---
title: "Swastik Pipe Ltd (SWASTIK) — Share Price, Financials & Analysis"
symbol: "SWASTIK"
company: "Swastik Pipe Ltd"
canonical: "https://tapetide.com/stocks/SWASTIK"
isin: "INE0DGC01025"
nse_symbol: "SWASTIK"
sector: "Industrials"
industry: "Industrial Products"
market_cap_cr: 40.66
generated_at: "2026-09-13T18:32:20.839Z"
---

# Swastik Pipe Ltd (SWASTIK)

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

## Company

- **NSE Symbol:** SWASTIK
- **ISIN:** INE0DGC01025
- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2022-10-12
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** swastikpipes.com

## About

Incorporated in 1973, Swastik Pipe Ltd is a manufacturer and exporter of ERW  Black and Galvanized Pipes, Line Pipes, 
 and Tubes[1]

## Latest Price

- **Price:** ₹17.5
- **Change:** -0.55 (-3.05%)
- **Open:** ₹17.5
- **Day High:** ₹17.5
- **Day Low:** ₹17.5
- **Previous Close:** ₹18.05
- **Volume:** 1200
- **As Of:** 2026-09-10T04:46:45+00:00

## Key Fundamentals

Observed at 2026-09-11T04:39:15.011578Z.

- **Market Cap:** ₹40.66 Cr
- **Classification:** SME
- **P/E (reported):** -0.7
- **Book Value:** ₹64
- **Price to Book:** 0.27
- **Dividend Yield:** 0%
- **ROE:** -3.5%
- **ROCE:** 5.87%
- **Debt to Equity:** 1.03
- **Revenue (yearly):** ₹748 Cr
- **Net Income:** ₹-7.2 Cr
- **EBITDA:** ₹19.7 Cr
- **52-Week High:** ₹33.75
- **52-Week Low:** ₹12.5
- **RSI (14):** 37.08

## Tapetide Score

- **Score:** 35 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 6 (of 4473 scored stocks)
- **Confidence:** 84%
- **Data coverage:** 67%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 15.74 | 9% |
| growth | 2.24 | 9% |
| momentum | 72.72 | 12% |
| ownership | 50 | 24% |
| quality | 26.2 | 22% |
| valuation | 45.07 | 24% |

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

## Key Insights

### Strengths

- Stock is trading at 0.27 times its book value
- Company's working capital requirements have reduced from 55.8 days to 28.5 days

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -5.72% over past five years.
- Company has a low return on equity of -11.3% over last 3 years.
- Promoters have pledged 38.1% of their holding.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -7.81% | 207.1% | -4.98% |
| ebitda margin growth | -35.29% | -42.86% | -52.94% |
| net income growth | -241.18% | -179.12% | -580% |
| revenue growth | 2.52% | -18% | -6% |
| roce | -38.34% | -47.02% | 12.92% |
| roe | -245.83% | 1.08% | -291.26% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 282 | 327 | 313 | 398 | 363 | 366 | 367 | 380 | 240 | 146 |
| Expenses | 269 | 314 | 305 | 379 | 346 | 354 | 351 | 377 | 252 | 202 |
| Operating Profit | 13 | 13 | 8 | 19 | 17 | 12 | 15 | 4 | -11 | -56 |
| OPM % | 4.6 | 3.9 | 2.6 | 4.8 | 4.7 | 3.2 | 4.2 | 0.9 | -4.7 | -38 |
| Other Income | 1 | 18 | 3 | 3 | 0 | 1 | 0 | 1 | 11 | 5 |
| Interest | 9 | 10 | 8 | 8 | 9 | 8 | 10 | 13 | 13 | 8 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 3 |
| Profit before tax | 2 | 19 | 1 | 12 | 6 | 1 | 3 | -13 | -16 | -63 |
| Tax % | -108 | -19 | 29 | 25 | 25 | 27 | 25 | -24 | -38 | -23 |
| Net Profit | 5 | 23 | 0 | 9 | 4 | 1 | 2 | -10 | -10 | -48 |
| EPS in Rs | 38 | 13.55 | 0.27 | 3.71 | 1.76 | 0.44 | 0.99 | -4.09 | -4.17 | -20.61 |

