Riddhi Steel Promoter Buys Shares, Ups Stake to 74.48%

Riddhi Steel and Tube Limited announced that promoter Rajeskhumar Ramkumar Mittal acquired 6,750 equity shares on March 25, 2026, pushing his stake to 74.48%. This 0.05% increase reflects continued promoter confidence in the company's operations.

Following this transaction, Mr. Mittal's total stake, along with Persons Acting in Concert (PACs), rose from 74.43% to 74.48%. The company's total equity share capital remains ₹12.44 crore.

Such promoter acquisitions, even minor ones, typically signal management's conviction in the company's future prospects and underlying value. For Riddhi Steel and Tube, this reinforces the promoter's substantial control and long-term commitment to the steel pipe manufacturing business.

Established around 2001-2002, Riddhi Steel and Tube Limited manufactures steel pipes, galvanized pipes, and hollow sections with an annual capacity of 100,000 tons. Its products serve diverse sectors, including infrastructure, construction, oil and gas, and solar power. The company has a history of increasing promoter holding, with stakes rising from approximately 72.6% in September 2023 to the current level.

Riddhi Steel and Tube Limited has encountered historical tax disputes, with past legal proceedings concerning assessment orders and tax demands before bodies like the Income Tax Appellate Tribunal and the Gujarat High Court. This highlights a prior history of regulatory and tax-related challenges.

In the broader Indian steel pipe sector, key players include APL Apollo Tubes, a market leader, Jindal Saw, a global producer of SAW and seamless pipes, and Maharashtra Seamless, a significant producer of seamless pipes.

Looking ahead, investors will track future stake movements by the promoter and other significant shareholders. The company's financial performance, new business development initiatives, and its ability to navigate any ongoing or future regulatory or tax matters will also be important. Broader industry trends and demand for steel pipes and tubes will continue to shape the company's trajectory.