India: Leading steel pipe, tube producers report mixed results for FY'26

• Steel pipe sector sees sharp divide in FY'26 performance
  
  
• Robust orders and infrastructure demand drive selective growth
  
  

India's leading steel pipe and tube makers reported mixed performance in FY'26, with demand from infrastructure and exports supporting growth for select players, while cost pressures, weaker volumes, and project delays impacted others' profitability and revenues.

Jindal SAW reported a fall in profitability with sales also declining. APL Apollo posted strong revenue and profit growth, supported by rising sales volumes. Furthermore, Welspun Corporation reported an increase in revenue also maintained EBITDA growth, also MAN Industries reported growth in net profit and revenue.

1.Jindal SAW: The company reported total revenue from operations at INR 17,895.16 crore for FY'26, marking a decline of 16.3% y-o-y compared to INR 20,828.94 crore in the previous fiscal year.

Additionally, revenue for Q4FY'26 dropped by 8.1% q-o-q to INR 3,818.44 crore from INR 4,129.47 crore in Q3FY26.

The same declined by 13.20% y-o-y, down from INR 4,401.10 crore in Q4FY'25.

Jindal SAW reported a subdued performance in FY'26, impacted by geopolitical disruptions, rising raw material and logistics costs, and delays in infrastructure projects, which pressured margins and reduced production and sales volumes. However, the company expanded its footprint in the GCC region through strategic investments, and continued to strengthen its export-driven order book and value-added product portfolio, supporting its long-term growth outlook.

2.APL Apollo: Total revenue was stood at around INR 23,079 crore for FY'26, an increase of 11.5% y-o-y against INR 20,689 crore in the in the FY'25. Moreover, the company saw an increase of 8.2% q-o-q in revenues to INR 6,296.2 crore in Q4FY'26 against INR 5,815.1 crore in Q3FY'26.

The same marked incline in revenue by 14.2% y-o-y against INR 5,508.6 crore in Q4FY'25.

Demand remained supported by the construction and infrastructure sectors, where structural steel tubes are increasingly used in housing, commercial buildings, airports, railway stations, warehouses, and industrial projects. The company highlighted that housing accounted for 64% of application mix in FY'26.

3.Welspun Corp: Total revenue from operations was at INR 16,770 crore for FY'26, an increase of 20% y-o-y against INR 13,978 crore in the previous financial year. Moreover, for Q4FY'26, the same increased by 5% q-o-q to around 4,313 crore against INR 4,532 crore in Q3FY'26.

Moreover, the same registered a surge of 9.8% y-o-y against INR 3,925 crore in Q4FY'25.

Welspun Corp's revenue growth in FY'26 and Q4FY'26 was primarily driven by higher sales volumes across key business segments, strong execution of line pipe orders, robust demand visibility in India, the USA, and the Middle East, along with growth in DI pipes and stainless-steel products.

4. MAN Industries: Total revenue from operations was at INR 3,455.25 Cr for FY'26, an increase of 9.7% y-o-y against INR 3,118.22 crore in the previous financial year.

Moreover, for Q4FY'26, the same increased by 36% q-o-q to INR 1,156.97 crore against INR 830 crore in Q3FY'26.

The total revenue declined by 5% y-o-y against INR 1,218 crore in Q4FY'25.

MAN Industries recorded strong revenue growth in Q4FY'26 due to robust execution of its pipeline orders and healthy demand from domestic and export markets. Additionally, the company highlighted that its strong opening order book of around INR 3,000 crore provided solid revenue visibility and supported higher dispatches during the quarter. Strong order execution and a growing global pipeline business drove revenues higher both sequentially and y-o-y.