About
Panchmahal Steel Limited manufactures and sells stainless steel long products in the form of wire rods, bars, and wires in India and internationally. It offers stainless steel wire rods and bars for forming, drawing, machining, and cold heading and fastener applications; cold finished bars for precise engineering; and bars for free machining. The company also provides wires for braiding, weaving, knitting, filters, springs, and ball making, as well as for cold heading and fasteners; heat resistant wires; EPQ wires; fine wires; core wires in coils and cut length for electrode manufacturing; and TIG, MIG, and SAW filler wires. Its products are used in engineering, construction and infrastructure, automotive and railways, consumer durables, food processing and dairy, housing, and pharmaceutical industries. Panchmahal Steel Limited was incorporated in 1972 and is based in Vadodara, India. Panchmahal Steel Limited is a subsidiary of Honeyvick Enterprises Private Limited.
Key Metrics
as of Sep 2026Market Cap578 Cr
P/E145.00
Div Yield0.99 %
Book Value₹79.00
52w High₹384.00
52w Low₹252.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 93.97 | 105.96 | 98.11 | 92.63 | 87.54 | 91.21 | 94.72 | 99.05 | 98.13 | 98.50 | 102.57 | 119.18 | 107.37 |
| Expenses | 85.78 | 102.20 | 93.70 | 89.45 | 87.74 | 91.12 | 89.49 | 94.15 | 92.84 | 92.88 | 100.72 | 115.24 | 103.06 |
| Operating Profit | 8.19 | 3.76 | 4.41 | 3.18 | -0.20 | 0.09 | 5.23 | 4.90 | 5.29 | 5.62 | 1.85 | 3.94 | 4.31 |
| OPM % | 8.72 | 3.55 | 4.49 | 3.43 | -0.23 | 0.10 | 5.52 | 4.95 | 5.39 | 5.71 | 1.80 | 3.31 | 4.01 |
| Other Income | 0.64 | 0.53 | 0.67 | 0.74 | 1.04 | 0.56 | 0.53 | 0.94 | 0.68 | 1.07 | 1.66 | 1.16 | 0.35 |
| Depreciation | 2.00 | 2.01 | 2.00 | 1.99 | 1.99 | 2.02 | 2.01 | 2.01 | 2.01 | 2.04 | 2.02 | 2.02 | 2.01 |
| Interest | 1.03 | 1.36 | 1.44 | 1.14 | 1.47 | 1.34 | 1.51 | 1.37 | 1.39 | 1.41 | 1.93 | 2.13 | 2.48 |
| Profit before tax | 5.80 | 0.92 | 1.64 | 0.79 | -2.62 | -2.71 | 2.24 | 2.46 | 2.57 | 3.24 | -0.44 | 0.95 | 0.17 |
| Tax % | 25.17 | 331.52 | 25.61 | 30.38 | -26.72 | -24.72 | 25.89 | 27.64 | 25.29 | 25.00 | -27.27 | 25.26 | 23.53 |
| Net Profit | 4.34 | -2.12 | 1.23 | 0.55 | -1.92 | -2.03 | 1.66 | 1.78 | 1.91 | 2.44 | -0.32 | 0.71 | 0.13 |
| EPS in Rs | 2.27 | -1.11 | 0.64 | 0.29 | -1.01 | -1.06 | 0.87 | 0.93 | 1.00 | 1.28 | -0.17 | 0.37 | 0.07 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 384.00 | 383.00 | 428.00 | 489.00 | 574.00 | 339.00 | 330.00 | 453.00 | 396.00 | 329.00 | 290.00 | 390.00 |
| Expenses | 373.00 | 368.00 | 412.00 | 473.00 | 498.00 | 316.00 | 327.00 | 430.00 | 379.00 | 311.00 | 292.00 | 380.00 |
| Operating Profit | 11.00 | 16.00 | 16.00 | 16.00 | 76.00 | 23.00 | 4.00 | 23.00 | 16.00 | 18.00 | -2.00 | 11.00 |
| OPM % | 2.90 | 4.00 | 3.70 | 3.20 | 13.00 | 7.00 | 1.20 | 5.00 | 4.20 | 5.00 | -0.60 | 2.70 |
| Other Income | 3.00 | 3.00 | 4.00 | 1.00 | 4.00 | 4.00 | 2.00 | 2.00 | 5.00 | 4.00 | 3.00 | 3.00 |
| Interest | 5.00 | 6.00 | 8.00 | 7.00 | 6.00 | 10.00 | 14.00 | 14.00 | 13.00 | 14.00 | 11.00 | 11.00 |
| Depreciation | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 7.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 9.00 |
| Profit before tax | 1.00 | 5.00 | 4.00 | 2.00 | 67.00 | 10.00 | -15.00 | 4.00 | 0.00 | 0.00 | -19.00 | -6.00 |
| Tax % | 405.00 | 27.00 | 24.00 | 28.00 | 12.00 | 0.00 | 112.00 | 33.00 | -41.00 | -16.00 | -33.00 | -37.00 |
| Net Profit | -2.00 | 3.00 | 3.00 | 1.00 | 59.00 | 10.00 | -32.00 | 3.00 | 1.00 | 0.00 | -13.00 | -4.00 |
