FY27 Revenue Growth: >20%
Management targets >20% revenue growth in FY27, driven by commissioning of new fittings and seamless capacity by March 2026 and accelerated ramp-up of value-added products.
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revenue
EBITDA Margin: 16% → 18% by FY28
Margin improvement from current 16.4% to ~18% expected as value-added mix doubles and new high-margin segments (fittings, condenser tubes) scale, with visible improvement in FY27 and full benefit in FY28.
Export Revenue Share: >30%
Export expected to contribute >30% of total revenue going forward, with US market (now 20-25% of exports) potentially reviving after Section 232 tariff clarity and new approvals in Europe and Middle East.
New Capacity Commissioning: March 2026
Fittings facility (~₹60 cr capex) and remaining seamless pipe capacity expected onstream by end of FY26 (March 2026), targeting 50% utilization in FY27 and substantial utilization in FY28.
FY27 Revenue Growth: >20% YoY
Company expects to achieve over 20% volume-driven growth in FY27, supported by new fittings business, data center spooling commercialization, and robust domestic demand from power, oil & gas, and engineering sectors.
FY27 EBITDA Margin: Higher than 16.3%
Management targets EBITDA margins above current 16.3% run-rate, with trajectory toward 17% and eventually 18% by FY28, driven by higher-margin spooling solutions and improved product mix.
Spooling Facility Operational: December 2026
New Rs 70 crore spooling facility expected to commence commercial production in mid-Q3 FY27, backed by Rs 185 crore LOI from data center customer. Trial runs to complete in Q2.
FY27 Maintenance Capex: Rs 20-25 Crore
Maintenance capex of Rs 20-25 crore planned for FY27, primarily for base business upkeep, following the completion of major Rs 200+ crore expansion program.