---
title: "Newmalayalam Steel Ltd (NMSTEEL) — Share Price, Financials & Analysis"
symbol: "NMSTEEL"
company: "Newmalayalam Steel Ltd"
canonical: "https://tapetide.com/stocks/NMSTEEL"
isin: "INE0TP801012"
nse_symbol: "NMSTEEL"
sector: "Industrial Products"
industry: "Iron & Steel Products"
market_cap_cr: 40.71
generated_at: "2026-09-13T18:40:11.121Z"
---

# Newmalayalam Steel Ltd (NMSTEEL)

Canonical page: https://tapetide.com/stocks/NMSTEEL

## Company

- **NSE Symbol:** NMSTEEL
- **ISIN:** INE0TP801012
- **Sector:** Industrial Products
- **Industry:** Iron & Steel Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2024-12-27
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** demacsteel.com

## About

Incorporated in 2017, Newmalayalam Steel Ltd is engaged in manufacturing and selling galvanised steel pipes and sheets.[1]

## Latest Price

- **Price:** ₹23.55
- **Change:** 0 (0%)
- **Open:** ₹22.55
- **Day High:** ₹23.8
- **Day Low:** ₹22.55
- **Previous Close:** ₹23.55
- **Volume:** 0
- **As Of:** 2026-09-11T10:01:44+00:00

## Key Fundamentals

Observed at 2026-09-11T04:41:07.044338Z.

- **Market Cap:** ₹40.71 Cr
- **Classification:** SME
- **P/E (reported):** 5.8
- **Book Value:** ₹49.44
- **Price to Book:** 0.48
- **Dividend Yield:** 0%
- **ROE:** 5.63%
- **ROCE:** 11.41%
- **Debt to Equity:** 0.19
- **Revenue (yearly):** ₹319.93 Cr
- **Net Income:** ₹7.26 Cr
- **EBITDA:** ₹11.68 Cr
- **52-Week High:** ₹39.15
- **52-Week Low:** ₹17.4
- **RSI (14):** 50.75

## Tapetide Score

- **Score:** 64 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Cheap · Momentum: Flat
- **Percentile:** 95.6 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 59.9 | 9% |
| growth | 43.3 | 9% |
| momentum | 53.65 | 12% |
| ownership | 64.93 | 24% |
| quality | 66.9 | 22% |
| valuation | 75.01 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.48 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 1.32% over past five years.
- Company has a low return on equity of 8.77% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 216.61% | -17.79% | 112.47% |
| ebitda margin growth | 0.56% | 5.23% | -10.17% |
| net income growth | 65% | 6% | -2% |
| revenue growth | 3.74% | -3% | 1% |
| roce | -36.33% | -47.52% | 21.1% |
| roe | -46.64% | 10.92% | -82.7% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 139 | 154 | 150 | 162 | 158 |
| Expenses | 136 | 146 | 149 | 156 | 152 |
| Operating Profit | 3 | 8 | 1 | 6 | 6 |
| OPM % | 2.2 | 5 | 0.6 | 3.8 | 3.5 |
| Other Income | 2 | 1 | 1 | 2 | 1 |
| Interest | 2 | 2 | 2 | 1 | 2 |
| Depreciation | 2 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 7 | -1 | 6 | 4 |
| Tax % | 25 | 25 | -18 | 27 | 27 |
| Net Profit | 0 | 5 | -1 | 4 | 3 |
| EPS in Rs | 0.37 | 4.1 | -0.45 | 2.44 | 1.65 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 300 | 318 | 354 | 300 | 304 | 320 |
| Expenses | 290 | 310 | 347 | 292 | 297 | 308 |
| Operating Profit | 9 | 7 | 7 | 8 | 7 | 12 |
| OPM % | 3.1 | 2.3 | 2 | 2.5 | 2.3 | 3.6 |
| Other Income | 5 | 6 | 5 | 3 | 4 | 3 |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before tax | 10 | 9 | 8 | 6 | 6 | 10 |
| Tax % | 20 | 26 | 25 | 25 | 27 | 27 |
| Net Profit | 8 | 7 | 6 | 4 | 4 | 7 |
| EPS in Rs | 603.95 | 532.02 | 474.31 | 3.38 | 2.55 | 4.1 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 13 | 13 | 13 | 13 | 17 | 17 |
| Reserves | 11 | 18 | 24 | 28 | 61 | 68 |
| Borrowings | 36 | 49 | 28 | 59 | 18 | 16 |
| Other Liabilities | 5 | 11 | 23 | 17 | 12 | 18 |
| Total Liabilities | 64 | 90 | 87 | 116 | 109 | 120 |
| Fixed Assets | 20 | 21 | 22 | 20 | 20 | 26 |
| CWIP | 1 | 2 | 0 | 1 | 8 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 44 | 67 | 66 | 95 | 81 | 92 |
| Total Assets | 64 | 90 | 87 | 116 | 109 | 120 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 12 | -4 | 31 | -22 | 26 | 4 |
| Cash from Investing Activity | -1 | -6 | -1 | 0 | -8 | -3 |
| Cash from Financing Activity | -11 | 10 | -24 | 28 | -11 | -5 |
| Net Cash Flow | 0 | 0 | 7 | 6 | 7 | -4 |
| Free Cash Flow | 11 | -8 | 31 | -23 | 17 | 1 |
| CFO/OP | 149 | -19 | 459 | -266 | 389 | 46 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 16 | 21 | 11 | 26 | 31 | 23 |
| Inventory Days | 17 | 40 | 40 | 62 | 33 | 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 |
| ROCE % | — | 17 | 15 | 11 | 10 | 12 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 73.02% | 73.02% | 73.23% | 73.02% |
| FIIs | 2.55% | 0% | 0% | 0% |
| DIIs | 0% | 0.06% | 0% | 6.01% |
| Government | 0% | 0% | 0% | 0% |
| Public | 22.65% | 19.69% | 19.21% | 19.05% |
| Others | 1.78% | 7.24% | 7.56% | 1.93% |
| No. of Shareholders | 8 | 1694 | 1601 | 1495 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Neutral
- **Buy / Neutral / Sell:** 6 / 7 / 6

