Hisar Metal Industries is a niche Indian manufacturer that turns stainless steel into precision-rolled strips and tubes - the kind of material that ends up in car exhausts, kitchen sinks, railway coaches and construction projects. Incorporated in 1990 and run from Hisar, Haryana by the Tayal family, the company has spent three decades quietly expanding its rolling and tube-making capacity, most recently adding a mill that can produce foil-thin steel. The recurring approach is simple: own the cold-rolling and tube-forming steps, sell to industrial buyers who need consistent quality, and manage the ups and downs of steel prices through tight inventory control rather than through technology bets or diversification.
Business segments
A single-engine manufacturer - cold-rolled stainless steel strips and tubes - sold to the same industrial customers from two adjacent plants in Hisar.
1. Cold-rolled strips and tubes: precision steel for industrial buyers
The company buys hot-rolled stainless steel, thins it to exact specifications, and sells it as strips or welded tubes - a toll-manufacturing logic where value comes from precision, not from owning the raw material.
- Two plants, one product family - a strip mill near I.D.C. Delhi Road and a tube mill in Sector 27-28, both in Hisar, Haryana, together house 6 cold-rolling mills (two 6-Hi, three 4-Hi, one 20-Hi) and 10 tube-forming mills. The tube-mill count quadrupled from 4 to 10 between FY20 and FY23, so the company can now form more of its own strip into pipe rather than selling it all as flat material.
- Foil-thin capability, recently added - a 20-Hi cold-rolling mill commissioned in March 2024 lets the company produce ultra-thin gauge stainless steel, the kind used where weight and space are tight. Before this, the thinnest material was limited by the older 4-Hi and 6-Hi mills.
- Sold at the dispatch gate - revenue is recognised the moment finished goods leave the plant against an invoice, and the company collects GST on the government's behalf without booking it as revenue. That means the sales number reflects only what the company keeps, not the tax pass-through.
- B2B across construction, auto and durables - customers are manufacturers and fabricators in infrastructure, automobiles, engineering goods and consumer durables, with some export sales earning duty-drawback credits. No single end-market dominates, which spreads the demand risk.
- Price risk managed, not eliminated - stainless steel is a commodity, so the company faces constant pressure from cheap Chinese imports and fluctuating input costs. Its defence is forward booking of raw material, proactive vendor development and inventory management, plus a reputation for quality that gives some pricing power on finished goods.
Group structure and partners
A tightly held, standalone family company with no subsidiaries, no joint ventures, and a web of related-party transactions that keep working capital flowing.
- The promoters and promoter group own 61.21% of the equity, with 5.4 million shares outstanding as of March 2025. Managing Director Abhiram Tayal has led the business since 1995, while Whole-time Director Karan Dev Tayal has driven automation of operational processes.
- The company has no subsidiaries, associates or joint ventures, and no foreign investment or collaboration - it is a pure domestic operation.
- Unsecured loans from related parties - including promoter directors and entities like Amtrax Trading Co. Pvt. Ltd. - have been a recurring source of funding, carrying interest rates of 9% to 12% per annum.
- Related-party transactions extend beyond loans: the company has paid rent to Jindal Metal Pvt. Ltd., done job work for and purchased from Jindal Polybutton Pvt. Ltd., and paid consultancy fees to a family member. These arrangements suggest an ecosystem of family-linked businesses that provide services and working capital.