Panchmahal Steel Ltd.

BSE: PANCHMAHQ513511ISIN INE798F01010

Industrials
Iron & Steel Products

Share price

₹304.80+21.80 (+7.70%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹384.50
52W low: ₹255.00
Off 52W high: -20.73%
1M return: +7.06%
3M return: +0.51%
6M return: -6.63%
1Y return: +3.20%
20D avg volume: 159
50 DMA: ₹292.11
200 DMA: ₹303.84

Key ratios Standalone

Market cap: ₹581.51 Cr
Current price: ₹304.80
52W high / low: ₹384.50 / ₹255.00
Face value: ₹10.00
P/E: 68.49
P/B: 3.62
EPS (TTM): ₹4.45
Book value / share: ₹84.20
ROE: 5.28%
ROCE: 3.90%
Operating margin: 9.13%
Net margin: 4.72%
Debt / equity: 0.23
Net debt: ₹34.93 Cr
Interest cover: 1.14
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 138.4 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	106.75	93.97	105.96	98.11	92.63	87.54	91.21	94.72	99.05	98.13	98.50	102.57
	0.90	0.64	0.53	0.67	0.74	1.04	0.56	0.53	0.94	0.68	1.07	1.66
	107.64	94.61	106.49	98.77	93.38	88.58	91.77	95.25	99.98	98.81	99.57	104.23
	101.00	88.81	105.57	97.13	92.59	91.21	94.47	93.02	97.52	96.25	96.33	104.67
	64.07	64.30	72.27	63.03	67.93	60.73	78.83	62.55	68.27	76.83	61.26	69.38
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	6.27	6.27	7.18	5.76	6.03	5.33	5.23	5.88	5.58	5.59	5.46	4.72
	1.09	1.03	1.36	1.44	1.14	1.47	1.34	1.51	1.37	1.39	1.41	1.93
	2.01	2.00	2.01	2.00	1.99	1.99	2.02	2.01	2.01	2.01	2.04	2.02
	22.93	21.34	19.66	18.70	18.69	19.04	19.31	7.68	8.87	9.31	6.77	8.71
	6.64	5.80	0.92	1.65	0.79	-2.62	-2.70	2.23	2.46	2.57	3.25	-0.44
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	6.64	5.80	0.92	1.65	0.79	-2.62	-2.70	2.23	2.46	2.57	3.25	-0.44
	1.60	1.46	3.04	0.42	0.24	-0.70	-0.67	0.57	0.68	0.65	0.80	0.12
	5.04	4.34	-2.12	1.23	0.56	-1.93	-2.03	1.66	1.78	1.92	2.44	-0.32
