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Remi Edelstahl Tubulars Ltd

REMIEDEL

BSE

₹199.90+2.62%19 Oct 2026

Reports

Steel Tubes and Pipes

Remi Edelstahl Tubulars Ltd

REMIEDEL

BSE

₹199.90

+2.62%

19 Oct 2026

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Steel Tubes and Pipes

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Remi Edelstahl Tubulars Ltd. is a specialist manufacturer that has spent over fifty years turning stainless steel into precision pipes and tubes for the hardest-to-please customers in the world - nuclear reactors, naval submarines, and semiconductor fabs - making products that were once only available from abroad. It began in 1972, learned its early craft from Kobe Steel of Japan, and later consolidated everything on a single 51,000-square-meter campus in Tarapur, Maharashtra, where it still operates today. The recurring idea that explains the company is a deliberate flight from commodity competition: it keeps moving into narrower, more technically demanding niches where fewer rivals can follow, funding each new capability with the cash flows and credibility earned from the last.

Business segments

Three engines, each feeding the next - a core welded-pipe business that pays the bills, a precision seamless operation that opened the doors to strategic nuclear and defence work, and a newly built ultra-high-purity line that aims to do the same for semiconductors and biotech.

1. Stainless steel welded pipes and tubes: the industrial workhorse that funds everything else

Large-diameter, heavy-walled welded pipes for refineries, fertiliser plants, and water infrastructure generate the bulk of orders, with the company competing on technical approvals rather than price alone.

Import substitution is the sales pitch - the company makes pipes to ASTM and NORSOK standards that Indian refineries and power plants used to buy from overseas mills, including India’s first 70 mm thick welded pipe, delivered in 2024 for high-pressure refinery service.
Approvals are the real moat - it holds ISO 9001, PED, AD 2000, and NORSOK M650 certifications, and is an approved vendor to end-users like ADNOC, Kuwait Oil Company, and Indian Oil, a status that takes years to earn and acts as a barrier to newcomers.
The order book is lumpy and project-driven - revenue comes from discrete, high-value orders such as a ₹62.2 Cr single contract in FY26, the largest in its history, rather than steady off-the-shelf sales.
Raw material risk sits with the company - stainless steel, and the nickel inside it, is sourced from both Indian and international suppliers, and the company manages price swings through forward booking and pre-emptive vendor development rather than passing costs straight through.
The plant keeps getting upgraded - a recent online heat-treatment line on the welded-pipe mill cuts processing time and operating costs, part of a pattern of continuous modernisation.

2. Stainless steel cold drawn seamless tubes: the precision credentials that opened strategic doors

When dimensional accuracy and metallurgical integrity are non-negotiable - inside a nuclear reactor or a submarine - the company supplies cold-drawn seamless tubes that only a handful of Indian manufacturers can make.

Nuclear vendor status took years to earn - the company is qualified by IGCAR, BHAVINI, and NPCIL after multi-year validation, and supplied critical piping for India’s prototype fast breeder reactor and its fuel recycling facility.
Defence entry came via the Navy - in FY26, it delivered a specialised consignment of seamless pipes for submarine applications, marking a new frontier beyond its traditional industrial base.
Space is already on the resume - it has supplied ISRO since 2010, proving the tubes can handle extreme conditions where failure is not an option.
Fewer rivals can follow here - the company notes that most competitors have only welded-tube capability, whereas it offers both welded and seamless from the same site, giving it a fuller product envelope for complex projects.
New pilgers are raising the bar - it is installing high-tech cold-rolling pilgers to boost production efficiency and reduce manpower, while R&D works on shaped tubes that Indian buyers currently import.

3. Ultra-high purity and specialty tubes: the semiconductor bet built on a Korean partnership

A freshly installed cleanroom line, fed by technology from South Korea’s WSG, aims to sell electropolished tubes with surface roughness down to 0.25 microns into semiconductor fabs, biotech plants, and EV battery makers - markets the company had never touched before 2025.

