Four major Indian steel companies have formally denied any misconduct to investigators as part of an ongoing probe into the sector. The companies involved include Steel Authority of India Limited (SAIL), Rashtriya Ispat Nigam Limited (RINL), JSW Steel, and Tata Steel.

Companies Respond to Investigation

All four steel manufacturers have maintained their position of compliance during the investigation process. The companies have reportedly cooperated with investigators while firmly denying any allegations of misconduct.

Industry Impact

The probe involves some of India's largest steel producers, representing a significant portion of the country's steel manufacturing capacity. These companies are among the key players in India's steel sector, making their involvement in any investigation noteworthy for the industry.

The unified response from all four companies suggests a coordinated approach to addressing the investigation while maintaining their operational integrity. The ongoing nature of the probe indicates that investigators are continuing their examination of the sector.

India's steel pipe manufacturing sector demonstrated robust performance in the December 2025 quarter, with major players reporting strong volume growth driven by sustained infrastructure and construction demand. The sector's leading companies posted impressive year-on-year and sequential growth figures, reflecting the ongoing momentum in India's development activities.

Sector Leader Sets New Records

APL Apollo Tubes established new benchmarks with exceptional performance across reporting periods. The company's quarterly and nine-month performance highlights its market leadership:

Mid-Cap Players Show Strong Momentum

JTL Industries delivered consistent growth across multiple timeframes, achieving significant milestones in both quarterly and nine-month performance. The company reported sales volume of 90,429.10 MT in Q3 FY26, representing a 10.83% sequential increase from 81,593 MT in Q2 FY26 and 3.10% annual growth from 87,713.57 MT in Q3 FY25.

For the nine months ended December 31, 2025, JTL Industries recorded its highest-ever nine-month sales volume of 2,72,639 MT compared with 2,63,805 MT in the corresponding period last year, marking 3.35% annual growth.

Sambhv Steel Tubes achieved its highest-ever quarterly sales of value-added products during Q3 FY26, driven by strong demand for structural pipes and tubes, pre-galvanised coils and pipes, and stainless steel coils. The company's quarterly performance showed:

Diversified Portfolio Drives Growth

Hi-Tech Pipes recorded sales volumes of 1,36,067 MT in Q3 FY26, demonstrating strong performance with approximately 9.52% year-on-year growth from 1,24,233 MT in Q3 FY25. The company also posted sequential growth of about 9% compared with 1,25,218 MT in Q2 FY26.

Rama Steel Tubes reported significant volume expansion with sales of 58,974.55 tons in Q3 FY26 compared with 51,669.01 tons in Q3 FY25. For the nine-month period ended December 2025, the company achieved substantial growth with sales of 1,71,935.78 tons against 1,39,956.23 tons in the same period last year.

Industry Outlook Remains Positive

Across the sector, companies reported higher dispatches across ERW, galvanised and structural pipe categories. The strong performance reflects several key factors driving growth:

• Sustained infrastructure development projects
• Ongoing construction sector momentum
• Diversified product portfolios meeting varied market demands
• Strategic capacity additions enabling companies to capture increased demand

The steel pipe manufacturing sector's robust Q3 FY26 performance underscores the industry's ability to capitalize on India's infrastructure and construction upcycle, with leading companies demonstrating operational efficiency and market responsiveness.