	2.64	2.27	-1.11	0.64	0.29	-1.01	-1.06	0.87	0.94	1.00	1.28	-0.17
Key metrics
	9.74	8.83	4.29	5.09	3.92	0.84	0.66	5.75	5.84	5.97	6.70	3.51
	9.10%	9.40%	4.00%	5.20%	4.20%	1.00%	0.70%	6.10%	5.90%	6.10%	6.80%	3.40%
	4.70%	4.60%	-2.00%	1.30%	0.60%	-2.20%	-2.20%	1.80%	1.80%	2.00%	2.50%	-0.30%
	4.70%	—	1.40%	—	1.20%	—	-0.80%	—	—	—	—	—
	15.20%	7.30%	16.20%	3.60%	-6.50%	-10.80%	-7.40%	-7.70%	—	—	—	—
	800.00%	324.90%	-4.40%	-25.90%	-68.50%	-200.50%	-183.20%	618.80%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	404.79	384.24	383.10	427.62	488.64	573.60
	2.74	2.98	2.71	4.25	1.41	4.01
	407.51	387.22	385.81	431.86	490.05	577.61
	392.51	386.49	381.26	427.94	488.15	511.06
	263.67	263.96	286.49	292.35	341.10	404.52
	0.00	0.00	0.00	—	—	—
	25.48	24.30	22.27	21.79	21.55	22.05
	4.92	5.41	5.61	7.94	7.08	5.90
	8.02	7.98	8.05	8.09	7.96	7.59
	82.63	76.09	80.33	35.06	42.99	—
	15.01	0.74	4.56	3.92	1.90	66.55
	0.00	0.00	0.00	—	—	—
	15.01	0.74	4.56	3.92	1.90	66.55
	6.52	3.00	1.23	0.95	0.52	7.97
	8.49	-2.26	3.33	2.97	1.38	58.58
	4.44	-1.19	1.74	1.56	0.72	30.71
Key metrics
	27.95	14.13	18.22	19.95	16.94	80.04
	6.90%	3.70%	4.80%	4.70%	3.50%	14.00%
	2.10%	-0.60%	0.90%	0.70%	0.30%	10.20%
	—	3.90%	6.10%	—	—	—
	10.57%	0.30%	-10.40%	-12.50%	-14.80%	—
	—	-167.90%	12.10%	115.20%	-97.60%	—
	—	25.41	-5.25	—	—	—
	—	-12.64	-1.52	—	—	—
	—	0.23	0.31	—	—	—
	—	34.93	49.34	—	—	—
	—	138.4	146.0	—	—	—
Balance sheet
	—	224.41	241.79	—	—	—
	—	170.88	180.64	—	—	—
	—	0.29	0.32	—	—	—
	—	47.53	45.92	—	—	—
	—	120.43	126.70	—	—	—
	—	2.10	6.66	—	—	—
	—	51.83	57.39	—	—	—
	—	22.36	19.45	—	—	—
	—	66.78	74.12	—	—	—
	—	35.22	49.66	—	—	—
	—	35.22	49.66	—	—	—
	—	0.00	0.00	—	—	—
	—	150.69	160.30	—	—	—
Cash flow
	—	28.56	-5.05	—	—	—
	—	-3.04	1.20	—	—	—
	—	-25.55	4.13	—	—	—
	—	3.15	0.20	—	—	—

