Shankara Building Products Limited (SHANKARA)

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Shankara Building Products Limited (SHANKARA) · mywealthgrid

About

Shankara Building Products operates in specialty retail for building products within Consumer Discretionary retail. At ₹341.46 Cr market cap, it serves India's residential and construction segments through retail channels, positioning itself in the niche of specialty retail rather than mass-market distribution.

Face value: ₹10

Market cap

₹301 Cr

P/E

60.8×

P/B

0.7×

Dividend yield

2.4%

ROE

0.6%

ROCE

3.3%

Debt / equity

0.43

OPM

1.7%

EPS (TTM)

₹2.0

Book value

₹184.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability is highly volatile: OPM swings from -15.02% to +3.87% across quarters, with Sep 2025 posting losses of -₹5.55 Cr and -₹5.16 Cr — indicates significant operational instability

Operating margins are razor-thin at 1.72%, leaving minimal cushion for cost inflation or competitive price pressure; verify whether this reflects structural economics of specialty building products retail

Very low capital efficiency: ROE of 0.58% despite moderate leverage (D/E 0.43) shows deployed capital generates minimal returns

Quarterly revenue data shows extreme inconsistency (₹0 to ₹420.4 Cr within recent periods) — clarify the source and structure of this volatility before assessing business health

Generated analysis · source review pending

Growth drivers

Some quarters achieved substantial revenues (₹420.4 Cr in Dec 2025, ₹350.35 Cr in Jun 2026) with positive OPM — verify if these revenue levels can be sustained or expanded

Profitable quarters demonstrate operational capability (Mar 2026 achieved 3.87% OPM, Dec 2025 achieved 1.19% OPM) — verify what conditions enable these margin levels and whether they are replicable

Paid consecutive annual dividends through June 2025 despite thin margins, indicating cash conversion from operations — verify cash flow generation and whether internal cash can fund expansion

Generated analysis · source review pending

2,342 historical price candles were omitted because the exchange source has not been verified.

₹124.4-2.4%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 7% (3-yr avg)
−Thin operating margin of 1.7%
−Profit declined 23% a year over the last 5 years
−Revenue shrank over the last 5 years (-7.7% a year)
−Weak interest coverage of 1.6×
−Expensive at 60.8× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

18/100

Business quality: 17
Growth: 0
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	600	600	2,654	2,640	2,038	2,418	4,030	4,828	5,697	1,364
COGS	508	508	2,359	2,398	1,885	2,244	3,806	4,552	5,379	1,294
Gross profit	93	93	295	242	154	174	224	276	318	70
	48	48	175	124	83	89	107	125	149	47
	45	45	119	117	71	85	117	151	169	23
OPM %	7.5%	7.5%	4.5%	4.4%	3.5%	3.5%	2.9%	3.1%	3%	1.7%
Depreciation	3	3	19	25	24	17	16	16	17	8
Interest	13	13	57	43	33	24	24	32	52	14
	0	0	4	3	6	3	8	5	3	6
Profit before tax	29	29	49	51	20	46	84	108	103	8
Tax	11	11	16	11	6	12	21	27	26	4
Tax %	36.9%	36.9%	32.5%	22%	31.3%	25.5%	25.3%	25%	25%	50.9%
	19	19	33	40	14	34	63	81	77	4
PAT margin %	3.1%	3.1%	1.2%	1.5%	0.7%	1.4%	1.6%	1.7%	1.4%	0.3%
EPS (₹)	8.4	8.4	14.3	17.5	6.1	15	27.6	34.7	31.9	1.6
EPS adjusted (₹)	—	—	—	17.5	6.2	15	27.7	33.5	31.9	1.6
	32.6%	38.5%	10.5%	11.5%	0%	6.7%	9.1%	8.7%	9.4%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	23	23	23	23	24	24	24
Reserves	—	499	533	620	773	844	423
	—	152	122	83	83	102	192
	—	252	363	566	705	832	117
Total equity & liabilities	—	926	1,041	1,292	1,586	1,802	757
	260	247	248	267	283	287	105
CWIP	—	2	2	2	0	2	23
Investments	—	9	10	10	8	9	185
	—	667	781	1,012	1,295	1,505	444
Total assets	—	926	1,041	1,292	1,586	1,802	757

