Panchmahal Steel has been declared the lowest bidder (L1) by Bharat Heavy Electricals (BHEL) for supply of stainless steel (SS) wire to BHEL's Boiler Auxiliaries Plant at Ranipet, Tamil Nadu. According to reports from Business Standard, the company received the contract through the Government e-Marketplace (GeM) portal. The contract is valued at ₹38.70 crore and is scheduled to be completed as per the delivery schedule of the contract.
Panchmahal Steel is primarily engaged in the manufacturing of stainless steel long products with a single-site setup from steel melting, hot rolling and cold finishing. As reported by Business Standard, the company serves a comprehensive range of stainless-steel grades in wire rods, bars & wires to critical sectors. These materials are suitable for applications in engineering, construction, infrastructure, automotive and railways, oil and gas, defense, energy, consumer durables, food processing and dairy industry, housing and pharmaceuticals.
The company reported a consolidated net profit of ₹4.33 crore in Q1 FY27 compared with a net loss of ₹1.92 crore in Q1 FY26. According to Business Standard, revenue from operations increased 7.33% YoY to ₹93.96 crore in Q1 FY27. The counter advanced 1.02% to settle at ₹302.75 on the BSE following the contract announcement.
The stock price movement reflects positive market sentiment following the contract announcement. As reported by Business Standard, the counter advanced 1.02% to settle at ₹302.75 on the BSE, indicating investor confidence in the company's ability to execute this significant order from BHEL. The contract win demonstrates Panchmahal Steel's competitive position in the stainless steel manufacturing sector.