The partner brought the technology and a stake - WSG Co. Ltd. signed a technology license and machinery agreement in July 2025, invested one million US dollars via convertible warrants, and became a 5.3% shareholder upon conversion in March 2026.
No greenfield build was needed - the new line was installed within six months inside the existing Tarapur plant, avoiding the cost and delay of a new site.
The product grades are defined by surface finish - the range runs from BA tubes for sanitary use (roughness below 0.8 μm) up to UHP tubes for semiconductors and electronics (below 0.25 μm), with the company claiming no domestic competitor has a comparable cleanroom facility.
Commercial production is imminent, not yet proven - as of the latest update, machinery was installed and trials were underway, with mass-production upgrades still in progress.

Captive wind power

Over half the factory’s electricity comes from its own windmills in Dhule, Maharashtra, cutting costs and insulating the plant from grid-price swings.

A captive utility, not a standalone business - the windmills were commissioned in 2002 and feed the Tarapur plant through Maharashtra’s open-access scheme; the company stopped reporting wind as a separate segment and now treats it as part of manufacturing operations.
Energy efficiency runs alongside generation - the plant is a zero-liquid-discharge site, and the company has cut overall power consumption by 5% over two years through measures like switching to LED lighting and modifying the annealing furnace.

Group structure and partners

A tightly held, standalone public company with no subsidiaries, controlled by the founding Saraf family and now counting a South Korean technology partner among its shareholders.

No subsidiaries or joint ventures - the company operates as a single entity, part of the broader REMI Group whose other interests span electrical goods, lab equipment, and real estate.
Promoter control is absolute - as of November 2025, the promoter group held 70.90% of the voting capital, with Vishwambhar C. Saraf as Chairman and his son Rishabh R. Saraf as Managing Director.
WSG is the only outside strategic shareholder - the South Korean partner’s 5.31% stake came through the conversion of warrants issued as part of the technology partnership, not a market purchase.
The listing is on BSE alone - shares trade under code 513043, with Bigshare Services as the registrar.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹269Cr

