Sambhv Steel Tubes is a steelmaker that starts with iron ore and coal at one end and delivers finished pipes, tubes, and coated coils at the other - all from a single campus in Chhattisgarh. Founded in 2017 as a sponge-iron producer, it has since built forward step by step into steelmaking, hot rolling, cold rolling, galvanising, and pipe welding, becoming the only Indian company to house that entire chain under one roof. The recurring approach is to own the intermediate steps that competitors outsource - making its own HR coils instead of buying them, generating its own power from waste heat - so that it captures margin at every stage and insulates itself from supplier pricing. # Business segments A single integrated engine - steel pipes, tubes, and coils - where the company makes nearly everything it needs in-house, from raw material to finished product, and sells the output to industrial buyers across India. ## 1. Steel pipes, tubes, and coils: a single-roof value chain from ore to finished steel **The company does not buy steel coils to make pipes - it makes the steel itself, starting with iron ore and coal, which means it keeps the margin that competitors pay to middlemen.** - **Iron ore to sponge iron in-house** - the process begins by reducing iron ore and pellets into sponge iron using coal sourced largely from Coal India mines roughly 250 km away, with 80% of all raw materials coming from within that radius. - **Makes its own HR coils** - the sponge iron is melted in induction furnaces and cast into blooms and slabs, then hot-rolled into narrow-width HR coils on a mill with automatic gauge control; this is the feedstock for pipes, and making it captive frees the company from the price swings of the open coil market. - **Three finished-product families** - from those coils, the company produces ERW (electric resistance welded) black pipes and tubes for construction and scaffolding, pre-galvanised (GP) pipes and coils for corrosion-prone uses like solar structures and coastal telecom towers, and stainless-steel CR coils sold to pipe-makers and utensil manufacturers. - **Value-added tilt** - in FY25, roughly 83% of revenue came from finished value-added products - structural pipes and tubes, stainless steel, and pre-galvanised coils and pipes - rather than from selling intermediate steel. - **Waste becomes power** - a 25 MW captive power plant runs on waste heat from the sponge-iron kilns and on dolochar, a by-product fuel, cutting the electricity bill and pushing internal power sourcing to over 43% in FY26. ## 2. The distribution engine: reaching factories and fabricators through a dealer network **The company is a B2B supplier that sells through 47 distributors and over a thousand dealers, putting its pipes into everything from tractor parts to government water schemes.** - **Distributor-led, not direct** - products flow to OEMs, EPC contractors, and infrastructure developers mainly through a network of distributors, who in turn reach crane manufacturers, cultivator makers, and telecom tower fabricators. - **Footprint widening fast** - the dealer count grew from 600-plus in FY24 to over 1,000 in FY26, and geographic coverage expanded from 10 states in FY23 to 15 states and one Union Territory, with a strong base in Chhattisgarh, Maharashtra, Gujarat, and the surrounding belt. - **Government approvals as a door-opener** - product certifications from Powergrid Corporation, Hindustan Shipyard, NPCC, and Maharashtra Jeevan Pradhikaran give the company entry into public infrastructure projects. - **Marketing on the ground** - the company runs fabricator meet-ups (“Chai-Pe-Charcha”), distributor and dealer events, trade-exhibition participation, and co-branding MoUs with stainless-steel pipe partners - ten such MoUs are now in place. # Group structure and partners **The company is a standalone listed entity with one wholly-owned subsidiary that holds an environmental clearance and a PLI commitment, plus a minority stake in a specialty-alloys start-up.** - Sambhv Steel Tubes Limited is the main operating company and the listed entity; all financials are standalone. - Its wholly-owned subsidiary, Sambhv Tubes Private Limited, was originally meant to develop the Kesda greenfield project but now mainly holds the environmental clearance for that site and participates in the PLI Scheme for specialty steel with a committed investment of ₹180 crores. - The company holds a 15% stake in Vajra Alloys Private Limited, a Chennai-based early-stage manufacturer of nickel, cobalt, and titanium alloys for aerospace, defence, and energy applications - acquired in March 2026 for about ₹7.5 crores to open up cross-selling and supply-chain synergies. - Earlier operational linkages and corporate guarantees with two promoter-related entities - S Pyarelal Ispat and Ganpati Sponge Iron - have been discontinued and the guarantees are being released (release expected in Oct'25 for SPIPL and released in July'25 for GSIPL).