P S Raj SteelsShare price, financial results, shareholding and management
- Market cap
- ₹339 cr
- Stock P/E
- 39.5peers 12.4
- Book value
- ₹19.5
- Price to book
- 4.61
- EV / operating profit
- 26.0
- Market cap to sales
- 1.27
- ROCE · FY26
- 16.1%
- ROE · FY26
- 12.4%
- ROE, 3-year average
- 16.5%
- Operating margin · FY26
- 4.9%peers 10.1%
- Sales growth, 3 years
- 5.9%
- Profit growth, 3 years
- 29.0%
- Debt to equity
- 0.01peers 0.73
- Borrowings
- ₹1.1 cr
- Interest cover
- 36.3×
- Cash from business / op. profit
- 57%
- Debtor days
- 31
- Pledged
- 0.00%
- Promoter holding
- 73.22%
- Change in promoter holding
- +0.02 pts
- Shareholders
- 286
- 52-week high / low
- ₹108 / ₹46
- 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.
P S Raj Steels share price chart
Close on 6 Nov 2026 · +0.33% on the day · Vol 58,750
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -9.6%
- 3 months
- +15.6%
- 6 months
- +29.9%
- 1 year
- +64.7%
- Since IPO
- +221.1%
- Traded a day, 20 days
- ₹0.50 cr
- Taken for delivery
- 79%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -0% | +16% |
| 3 years, a year | +6% | +29% |
| Latest half, H2 FY26 | +7% | +31% |
About P S Raj Steels: business, products and customers
P S Raj Steels makes stainless steel pipes and tubes at its plant in Hisar, Haryana, and sells them mostly through dealers across India. The pipes go into railings, furniture, food plants, sugar mills and other uses, and its shares trade on NSE Emerge.
P S Raj Steels was set up in 2004, began by trading stainless steel and later built a pipe plant in Hisar. It buys stainless steel coil, cuts it into strips and welds it into round, square, rectangular, oval and slotted pipes in more than 250 sizes, and it also resells coil, strip, sheet and plate. Its pipes are used in railways, furniture, gate railings, door frames, food processing, rice plants, sugar mills and heat exchangers.
The plant covers three acres and can make 14,800 tonnes a year; it ran at 80% of that in FY26. Sales go through a dealer network in 19 states, and the company has no export sales. It buys stainless steel from Jindal Stainless, which gave it awards for lifting the highest quantity in FY24 and FY25.
Read more about the business
What is new: revenue was ₹266.0 cr in FY26, and the company says profit rose in the second half because of new welding technology, solar panels that cut power costs, and lower interest as short term borrowings came down. Shareholders approved a split of each ₹10 share into five ₹2 shares in July 2026. Harshita Arora ceased to be Company Secretary and Compliance Officer from 9 October 2026, after Manish Kumar resigned from the same post in July 2026.
From the prospectus (15 February 2025), the FY25 and FY26 annual reports, the June 2026 results press release and the company's exchange announcements of July to October 2026.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.01.
- The promoters own a large part of the company: 73.22%.
To watch
- Use of the 14,800 tonne plant, which ran at 80% in FY26, and any dated step towards the 20,000 tonne goal (Annual Report 2025-26, p.14; Annual Report 2024-25, p.6).
- Dealings with Sheela Stainless and Steelmint Industries in FY27 against the approved limits of ₹33.4 cr and ₹36.0 cr (Press release, 8 Jul 2026, p.3).
- Filling the independent director seat left by Dinesh Vinayak, who resigned on 28 August 2026 (Exchange announcement, 29 Aug 2026, p.1).
- Appointment of a new Company Secretary and Compliance Officer after Harshita Arora ceased to hold the post from 9 October 2026 (Exchange announcement, 10 Oct 2026, subject line only).
- It paid no dividend in the past year.
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.
