Panchmahal Steel is a specialist maker of stainless steel long products - the rods, bars and wires that become shafts, fasteners, springs and kitchenware - operating from a single plant in Gujarat that started production in 1973. Run for nearly five decades by Managing Director Ashok R. Malhotra, a past president of the Indian Stainless Steel Association, the company has built its reputation on making grades that global customers accept without question, from everyday construction steel to niche pharmaceutical-grade alloys. Its recurring approach is to stay narrow and deep: one product family, one plant, but a wide enough range of grades and finishes to supply both high-volume domestic buyers and exacting export customers across engineering, automotive, food-processing and pharmaceutical industries. # Business segments A single engine - stainless steel long products manufactured at one Gujarat plant - serving industries from construction to pharmaceuticals across domestic and export markets. ## 1. Stainless steel long products: the company's only business **One plant in Kalol, Gujarat, makes hot-rolled and cold-finished bars, rods and wires in grades that span construction steel and pharmaceutical-grade alloys, sold to customers in India and abroad with no single buyer dominating the book.** - **Hot-rolled first, then cold-finished** - the plant produces hot-rolled wire rods and bars as the base form, then draws, turns or grinds them into cold-finished bars and wires with tighter dimensions and surface finishes, which is how the same factory serves both price-sensitive construction buyers and precision-driven engineering customers. - **One plant, many end-uses** - the output goes into engineering components, construction and infrastructure projects, automotive and railway parts, consumer durables, food-processing and dairy equipment, housing fixtures, and pharmaceutical machinery, so demand is spread across unrelated sectors rather than tied to any single industry cycle. - **Custom grades for niche markets** - the company is equipped to make specialty grades for specific global customers, which means it can compete on specification rather than just price when supplying export markets. - **Revenue recognised on dispatch** - the company books a sale when goods leave the factory and the price is set, with sales stated net of returns and trade discounts; it also earns job-work income from processing steel owned by other parties, and collects export incentives under government duty-drawback and merchandise-export schemes. # Group structure and partners **The company is controlled by its holding company Honeyvick Enterprises, which owns just over 55%, and has no subsidiaries or joint ventures - it is a standalone operation with a single plant and a lean senior team.** - **Holding company control** - Honeyvick Enterprises Private Limited held 55.36% of the equity as of March 2025, with the balance publicly traded on the Bombay Stock Exchange. - **No group complexity** - the company has no subsidiary, associate or joint-venture entity, so all operations, assets and cash flows sit within one legal entity. - **Long-tenured leadership** - Ashok R. Malhotra has been Managing Director since February 1976 and Chairman, giving the company nearly five decades of continuity at the top; his relative Hanish Ashok Malhotra was appointed Chief Operating Officer in February 2024.