Kathmandu: Jagdamba Enterprises, one of Nepal’s major steel producers, reported a decline of Rs 100 million in revenue in 2025 compared to the previous year, reflecting the prolonged slowdown in the country’s construction sector and weaker market prices for steel products.
The company posted a turnover of Rs 14.59 billion in the last fiscal year, down from Rs 14.69 billion in 2024. Its revenue had stood at Rs 15.06 billion in 2023, indicating that business volume has been on a downward trend for two consecutive years.
The decline has been largely attributed to subdued demand from the construction industry, which remains sluggish amid reduced infrastructure activity and delayed private sector projects. Falling steel prices also contributed to the lower topline. As a result, the company’s profit margin narrowed sharply to 6.42 per cent in 2025 from 9.05 per cent a year earlier.
Established in 2001, Jagdamba Enterprises has built its business around the production of steel-based materials, particularly MS black and galvanized pipes, and has remained active in the steel trade for more than two decades. The company expanded into steel melting operations in 2022 and launched its hot strip mill business in 2023, with a total investment of Rs 2.246 billion in the new industrial facilities. Raw materials accounted for 91 per cent of its total business transactions during the review year.
The company’s day-to-day operations are overseen by Anil Kumar Rungta and Vishal Patwari. Its product portfolio includes rebars, MS black pipes, galvanized iron pipes, hot rolled strips, shutter profiles, shutter guides, shutter strings, lock plates, prefabricated building components, W-beams, and a range of steel poles. These products are sold in the market under the Jagdamba and Jagshakti brands.
With an annual production capacity of 920,600 metric tons, Jagdamba Enterprises has secured a total credit rating of Rs 15.80 billion for both long-term and short-term borrowing. This includes Rs 1.886 billion in long-term facilities and Rs 13.92 billion in short-term credit lines.
The company is primarily owned by Sulav Agrawal, vice chairman of Shankar Group, and businessman Anil Rungta, who is also associated with the Nepali Congress. Agrawal holds a 40 per cent stake in the company, while Rungta owns 24 per cent. Other shareholders include Renu Agrawal, Camper Finance India, and Ramesh Agrawal.
Agrawal is currently in police custody, facing allegations related to money laundering.
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