India, Oct. 10 -- Steel pipe makers have had a mixed few months. Raw material prices have settled, demand for the finer products is holding up, and logistics problems keep popping up here and there. In this kind of setup, the companies that add capacity at the right time, and push into better products, tend to stand apart. Small caps in this space deserve a closer look, and the numbers make that easy.

JTL Industries is based in Chandigarh and makes structural steel tubes and non-ferrous metal products. It runs plants in Punjab, Maharashtra, Chhattisgarh and Himachal Pradesh, including through subsidiaries.

Shares of JTL Industries closed at Rs84.10, up 0.45% from the previous close of Rs83.72. The stock has a 52-week high of Rs93.96 an...