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Remi Edelstahl Tub. Overview

1. Business Overview

Remi Edelstahl Tubulars Ltd. is primarily engaged in the manufacturing of stainless steel tubes and pipes. The company's core business model involves producing a range of tubular products used across various industries. It makes money by selling these finished stainless steel tubes and pipes, which can include both seamless and welded varieties, catering to specific industrial applications where corrosion resistance, hygiene, or high-temperature stability are critical.

2. Key Segments / Revenue Mix

The primary revenue segment for Remi Edelstahl Tubulars Ltd. is the manufacturing and sale of stainless steel tubular products. While specific breakdowns are not provided, potential sub-segments could include:

Industrial/Process Piping (e.g., chemical, petrochemical, oil & gas, power)

Instrumentation Tubing

Food & Dairy Tubing

Pharmaceutical Tubing

Decorative/Architectural Tubing

Heat Exchanger Tubing

The company's revenue is predominantly generated from B2B sales to clients in these diverse end-user industries.

3. Industry & Positioning

The Steel & Iron Products industry in India is large, diverse, and cyclical, with significant players ranging from integrated steel producers to specialized manufacturers like Remi Edelstahl Tubulars. The stainless steel tubular segment is more specialized than generic carbon steel and often demands higher quality, specific certifications, and adherence to international standards. Remi Edelstahl likely positions itself as a specialized manufacturer focusing on quality, customization, and meeting the specific technical requirements of its industrial clients, competing with both larger integrated players' stainless steel divisions and other specialized tube manufacturers in India and globally.

4. Competitive Advantage (Moat)

For a specialized stainless steel tubular manufacturer, competitive advantages can stem from:

Technical Expertise & Specialization: Proficiency in producing specific grades, dimensions, or custom configurations of stainless steel tubes required by niche industries.

Quality Certifications & Approvals: Holding critical certifications (e.g., ISO, PED, AD 2000, specific client vendor approvals) that are essential for industries like oil & gas, nuclear, or pharmaceuticals, creating high barriers to entry.

Customer Relationships & Supply Chain Integration: Long-standing relationships with key industrial clients, potentially becoming an approved vendor that provides consistent quality and timely delivery, making switching costs higher for clients.

Process Efficiency: Optimized manufacturing processes for cost-effective production of high-quality stainless steel tubes.

5. Growth Drivers

Industrial Growth & Infrastructure Development: Increased capital expenditure and project execution in key end-user sectors like chemicals, pharmaceuticals, food processing, oil & gas, and power generation in India.

"Make in India" Initiative: Government push for domestic manufacturing reducing reliance on imports and boosting demand for locally produced industrial components.

Urbanization & Modernization: Growing demand for stainless steel in construction, public infrastructure, and consumer goods due to its durability and aesthetic properties.

Export Opportunities: Growing global demand for specialized stainless steel products, leveraging international quality standards and competitive pricing.

Technological Advancements: Adoption of new manufacturing technologies to improve product quality, expand product range, and enhance cost efficiency.

6. Risks

Commodity Price Volatility: Fluctuations in prices of raw materials (nickel, chrome, steel scrap) can significantly impact profit margins if not effectively hedged or passed on to customers.

Economic Cyclicality: Demand for steel products is highly correlated with overall economic growth and industrial activity, making the company susceptible to economic downturns.

Intense Competition: Competition from domestic and international players, including larger integrated steel mills and other specialized tube manufacturers, can put pressure on pricing and market share.

Regulatory & Environmental Compliance: Stringent environmental regulations and changing industrial standards can lead to increased compliance costs and capital expenditure.

Foreign Exchange Fluctuations: Given potential imports of raw materials or exports of finished goods, currency volatility can impact profitability.

7. Management & Ownership

As is common with many Indian companies, Remi Edelstahl Tubulars Ltd. is likely promoted and controlled by a founding family or promoter group. This often implies long-term strategic vision and strong operational involvement from the promoters. The management team would typically comprise professionals with expertise in steel manufacturing, engineering, and sales, aiming to drive operational efficiency and market expansion. The ownership structure would likely reflect significant promoter holdings alongside public and institutional shareholding.

