Newmalayalam SteelShare price, financial results, shareholding and management
- Market cap
- ₹38 cr
- Stock P/E
- 5.4peers 15.3
- Book value
- ₹49.4
- Price to book
- 0.45
- EV / operating profit
- 3.2
- Market cap to sales
- 0.12
- ROCE · FY26
- 12.4%
- ROE · FY26
- 8.6%
- ROE, 3-year average
- 5.7%
- Operating margin · FY26
- 3.6%peers 9.6%
- Sales growth, 3 years
- -3.3%
- Profit growth, 3 years
- 5.4%
- Debt to equity
- 0.19peers 0.68
- Borrowings
- ₹16.3 cr
- Interest cover
- 4.7×
- Cash from business / op. profit
- 33%
- Debtor days
- 23
- Pledged
- 0.00%
- Promoter holding
- 73.02%
- Change in promoter holding
- -0.21 pts
- Shareholders
- 1,495
- 52-week high / low
- ₹37 / ₹17
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Newmalayalam Steel share price chart
Close on 5 Nov 2026 · +2.33% on the day · Vol 6,400
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -5.2%
- 3 months
- -8.5%
- 6 months
- -11.6%
- 1 year
- -28.0%
- Since IPO
- -75.6%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 93%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +5% | - |
| 3 years, a year | -3% | +5% |
| Latest half, H2 FY26 | +5% | - |
About Newmalayalam Steel: business, products and customers
Newmalayalam Steel makes zinc coated steel pipes, tubes and sheets for roofs, buildings and fabrication in Kerala, sold under the Demac Steel brand through dealers. Its shares trade on NSE Emerge.
Newmalayalam Steel runs one plant at Mala in Thrissur, Kerala, with three tube mills that roll galvanised steel coil into square, rectangular and round pipes and tubes. Galvanised pipes make up nearly all of its sales, with sheets most of the rest, and it sells them through a network of about 150 dealers in Kerala to builders, roofers, fabricators and households. The company took over the business of the partnership firm M/s. Demac Steel in 2017.
The business is close to a steel conversion trade: the company buys galvanised coil, more than half of it imported, slits and welds it into pipe, and sells at prices that move with steel prices. So sales rise and fall with the price of steel as much as with tonnes sold, and the gap left for the company is thin, which is why a small change in coil prices or the rupee moves profit a lot. Other income includes interest on short loans it gives to group companies.
Read more about the business
The company is one of a group of steel businesses. Jaihind Steel, a steel trading company controlled by the Chairman Mahendra Kumar Jain and the Executive Director Divyakumar Jain, is both a large supplier of coil and its largest customer, and the company also lends surplus cash to Jaihind Metal Corporation and Demac Industries. The documents name no competitors; listed makers of welded steel tubes such as APL Apollo Tubes, Hi-Tech Pipes and Rama Steel Tubes do the same work on a far larger, national scale.
What is new: in November 2025 it set up a subsidiary, Prime NMS, with a Thrissur based group to make pre-engineered steel buildings in Mangalore, Karnataka, and raised its stake to 91.76% in April 2026. The company filed a notice of start of commercial production with the exchange on 10 September 2026.
From the FY26 annual report (with the AGM notice), the CARE Ratings notes of January 2025 and February 2026, and the company's exchange announcements.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.19.
- The promoters own a large part of the company: 73.02%.
To watch
- Start of the Prime NMS pre-engineered building plant in Mangalore, after the notice of commercial production filed on 10 September 2026.
- Loans to and trading with Jaihind Steel, Jaihind Metal Corporation and Demac Industries against the limits shareholders approved at the September 2026 AGM.
- Margins after the three year safeguard duty on imported flat steel that CARE describes, set at 12%, 11.5% and 11%.
- Use of the remaining IPO money for the solar plant, ₹0.4 cr of which was unspent at March 2026.
