SAMBHV Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹589 Cr
verified against source
Revenue YoY
60%
reported change
EBITDA
₹51 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Sambhv Steel Tubes delivered its strongest-ever Q3 with ₹589 crore revenue (+60% YoY) and ₹51 crore EBITDA (+34% YoY), though margins compressed sequentially due to HR coil price cuts and a 15-day galvanizing maintenance shutdown. The 9-month revenue of ₹728 crore (+70% YoY) and EBITDA of ₹84 crore (+73% YoY) reflect robust operational execution. EBITDA per ton declined from ₹6,100 in Q2 to ₹5,200 in Q3 due to raw material price lag, but management projects recovery to ₹7,500/ton in Q4 from low-cost inventory utilization, HR coil price hikes (~10% in Q4), and improved stainless steel pricing (+₹2,000-3,000/ton post China export duty). Capacity expansion is on track: galvanizing capacity increased to 166,000 TPA, stainless steel CR capacity doubling to 166,000 TPA by March 2026, and a 350,000 TPA greenfield project targeted for Q4 FY27. The PLI scheme approval for stainless steel products adds policy support. Key risks include margin pressure from commodity price volatility, import competition during the government window, ~40-45% power grid dependence, and a ₹2.5 crore outstanding refund from a disputed land transaction at a subsidiary.
Colored figures show movement against the previous available record.
Guidance to track
- Driven by low-cost raw material inventory from Q3 being utilized in Q4, 10% HR coil price increase already effective, and stainless steel price appreciation of ₹2,000-3,000/ton from January 29, 2026 due to China export duty.
- Full year EBITDA per ton expected to reach ₹7,000+ on blended basis, up from 9-month cumulative of ₹6,800, supported by Q4 recovery and price increases.
- Enterprise-level operating EBITDA target of over ₹260 crore for FY26, with management expressing confidence in achieving this number.
- Quarter 4 blended sales volume expected to be approximately 100,000 tons as the new capacity comes on stream.
Risks flagged
- Government opened a 3-month window (October-December) allowing clearance of pending stainless steel imports, creating 2-3% pricing impact. This temporary measure could suppress domestic pricing and margins.
- HR coil prices declined ~6% in Q3 vs Q2, but finished product prices adjusted immediately while raw material cost benefits will only flow through in Q4, creating a one-quarter lag effect on profitability.
- Management expects working capital days to increase from current 20-30 days by 10-15 days initially as stainless steel product acceptance builds in the market, increasing liquidity risk during expansion phase.
- A ₹11.5 crore land advance was made during due diligence, but the land was found to be already mortgaged to a financial institution without disclosure. ₹9 crore has been refunded, but ₹2.5 crore balance remains under recovery process; legal case filed against the seller.
Key quotes
- Q4 में जो माइनस हुआ वो सारा अभी बेनिफिट हमको मिल जाएगा। रॉ मटेरियल प्राइस जो हमको कम रेट के आए उसका बेनिफिट मिलेगा जो अभी प्राइस का एक एप्रिसिएशन आया जनवरी में लगभग ₹5,000 इनक्रीस हुए हैं कॉइल में एचआर कॉइल में
- स्टेनलेस स्टील में अभी मतलब डिमांड कैटर नहीं हो पा रही है... स्टेनलेस सिमलेस मार्केट अभी भी एक ग्रोथ प्रोस्पेक्टिव में काफी अच्छा है एक हाई मार्जिन प्रोडक्ट है आज भी और काफी एसकेयूस इंडिया में बनते ही नहीं है मतलब उसमें अगर आप देखेंगे तो 6 इंची के ऊपर का सीमलेस आज भी इंपोर्ट होता है
- PLI scheme में वी आर एलिजिबल एंटायर एक्सपेंशन दैट वी आर डूइंग इज़ नाउ एलिजिबल अंडर पीएलआई स्कीम तो एक गवर्नमेंट सपोर्ट इनडायरेक्ट वे में टू काउंटर एनी इंपोर्ट
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