Close Price

₹199.90

Industry

Steel Tubes and Pipes

Price To Earnings

79.64

Price To Sales

1.79

Revenue

₹150Cr

Rev Gr TTM

Revenue Growth TTM

5.63%

PAT Gr TTM

PAT Growth TTM

9.56%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	27	28	40	23	32	43	41	27	33	34	47	35
Growth YoY Revenue Growth YoY%	-22.9	13.2	4.6	8.4	17.2	51.4	1.0	15.9	4.7	-20.5	16.5	32.2
Expenses ExpensesCr	25	27	37	22	30	41	39	26	31	32	44	33
Operating Profit Operating ProfitCr	2	1	3	1	2	2	2	1	2	2	3	2
OPM OPM%	7.1	4.3	7.0	5.8	7.5	5.6	4.3	2.7	7.4	4.8	6.3	5.3
Other Income Other IncomeCr	0	0	1	0	0	0	0	1	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	1	0	2	0	1	1	1	0	1	0	2	1
Tax TaxCr	0	0	1	0	0	1	0	0	0	0	0	0
PAT PATCr	1	0	2	0	1	1	0	0	1	0	1	0
Growth YoY PAT Growth YoY%	1,833.3	115.4	336.1	124.1	117.2	1,283.3	-73.3	5.0	-18.3	-53.0	164.3	114.3
NPM NPM%	2.1	0.2	3.9	0.9	3.9	1.9	1.0	0.8	3.1	1.1	2.3	1.3
EPS EPS₹	0.5	0.1	1.4	0.2	1.1	0.8	0.4	0.2	0.9	0.3	0.9	0.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	27	28	40	23	32	43	41	27	33	34	47	35
Growth YoY Revenue Growth YoY%	-22.9	13.2	4.6	8.4	17.2	51.4	1.0	15.9	4.7	-20.5	16.5	32.2
Expenses ExpensesCr	25	27	37	22	30	41	39	26	31	32	44	33
Operating Profit Operating ProfitCr	2	1	3	1	2	2	2	1	2	2	3	2
OPM OPM%	7.1	4.3	7.0	5.8	7.5	5.6	4.3	2.7	7.4	4.8	6.3	5.3
Other Income Other IncomeCr	0	0	1	0	0	0	0	1	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	1	0	2	0	1	1	1	0	1	0	2	1
Tax TaxCr	0	0	1	0	0	1	0	0	0	0	0	0
PAT PATCr	1	0	2	0	1	1	0	0	1	0	1	0
Growth YoY PAT Growth YoY%	1,833.3	115.4	336.1	124.1	117.2	1,283.3	-73.3	5.0	-18.3	-53.0	164.3	114.3
NPM NPM%	2.1	0.2	3.9	0.9	3.9	1.9	1.0	0.8	3.1	1.1	2.3	1.3
EPS EPS₹	0.5	0.1	1.4	0.2	1.1	0.8	0.4	0.2	0.9	0.3	0.9	0.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	101	66	60	125	105	82	106	135	117	139	142	150
Growth Revenue Growth%	-41.4	-34.4	-10.0	109.2	-15.8	-21.8	28.6	27.7	-13.1	18.3	2.2	5.6
Expenses ExpensesCr	102	69	57	117	98	77	100	130	111	131	134	141
Operating Profit Operating ProfitCr	-1	-3	3	7	7	5	6	5	6	8	8	9
OPM OPM%	-1.3	-4.2	4.6	6.0	6.6	5.8	5.7	3.8	5.0	5.7	5.5	6.0
Other Income Other IncomeCr	4	2	2	1	1	1	2	1	1	1		1
Interest Expense Interest ExpenseCr	7	3	2	3	3	1	2	2	2	1	2	2
Depreciation DepreciationCr	5	5	5	5	5	4	4	4	4	4	3	3
PBT PBTCr	-9	-8	-3	0	0	0	2	0	2	4	4	4
Tax TaxCr	-3	-3	-1	0	0	0	1	0	0	1	1	1
PAT PATCr	-6	-4	-2	0	0	0	1	0	1	3	3	3
Growth PAT Growth%	-259.4	28.7	55.4	106.0	24.0	48.5	198.2	-77.0	840.4	92.4	2.5	9.6
NPM NPM%	-6.0	-6.6	-3.3	0.1	0.1	0.3	0.6	0.1	1.2	1.9	1.9	2.0
EPS EPS₹	-6.1	-4.1	-1.8	0.1	0.1	0.2	0.6	0.1	1.3	2.4	2.4	2.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	101	66	60	125	105	82	106	135	117	139	142	150
Growth Revenue Growth%	-41.4	-34.4	-10.0	109.2	-15.8	-21.8	28.6	27.7	-13.1	18.3	2.2	5.6
Expenses ExpensesCr	102	69	57	117	98	77	100	130	111	131	134	141
Operating Profit Operating ProfitCr	-1	-3	3	7	7	5	6	5	6	8	8	9
OPM OPM%	-1.3	-4.2	4.6	6.0	6.6	5.8	5.7	3.8	5.0	5.7	5.5	6.0
Other Income Other IncomeCr	4	2	2	1	1	1	2	1	1	1		1
Interest Expense Interest ExpenseCr	7	3	2	3	3	1	2	2	2	1	2	2
Depreciation DepreciationCr	5	5	5	5	5	4	4	4	4	4	3	3
PBT PBTCr	-9	-8	-3	0	0	0	2	0	2	4	4	4
Tax TaxCr	-3	-3	-1	0	0	0	1	0	0	1	1	1
PAT PATCr	-6	-4	-2	0	0	0	1	0	1	3	3	3
Growth PAT Growth%	-259.4	28.7	55.4	106.0	24.0	48.5	198.2	-77.0	840.4	92.4	2.5	9.6
NPM NPM%	-6.0	-6.6	-3.3	0.1	0.1	0.3	0.6	0.1	1.2	1.9	1.9	2.0
EPS EPS₹	-6.1	-4.1	-1.8	0.1	0.1	0.2	0.6	0.1	1.3	2.4	2.4	2.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	11	11	11	11	11	11	11	11	13
Reserves ReservesCr	31	32	30	30	30	31	31	31	32	35	57
Current Liabilities Current LiabilitiesCr	37	31	31	34	21	22	28	29	28	18	46
Non Current Liabilities Non Current LiabilitiesCr	32	19	31	32	26	25	22	13	13	12	22
Total Liabilities Total LiabilitiesCr	110	93	104	108	88	89	92	83	85	77	138
Current Assets Current AssetsCr	61	46	57	70	53	52	64	58	62	50	80
Non Current Assets Non Current AssetsCr	49	46	46	38	35	36	28	25	23	27	58
Total Assets Total AssetsCr	110	93	104	108	88	89	92	83	85	77	138

