Mukat Pipes

BSE: MUKATPIP · Iron & Steel Products

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Snapshot

Unlock Mukat Pipes's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Mukat Pipes Limited manufactures large diameter submerged arc welded longitudinal and helical pipes for infrastructure projects. The company specialises in mild steel piping solutions for water supply, sewerage, oil and gas transportation, and structural engineering.

Business Model

The company generates revenue by supplying customised piping solutions to government bodies and private contractors for large-scale irrigation and industrial fluid transmission networks.

  • Establishment Year:1987

Growth Outlook

Growth is driven by the company's niche presence in the infrastructure segment and the ongoing demand for large-scale irrigation and industrial fluid transmission networks across India.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost of steel significantly impact the company's operating margins and profitability.
  • Project Execution Risk. As a supplier to large-scale infrastructure projects, the company is susceptible to delays in government spending and project commissioning.
  • Competitive Intensity. The steel pipe manufacturing sector is highly competitive, potentially pressuring pricing power for small-cap entities.
  • Cyclicality of Infrastructure. Demand for industrial pipes is closely tied to the cyclical nature of the infrastructure and construction sectors.

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Key Metrics

REVENUE

₹5 Cr

TTM · standalone

+37.1%YoY

NET PROFIT

₹0.77 Cr

TTM · standalone

+126.5%YoY

EPS

₹0.65

TTM · standalone

+124.1%YoY

RETURN ON EQUITY

11.1%

TTM · standalone

+21.2 ppYoY

RETURN ON CAPITAL EMPLOYED

32.9%

TTM · standalone

+16.2 ppYoY

P/E

26.9x

Q4 FY26 · standalone

26.9 vs 36.6x5Y avg

EV/EBITDA

17.7x

Q4 FY26 · standalone

17.7 vs 76.2x5Y avg

EBITDA MARGIN

19.7%

TTM · standalone

+3.6 ppYoY

NET PROFIT MARGIN

12.9%

Q4 FY26 · standalone

-13.7 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · standalone

+0.01xYoY

Peers · Iron & Steel Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Mukat PipesMUKATPIP
₹19 Cr24.2821.2437.1%19.7%11.1%32.9%-7.1%
Panchmahal SteelPANCHMAHQ
₹580 Cr99.7231.765.0%3.9%7.2%+13.9%
Modern MalleableMODMA
₹569 Cr29.4021.16189.2%18.2%11.8%15.1%
Azad India Mobility LimitedAZADIND
₹509 Cr3.3%-1.4%-1.3%-30.1%
SurajSURAJLTD
₹385 Cr46.4419.13-15.2%12.0%6.1%12.6%-32.1%
Shah MetacorpSHAH
₹369 Cr26.7125.4348.8%10.1%5.6%5.4%+12.3%

As of Q4 FY26

Financials