| EPS in Rs | -1.18 | 1.75 | 1.56 | 0.72 | 30.71 | 5.14 | -16.88 | 1.34 | 0.29 | 0.15 | -6.60 | -1.85 |
| Dividend Payout % | 0.00 | 172.00 | 0.00 | 0.00 | 13.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 | 19.00 |
| Reserves | 132.00 | 141.00 | 138.00 | 135.00 | 141.00 | 83.00 | 73.00 | 104.00 | 102.00 | 102.00 | 102.00 | 115.00 |
| Borrowings | 35.00 | 50.00 | 40.00 | 76.00 | 28.00 | 55.00 | 72.00 | 69.00 | 70.00 | 70.00 | 62.00 | 56.00 |
| Other Liabilities | 38.00 | 32.00 | 38.00 | 65.00 | 111.00 | 121.00 | 89.00 | 89.00 | 110.00 | 120.00 | 86.00 | 111.00 |
| Total Liabilities | 224.00 | 242.00 | 234.00 | 295.00 | 299.00 | 277.00 | 253.00 | 282.00 | 301.00 | 311.00 | 269.00 | 301.00 |
| Fixed Assets | 52.00 | 57.00 | 65.00 | 71.00 | 73.00 | 75.00 | 82.00 | 90.00 | 96.00 | 101.00 | 108.00 | 116.00 |
| CWIP | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 172.00 | 184.00 | 169.00 | 224.00 | 226.00 | 202.00 | 170.00 | 192.00 | 205.00 | 209.00 | 160.00 | 185.00 |
| Total Assets | 224.00 | 242.00 | 234.00 | 295.00 | 299.00 | 277.00 | 253.00 | 282.00 | 301.00 | 311.00 | 269.00 | 301.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 29.00 | -5.00 | 40.00 | -30.00 | 38.00 | 29.00 | 7.00 | 14.00 | 14.00 | 6.00 | 3.00 | 11.00 |
| Cash from Investing Activity | -3.00 | 1.00 | 5.00 | -6.00 | -3.00 | 0.00 | 3.00 | 0.00 | -1.00 | 1.00 | 1.00 | -4.00 |
| Cash from Financing Activity | -26.00 | 4.00 | -45.00 | 34.00 | -32.00 | -28.00 | -10.00 | -14.00 | -14.00 | -6.00 | -6.00 | -6.00 |
| Net Cash Flow | 0.00 | 0.00 | 0.00 | -3.00 | 2.00 | 1.00 | 0.00 | 0.00 | 0.00 | 1.00 | -1.00 | 2.00 |
| Free Cash Flow | 25.00 | -5.00 | 38.00 | -37.00 | 35.00 | 31.00 | 7.00 | 13.00 | 11.00 | 5.00 | 3.00 | 7.00 |
| CFO/OP % | 251.00 | -9.00 | 236.00 | -171.00 | 50.00 | 127.00 | 186.00 | 62.00 | 100.00 | 27.00 | -155.00 | 112.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 45.00 | 44.00 | 35.00 | 33.00 | 26.00 | 36.00 | 28.00 | 22.00 | 34.00 | 48.00 | 31.00 | 28.00 |
| Inventory Days | 161.00 | 175.00 | 142.00 | 156.00 | 159.00 | 237.00 | 205.00 | 155.00 | 173.00 | 219.00 | 188.00 | 155.00 |
| Days Payable | 30.00 | 27.00 | 27.00 | 51.00 | 89.00 | 182.00 | 128.00 | 97.00 | 129.00 | 177.00 | 128.00 | 127.00 |
| Cash Conversion Cycle | 176.00 | 191.00 | 150.00 | 138.00 | 97.00 | 91.00 | 105.00 | 81.00 | 78.00 | 89.00 | 90.00 | 56.00 |
| Working Capital Days | 98.00 | 100.00 | 80.00 | 56.00 | 51.00 | 26.00 | 11.00 | 12.00 | 8.00 | 2.00 | -16.00 | -3.00 |
| ROCE % | 3.00 | 5.00 | 6.00 | 4.00 | 41.00 | 11.00 | -2.00 | 9.00 | 7.00 | 7.00 | -4.00 | 2.00 |
Corporate Actions
6 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 12 Sep 2025 | 12 Sep 2025 | — | 3.00 | |
| Dividend | 14 Sep 2022 | — | — | 4.00 | |
| Dividend | 18 Jul 2013 | — | — | 1.25 | |
| Dividend | 05 Jul 2012 | — | — | 2.50 | |
| Dividend | 14 Jul 2011 | — | — | 2.50 | |
| Dividend | 22 Jul 2010 | — | — | 2.00 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update3 Aug from fitch
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Rating update5 Aug 2025 from fitch
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Rating update2 Sep 2024 from fitch
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Rating update22 Sep 2023 from fitch
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Rating update4 Sep 2023 from fitch
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Rating update2 Aug 2022 from fitch