Riddhi Steel & Tube is an Indian manufacturer that makes steel pipes - the kind used to move water, gas and oil, or to build the skeletons of factories and bridges. Founded in 2001 in Ahmedabad, Gujarat, it has remained a standalone, single-product company ever since, with no subsidiaries and no debt. Everything it does follows one recurring approach: run a tight, owner-funded operation on a leased plot of land, keep costs low, and sell through agents to other businesses - no retail, no diversification, no financial engineering. # Business segments A single engine - steel pipe manufacturing - serving construction and industrial buyers through a dealer network, with every rupee of revenue coming from that one activity. ## 1. Steel pipes: the only thing this company does **It makes steel tubes and pipes in one Gujarat factory, sells them entirely to other businesses through agents, and has never changed what it does since the day it was incorporated.** - **One product family, one factory** - the company manufactures tubes, pipes, hollow profiles and pipe fittings from cast iron and cast steel at its plant in Village Kamod, Ahmedabad, which sits on land held under a 30-year operating lease that started in 2002 and costs just ₹43,000 a year. - **Sold before it reaches an end-user** - revenue is recognised the moment goods leave the factory gate, and every sale is a one-time transaction with no recurring or subscription income; the company sells on a gross basis, meaning excise duty and VAT are included in the top line. - **Agents carry the product to market** - it does not sell directly to builders or factories but pays commission to dealers and agents, and bears the transport and loading costs to get pipes from its plant to those B2B customers. - **Steel is the swing factor** - the key raw material is steel, so the company’s costs rise and fall with steel prices; power, transport, contract labour and repairs make up the other big operating expenses, and it has put up a solar panel at the factory to generate some of its own electricity. - **A small team running a tight ship** - the permanent workforce stood at 68 as of March 2025, though another filing figure puts total employees at 116, and the company runs in-house training rather than relying on outside programmes; as recently as FY20-FY22 it operated with just 24 permanent staff. # Group structure and partners **The company is a standalone, promoter-controlled entity with no subsidiaries, no joint ventures, and no debt on its books - it has always been that way.** - **No corporate family tree** - across every reported year, Riddhi Steel has had no holding company, no subsidiary, no associate and no joint venture; it is a single legal entity with nothing underneath or above it. - **Promoters own roughly three-quarters** - the promoter group held 72.85% of the equity as of March 2024, a level that has stayed in the 69-73% range since at least FY20; the named promoters are Rajesh R Mittal (the Managing Director), Preeti Mittal (the CFO), Rajat R. Mittal, Riddhi Mittal, and the Rajesh R Mittal HUF. - **No borrowed money for years** - the company works entirely with owned funds and has not tapped the market for debt in a long time, which keeps it safe but also means it has limited capital to respond to competitive threats. - **Listed but lean** - its shares trade on the BSE’s SME platform under the code 540082, with a paid-up equity base of 82.90 lakh shares of ₹10 each; it has never issued debentures or taken public deposits.