into the shareholding structure.
- A clean slate with no subsidiaries - as of FY25, National Fittings had no subsidiaries, joint ventures, or associate companies, and had never issued GDRs, ADRs, or convertible instruments.
- The promoter change was a clean break - the outgoing promoter sold his entire 34.04% stake to Himgiri Castings Private Limited and persons acting in concert at Rs 130 per share, followed by a mandatory open offer at Rs 135 per share that closed in October 2025.
- The new Board reflects the new owners - Arpit Agarwal was appointed Managing Director, Jayaram Govindarajan became Joint Managing Director, and Anil Kumar Agarwal joined as Non-Executive Director, while the previous promoter and one other director stepped down.
- The merger will concentrate control - post-amalgamation of Avisa and Banil Casting, the promoter and promoter group will hold 63.02% of the enlarged equity, with the public at 36.98%.
- Related parties are the supply chain - the company has related-party relationships with Banil Castings Private Limited and Avisa Private Limited, both wholly owned by directors Anil Kumar Agarwal and Arpit Agarwal, and also transacts with M/s Haitima (India) Private Limited, an enterprise where directors have significant influence.