8. Outlook

Remi Edelstahl Tubulars Ltd. operates in a specialized segment of the steel industry that benefits from industrial growth and infrastructure development in India. The company's focus on stainless steel tubulars positions it to capitalize on demand from sectors requiring high-quality, corrosion-resistant materials. The bull case hinges on sustained growth in end-user industries (e.g., chemicals, pharma, food processing), successful expansion into higher-value specialized products, and effective management of raw material costs. The bear case involves risks from volatile commodity prices, intense competition, and a potential slowdown in industrial capital expenditure. While capable of steady growth through specialization and quality, the company remains exposed to the cyclical nature of the broader steel industry and macro-economic factors.

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Remi Edelstahl Tub. Key Financials

Market Cap ₹233 Cr.

Stock P/E 87.3

P/B 3.4

Current Price ₹185

Book Value ₹ 54.5

Face Value 10

52W High ₹202

Dividend Yield 0%

52W Low ₹ 85

Remi Edelstahl Tub. Share Price

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Volume
Price

Remi Edelstahl Tub. Quarterly Price

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Remi Edelstahl Tub. Peer Comparison

Remi Edelstahl Tub. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 27 28 40 23 32 43 41 27 33 34
Other Income 0 0 1 0 0 0 0 1 0 -0
Total Income 27 28 41 23 32 43 41 27 34 34
Total Expenditure 25 27 37 22 30 41 39 26 31 32
Operating Profit 2 1 4 1 3 3 2 1 3 2
Interest 0 0 1 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 0 2 0 1 1 1 0 1 0
Provision for Tax 0 0 1 0 0 0 0 0 0 0
Profit After Tax 1 0 2 0 1 1 0 0 1 0
Adjustments 0 0 0 -0 0 0 0 0 -0 0
Profit After Adjustments 1 0 2 0 1 1 0 0 1 0
Adjusted Earnings Per Share 0.5 0.1 1.4 0.2 1.1 0.8 0.4 0.2 0.9 0.3

Remi Edelstahl Tub. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 172 101 66 60 125 105 82 106 135 117 139 135
Other Income 2 4 3 2 2 1 1 2 1 1 1 1
Total Income 174 105 69 61 126 107 84 107 136 118 139 136
Total Expenditure 162 102 68 56 117 98 77 99 129 111 130 128
Operating Profit 12 3 1 5 10 9 6 8 6 7 9 8
Interest 10 7 4 3 4 4 2 2 2 2 2 0
Depreciation 5 5 5 5 5 5 4 4 4 4 4 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax -2 -9 -8 -3 0 0 0 2 0 2 4 2
Provision for Tax -1 -3 -3 -1 0 0 0 1 0 0 1 0
Profit After Tax -2 -6 -4 -2 0 0 0 1 0 1 3 1
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -2 -6 -4 -2 0 0 0 1 0 1 3 1
Adjusted Earnings Per Share -1.7 -6.1 -4 -1.8 0.1 0.1 0.2 0.6 0.1 1.3 2.4 1.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 19% 9% 6% -2%
Operating Profit CAGR 29% 4% 0% -3%
PAT CAGR 200% 44% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 100% 65% 55% 27%
ROE Average 6% 3% 2% -2%
ROCE Average 8% 6% 5% 3%

Remi Edelstahl Tub. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 47 41 43 41 41 41 42 42 42 43 46
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 22 26 16 28 28 22 22 18 11 10 9
Other Non-Current Liabilities 9 6 3 2 4 4 3 4 2 3 3
Total Current Liabilities 68 37 31 31 34 21 22 28 29 28 18
Total Liabilities 146 110 93 103 108 88 89 92 83 85 77
Fixed Assets 52 48 44 41 36 34 31 28 24 22 25
Other Non-Current Assets 2 2 2 6 2 0 5 1 1 1 2
Total Current Assets 92 61 46 57 70 53 52 64 58 62 50
Total Assets 146 110 93 103 108 88 89 92 83 85 77

Remi Edelstahl Tub. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 2 2 2 6 6 1 1 5 2 1
Cash Flow from Operating Activities -8 17 6 -14 7 19 -5 5 8 -5 24
Cash Flow from Investing Activities -2 2 1 1 -0 -1 -0 -0 -0 0 -6
Cash Flow from Financing Activities 11 -19 -7 18 -6 -17 5 -1 -11 4 -18
Net Cash Inflow / Outflow 0 0 -0 4 0 0 0 4 -3 -1 0
Closing Cash & Cash Equivalent 2 2 2 6 6 6 1 5 2 1 2

