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Zenith Steel Pipes & Industries Limited (ZENITHSTL) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Zenith Steel Pipes & Industries Limited ₹3.40, price ₹5.10, upside -33.3%, quality 29 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · IN · ISIN INE318D01020

ZS Thin data Sep 27, 2026

Zenith Steel Pipes & Industries Limited

ZENITHSTL · NSE

Weak valuationQuality is weak on top of the rich price.

!Fair value ₹3.40 · Overvalued (−33.3%)
!Quality 29/100
!Weak Growth (revenue 5y −0.9 %/yr)
!Thin margins · 8.2% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (2/8)
!Narrow moat 16/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹14.72 ₹0.6500 Fair Value ₹3.40 Jul 2020 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range ₹0.6500 – ₹14.72 · fair‑value band ₹3.34 – ₹4.42 · the ₹5.10 price screens above the ₹3.40 fair value. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Zenith Steel Pipes & Industries Limited, together with its subsidiaries, manufactures and sells steel pipes in India and internationally. It offers electric resistance welded black and galvanized pipes; and helical submerged arc welded pipes.

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Zenith Steel Pipes & Industries Limited, together with its subsidiaries, manufactures and sells steel pipes in India and internationally. It offers electric resistance welded black and galvanized pipes; and helical submerged arc welded pipes. The company's products are used for various applications, such as agriculture and irrigation water distribution, sprinklers, drill rods, bore-well, construction water distribution, space frames, fences, firefighting and chilled water systems, structural scaffolding and props, green house, industrial general engineering, container making, distribution of gas and crude, transportation of raw and potable water, poles, transmission tower, transportation of oil and gas, transportation of sewage disposal irrigation, piling, ash/slurry transportation, and electricity conduits, as well as the auto industry. It also exports its products to approximately 79 countries, including the United States. The company was formerly known as Zenith Birla (India) Limited and changed its name to Zenith Steel Pipes & Industries Limited in July 2020. The company was incorporated in 1960 and is based in Mumbai, India.

Stock analysis

Zenith Steel Pipes & Industries Limited (ZENITHSTL) currently trades at ₹5.10, while our model-based Fair Value estimate is ₹3.40, 33.3% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹5.24 per share, and 2 of the 5 models we run sit above the ₹5.10 price.

Bear case: the Earnings-Based group reads lowest at ₹2.56, and 3 of the 5 models stay below the price. Evidence for this calculation is low.

Scenario range: ₹3.34 (bear) to ₹4.42 (bull), the price of ₹5.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 29/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Zenith Steel Pipes & Industries Limited reported revenue of ₹534M in FY2026 versus ₹1.5B in FY2022, a compound −22.8%/yr. Reported net income was ₹43.8M in FY2026, compounding −21.6%/yr from FY2022.

Key figures

Market cap ₹807M (≈ $8.4M) · P/E ratio 16.5 · P/S ratio 1.35 · EPS (TTM) ₹0.3100 · Net margin 8.2% · Return on assets (EBIT) −2.6% · Operating margin −1.7% · Revenue (TTM) ₹534M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 48% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −33%, ZENITHSTL screens cheaper than that median.

Fair Value models

Bear ₹3.34 Fair Value ₹3.40 Bull ₹4.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.1571 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings ₹2.71 ₹4.62 ₹8.05 74
Graham-Dodd ₹2.09 ₹2.56 ₹2.88 67
Growth-Adj P/E ₹2.80 ₹4.00 ₹5.20 67
All 5 models by family
DCF Models
Owner Earnings ₹2.71 ₹4.62 ₹8.05 74
Earnings-Based
Graham-Dodd ₹2.09 ₹2.56 ₹2.88 67
Multiples
P/E Multiple ₹3.93 ₹5.24 ₹6.55 63
P/S Multiple ₹3.93 ₹5.24 ₹6.55 58
Growth Earnings
Growth-Adj P/E ₹2.80 ₹4.00 ₹5.20 67

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Quality Score breakdown

Overall quality 29/100

Of which business quality 27 · Market factors (momentum, volatility) 34

Profitability 28
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 2
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 43
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 17/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−55.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−28.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Start year 2021 (pandemic). Over 10 years: −5.2% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.8%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−17.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.6%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → −34%

ZENITHSTL screens overvalued: fair value 33% below the price. Compare with Nucor Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 406 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −33.3% · Below median
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −7.2% · Bottom 25%
Net margin (TTM) 8.2% · Top 25%
Operating margin (TTM) −1.7% · Bottom 25%
Growth and dividend
Revenue growth −54.5% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Steel median · lower = cheaper

P/E (TTM) 16.5× · Cheaper than median
P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 1.51× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Nucor Corporation NUE $236.24 $116.49 −51%
ArcelorMittal S.A MT €59.82 €35.15 −41%
Steel Dynamics, Inc STLD $230.39 $127.93 −44%
JSW Steel Limited JSWSTEEL ₹1,277 ₹1,095 −14%
Tata Steel Limited TATASTEEL ₹187.97 ₹147.10 −22%
Reliance, Inc RS $387.28 $211.55 −45%
Baoshan Iron & Steel Co 600019 ¥5.84 ¥8.07 +38%
POSCO Holdings 005490 311,500 KRW 155,270 KRW −50%
Inner Mongolia Baotou Steel Union Co 600010 ¥2.09 ¥0.5300 −75%
Jindal Steel Limited JINDALSTEL ₹1,165 ₹516.27 −56%