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 23.33 | Buy |
| EMA (10) | 23.33 | Buy |
| SMA (20) | 23.29 | Buy |
| EMA (20) | 23.4 | Buy |
| SMA (50) | 23.79 | Sell |
| EMA (50) | 23.64 | Sell |
| SMA (100) | 23.61 | Sell |
| EMA (100) | 24.46 | Sell |
| SMA (200) | 27.15 | Sell |
| EMA (200) | 26.82 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 50.75 | Neutral |
| MACD (12,26,9) | -0.11 | Buy |
| Stochastic (14,3,3) | 28.16 | Neutral |
| ADX (14) | 7.11 | Neutral |
| Williams %R (14) | -54.55 | Neutral |
| ATR (14) | 0.81 | High Volatility |
| ROC (12) | 3.52 | Buy |
| Stoch RSI (14) | 76.93 | Neutral |
| UO (7,14,28) | 55.76 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 March 2026 - Assessment order dated Mar 09, 2026 demanding Rs 44,72,810 for AY 2024-25. | [Action(s) taken or orders passed 9 March 2026 - Assessment order dated Mar 09, 2026 demanding Rs 44,72,810 for AY 2024-25.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_09032026194932_Intimation_IT_Demand_Order_.pdf) |
| 8 April 2026 - Newmalayalam Steel appoints Avinash P V as CFO effective 8 April 2026. | [Appointment 8 April 2026 - Newmalayalam Steel appoints Avinash P V as CFO effective 8 April 2026.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_08042026164625_CFO_Appointment_.pdf) |
| 8 April 2026 - Board approved subscribing up to Rs 1.9 crore in Prime NMS rights issue on 8 April 2026. | [Acquisition 8 April 2026 - Board approved subscribing up to Rs 1.9 crore in Prime NMS rights issue on 8 April 2026.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_08042026164917_Intimation_of_investment_Through_Rights_Issue_08042026_.pdf) |
| 6 February 2026 - Paid NSE fine Rs11,800 for Regulation 29 delay (Nov 2025); Board noted on 9 Jan 2026. | [Updates 6 February 2026 - Paid NSE fine Rs11,800 for Regulation 29 delay (Nov 2025); Board noted on 9 Jan 2026.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_06022026171510_Submission_of_Board_Comments_Signed.pdf) |
| 5 Sep - Newspaper publication issued for 9th AGM notice and e-voting; AGM on September 30, 2026. | [Copy of Newspaper Publication 5 Sep - Newspaper publication issued for 9th AGM notice and e-voting; AGM on September 30, 2026.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_05092026193835_Intimation_of_Newspaper_Publication.pdf) |
| 5 Jun - Promoter filed annual SEBI 31(4) disclosure for FY2026, confirming no encumbrance on shares. | [Disclosure under SEBI Takeover Regulations 5 Jun - Promoter filed annual SEBI 31(4) disclosure for FY2026, confirming no encumbrance on shares.](https://nsearchives.nseindia.com/corporate/team_bbodade_20052026185139_NMSTEEL.pdf) |
| 5 Jun - Promoter and PAC filed FY2026 Regulation 31(4) disclosure; no share encumbrance reported. | [Disclosure under SEBI Takeover Regulations 5 Jun - Promoter and PAC filed FY2026 Regulation 31(4) disclosure; no share encumbrance reported.](https://nsearchives.nseindia.com/corporate/team_bbodade_20052026190057_NMSTEEL1.pdf) |
| 4 Sep - AGM on 30 Sep 2026 seeks approval for RPTs up to Rs150 cr, Rs300 cr, Rs100 cr and subsidiary loan. | [Shareholders meeting 4 Sep - AGM on 30 Sep 2026 seeks approval for RPTs up to Rs150 cr, Rs300 cr, Rs100 cr and subsidiary loan.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_04092026220529_NMSTEEL_AGM_Notice.pdf) |
| 29 May - Submitted SDD compliance certificate for FY ended March 31, 2026; no non-compliance reported. | [Structural Digital Database 29 May - Submitted SDD compliance certificate for FY ended March 31, 2026; no non-compliance reported.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_29052026180220_SDD.pdf) |
| 28 February 2026 - Officials to attend Bharat Connect Conference: Rising Stars 2026 on 6 March 2026 via video conference. | [Analysts/Institutional Investor Meet/Con. Call Updates 28 February 2026 - Officials to attend Bharat Connect Conference: Rising Stars 2026 on 6 March 2026 via video conference.](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_28022026171456_NM_Steel_Cover_Letter_-_Analyst_Intimation.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31465_NMSTEEL_2025_2026_A_21125832_04092026222436.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28218_NMSTEEL_2024_2025_A_4464473_02092025201736.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/NEWMALAYALAM2024_12112025165416_NewMalayalam_Steel_Limited_-_Investor_Presentation_-_Sept2025.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:40:11.121Z.