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	11	11	11	11	11	11	11	11	13
Reserves ReservesCr	31	32	30	30	30	31	31	31	32	35	57
Current Liabilities Current LiabilitiesCr	37	31	31	34	21	22	28	29	28	18	46
Non Current Liabilities Non Current LiabilitiesCr	32	19	31	32	26	25	22	13	13	12	22
Total Liabilities Total LiabilitiesCr	110	93	104	108	88	89	92	83	85	77	138
Current Assets Current AssetsCr	61	46	57	70	53	52	64	58	62	50	80
Non Current Assets Non Current AssetsCr	49	46	46	38	35	36	28	25	23	27	58
Total Assets Total AssetsCr	110	93	104	108	88	89	92	83	85	77	138

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	6	-14	7	19	-5	5	8	-5	24	-22
Investing Cash Flow Investing Cash FlowCr	2	1	1	0	-1	0	0	0	0	-6	-34
Financing Cash Flow Financing Cash FlowCr	-19	-7	18	-6	-17	5	-1	-11	4	-18	56
Net Cash Flow Net Cash FlowCr	0	0	4	0	0	0	4	-3	-1	0	0
Free Cash Flow Free Cash FlowCr	17	4	-15	6	17	-5	5	8	-6	17
CFO To PAT CFO To PAT%	-280.6	-129.0	721.9	6,055.3	12,815.8	-2,112.1	812.5	5,638.4	-381.2	904.9	-808.0
CFO To EBITDA CFO To EBITDA%	-1,304.7	-202.6	-513.1	95.1	266.5	-94.6	86.5	161.5	-90.5	306.6	-283.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	6	-14	7	19	-5	5	8	-5	24	-22
Investing Cash Flow Investing Cash FlowCr	2	1	1	0	-1	0	0	0	0	-6	-34
Financing Cash Flow Financing Cash FlowCr	-19	-7	18	-6	-17	5	-1	-11	4	-18	56
Net Cash Flow Net Cash FlowCr	0	0	4	0	0	0	4	-3	-1	0	0
Free Cash Flow Free Cash FlowCr	17	4	-15	6	17	-5	5	8	-6	17
CFO To PAT CFO To PAT%	-280.6	-129.0	721.9	6,055.3	12,815.8	-2,112.1	812.5	5,638.4	-381.2	904.9	-808.0
CFO To EBITDA CFO To EBITDA%	-1,304.7	-202.6	-513.1	95.1	266.5	-94.6	86.5	161.5	-90.5	306.6	-283.1