- Customers take longer to pay than before: 23 days in FY26, against 16 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Newmalayalam Steel revenue and profit growth
Half-yearly results · Profit and lossSales have fallen.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Newmalayalam Steel half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 139 | 154 | 149.95 | 162.24 | 157.69 |
| Expenses | 136 | 146 | 151.52 | 156.14 | 152.10 |
| Operating profit | 3 | 8 | -1.57 | 6.10 | 5.59 |
| OPM | 2.2% | 5.0% | -1.1% | 3.8% | 3.5% |
| Interest | 2 | 2 | 1.62 | 0.99 | 1.63 |
| Depreciation | 2 | 1 | 0.84 | 0.90 | 1.11 |
| Profit before tax | 1 | 7 | -0.95 | 5.77 | 3.92 |
| Net profit | 0 | 5 | -0.78 | 4.22 | 2.86 |
Newmalayalam Steel profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 300 | 318 | 354 | 300 | 304 | 319.93 |
| Expenses | 290 | 310 | 347 | 292 | 302 | 308.32 |
| Operating profit | 9 | 7 | 7 | 8 | 2 | 11.61 |
| OPM | 3.1% | 2.3% | 2.0% | 2.5% | 0.8% | 3.6% |
| Other income | 5 | 6 | 5 | 3 | 2 | 2.63 |
| Interest | 3 | 3 | 3 | 3 | 3 | 2.62 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2.01 |
| Profit before tax | 10 | 9 | 8 | 6 | -1 | 9.62 |
| Tax rate | 20.0% | 22.2% | 25.0% | 33.3% | 0.0% | 26.9% |
| Net profit | 8 | 7 | 6 | 4 | -1 | 7.03 |
| EPS ₹ | 603.95 | 532.02 | 474.31 | 3.38 | -0.54 | 4.07 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Newmalayalam Steel profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 3.1% | 2.3% | 2.0% | 2.5% | 0.8% | 3.6% |
| Tax rate | 20.0% | 22.2% | 25.0% | 33.3% | 0.0% | 26.9% |
| ROCE | · | 17.1% | 15.2% | 10.9% | 2.0% | 12.4% |
| ROE | · | 25.5% | 17.6% | 10.3% | -1.7% | 8.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Newmalayalam Steel debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Newmalayalam Steel balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 13 | 13 | 13 | 13 | 17 | 17.29 |
| Reserves | 11 | 18 | 24 | 28 | 61 | 68.09 |
| Net worth | 24 | 31 | 37 | 41 | 78 | 85.38 |
| Borrowings | 36 | 49 | 28 | 59 | 18 | 16.30 |
| Other liabilities | 4 | 10 | 22 | 16 | 13 | 18.50 |
| Total liabilities | 64 | 90 | 87 | 116 | 109 | 120.18 |
| Fixed assets | 20 | 21 | 22 | 20 | 20 | 26.49 |
| Capital work in progress | 1 | 2 | 0 | 1 | 8 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 43 | 67 | 65 | 95 | 81 | 91.69 |
| Receivables | · | · | · | · | · | 20.04 |
| Inventory | · | · | · | · | · | 33.03 |
| Cash | · | · | · | · | · | 16.86 |
| Trade payables | · | · | · | · | · | 11.81 |
Newmalayalam Steel cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 12 | -4 | 31 | -22 | 26 | 3.84 |
| Cash from investing | -1 | -6 | -1 | 0 | -7 | -2.74 |
| Cash from financing | -11 | 10 | -24 | 28 | -11 | -4.49 |
| Net cash flow | 0 | 0 | 6 | 6 | 8 | -3.39 |
| Capital spending | · | · | · | · | · | 2.64 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 16 | 21 | 11 | 26 | 31 | 23 |
| Inventory days | 17 | 40 | 40 | 62 | 32 | 40 |
| Days payable | 0 | 8 | 19 | 11 | 9 | 14 |
| Cash conversion cycle | 33 | 53 | 31 | 77 | 55 | 49 |
| Working capital days | 26 | 29 | 21 | 19 | 41 | 46 |
Newmalayalam Steel peers and competitors
Listed SME companies in the same industryBy sales, Newmalayalam Steel is number 25 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Injecto Polymers | 197 | 12.3 | 376 | 16 | 10.0% | 2.62 |
| JD Cables | 401 | 12.5 | 365 | 32 | 13.0% | 0.39 |
| Siyaram Recycling Industries | 74 | 18.5 | 362 | 4 | 4.7% | 0.88 |
| Megatherm Induction | 481 | 20.3 | 346 | 23.7 | 9.6% | 0.30 |
| Creative Graphics Solutions India | 376 | 20.1 | 346 | 18.8 | 9.7% | 0.73 |
| Newmalayalam Steel | 38 | 5.4 | 320 | 7 | 3.6% | 0.19 |
| Ecoline Exim | 368 | 18.2 | 278 | 20.2 | 8.7% | 0.36 |
| Sharp Chucks and Machines | 115 | 12.5 | 274 | 9.2 | 12.1% | 1.13 |
| Sati Poly Plast | 17 | 4.8 | 273 | 3.5 | 2.7% | 0.62 |
| Susan Electricals India | 577 | 32.0 | 269 | 18 | 12.0% | 1.72 |
| P S Raj Steels | 74 | 8.3 | 266 | 9 | 4.9% | 0.01 |
| Median of the 10 others | 283 | 15.4 | 312 | 17 | 9.6% | 0.68 |
Newmalayalam Steel shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Newmalayalam Steel shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.02% | 73.02% | 73.23% | 73.02% |
| Foreign investors (FIIs) | 2.55% | 0.00% | - | 0.00% |