### Profit & Loss

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

| Item | Mar 2008 | Mar 2009 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 444 | 504 | 721 | 653 | 519 | 607 | 709 | 728 | 728 | 386 |
| Expenses | 426 | 483 | 691 | 644 | 491 | 581 | 682 | 699 | 709 | 454 |
| Operating Profit | 18 | 20 | 30 | 10 | 28 | 26 | 27 | 29 | 19 | -67 |
| OPM % | 4.1 | 4 | 4.1 | 1.5 | 5 | 4.2 | 3.9 | 4 | 2.6 | -17 |
| Other Income | 1 | 4 | 5 | 3 | 2 | 19 | 6 | 1 | 1 | 16 |
| Interest | 12 | 15 | 25 | 29 | 23 | 19 | 16 | 18 | 24 | 21 |
| Depreciation | 2 | 2 | 4 | 4 | 4 | 4 | 5 | 5 | 6 | 6 |
| Profit before tax | 6 | 7 | 6 | -21 | 2 | 22 | 12 | 7 | -9 | -78 |
| Tax % | 34 | 38 | 26 | -33 | 35 | 6 | 26 | 26 | -24 | -26 |
| Net Profit | 4 | 4 | 5 | -14 | 1 | 20 | 9 | 5 | -7 | -58 |
| EPS in Rs | 49.58 | 54.39 | 50.86 | -150.96 | 16.19 | 12.02 | 3.9 | 2.21 | -3.11 | -24.78 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2008 | Mar 2009 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8 | 8 | 9 | 9 | 9 | 17 | 23 | 23 | 23 | 23 |
| Reserves | 30 | 34 | 84 | 71 | 72 | 125 | 185 | 190 | 183 | 125 |
| Borrowings | 73 | 85 | 200 | 197 | 196 | 114 | 111 | 113 | 126 | 152 |
| Other Liabilities | 43 | 40 | 62 | 60 | 59 | 86 | 77 | 121 | 193 | 45 |
| Total Liabilities | 155 | 168 | 356 | 337 | 336 | 341 | 396 | 447 | 525 | 346 |
| Fixed Assets | 27 | 31 | 73 | 73 | 71 | 68 | 71 | 80 | 85 | 86 |
| CWIP | 3 | 3 | 0 | 0 | 0 | 2 | 3 | 4 | 2 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 125 | 134 | 283 | 263 | 265 | 272 | 322 | 363 | 438 | 258 |
| Total Assets | 155 | 168 | 356 | 337 | 336 | 341 | 396 | 447 | 525 | 346 |

### Cash Flow

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

| Item | Mar 2008 | Mar 2009 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | — | -23 | 36 | 25 | 47 | -22 | 26 | 24 | -21 |
| Cash from Investing Activity | — | — | -2 | -4 | -2 | 14 | -8 | -15 | -8 | 4 |
| Cash from Financing Activity | — | — | 8 | -32 | -24 | -61 | 38 | -16 | -10 | 5 |
| Net Cash Flow | — | — | -17 | 0 | 0 | 0 | 8 | -5 | 6 | -12 |
| Free Cash Flow | — | — | -25 | 31 | 23 | 61 | -31 | 10 | 15 | -19 |
| CFO/OP | — | — | -71 | 374 | 92 | 183 | -80 | 86 | 128 | 29 |