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	23	45	36	34	13	19	44	43	76	84	170	269
Price To Earnings Price To Earnings				277.3	91.9	85.3	69.8	302.5	55.1	31.5	62.1	79.6
Price To Sales Price To Sales	0.2	0.7	0.6	0.3	0.1	0.2	0.4	0.3	0.7	0.6	1.2	1.8
Price To Book Price To Book	0.6	1.1	0.9	0.8	0.3	0.5	1.1	1.0	1.8	1.8	2.5	3.2
EV To EBITDA EV To EBITDA	-52.0	-27.8	31.4	9.5	5.0	11.1	11.7	12.7	18.0	12.3	28.3	34.3
Profitability Ratios Profitability Ratios
GPM GPM%	13.3	13.6	20.5	14.6	17.7	17.9	18.1	13.0	17.8	17.9
OPM OPM%	-1.3	-4.2	4.6	6.0	6.6	5.8	5.7	3.8	5.0	5.7	5.5	6.0
NPM NPM%	-6.0	-6.6	-3.3	0.1	0.1	0.3	0.6	0.1	1.2	1.9	1.9	2.0
ROCE ROCE%	-2.6	-6.6	-0.6	4.6	4.4	1.9	5.2	3.5	4.8	8.0	4.7	4.7
ROE ROE%	-14.7	-10.1	-4.7	0.3	0.3	0.5	1.5	0.3	3.2	5.8	3.9	3.9
ROA ROA%	-5.5	-4.7	-1.9	0.1	0.2	0.2	0.7	0.2	1.6	3.5	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	23	45	36	34	13	19	44	43	76	84	170	269
Price To Earnings Price To Earnings				277.3	91.9	85.3	69.8	302.5	55.1	31.5	62.1	79.6
Price To Sales Price To Sales	0.2	0.7	0.6	0.3	0.1	0.2	0.4	0.3	0.7	0.6	1.2	1.8
Price To Book Price To Book	0.6	1.1	0.9	0.8	0.3	0.5	1.1	1.0	1.8	1.8	2.5	3.2
EV To EBITDA EV To EBITDA	-52.0	-27.8	31.4	9.5	5.0	11.1	11.7	12.7	18.0	12.3	28.3	34.3
Profitability Ratios Profitability Ratios
GPM GPM%	13.3	13.6	20.5	14.6	17.7	17.9	18.1	13.0	17.8	17.9
OPM OPM%	-1.3	-4.2	4.6	6.0	6.6	5.8	5.7	3.8	5.0	5.7	5.5	6.0
NPM NPM%	-6.0	-6.6	-3.3	0.1	0.1	0.3	0.6	0.1	1.2	1.9	1.9	2.0
ROCE ROCE%	-2.6	-6.6	-0.6	4.6	4.4	1.9	5.2	3.5	4.8	8.0	4.7	4.7
ROE ROE%	-14.7	-10.1	-4.7	0.3	0.3	0.5	1.5	0.3	3.2	5.8	3.9	3.9
ROA ROA%	-5.5	-4.7	-1.9	0.1	0.2	0.2	0.7	0.2	1.6	3.5	2.0	2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SURAJLTD	RSTL	PSRAJ	REMIEDEL	VSTL	ZENITHSTL	ANUBHAV
Market CapitalizationMkt CapCr	374	342	331	269	187	71	53
Close PriceClose₹	203.60	275.05	87.80	199.90	98.54	5.02	48.60
IndustryIndustry	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes
Price To EarningsPE	45.04	29.86	38.51	79.64	24.64	17.93
Price To SalesPS	1.92	0.75	1.24	1.79	0.15	1.70	0.49
RevenueRevenueCr	195	458	266	150	1,212	42	109
Revenue Growth TTMRev Gr TTM%	-15.2%	17.1%	0.1%	5.6%	20.9%	-61.7%
PAT Growth TTMPAT Gr TTM%	-19.6%	50.9%	15.8%	9.6%	-36.3%	29.7%

	SURAJLTD	RSTL	PSRAJ	REMIEDEL	VSTL	ZENITHSTL	ANUBHAV
Market CapitalizationMkt CapCr	374	342	331	269	187	71	53
Close PriceClose₹	203.60	275.05	87.80	199.90	98.54	5.02	48.60
IndustryIndustry	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes	Steel Tubes and Pipes
Price To EarningsPE	45.04	29.86	38.51	79.64	24.64	17.93
Price To SalesPS	1.92	0.75	1.24	1.79	0.15	1.70	0.49
RevenueRevenueCr	195	458	266	150	1,212	42	109
Revenue Growth TTMRev Gr TTM%	-15.2%	17.1%	0.1%	5.6%	20.9%	-61.7%
PAT Growth TTMPAT Gr TTM%	-19.6%	50.9%	15.8%	9.6%	-36.3%	29.7%