P S Raj Steels revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
P S Raj Steels half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 139 | 127.16 | 130.58 | 135.78 |
| Expenses | 133 | 121.22 | 124.50 | 128.76 |
| Operating profit | 6 | 5.94 | 6.09 | 7.03 |
| OPM | 4.6% | 4.7% | 4.7% | 5.2% |
| Interest | 1 | 0.62 | 0.16 | 0.17 |
| Depreciation | 0 | 0.55 | 0.59 | 0.94 |
| Profit before tax | 5 | 4.79 | 5.35 | 5.95 |
| Net profit | 4 | 3.54 | 3.96 | 4.62 |
P S Raj Steels profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 180 | 224 | 298 | 266.27 | 265.99 |
| Expenses | 173 | 217 | 287 | 253.98 | 252.91 |
| Operating profit | 7 | 7 | 11 | 12.29 | 13.08 |
| OPM | 3.7% | 3.1% | 3.6% | 4.6% | 4.9% |
| Other income | 0 | 0 | 0 | 0.03 | 0.08 |
| Interest | 1 | 1 | 2 | 1.39 | 0.32 |
| Depreciation | 1 | 1 | 1 | 0.96 | 1.54 |
| Profit before tax | 5 | 5 | 8 | 9.96 | 11.30 |
| Tax rate | 20.0% | 20.0% | 25.0% | 25.6% | 24.1% |
| Net profit | 4 | 4 | 6 | 7.41 | 8.58 |
| EPS ₹ | 11.52 | 11.77 | 20.45 | 9.83 | 11.38 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
P S Raj Steels profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as 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
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 3.7% | 3.1% | 3.6% | 4.6% | 4.9% |
| Tax rate | 20.0% | 20.0% | 25.0% | 25.6% | 24.1% |
| ROCE | · | 15.0% | 21.9% | 19.2% | 16.1% |
| ROE | · | 17.7% | 21.7% | 15.5% | 12.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
P S Raj Steels debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It cut its borrowings last year. 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 longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
P S Raj Steels balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.61 | 0.61 | 0.61 | 7.54 | 7.54 |
| Reserves | 20 | 24 | 30 | 57.40 | 65.95 |
| Net worth | 20.61 | 24.61 | 30.61 | 64.94 | 73.49 |
| Borrowings | 17 | 18 | 18 | 4.58 | 1.08 |
| Other liabilities | 8.39 | 31.39 | 3.39 | 4.69 | 8.29 |
| Total liabilities | 46 | 74 | 52 | 74.21 | 82.86 |
| Fixed assets | 4 | 4 | 4 | 4.27 | 8.64 |
| Capital work in progress | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 42 | 70 | 48 | 68.94 | 74.22 |
| Receivables | · | · | · | 19.40 | 22.35 |
| Inventory | · | · | · | 30.60 | 32.21 |
| Cash | · | · | · | 0.88 | 0.09 |
| Trade payables | · | · | · | 1.09 | 1.78 |
P S Raj Steels cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | 3 | 3 | -9.06 | 7.52 |
| Cash from investing | 1 | -1 | -1 | -2.50 | -4.50 |
| Cash from financing | -1 | -2 | -2 | 12.38 | -3.80 |
| Net cash flow | 0 | 0 | 0 | 0.82 | -0.78 |
| Capital spending | · | · | · | 2.70 | 4.59 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 29 | 23 | 18 | 27 | 31 |
| Inventory days | 44 | 77 | 28 | 49 | 51 |
| Days payable | 11 | 47 | 0 | 2 | 3 |
| Cash conversion cycle | 61 | 53 | 47 | 74 | 79 |
| Working capital days | 37 | 35 | 32 | 81 | 89 |
P S Raj Steels peers and competitors
Listed SME companies in the same industryBy sales, P S Raj Steels is number 30 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 |
|---|---|---|---|---|---|---|
| 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 | 339 | 39.5 | 266 | 8.6 | 4.9% | 0.01 |
| Kaka Industries | 309 | 16.3 | 263 | 19 | 13.0% | 1.25 |
| M P K Steels (I) | 85 | 14.2 | 259 | 6 | 4.1% | 0.33 |
| GSM Foils | 94 | 4.7 | 258 | 19.8 | 11.5% | 0.60 |
| Super Iron Foundry | 85 | 5.0 | 256 | 17 | 13.0% | 0.64 |
| Auro Impex & Chemicals | 51 | 12.3 | 250 | 4.2 | 3.6% | 0.83 |
| Uma Converter | 33 | 10.5 | 249 | 3.2 | 6.3% | 0.97 |
| Median of the 10 others | 90 | 12.4 | 261 | 13.1 | 10.1% | 0.73 |
P S Raj Steels shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
P S Raj Steels 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.