Compounded growth

Sales CAGR 3Y: -7.70%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +10.57%
Profit YoY (TTM): +587.93%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 73.80%

Quarter	September 2026	December 2025
Promoter %	73.80%	73.80%

Holder	Type	Holding	Previous	Change
HONEYVICK ENTERPRISES PRIVATE LIMITED	Promoter Group	55.36%	55.36%	0.00%
ASHOK MALHOTRA	Promoter	15.18%	15.18%	0.00%
DIMPLE KAMLESH KANUNGO	Public	8.81%	8.81%	0.00%
Gujarat Industrial Investment Corporation Limited	Public	3.93%	3.93%	0.00%
BIKRAMPUR INVESTMENTS AND TRADING PRIVATE LIMITED	Public	3.56%	3.56%	0.00%
ASHOK RAMLUBHAYA MALHOTRA (HUF)	Promoter Group	1.34%	1.34%	0.00%
SHANTABEN JAYRAMBHAI PATEL	Public	1.27%	1.17%	+0.10%
PANKHI MANOHAR KANUNGO	Public	1.21%	1.21%	0.00%
VIKAS ASHOK MALHOTRA	Promoter Group	0.88%	0.88%	0.00%
TEJAS HANISH MALHOTRA	Promoter Group	0.52%	0.52%	0.00%
SHAAN HANISH MALHOTRA	Promoter Group	0.52%	0.52%	0.00%
HANISH ASHOK MALHOTRA	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Welspun Corp Limited	63,062	2,390.60	26.60	16.70%	+13.62% TTM	+9.55% TTM	+158.46%
APL Apollo Tubes Limited	61,038	2,198.30	46.60	28.20%	+15.83% TTM	+24.90% TTM	+23.52%
Shyam Metalics and Energy Limited S	34,361	1,231.00	58.56	12.00%	+6.12% TTM	+12.47% TTM	+38.81%
Ratnamani Metals & Tubes Ltd	17,199	2,453.80	33.44	16.30%	-16.31% TTM	-8.61% TTM	+0.53%
Jindal Saw Ltd.	16,202	253.35	32.58	10.80%	-0.73% TTM	-55.61% TTM	+48.64%
Usha Martin Ltd.	14,798	485.60	29.16	18.20%	+8.54% TTM	+25.85% TTM	+2.31%
GODAWARI POWER AND ISPAT LTD.	13,845	205.65	17.14	17.90%	+8.43% TTM	+8.78% TTM	-26.21%
GALLANTT ISPAT LIMITED	12,753	528.55	31.30	18.00%	+5.52% TTM	-17.31% TTM	-5.83%
Jayaswal Neco Industries Ltd S	8,906	91.72	12.94	24.20%	+18.34% TTM	+82.81% TTM	+21.19%
Aeroflex Industries Limited	7,504	567.10	83.87	16.50%	+55.03% TTM	+87.04% TTM	+210.65%
Maharashtra Seamless Ltd.	7,450	556.00	10.11	13.00%	-12.21% TTM	-16.12% TTM	-3.03%
Sunflag Iron & Steel Co. Ltd.	7,070	392.30	34.35	3.70%	+9.35% TTM	+4.58% TTM	+48.12%
Shivalik Bimetal Controls Ltd.	6,178	1,072.50	58.24	25.00%	+27.78% TTM	+33.44% TTM	+130.55%
Technocraft Industries (India) Ltd.	6,166	2,719.40	17.69	19.30%	+12.39% TTM	+33.31% TTM	+12.14%
Man Industries (India) Ltd	5,756	767.35	28.17	16.10%	+10.75% TTM	+26.33% TTM	+94.91%
Goodluck India Limited	5,412	542.70	24.86	19.40%	+18.76% TTM	+31.22% TTM	+32.51%
SAMBHV STEEL TUBES LIMITED	4,886	165.80	25.04	17.50%	—	—	+41.23%
Bansal Wire Industries Limited	4,681	59.80	5.97	16.20%	+20.27% TTM	+2.82% TTM	-2.99%
Surya Roshni Ltd.	4,492	206.40	14.41	15.00%	+11.69% TTM	+8.34% TTM	-31.93%
Electrosteel Castings Ltd.	4,241	68.60	35.12	5.10%	-15.69% TTM	-78.91% TTM	-23.36%
Venus Pipes & Tubes Limited S	3,813	1,840.60	40.76	22.80%	+21.73% TTM	+15.01% TTM	+45.10%
Kalyani Steels Ltd	3,774	864.65	13.40	16.20%	-1.11% TTM	+8.01% TTM	+1.58%
Kirloskar Industries Ltd	3,479	3,308.30	10.24	—	+3.82% TTM	-0.15% TTM	-12.15%
Vardhman Special Steels Ltd S	3,454	356.90	21.41	13.50%	+14.75% TTM	+68.58% TTM	+20.94%
Ratnaveer Precision Engineering Limited S	3,192	380.35	41.84	13.30%	+21.02% TTM	+45.53% TTM	—
Panchmahal Steel Ltd. S	582	304.80	68.49	3.90%	+10.57% TTM	+587.93% TTM	+3.20%