| Indian institutions (DIIs) | 0.00% | 3.54% | 6.01% | 6.01% |
| HNIs (over ₹2 lakh each) | 1.22% | 1.33% | 1.75% | 1.82% |
| Small holders (up to ₹2 lakh) | 20.03% | 18.36% | 17.46% | 17.23% |
| Companies and others | 3.18% | 3.75% | 1.55% | 1.92% |
| Number of shareholders | 2,226 | 1,694 | 1,601 | 1,495 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Newmalayalam Steel study: the business from its own documents
Read from 4 of the company's own documentsNewmalayalam Steel so far
From the company's own record
- 27 Dec 2024Listed on NSE Emerge at ₹90
- 31 March 2026Promoters at 73.02%
- 27 Dec 2024Highest close since listing, ₹82.16
Newmalayalam Steel key facts from the filings
Each figure with the document it comes from
- Plant capacity
- 72,000 MT a year
- Three tube mills at one plant in Thrissur, the only place the company makes its products.Annual report FY26, p.4
- Capacity in use
- 67%
- Use of the plant in the first half of FY26, up from about 50% to 60% after a new storage shed eased the bottleneck.CARE Ratings note, February 2026, p.2
- One main product
- 93.30%
- Share of FY26 revenue from galvanised pipes; sheets gave 4.28%.Annual report FY26, p.92
- Largest customer
- 28.35%
- Share of FY25 income from Jai Hind Steel, a related party; the top ten customers gave 46%, falling to 33% in the first half of FY26.CARE Ratings note, February 2026, p.2
- Business with Jaihind Steel
- ₹60.7 cr sold, ₹63.4 cr bought
- FY26 sales to, and raw material bought from, the group's flagship steel trading company.Annual report FY26, p.76 and p.77
Show 5 more facts
- Loans to group companies
- ₹44.2 cr lent in FY26
- ₹27.5 cr to Jaihind Metal Corporation and ₹16.7 cr to Demac Industries, unsecured at 9%, with ₹38.5 cr paid back in the year.Annual report FY26, p.75 to p.78 and p.40 to p.43; reported figures, our arithmetic
- Imported coil
- About 55%
- Share of raw material bought from abroad, which brings currency risk; the company says it hedges nearly all of it.CARE Ratings note, February 2026, p.2
- Dealers
- About 150
- Dealers across Kerala who collect goods from one warehouse in Thrissur; sales are largely confined to the state.CARE Ratings note, February 2026, p.2
- IPO money
- ₹41.3 cr of ₹41.8 cr used
- Spent by March 2026 on working capital, general purposes, branding, a shed, IT and a solar plant.Annual report FY26, p.49 and p.50
- Credit rating
- CARE BBB-; Stable
- Reaffirmed in February 2026 on bank facilities of about ₹77 cr, now read on a consolidated basis with the new subsidiary.CARE Ratings note, February 2026, p.1
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Newmalayalam Steel earns a thin margin on turning bought steel coil into pipes for Kerala's roofs and buildings, so steel prices drive both its sales and its profit.
Its weak spots are one state, one plant, heavy dealings with group companies it buys from, sells to and lends to, and coil it largely imports.
WatchCan it set its own prices?No. Its prices follow steel prices, and its own margin is a small slice on top of the coil it buys.
AverageHow strong is it against rivals?It has a known brand and the largest pipe plant in Kerala, but the trade is crowded and sales hardly reach beyond the state.
WatchWho are its customers?Dealers across Kerala, but the largest single buyer is a group company that also supplies its raw material.
AverageDoes it need a lot of money?The plant itself is modest, but coil stock and dealer credit tie up cash, and the company also lends to group companies from its surplus.
AverageCan it keep finding new work?Demand for its pipes is steady in Kerala building work, and it is adding steel buildings through a subsidiary, but the plant still has spare room.
WatchDo good and bad years swing a lot?Yes. Steel prices, import duties and the rupee can swing a thin margin from profit to loss within a year.
Who runs Newmalayalam Steel?
Promoters, directors and officers; tap a name for the background
VVVarghese Vazhappily DavisPromoter and Managing Director · holds 36.39%
One of the Promoters, with over nine years in the steel industry; associated with the company since incorporation and Managing Director since 31 March 2022. Responsible for working capital, procurement planning and sales and receivables. Paid ₹0.24 cr in FY26.
