🏢 Company Overview
Scoda Tubes Ltd is a stainless steel tube and pipe manufacturer, founded in 2008. The company focuses exclusively on the stainless steel segment and caters to engineering, EPC, oil & gas, power, pharma, chemicals, railways, and automotive sectors.
Key Highlights:
- Founder/MD: Mr. Jagrutkumar Patel
- Products: Stainless steel seamless pipes, seamless tubes, “U” tubes, instrumentation tubes, welded tubes
- Facility: Fully integrated plant in Mehsana, Gujarat with backward-integrated hot piercing mill
- Client Base: Over 230 domestic and international customers
- Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, PED (EU), IBR (India), DNV
- Exports: To 11+ countries including the USA, Germany, and Italy
📅 IPO Timeline
| Detail | Information |
|---|---|
| IPO Open Date | 28 May 2025 |
| IPO Close Date | 30 May 2025 |
| Allotment Date | TBD |
| Listing Date | TBD |
| Price Band | ₹130 – ₹140 |
| Lot Size | 100 shares |
| Minimum Investment | ₹13,000 |
| Issue Size | ₹220 Crores (Fresh Issue) |
📈 Financial Performance Table (₹ in Crores)
| Fiscal Year | Revenue | Profit |
|---|---|---|
| FY22 | 194.03 | 1.64 |
| FY23 | 305.13 | 10.34 |
| FY24 | 399.86 | 18.3 |
🔍 Industry & Peer Comparison
- Sector: Industrial manufacturing – Stainless Steel Tubes & Pipes
- Key Competitors: Ratnamani Metals, Jindal Stainless, Tubacex (Intl), Maharashtra Seamless
- Positioning: Niche stainless-steel segment player with strong backward integration and export base
- Margins/ROE (indicative): Competitors like Ratnamani Metals have superior ROEs (~18–20%). Scoda is improving but still below industry leaders.
✅ Strengths
- 🏭 Fully integrated manufacturing with hot piercing mill reduces supplier reliance
- 🌐 Export-driven strategy with 30.84% revenue from international markets
- 🧪 Stringent quality controls with low customer rejection rate (0.31%)
- 🔧 Diverse industrial applications across high-demand sectors
- 📈 Strong revenue growth from ₹194 Cr to ₹400 Cr in two years
⚠️ Risks & Concerns
- 📊 High customer concentration – Top 10 clients contribute over 50%+ of revenue
- 💸 High financial indebtedness – ₹202.16 Cr as of Dec 2024
- 🌍 Geographic dependency – Single facility in Gujarat
- 📉 Negative cash flows – Investing cash flow negative in FY22-FY24
- ⚖️ Regulatory/legal – SEBI summons regarding past transactions
- 🕒 Receivables risk – Trade receivables of ₹108.05 Cr as of Dec 2024
📄 IPO Document
Please refer to the official DRHP document for complete details:
🔗 Scoda Tubes RHP (MNCL Group)
📌 Disclaimer
This analysis is based on publicly available information including DRHP, RHP, and exchange filings. It is provided for informational purposes only and does not constitute investment advice. Readers should conduct their own due diligence before investing.