Filings & corporate actions

Recent announcements

Newspaper publication of extract of Unaudited Financial Results of the Company for the quarter and half-year ended 30.09.20262 Nov 2026 · Company Update / Newspaper Publication
Unaudited Financial Results for the quarter and half-year ended 30.09.202631 Oct 2026 · Result / Financial Results
Outcome of Board Meeting dtd. 31.10.202631 Oct 2026 · Board Meeting / Outcome of Board Meeting
Panchmahal Steel Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 31/10/2026 ,inter alia, to consider and approve the unaudited financial results ....17 Oct 2026 · Board Meeting / Board Meeting
Intimation of receipt of Purchase Order from BHEL - BAP, Ranipet16 Oct 2026 · Company Update / Award of Order / Receipt of Order
Intimation regarding Permission to Trade and admission of Equity Shares to dealings on the National Stock Exchange of India.10 Oct 2026 · Company Update / General
Submission of Certificate under Reg.74(5) of SEBI (DP) Regulations, 2018 for the quarter period ended 30.09.2026.3 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Appeal filed before Hon''ble GSTAT, Ahmedabad by the Company.30 Sep 2026 · Company Update / General
53rd AGM - Voting Results along with Scrutinizer''s Report26 Sep 2026 · AGM/EGM / AGM
Proceedings & outcome of 53rd AGM of the Company.25 Sep 2026 · AGM/EGM / AGM
Intimation of closure of Trading Window22 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of receipt of Lowest Bidder (L-1) status19 Sep 2026 · Company Update / General
Newspaper clippings of Notice of 53rd Annual General Meeting, E-voting information and Book Closure2 Sep 2026 · Company Update / Newspaper Publication
Specimen Letter sent to those shareholders, who have not registered their e-mail ids with the Company/RTA/DP containing the weblink to access the Notice of AGM and 53rd Annual Report of the Company.2 Sep 2026 · Company Update / General
Notice of 53rd Annual General Meeting of the Company to be held on Friday, 25th September, 2026.1 Sep 2026 · AGM/EGM / AGM
53rd Annual Report of the Company for the financial year ended 31.03.20261 Sep 2026 · Others / Reg. 34 (1) Annual Report
Notice to shareholders published in newspapers regarding ensuing 53rd AGM of the Company.8 Aug 2026 · Company Update / Newspaper Publication
Intimation to Physical Shareholders to furnish KYC Details7 Aug 2026 · Company Update / General
Newspaper clippings of the Extract of Unaudited Financial Results of the Company for the quarter ended 30.06.20264 Aug 2026 · Company Update / Newspaper Publication
Re-affirmation of Credit Rating by India Ratings & Research (Ind-RA) for Bank Loan facilities of the Company.3 Aug 2026 · Company Update / Credit Rating
Re-appointment of Mr. Ashok Ramlubhaya Malhotra as Chairman & Managing Director of the Company and approval for Continuation of Directorship of Ms. Suchita Shah as Non-Executive and Non-Independent ....3 Aug 2026 · Company Update / Change in Management
Intimation regarding Cut-off Date for E-voting for 53rd Annual General Meeting of the Company scheduled to be held on Friday, the 25th September, 2026.3 Aug 2026 · AGM/EGM / AGM
Intimation of Book Closure for the purpose of 53rd AGM of the Company.3 Aug 2026 · Corp. Action / Book Closure
Intimation of 53rd Annual General Meeting of the Company scheduled to be held on Friday, the 25th day of September, 2026.3 Aug 2026 · AGM/EGM / AGM
Unaudited Financial Results of the Company for the quarter period ended 30.06.20263 Aug 2026 · Result / Financial Results
Outcome of Board Meeting of the Company held on 03.08.20263 Aug 2026 · Board Meeting / Outcome of Board Meeting
Rejection of Waiver Request for SOP fine levied by BSE Limited.21 Jul 2026 · Company Update / General
Disclosure of material event14 Jul 2026 · Company Update / General
Panchmahal Steel Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/08/2026 ,inter alia, to consider and approve Unaudited Financial Results ....10 Jul 2026 · Board Meeting / Board Meeting
Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter period ended 30.06.20264 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation of Closure of Trading Window24 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Contact details of KMPs authorised for the purpose of determining materiality of an event or information and for making disclosures to the Stock Exchange(s).2 Jun 2026 · Company Update / General
Newspaper publication of Extract of Audited Financial Results of the Company for the quarter and financial year ended 31.03.2026.26 May 2026 · Company Update / Newspaper Publication
Audited Financial Results of the Company for the quarter and financial year ended 31.03.202625 May 2026 · Result / Financial Results
Outcome of Board Meeting held on 25.05.202625 May 2026 · Board Meeting / Outcome of Board Meeting
Panchmahal Steel Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 25/05/2026 ,inter alia, to consider and approve the Audited Financial Results ....14 May 2026 · Board Meeting / Board Meeting
Format of the Annual Disclosure to be made by an entity identified as a Large Corporate. <table border=''1px''> <tr> <td>Sr. No.</td> <td>Particulars</td> ....8 May 2026 · Others / Format of the Annual Disclosure to be made by an entity identified as a LC : Annexure B2
Annual Secretarial Compliance Report for the financial year ended 31.03.20262 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Change in Branch Address & contact details of RTA24 Apr 2026 · Company Update / General
Newspaper Advertisement for intimation regarding Second 100 Days Campaign - "Shaksham Niveshak"22 Apr 2026 · Company Update / Newspaper Publication

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 3.0000	12 Sep 2025	12 Sep 2025	—

Board meetings

31 Oct 2026 Board Meeting - Financial Results
3 Aug 2026 Board Meeting - Financial Results