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Zenith Steel Pipes & Industries Limited · Fair Value
₹3.40 −33%Fair Value
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Cite: Fair Value Calculator (2026). "Zenith Steel Pipes & Industries Limited Fair Value". https://www.fairvalue-calculator.com/stock/ZENITHSTL

Frequently asked questions

Is Zenith Steel Pipes & Industries Limited (ZENITHSTL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹3.40 versus a price of ₹5.10, about −33% upside (overvalued).
What is the fair value of ZENITHSTL?
Our model-based fair value for Zenith Steel Pipes & Industries Limited is ₹3.40 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹5.10.
What is the quality score of ZENITHSTL?
Zenith Steel Pipes & Industries Limited has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Our model-based price target is the fair value of ₹3.40 (as of Sep 27, 2026) from 5 valuation models. Cautious scenario ₹3.34, optimistic scenario ₹4.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Zenith Steel Pipes & Industries Limited stock forecast for 2026?
Our models put fair value at ₹3.40, about −33% upside versus a price of ₹5.10 (overvalued). Cautious scenario ₹3.34, optimistic scenario ₹4.42. The calculation is refreshed regularly with new filings.
What is the revenue of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Zenith Steel Pipes & Industries Limited reported trailing-twelve-month revenue of about ₹534M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zenith Steel Pipes & Industries Limited it is ₹3.40 per share (as of Sep 27, 2026), against a price of ₹5.10. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Zenith Steel Pipes & Industries Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ZENITHSTL trades above its calculated fair value: price ₹5.10, fair value ₹3.40, a gap of about −33% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZENITHSTL?
No. The price is what the market pays today (₹5.10); the fair value is what the company's own numbers justify (₹3.40). For Zenith Steel Pipes & Industries Limited the two are ₹1.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zenith Steel Pipes & Industries Limited worth?
The market values Zenith Steel Pipes & Industries Limited at about ₹807M (market capitalisation, as of Sep 27, 2026). Per share that is ₹5.10; our models calculate a fair value of ₹3.40 per share.
What do the bullish and bearish scenarios say about ZENITHSTL?
Our models span a range for Zenith Steel Pipes & Industries Limited: cautious scenario ₹3.34, base ₹3.40, optimistic ₹4.42 per share (as of Sep 27, 2026, price ₹5.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZENITHSTL?
Zenith Steel Pipes & Industries Limited trades at a price-to-earnings ratio of 16.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹3.40 is built from several models across several years. Other multiples: P/S 1.5.
How solid is the balance sheet of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Balance-sheet figures for Zenith Steel Pipes & Industries Limited (as of Sep 27, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is ZENITHSTL from its 52-week high?
Zenith Steel Pipes & Industries Limited trades at ₹5.10, about 48% below its 52-week high of ₹9.88 and 11% above the low of ₹4.60 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹3.40 is for.
Which stocks are comparable to Zenith Steel Pipes & Industries Limited?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zenith Steel Pipes & Industries Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹5.10, calculated fair value ₹3.40 (−33%), Quality Score 29/100, from 5 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZENITHSTL calculated?
We run Zenith Steel Pipes & Industries Limited through 5 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹3.40, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Zenith Steel Pipes & Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
The closing price on Oct 1, 2026 was ₹5.10. Our model-based fair value is ₹3.40, about −33% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zenith Steel Pipes & Industries Limited right now?
The price sits above even our optimistic bull case (₹4.42). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Zenith Steel Pipes & Industries Limited

How large is the market capitalisation of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
The market capitalisation of Zenith Steel Pipes & Industries Limited is ₹807M (≈ $8.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
The price-to-sales ratio of Zenith Steel Pipes & Industries Limited is 1.35 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Earnings per share at Zenith Steel Pipes & Industries Limited are ₹0.3100 (price ÷ EPS = P/E 16.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
The net margin of Zenith Steel Pipes & Industries Limited is 8.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
On an EBIT basis the return on assets of Zenith Steel Pipes & Industries Limited is −2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
The operating margin of Zenith Steel Pipes & Industries Limited is −1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Revenue at Zenith Steel Pipes & Industries Limited is growing −54.5% versus a year earlier (3y avg −28.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zenith Steel Pipes & Industries Limited (ZENITHSTL)?
Earnings per share at Zenith Steel Pipes & Industries Limited are growing −49.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zenith Steel Pipes & Industries Limited (ZENITHSTL) generate?
The free cash flow of Zenith Steel Pipes & Industries Limited is −₹12.7M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zenith Steel Pipes & Industries Limited (ZENITHSTL) carry?
The net debt of Zenith Steel Pipes & Industries Limited is ₹2.2B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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