Gandhi Special Tubes Limited (GANDHITUBE)

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Gandhi Special Tubes Limited (GANDHITUBE) · mywealthgrid

About

Gandhi Special Tubes Limited manufactures iron and steel products in the Industrial Products segment. Market cap ₹1,077 Cr. Recent revenue run-rate ₹200+ Cr annualised with net margins averaging 35-45%, positioning it as a small-to-mid-cap player in the fragmented steel-tube sector.

Face value: ₹5

Market cap

₹1,190 Cr

P/E

15.9×

P/B

3.8×

Dividend yield

1.5%

ROE

23.5%

ROCE

30.6%

Debt / equity

OPM

43.6%

EPS (TTM)

₹61.4

Book value

₹259.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin and profit volatility: Mar 2026 net profit ₹9.36 Cr vs Jun 2026 ₹27.94 Cr on flatter revenue (41% swing), suggesting operational or demand timing issues to verify

Concentrated promoter holding at 73.53% with minimal institutional interest (FII 1.23%, DII 0.05%); verify if this reflects weak analyst coverage, low liquidity concerns, or sector perception

Steel-tube sector is cyclical and raw-material dependent; verify current price exposure, hedging practice, and customer contract terms

Quarterly revenue and EPS swings (Mar 2026 EPS ₹7.71 vs Jun 2026 ₹22.99) suggest exposure to order timing or project cycles—clarify underlying drivers

Generated analysis · source review pending

Growth drivers

YoY revenue growth Jun 2026 ₹57.2 Cr vs Jun 2025 ₹48.11 Cr (+19%), with EPS up 29% on improved 46.59% OPM

Operating margins expanded 4.3pp YoY (Mar 2026 41.28% vs Mar 2025 36.97%), indicating either price realisation or cost control; verify if sustainable

Consistent dividend payouts over 4+ years despite quarterly volatility suggest stable underlying cash generation to reinvest or return to shareholders

Verify sector demand tailwinds in auto, infrastructure, or industrial capex that could sustain the recent revenue momentum

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹975.6+0.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 25% (3-yr avg)
+High return on capital employed of 31.8%
+Healthy operating margin of 43.6%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 1022.1×
+High promoter holding of 73.5% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

75/100

Business quality: 92
Growth: 60
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	87	24	24	123	81	114	137	167	171	173	192
COGS	-33	7	7	26	30	38	48	63	66	61	65
Gross profit	—	17	17	97	51	76	89	105	105	111	127
	98	10	10	52	27	31	40	44	41	43	43
	23	8	8	46	24	45	49	61	64	68	84
OPM %	26.3%	31.1%	31.1%	37.2%	29.5%	39.4%	35.7%	36.2%	37.5%	39.6%	43.6%
Depreciation	5	1	1	4	4	3	3	3	3	3	3
Interest	—	0	0	—	0	0	0	0	0	0	0
	3	2	2	8	6	6	5	5	12	12	11
Profit before tax	25	9	9	50	26	48	50	63	73	77	91
Tax	7	2	2	11	5	11	12	16	18	18	23
Tax %	26.4%	23%	23%	22.4%	17.9%	24%	23.6%	24.7%	24.2%	23.5%	24.9%
	19	7	7	39	21	36	39	47	56	59	68
PAT margin %	21.3%	28.3%	28.3%	31.4%	26.4%	31.8%	28.2%	28.3%	32.5%	34%	35.7%
EPS (₹)	12.6	4.7	4.7	28	15.9	28	30.7	39	45.7	48.3	56.3
EPS adjusted (₹)	—	—	—	—	16.5	28	31.7	38.9	45.7	48.3	56.2
	59.4%	193.5%	193.5%	32.2%	56.5%	32.2%	32.6%	30.8%	28.4%	31.1%	26.7%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	6	6	6	6	6
Reserves	—	165	141	176	217	260	310
	—	0	0	0	0	0	0
	—	20	19	20	20	20	24
Total equity & liabilities	—	192	166	202	243	286	340
	48	45	47	44	43	43	42
CWIP	—	—	—	0	0	0	0
Investments	—	94	73	85	132	170	213
	—	53	47	73	68	73	85
Total assets	—	192	166	202	243	286	340