| Feb 25 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.20% | 73.20% | 73.20% | 73.22% |
| Foreign investors (FIIs) | 8.25% | 7.35% | - | - |
| Indian institutions (DIIs) | 3.46% | 2.20% | - | - |
| HNIs (over ₹2 lakh each) | 0.00% | 6.63% | 10.68% | 9.25% |
| Small holders (up to ₹2 lakh) | 11.65% | 5.47% | 9.25% | 8.86% |
| Companies and others | 3.44% | 5.15% | 6.87% | 8.67% |
| Number of shareholders | 813 | 242 | 339 | 286 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
P S Raj Steels study: the business from its own documents
Read from 5 of the company's own documentsP S Raj Steels so far
From the company's own record
- November 2004Company formed
- 19 Feb 2025Listed on NSE Emerge at ₹140
- 31 March 2026Promoters at 73.22%
- 22 Sept 2026Highest close since listing, ₹103.90
P S Raj Steels key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹266.0 cr
- FY26 revenue from operations; profit after tax was ₹8.6 cr, a margin of 3.23%.Annual Report 2025-26, p.12
- Installed capacity
- 14,800 tonnes a year
- Pipe making capacity at the Hisar plant, used at 80% in FY26; it was 13,460 tonnes at the time of the offer.Annual Report 2025-26, p.14; Prospectus, p.185
- Stated capacity goal
- 20,000 tonnes a year
- Capacity the company said in its FY25 annual report it was scaling up to; no date or cost was given.Annual Report 2024-25, p.6
- Second half profit
- ₹4.6 cr
- Profit after tax in the six months to March 2026, against ₹3.5 cr a year earlier, which the company puts down to lower costs.Results press release, 1 Jun 2026, p.2
- Borrowings
- ₹1.1 cr
- Total loans at 31 March 2026, down from ₹4.6 cr a year earlier.Annual Report 2025-26, p.84
Show 5 more facts
- Cash from operations
- ₹7.5 cr
- Cash the business made in FY26, after using ₹9.1 cr in FY25.Annual Report 2025-26, p.86
- Top ten customers
- 60.94%
- Share of revenue from the ten largest customers in the six months to September 2024, up from 46.18% in FY22.Prospectus, p.32 and p.184
- Related party dealings
- Up to ₹69.4 cr
- FY27 dealings approved with Sheela Stainless (₹33.4 cr) and Steelmint Industries (₹36.0 cr), a pipe making unit set up by the promoters in 2020.Press release, 8 Jul 2026, p.3; Prospectus, p.183
- Share split
- ₹10 → ₹2
- Each share split into five, approved by shareholders on 7 July 2026, taking the share count to 3,76,91,570.Press release, 8 Jul 2026, p.2
- Employees
- 120+
- People working for the company in FY26.Annual Report 2025-26, p.11
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.
P S Raj Steels earns a thin margin turning stainless steel coil into pipes and selling them through dealers, and it has kept costs and debt low.
Its weak spots are that raw material is almost all of its cost, prices swing with the steel market, and promoter run firms in the same trade deal with it.
WatchCan it set its own prices?Coil and traded goods take up most of what it earns, so profit depends on the small gap between steel prices and pipe prices.
WatchHow strong is it against rivals?Welded stainless pipe is a crowded market with large Indian and foreign makers and imports, and the company competes on range and reach rather than a special product.
AverageWho are its customers?It sells mainly to dealers across many states, but the ten largest have been taking a growing share.
AverageDoes it need a lot of money?The plant needs little new spending, but a good deal of money sits in steel stock and dealer bills; loans are now very small.
AverageCan it keep finding new work?Demand comes from many everyday uses through dealers, and there is room left in the plant, but it has no exports and no new product line in its documents.
WatchDo good and bad years swing a lot?Sales move with steel prices and demand, even when the tonnes made are steady.
Who runs P S Raj Steels?
Promoters, directors and officers; tap a name for the background
DKDeepak KumarPromoter and Managing Director · holds 7.30%
Has worked in the family business since 1996 and has over 29 years of business experience; holds an M.Sc in applied psychology (2001) and an LLB (2000). Oversees day to day business, legal, administration and finance. The prospectus names Raj Kumar Gupta as Deepak Kumar's father and states that Deepak Kumar and Gaurav Gupta are brothers.