Annual report FY26, p.8 and p.98MKMahendra Kumar JainPromoter, Chairman and Executive Director · holds 3.08%
Over three decades in the steel sector; with the company since 8 August 2017 and Chairman since 19 December 2023. The CARE note says Mahendra Kumar Jain of the Jaihind group put in half the capital when the company started. Owns and controls Jaihind Steel and Jaihind Metal Corporation with Divyakumar Jain.
Annual report FY26, p.8 and p.39 to p.41; CARE Ratings note, February 2026, p.1DJDivyakumar JainPromoter and Executive Director · holds 21.11%
Bachelor's degree in commerce from Mahatma Gandhi University, Kerala; earlier finance head at Jaihind Steel Private Limited, with more than a decade in finance and accounts. A director since 8 August 2017; heads finance and accounts.
Annual report FY26, p.9AJAnkur JainPromoter · holds 12.32%
Listed as a promoter in the shareholding pattern; not a director, and the annual report gives no role or background.
Shareholding pattern, March 2026VVVazhappilly Varghese CyriacWhole-time Director
Bachelor's degree in mechanical engineering from Mahatma Gandhi University, Kerala; earlier manager of purchase and production at M/s. Demac Steel, with more than nine years in inventory and production management. Heads procurement and production. The CARE note describes Cyriac Varghese as the son of V.D. Varghese.
Annual report FY26, p.8; CARE Ratings note, February 2026, p.1MVMolly VargheseWhole-time Director
Earlier accounts manager at M/s. Demac Steel, with nine years in finance; a director since 14 November 2018, responsible for internal review and verification of accounts.
Annual report FY26, p.8SJSuman JainNon-Executive Director
A director of Vyttila Steel Private Limited and a partner in Jaihind Aluminum Traders, with more than two decades in the steel sector; on the board since 1 November 2018. Part of the promoter group of Jaihind Steel and Jaihind Metal Corporation.
Annual report FY26, p.9 and p.39 to p.41RMRahul Mamman AbrahamIndependent Director
Bachelor's degree in commerce from Mahatma Gandhi University and a postgraduate diploma in management from the Indian Institute of Management, with more than a decade in the pharmaceutical industry; on the board since 15 December 2023.
Annual report FY26, p.10APAvinash P. V.Chief Financial Officer
Chartered Accountant with 12 years in finance, accounts and audit, including 4 years in practice; Chief Financial Officer from 8 April 2026, after Rahul Jain resigned in October 2025.
Annual report FY26, p.10 and p.54Newmalayalam Steel latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹158 cr (+5%), net profit ₹2.9 cr (-) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.23% to 73.02%.
Newmalayalam Steel announcements
19 on record, latest first; each opens the filing on the exchange
- Shareholders meetingvoting results of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- AppointmentOf Ms. Darsana D Prabhu as Company Secretary & Compliance Officer of the company w.e.f. September 16, 2026PDF ↗
- Change in Company Secretary/Compliance OfficerChange in Company Secretary/Compliance OfficerPDF ↗
- Outcome of Board MeetingHeld on September 16, 2026PDF ↗
- ResignationOf Mr. Shravan Kannan Dev as Company Secretary & Compliance Officer of the company w.e.f. September 15, 2026PDF ↗
- Commencement of commercial production/operationsCommencement of commercial production/operationsPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Change in AuditorsOf the companyPDF ↗
Newmalayalam Steel annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Newmalayalam Steel share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Newmalayalam Steel's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,72,87,600 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹474.31) and FY24 (₹3.38) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 9 Oct 2026, from the exchange's daily figures.
Questions people ask about Newmalayalam Steel
What does Newmalayalam Steel do?
Newmalayalam Steel makes zinc coated steel pipes, tubes and sheets for roofs, buildings and fabrication in Kerala, sold under the Demac Steel brand through dealers. Its shares trade on NSE Emerge.
What is the share price of Newmalayalam Steel?
₹22 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Newmalayalam Steel?
₹38 cr at the close on 5 Nov 2026, on 1,72,87,600 shares.
What is the P/E of Newmalayalam Steel?
5.4 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Newmalayalam Steel's revenue and profit?
Revenue ₹320 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Newmalayalam Steel?
Varghese Vazhappily Davis, Mahendra Kumar Jain, Divyakumar Jain, Ankur Jain; promoters held 73.02% at 31 March 2026.
What was the IPO price of Newmalayalam Steel?
₹90 a share; it listed on 27 Dec 2024.
What is Newmalayalam Steel's website?
www.demacsteel.com
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Built from 2 annual reports, 2 credit rating notes, 19 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.