The Next Generation of the 5,000 Crore Steel Innovators I Sambhv Steel Tubes Ltd.

Steel That Built Itself: Sambhv Steel Tubes Ltd, Nearly ₹5,000 Crore and Still Innovating Steel pipes hold up bridges, roofs, solar frames and water networks, but few people ever ask who makes them. In this episode of the SME Podcast, we went to Goa to sit down with the team behind Sambhv Steel Tubes Ltd, a listed ERW steel pipe and structural tube maker that started in Chhattisgarh and now runs a single, fully backward-integrated facility in Raipur. We cover how the company went from a private business founded in 2017 to a listed one after its ₹540 crore IPO in 2025, when its shares debuted at a premium of about 34%. Today the company is valued at nearly ₹5,000 crore. What we discuss: How a company builds everything in-house, from sponge iron and blooms to HR coils and finished pipes Why the narrow-width HR coil process matters, and why only a handful of Indian manufacturers use it The move into value-added products, including pre-galvanised coils and pipes and stainless steel coils made with the AOD process What a strong Q1 FY27 means for the business, with revenue up about 31% and profit up about 69% year on year Life after listing: investor expectations, quarterly disclosures, and balancing growth with discipline The path to the Sarora expansion, targeted for completion by December 2027 Advice for SME founders who are thinking about an IPO. Identity and listing Sambhv Steel Tubes Ltd trades as NSE: SAMBHV and BSE: 544430. It was incorporated on 24 April 2017 in Chhattisgarh as Sambhv Sponge Power, and its registered office is in Raipur. The IPO raised ₹540 crore, made up of a ₹440 crore fresh issue and a ₹100 crore offer for sale. It listed on 2 July 2025 at ₹110, a premium of about 34% over the ₹82 issue price. Market cap was about ₹4,808 crore (Screener, 15 Oct 2026) and ₹4,828 crore (Kotak Neo, 15 Oct 2026). The stock closed at ₹163 that day, close to its 52-week high of ₹171.7. Latest results (Q1 FY27, quarter ended 30 June 2026) Revenue from operations was ₹732.17 crore, up 31% year on year. Net profit was ₹56.6 crore, up about 69–70% year on year from ₹33.4 crore. Operating EBITDA was about ₹95 crore, a margin of roughly 13%. Some sources quote ₹100 crore, so use ₹95 crore if you quote the investor presentation. Volume was 107,771 tonnes. Value-added products drove the growth: pre-galvanised coils and pipes at 29,814 tonnes, stainless steel CR coils at 14,760 tonnes, and structural pipes and tubes at 56,617 tonnes. The board approved an 8 MW captive rooftop solar plant at its Kuthrel unit. Operations and innovation The company is backward-integrated. Its single Raipur-area site makes sponge iron, mild steel blooms and slabs, HR coils, and finished ERW pipes and tubes. Installed capacity figures from CARE Ratings include 450,000 tonnes of HR coil (including 60,000 tonnes of stainless HR coil), 360,000 tonnes of blooms and slabs, and 350,000 tonnes of ERW pipes and tubes. Its FY25 capacity also included 100,000 tonnes of CR coil, 100,000 tonnes of GP coil and pipe, and 58,000 tonnes of stainless CR coil. The company's stainless steel uses the Argon Oxygen Decarburization (AOD) process. Its press release also says it is one of two Indian firms making ERW pipes from narrow-width HR coil, citing a CRISIL report as of March 2024. Its Sarora expansion is targeted for completion by December 2027. Leadership Suresh Kumar Goyal is Chairman and Managing Director. His term runs until 31 May 2029. Vikas Kumar Goyal is Managing Director and CEO. Brijlal Goyal, the founder, is listed as Chairman Emeritus. Guest: Harshit Goyal, Promoter, Sambhav Steel Tubes Limited Host: Shivesh Poddar