Scoda Tubes Ltd

Issue overview

• IPO of equity shares.
• Fresh issue size 2,200 million; net proceeds revised downward after expenses.
• Main uses: capex, GCP, and offer-related expenses.

Utilisation of Proceeds

• Utilisation aligned with disclosures; no material deviations observed.
• No shareholder approvals required for material deviations noted.
• Capex utilised 624.75; unutilised 145.15.
• Working capital utilised 795.87; unutilised 304.12.
• GCP utilised 109.98; unutilised 19.45.
• Issue expenses utilised 200.67; no unutilised.
• Unutilised funds held in fixed deposits, MA, and public issue accounts.
• Total unutilised: 468.72.
• Opex adjustment reduced GCP to 129.43; net proceeds to 1999.33.

Governance and Compliance

• Approvals status not indicated as pending.
• No material events or regulatory actions identified.
• Board comments section not populated by MA.

General Corporate Purpose

• GCP used 109.98; board approval for allocation not explicitly documented.
• Unutilised GCP: 19.45.
• There is flexibility in vendor selection for capex as allowed by offer document.

Business overview

• Fully integrated manufacturer of stainless steel seamless and welded tubes/pipes.
• Divisions include seamless and welded; serves oil & gas, chemicals, power, automotive.
• Capacity expansion in welded segment planned for H2 FY27.
• Export presence across 32 countries.

Operational highlights

• Q1 FY27 revenue from operations ₹124.3 cr; YoY growth 27.6%.
• Seamless capacity achieved 11,088 MT/year; total seamless capacity 20,000 MT/year; welded 1,020 MT/year.
• Welded capacity post-expansion targeted at 21,150 MT/year.
• Welded capacity expansion to be commissioned in H2 FY27.
• Supplies started for Triveni Turbine; BHEL approvals; and Indian Railways units.
• Catered to 349 global clients.
• Captive solar plant of 1 MW; annual generation 7.74 million kWh.
• Annual saving from electricity ₹4.87 cr.
• Land bank: 74,699 sq m; 37,156 developed; 30,064 reserved for welded.
• Gas supply disruption in April; corrective actions; operations stabilizing.
• Export revenue Q1 FY27 ₹89 cr.

Financial performance & liquidity

• FY26 revenue ₹518.7 cr; gross margin 31.9%; EBITDA ₹76.2 cr; PAT ₹38.8 cr.
• EBITDA margin 14.7%; PAT margin 7.5%; 3-year revenue CAGR 19.3%.
• Inventories ₹209.8 cr; trade receivables ₹138.0 cr; borrowings ₹185.3 cr.
• Equity & reserves ₹390.3 cr; cash flow from operations ₹-13.8 cr; financing ₹152.7 cr.
• Ending cash ₹4.1 cr; Q1 FY27 revenue ₹124.3 cr; EBITDA ₹16.0 cr; PAT ₹5.3 cr.

Strategic priorities & outlook

• Aim to achieve FY27 guidance as operations stabilize.
• Welded capacity expansion to be commissioned in H2 FY27.
• Geographic expansion: exporting to 32 countries.
• Backwards integration: focus on high value-added products; captive solar reduces power costs.
• Brand-building: exhibitions participation and IP protection.

Governance & leadership

• Chairman & ED: Samarth B Patel; MD: Jagrutkumar R Patel.
• CFO: Ravi R Patel; independent directors: Piyush Shah, Saurabh A Patel, Vipul Patel, Neha Soni.

Financial performance (Q1 FY27)

• Revenue from operations for quarter ended 30/06/2026: 1,243.45 mn.
• Total income: 1,259.15 mn.
• Profit before tax: 69.91 mn.
• Profit after tax: 52.50 mn.
• Basic EPS: 0.88 Rs.
• Year ended 31/03/2026: revenue 5,186.50 mn; PAT 388.43 mn; EPS 6.79.

Cost & expenses

• Total expenses for quarter: 1,189.78 mn.
• Raw materials consumed: 1,001.65 mn.
• Changes in inventories: -156.14 mn.
• Finance costs: 64.81 mn.
• Depreciation & amortization: 41.31 mn.
• Other expenses: 213.53 mn.

Audit & standalone status

• Board approved unaudited results for quarter ended 30/06/2026.
• Statutory auditors expressed an unmodified conclusion on interim results.
• Segment reporting not applicable; standalone stainless-steel pipes & tubes manufacturer.

Business profile & notes

• Manufactures stainless-steel pipes and tubes; single-product line.
• Standalone results; no subsidiaries or joint ventures.

Meeting Details

• Board meeting scheduled for Aug 12, 2026 at the registered office, Rajpur, Mehsana, Gujarat.

Key Agenda Items

• Consider and approve unaudited standalone financial results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026 for designated persons and their relatives; reopens 48 hours after results.

Dematerialisation/rematerialisation status

• Dematerialisation requests processed during the quarter; securities listed on stock exchanges.
• Certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository name updated as registered owner within prescribed timelines.