At a Glance
Rajasthan Tube is an ERW steel pipes manufacturer that somehow trades at a jaw-dropping P/E of 396x while reporting profits that can barely buy a pizza. The stock skyrocketed 1117% in one year—a rally more suspicious than a politician’s sudden honesty. Promoters dumped their stake from 54% to 16% just before this moonshot. Now, with new management stepping in, investors are left holding a company with ₹1.94 book value, collapsing sales, and a valuation fatter than Tesla in 2021.
Introduction
Rajasthan Tube is a micro-cap steel products maker from 1985, manufacturing ERW black and galvanized pipes. For years, it crawled under the radar, delivering single-digit returns and weak growth. Then came 2025’s wild ride—stock price went parabolic while promoters ran for the exit.
Throw in management resignations, auditor changes, and an MoU for control transfer, and you have the perfect storm: price hype meets governance red flags. Investors need to ask—what’s cooking behind the scenes?
Business Model (WTF Do They Even Do?)
Rajasthan Tube makes and trades ERW steel pipes, galvanized pipes, square tubes, and hot-rolled sheets. Their products go into water supply, infrastructure, and construction. Sounds