### Ratios

| Item | Mar 2008 | Mar 2009 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 27 | 35 | 65 | 69 | 104 | 88 | 84 | 83 | 91 | 107 |
| Inventory Days | 75 | 53 | 58 | 57 | 56 | 47 | 46 | 60 | 71 | 47 |
| Days Payable | 30 | 25 | 26 | 29 | 39 | 49 | 37 | 58 | 98 | 34 |
| Cash Conversion Cycle | 72 | 63 | 98 | 97 | 121 | 87 | 94 | 85 | 65 | 121 |
| Working Capital Days | 68 | 67 | 40 | 29 | 54 | 57 | 82 | 76 | 63 | 29 |
| ROCE % | — | 19 | — | 3 | 9 | 9 | 10 | 8 | 4 | -21 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 88.27% | 64.51% | 64.51% | 64.51% | 64.51% | 64.51% | 64.51% | 64.51% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0.36% | 0.15% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 0.14% | 19.34% | 18.81% | 19.68% | 20.68% | 21.04% | 21.1% | 20.19% |
| Others | 11.59% | 16.15% | 16.31% | 15.65% | 14.81% | 14.44% | 14.39% | 15.29% |
| No. of Shareholders | 16 | 1227 | 941 | 1228 | 1403 | 1361 | 1391 | 1319 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 19.64 | Sell |
| EMA (10) | 19.05 | Sell |
| SMA (20) | 19.34 | Sell |
| EMA (20) | 19.21 | Sell |
| SMA (50) | 18.21 | Sell |
| EMA (50) | 19.07 | Sell |
| SMA (100) | 18.64 | Sell |
| EMA (100) | 19.64 | Sell |
| SMA (200) | 21.71 | Sell |
| EMA (200) | 23.03 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 37.08 | Neutral |
| MACD (12,26,9) | -0.04 | Sell |
| Stochastic (14,3,3) | 3.65 | Buy |
| ADX (14) | 14.22 | Neutral |
| Williams %R (14) | -100 | Buy |
| ATR (14) | 0.58 | High Volatility |
| ROC (12) | -7.89 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 15.55 | Buy |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 June 2026 - Swastik Pipe accepted 3-month holding-on operation on June 8, 2026; 2.5% receipts cutback लागू. | [Others 8 June 2026 - Swastik Pipe accepted 3-month holding-on operation on June 8, 2026; 2.5% receipts cutback लागू.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_08062026161429_SPL_NSE_Intimation_Holding_On_Operation_08062026.pdf) |
| 7 Sep - Swastik Pipe will hold 53rd AGM on 28 September 2026; annual report and email/KYC update reminder issued. | [General Updates 7 Sep - Swastik Pipe will hold 53rd AGM on 28 September 2026; annual report and email/KYC update reminder issued.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_07092026161824_Intimation_to_NSE_for_Shareholders.pdf) |
| 7 Jul - SBI appointed forensic auditor for Swastik Pipe’s accounts and transactions over 6 years after January 2026 NPA classification. | [Action(s) taken or orders passed 7 Jul - SBI appointed forensic auditor for Swastik Pipe’s accounts and transactions over 6 years after January 2026 NPA classification.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_07072026161336_Reg_30_NSE_Intimation_SPL_SBI.pdf) |
| 6 Jul - Swastik Pipe clarified segment disclosure and updated SOI signatory details for FY2026 results. | [Reply to Clarification- Financial results 6 Jul - Swastik Pipe clarified segment disclosure and updated SOI signatory details for FY2026 results.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_06072026111058_Clarification_NSE__06072026.pdf) |
| 5 Sep - Swastik Pipe published AGM newspaper intimation on 5 September 2026 in Financial Express and Jan Satta. | [Copy of Newspaper Publication 5 Sep - Swastik Pipe published AGM newspaper intimation on 5 September 2026 in Financial Express and Jan Satta.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_05092026160729_FINAL_NSE_Intimation_Newspaper_Advertisement_AGM_Notice.pdf) |
| 5 Sep - AGM on 28 September 2026; annual report dispatched; Ravi Shekhar regularization and cost auditor ratification sought. | [Shareholders meeting 5 Sep - AGM on 28 September 2026; annual report dispatched; Ravi Shekhar regularization and cost auditor ratification sought.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_05092026150611_NSE_Intimation_SPL_AR_2025-26.pdf) |
| 5 February 2026 - Submitted SEBI-formatted half-year results for 30 Sept 2025; no change in previously filed figures. | [Reply to Clarification- Financial results 5 February 2026 - Submitted SEBI-formatted half-year results for 30 Sept 2025; no change in previously filed figures.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_15012026123312_Reply_To_NSE_Querry.pdf) |
| 3 March 2026 - Swastik Pipe Limited has informed about Action(s) initiated or orders passed | [Action(s) initiated or orders passed 3 March 2026 - Swastik Pipe Limited has informed about Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_03032026113959_SPL_Intimation_Reg_30_to_NSE__Canara_Bank.pdf) |
| 26 May 2026 - Board approved FY26 audited results; loss Rs 57.56 crore, qualified audit opinion, and NPA-related going-concern concerns. | [Outcome of Board Meeting 26 May 2026 - Board approved FY26 audited results; loss Rs 57.56 crore, qualified audit opinion, and NPA-related going-concern concerns.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_26052026191344_Outcome_of_Board_Meeting_26_May_2026.pdf) |
| 26 March 2026 - Trading window closed from April 1, 2026 until 48 hours after FY2026 results become generally available. | [Trading Window 26 March 2026 - Trading window closed from April 1, 2026 until 48 hours after FY2026 results become generally available.](https://nsearchives.nseindia.com/corporate/SWASTIKPIPE_26032026161946_Trading_Window_Closure_March_2026.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_29015_SWASTIK_2024_2025_A_2375397_10092025152910.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25822_SWASTIK_2023_2024_05092024163252.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_23637_SWASTIK_2022_2023_06092023163058_09062023170012.zip) |

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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 2026-09-13T18:32:20.839Z.