Prakash Steelage Ltd is a family-run Indian manufacturer that makes one thing - stainless steel welded pipes and tubes - for industrial buyers who cannot afford corrosion or failure. Founded in 1991 and listed in Mumbai, the company spent three decades navigating a joint venture, a stake sale, and a full bank-debt settlement that left it a standalone, banking-debt-free operation with a single plant in Silvassa and no subsidiaries. The recurring approach is focus: shed everything that is not welded pipe, run lean with 73 permanent employees, and sell to a global B2B customer base from a single factory floor. # Business segments A single engine - stainless steel welded pipes, tubes and U-tubes - sold to industrial projects across oil and gas, chemicals, power and water treatment, with no other business line. ## 1. Stainless steel welded pipes and tubes: the company's entire factory output **Every rupee the company earns comes from cutting, shaping and welding stainless steel into pipes and tubes that industrial buyers install where corrosion or high heat would destroy ordinary steel.** - **One plant, one product family** - the Silvassa factory in Dadra & Nagar Haveli houses all manufacturing, producing welded pipes, tubes and U-tubes with no other product lines and no intangible assets on the books. - **Sold to industries, not consumers** - customers are large public and private corporations, plus individual entities, in oil and gas, chemical processing, food processing, power generation and infrastructure projects such as water treatment plants and power plants. - **Export-heavy with a forex playbook** - the company imports raw material and exports finished goods, so it runs a formal Forex Hedging Policy to manage the currency mismatch between what it buys and what it sells. - **Pricing follows the import bill** - because the company depends on imported raw material, its pricing strategy is mainly driven by import costs rather than domestic steel prices, tying its margins to global stainless steel markets. - **Certifications open industrial doors** - the plant holds ISO 9001, ISO 14001, OHSAS 18001 and PED certification, the kind of credentials that large project buyers require before they will even consider a supplier. # Group structure and partners **The company stands completely alone - no subsidiaries, no joint ventures, no bank debt - after a decade of deliberate simplification.** - **Exited the seamless-tube joint venture** - in 2015 the company transferred its seamless tube division into a joint venture with Spain's Tubacex S.A., retaining a 32.47% stake, then sold that entire stake back to Tubacex on 30 March 2021 for not less than INR 50 Crores, using the proceeds to pay down bank debt. - **Settled the bank debt and walked away** - consortium borrowings of INR 217.85 Crores from Bank of Baroda, Bank of India and Union Bank of India were classified as a non-performing asset and resolved through a One Time Settlement of INR 93.87 Crores, paid in full by 21 March 2022, making the company banking debt-free. - **Family-run, with roles split by function** - Chairman and Managing Director Prakash C. Kanugo brings over 50 years of stainless steel trading experience; his son Hemant runs the Silvassa production unit; his son Kamal handles international marketing and exports; and Executive Director Ashok M. Seth manages finance, accounts and procurement. - **No bank working capital today** - as of FY25 the company has not been sanctioned any working capital facility from banks or financial institutions, though it carries a term loan from its Director.