Prospectus, p.215, p.217 and p.219; Annual Report 2025-26, p.10; shareholding pattern, March 2026GGGaurav GuptaPromoter and Whole Time Director · holds 7.92%
With the company since December 2005; holds a Bachelor of Computer Applications and has over 21 years in the stainless steel business. Runs production, dispatch and raw material buying, and led the growth of capacity from 1,411 tonnes to 14,800 tonnes a year.
Prospectus, p.218; Annual Report 2025-26, p.10; shareholding pattern, March 2026NGNikita GuptaPromoter and Non-Executive Director · holds 2.95%
Holds a B.Sc in fashion design (2007) and has worked with Sheela Stainless since June 2017; guides the company's marketing. The prospectus states that Nikita Gupta is the sister in law of Deepak Kumar and Gaurav Gupta.
Prospectus, p.218 and p.219; Annual Report 2025-26, p.10; shareholding pattern, March 2026RKRaj Kumar GuptaPromoter · holds 14.28%
Has over 47 years in the steel industry as a trader of carbon and stainless steel coil, sheet and plate, and set up the stainless steel pipe making unit. Karta of Raj Kumar HUF, another promoter.
Prospectus, p.232 and p.234; shareholding pattern, March 2026VGVishal GuptaPromoter · holds 10.47%
Has 20 years of experience in the steel industry and oversees the company's marketing. The prospectus states that Vishal Gupta is the son of Raj Kumar Gupta.
Prospectus, p.233; shareholding pattern, March 2026RKRaj Kumar DewanIndependent Director
Holds a B.Sc in mechanical engineering from Kurukshetra University (1973); joined the Haryana Irrigation Department in 1976 and retired as Engineer in Chief in 2009.
Prospectus, p.218; Annual Report 2025-26, p.13AKAlok Kumar JainIndependent Director
Holds an LLB from Ajmer University (1989) and has practised as an advocate since 1990, with over 34 years in law.
Prospectus, p.219; Annual Report 2025-26, p.13P S Raj Steels 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 ₹136 cr (+7%), net profit ₹4.6 cr (+31%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.20% to 73.22%.
P S Raj Steels announcements
69 on record, latest first; each opens the filing on the exchange
- Change in Managementchange in ManagementPDF ↗
- CessationOf Ms Harshita Arora as Company Secretary & Compliance Officer of the company w.e.f. October 09, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingwith Outcome of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Change in Managementchange in ManagementPDF ↗
- Change in Company Secretary/Compliance OfficerChange in Company Secretary/Compliance OfficerPDF ↗
- Outcome of Board MeetingHeld on September 26, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- ResignationOf Mr. Dinesh Vinayak (DIN:10765895) as Non- Executive Independent Director of the company w.e.f. August 28, 2026PDF ↗
P S Raj Steels annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
P S Raj Steels share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Share splitFACE VALUE SPLIT (SUB-DIVISION) - FROM RS10/- PER SHARE TO RS 2/- PER SHAREex-date 24 July 2026
Checks we ran on P S Raj Steels' data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe share count is from the pattern of 31 March 2026; the share split with ex-date 24 July 2026 is applied to it, as to the prices.
- iShare split with ex-date 24 July 2026: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (3,76,91,570 shares).
- !The FY26 results imply 75,40,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓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 FY24 (₹20.45) and FY25 (₹9.83) 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, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about P S Raj Steels
What does P S Raj Steels do?
P S Raj Steels makes stainless steel pipes and tubes at its plant in Hisar, Haryana, and sells them mostly through dealers across India. The pipes go into railings, furniture, food plants, sugar mills and other uses, and its shares trade on NSE Emerge.
What is the share price of P S Raj Steels?
₹89.9 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of P S Raj Steels?
₹339 cr at the close on 6 Nov 2026, on 3,76,91,570 shares.
What is the P/E of P S Raj Steels?
39.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are P S Raj Steels' revenue and profit?
Revenue ₹266 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of P S Raj Steels?
Deepak Kumar, Gaurav Gupta, Nikita Gupta, Raj Kumar Gupta, Vishal Gupta; promoters held 73.22% at 31 March 2026.
What was the IPO price of P S Raj Steels?
₹140 a share; it listed on 19 Feb 2025.
What is P S Raj Steels' website?
www.pssrgroup.com
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Built from 2 annual reports, 1 offer document, 1 result filing, 1 press release, 69 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.