Remi Edelstahl Tub. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -1.7 -6.1 -3.99 -1.77 0.11 0.13 0.2 0.58 0.13 1.26 2.43
CEPS(Rs) 3.23 -1.26 0.3 2.59 4.45 4.42 4.04 4.06 3.48 4.48 5.63
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 47.55 41.44 39.16 37.44 37.6 37.62 37.87 38.34 38.53 39.57 41.88
Core EBITDA Margin(%) 5.44 -0.71 -3.13 5.19 6.26 7 6.16 5.93 4.01 5.3 5.91
EBIT Margin(%) 3.85 -1.53 -5.31 0.17 3.81 3.84 2.61 3.81 1.92 3.31 3.74
Pre Tax Margin(%) -1.3 -8.28 -10.92 -4.9 0.36 0.25 0.29 1.96 0.2 1.58 2.55
PAT Margin (%) -0.91 -5.65 -6.08 -3.21 0.09 0.14 0.26 0.61 0.11 1.19 1.93
Cash Profit Margin (%) 1.74 -1.16 0.46 4.71 3.92 4.62 5.4 4.22 2.84 4.2 4.46
ROA(%) -1.19 -4.76 -4.31 -1.98 0.11 0.15 0.24 0.71 0.17 1.65 3.31
ROE(%) -3.64 -13.72 -10.38 -4.61 0.28 0.35 0.52 1.54 0.35 3.24 5.97
ROCE(%) 6.28 -1.6 -4.61 0.12 5.35 5.21 2.92 5.34 3.69 5.53 7.7
Receivable days 38.27 60.4 72.04 98.61 61.71 63.28 89.78 80.47 59.73 80.88 59.96
Inventory Days 112.18 169.87 173.67 186.22 95.59 108.16 113.86 99.68 89.55 93.44 73.97
Payable days 36.48 56.56 53.25 51.3 33.62 44.43 34.61 37.51 36.03 26.42 17.41
PER(x) 0 0 0 0 286.65 90.51 86.95 69.24 292.34 54.94 31.46
Price/Book(x) 0.53 0.56 1.05 0.88 0.81 0.32 0.45 1.06 1.02 1.76 1.83
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.54 0.68 1.18 1.45 0.57 0.34 0.65 0.67 0.48 0.9 0.7
EV/Core EBITDA(x) 7.66 21.62 88.04 17.67 7.49 4.03 8.34 8.97 10.44 14.19 11.19
Net Sales Growth(%) 40.74 -41.44 -34.36 -10.01 109.15 -15.59 -21.81 28.43 27.66 -13.11 18.3
EBIT Growth(%) 26.91 -123.05 -132.52 102.6 4661.85 -14.75 -46.85 87.2 -35.78 50.16 33.61
PAT Growth(%) -62.52 -259.38 28.13 55.72 106.03 24.04 48.55 198.24 -77.01 840.42 92.36
EPS Growth(%) -56 -259.38 34.67 55.72 106.03 24.09 48.53 198.27 -77 840.37 92.35
Debt/Equity(x) 1.45 1.16 0.78 1.24 1.06 0.69 0.86 0.74 0.57 0.7 0.33
Current Ratio(x) 1.36 1.66 1.52 1.83 2.03 2.54 2.36 2.3 2.05 2.19 2.72
Quick Ratio(x) 0.44 0.62 0.53 0.83 1.04 1.19 1.33 1.05 0.95 1.18 1.21
Interest Cover(x) 0.75 -0.23 -0.95 0.03 1.1 1.07 1.13 2.06 1.12 1.92 3.13
Total Debt/Mcap(x) 2.71 2.08 0.75 1.41 1.31 2.18 1.91 0.7 0.56 0.4 0.18

Remi Edelstahl Tub. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.69 74.69 74.69 74.69 74.69 74.69 74.69 74.69 72.7 68.85
FII 0 0 0 0 0 0 0 0 0 0
DII 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.09 0.08 0.08
Public 25.22 25.22 25.22 25.22 25.22 25.22 25.22 25.22 27.21 31.08
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Remi Edelstahl Tub. News

Remi Edelstahl Tub. Pros & Cons

Pros

  • Debtor days have improved from 26.42 to 17.41days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 3% over the last 3 years.
  • Stock is trading at 3.4 times its book value.
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