Sambhv Steel Tubes Limited has reported no deviation from its stated Initial Public Offering (IPO) objectives for the quarter ended September 30, 2025, according to the company's latest monitoring agency report.

IPO Details and Fund Utilization

The company raised Rs. 440.00 crore through its IPO held from June 25-27, 2025. CARE Ratings Limited, serving as the monitoring agency, confirmed that the fund utilization aligned with the offer document. The breakdown of the fund utilization is as follows:

Debt Repayment

Sambhv Steel Tubes used Rs. 390.00 crore to repay outstanding borrowings across multiple banks:

• Yes Bank: Rs. 54.86 crore (including Term Loan of Rs. 54.57 crore and GECL of Rs. 0.29 crore)
• State Bank of India (SBI): Rs. 125.75 crore (including Term Loan of Rs. 77.78 crore, GECL of Rs. 0.65 crore, and CC of Rs. 30.00 crore)
• HDFC Bank: Rs. 141.90 crore (including Term Loan of Rs. 107.25 crore, GECL of Rs. 9.65 crore, and CC of Rs. 25.00 crore)
• Axis Bank: Rs. 67.50 crore (including Term Loan of Rs. 62.50 crore and CC of Rs. 5.00 crore)
• Bajaj Finance Limited: Term Loan of Rs. 17.22 crore

General Corporate Purposes

For general corporate purposes, Rs. 20.96 crore was utilized primarily for vendor payments related to raw material purchases. The company transferred funds to SBI and Axis Bank accounts, from which payments were made to various vendors.

Issue Expenses

The company incurred Rs. 25.41 crore in issue-related expenses. This includes Rs. 9.35 crore claimed as reimbursement for earlier expenses and Rs. 16.06 crore in new issue expenses incurred in Q2 FY26.

Unutilized Funds

The unutilized amount of Rs. 3.63 crore remains parked in a Kotak Mahindra Public Offer account.

Timely Completion

The monitoring agency report confirms that the debt repayment objective was completed as scheduled in Fiscal 2026 with no delays reported.

This report demonstrates Sambhv Steel Tubes' commitment to transparent financial practices and adherence to its stated IPO objectives. The company's prompt debt repayment and strategic allocation of funds for general corporate purposes indicate a focus on strengthening its financial position and supporting operational needs.

Sambhv Steel Tubes Limited , a key player in India's steel industry, has announced plans to significantly expand its manufacturing capabilities. The company's Board of Directors approved two major capacity expansion projects on November 8, 2025, with a combined investment of approximately ₹9,350 Millions.

Cold Rolling Mill Expansion

The first project involves setting up a new Cold Rolling Mill for stainless steel at the company's Kuthrel Unit-II in Raipur, Chhattisgarh. This expansion will increase Sambhv's cold rolling capacity:

The company reports that its existing cold rolling mill is operating at 86% capacity utilization.

Greenfield Integrated Steel Manufacturing Project

The second project is a Greenfield Integrated Steel Manufacturing facility to be constructed at Village Kesda, Chhattisgarh. This project, originally planned to be executed through the company's subsidiary, will now be undertaken directly by Sambhv Steel Tubes Limited. The expansion includes:

The estimated investment for this project is approximately ₹7,550 crore. Both expansions are scheduled to be operational by the fourth quarter of FY2027.

Financing and Strategic Rationale

Sambhv Steel Tubes plans to finance these expansions through a combination of internal accruals and debt. The company stated that the rationale behind these investments is to meet growing market demand for their products and to fulfill captive requirements.

Current Operations

The company's existing facilities are operating at high utilization rates:

• Induction furnace: 84% capacity utilization
• Hot rolling mill: 62% capacity utilization
• Power plant: 88% capacity utilization

These expansions represent a major step for Sambhv Steel Tubes Limited, potentially positioning the company for growth in India's evolving steel market. The announcement comes at a time when India's steel sector is seeing increased demand, driven by infrastructure development and economic growth.