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32	31	19	32	41	45	26	47	55
	13	-17	56	-20	22	-7	-37	-30	-34
	-44	-15	-76	-12	-64	-12	-15	-16	-18
Net cash flow	—	—	—	1	-0	26	-25	1	3
Free cash flow	32	27	18	31	38	44	23	43	53
CFO / Operating profit %	423.8%	68%	77.8%	72.5%	84.7%	74.7%	41.1%	68.8%	66%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.1%	63%	67%	64.6%	62.7%	61.4%	64.6%	66.2%
EBITDA margin %	37.2%	29.5%	39.4%	35.7%	36.2%	37.5%	39.6%	43.6%
EBIT margin %	34.2%	25.2%	36.5%	33.4%	34.4%	35.7%	37.7%	41.8%
PAT margin %	31.4%	26.4%	31.8%	28.2%	28.3%	32.5%	34%	35.7%
Working capital
Receivable days	—	—	82	44	39	42	47	39
Inventory days	—	—	204	179	138	233	266	313
Payable days	—	—	17	10	9	9	11	10
NWC days	—	—	269	213	168	265	302	341
Leverage
Current ratio	—	—	10.7	8.33	8.45	6.79	7.81	6.12
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	651.8	—	—	524.9	815.8	427.4	1,022.1
Asset turnover	—	—	0.59	0.82	0.83	0.7	0.6	0.56
Return ratios
Return on assets %	—	—	18.8%	23.2%	23.4%	22.9%	20.5%	20.1%
Return on capital employed %	—	—	26.2%	29.9%	36.2%	34.7%	30.3%	30.6%
Return on equity %	—	—	21%	26.2%	26%	24.9%	22.1%	21.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%	73.53%
	1.49%	1.49%	1.43%	1.43%	1.42%	1.42%	1.41%	1.4%	1.23%	1.23%	1.23%	1.23%
	0%	0%	0%	0%	0%	0.04%	0.04%	0.05%	0.05%	0.08%	0.06%	0.05%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.98%	24.98%	25.04%	25.04%	25.05%	25.01%	25.02%	25.02%	25.19%	25.16%	25.18%	25.19%
No. of shareholders	—	—	—	—	—	—	—	—	12,113	12,017	12,082	13,841

Promoter holding up 0 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Mr. Manhar GandhiPromoters	BuyGift	2,00,000	₹18.47 cr	0.83% → 2.48%	29 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

Mr. MANHAR GORDHANDAS GANDHIExecutive Director-Chairperson-MD
Mr. JAYESH MANHARLAL GANDHINon-Executive - Non Independent Director
Mr. MANOJ BHUPATRAI GANDHINon-Executive - Non Independent Director
Mr. VIRAL DHIRAJLAL DOSHINon-Executive - Independent Director
Mr. HEMAL VASANTARI SHAHNon-Executive - Independent Director
Mrs. RITIKA DHRUVIL SHAHNon-Executive - Independent Director
Smt. Shobhana Rajan VartakChief Financial Officer
Mrs. NISHITA RONAK CHHEDANon-Executive - Independent Director
Ms. Chaitali KachaliaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Gandhi Special Tubes Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

17 Sept 2026, 6:58 pmCompany Update

Announcement under Regulation 30 (LODR)-Closure of Buy Back

Closure of Buy Back PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.1%	63%	67%	64.6%	62.7%	61.4%	64.6%	66.2%
EBITDA margin %	37.2%	29.5%	39.4%	35.7%	36.2%	37.5%	39.6%	43.6%
EBIT margin %	34.2%	25.2%	36.5%	33.4%	34.4%	35.7%	37.7%	41.8%
PAT margin %	31.4%	26.4%	31.8%	28.2%	28.3%	32.5%	34%	35.7%
Working capital
Receivable days	—	—	82	44	39	42	47	39
Inventory days	—	—	204	179	138	233	266	313
Payable days	—	—	17	10	9	9	11	10
NWC days	—	—	269	213	168	265	302	341
Leverage
Current ratio	—	—	10.7	8.33	8.45	6.79	7.81	6.12
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	651.8	—	—	524.9	815.8	427.4	1,022.1
Asset turnover	—	—	0.59	0.82	0.83	0.7	0.6	0.56
Return ratios
Return on assets %	—	—	18.8%	23.2%	23.4%	22.9%	20.5%	20.1%
Return on capital employed %	—	—	26.2%	29.9%	36.2%	34.7%	30.3%	30.6%
Return on equity %	—	—	21%	26.2%	26%	24.9%	22.1%	21.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

Date	Category	Subject	Filing
17 Sept 2026, 6:58 pm	Company Update Closure of Buy Back	Announcement under Regulation 30 (LODR)-Closure of Buy Back	PDF
11 Sept 2026, 10:16 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
26 Aug 2026, 10:08 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Aug 2026, 8:04 pm	Company Update General	Update Regarding The Buyback Offer Of Up To 8,68,100 Fully Paid-Up Equity Shares Of Face Value Of Rs. 5/- Each Of Gandhi Special Tubes Limited ('The Company') At A Price Of INR 900/- Per Equity Share Through Tender Offer Route ('Buyback Offer')	PDF
25 Aug 2026, 12:01 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
18 Aug 2026, 12:27 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 6:52 pm	AGM/EGM AGM	Shareholders Resolution For Buyback Of Equity Shares	PDF
14 Aug 2026, 4:03 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

Gandhi Special Tubes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

19

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Gandhi Special Tubes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Dividends19

Board meetings1

Buybacks1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1

1