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2025 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Retail	2,943.37	168.26	649.92	120.22	529.7	31.77
Channel & Enterprise	2,753.32	34.48

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	11.1%	9.1%	7.5%	7.2%	5.6%	5.7%	5.6%	5.1%
EBITDA margin %	4.5%	4.4%	3.5%	3.5%	2.9%	3.1%	3%	1.7%
EBIT margin %	3.8%	3.5%	2.3%	2.8%	2.5%	2.8%	2.7%	1.1%
PAT margin %	1.2%	1.5%	0.7%	1.4%	1.6%	1.7%	1.4%	0.3%
Working capital
Receivable days	—	—	53	53	46	52	51	25
Inventory days	—	—	61	61	41	39	39	70
Payable days	—	—	40	52	50	52	53	27
NWC days	—	—	74	62	37	39	37	69
Leverage
Current ratio	—	—	1.9	1.77	1.63	1.67	1.6	1.47
Debt to EBITDA	—	—	2.14	1.44	0.7	0.55	0.6	8.18
Debt to equity	—	—	0.29	0.22	0.13	0.1	0.12	0.43
Interest coverage	1.9	2.2	1.6	2.9	4.5	4.3	3	1.6
Asset turnover	—	—	2.2	2.32	3.12	3.05	3.16	1.8
Return ratios
Return on assets %	—	—	1.5%	3.3%	4.9%	5.1%	4.3%	0.5%
Return on capital employed %	—	—	9.1%	11.8%	16.8%	18.7%	18.3%	3.3%
Return on equity %	—	—	2.7%	6.2%	9.8%	10.2%	8.9%	0.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.19%	52.24%	49.22%	49.22%	49.22%	49.25%	49.25%	40.18%	40.18%	40.18%	44.45%	45.39%
	11.44%	11.68%	11.77%	10.34%	7.95%	5.86%	5.7%	10.56%	12.27%	10.09%	6.47%	2.94%
	6.01%	6.29%	5.13%	4.74%	4.78%	5.04%	5.03%	10.06%	10.18%	4.93%	4.5%	4.66%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	3.79%	6.67%	7.79%
	30.36%	29.79%	33.88%	35.7%	38.05%	39.85%	40.02%	39.2%	37.37%	41.01%	37.91%	39.22%
No. of shareholders	—	—	—	—	—	—	—	—	29,661	29,727	27,685	25,346

Promoter holding down 6.8 percentage points since Sep 2023.

97 deals · 7 Feb 2022 – 18 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Sept 2026	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Buy	3,50,731	₹149.15	₹5.23 Cr
18 Sept 2026	GEOMETRIC SECURITIES AND ADVISORY PRIVATE LIMITED	Bulk	NSE	Sell	1,31,611	₹149.24	₹1.96 Cr
18 Sept 2026	GEOMETRIC SECURITIES AND ADVISORY PRIVATE LIMITED	Bulk	NSE	Buy	100	₹148.74	₹0.00 Cr
15 Sept 2026	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Buy	3,32,212	₹149.79	₹4.98 Cr
15 Sept 2026	GEOMETRIC SECURITIES AND ADVISORY PRIVATE LIMITED	Bulk	NSE	Sell	1,46,802	₹150.00	₹2.20 Cr
12 Aug 2026	OHANA INDIA GROWTH FUND	Bulk	BSE	Sell	3,88,915	₹140.06	₹5.45 Cr
12 Aug 2026	ALLIANCE INTERIORS (INDIA) PRIVATE LIMITED	Bulk	BSE	Buy	3,19,088	₹140.05	₹4.47 Cr
12 Aug 2026	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Buy	1,55,580	₹141.29	₹2.20 Cr
6 Aug 2026	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Buy	4,25,454	₹140.94	₹6.00 Cr
5 Aug 2026	GEOMETRIC SECURITIES AND ADVISORY PRIVATE LIMITED	Bulk	NSE	Buy	1,85,632	₹142.60	₹2.65 Cr

1–10 of 97

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Mr. B JAYARAMANNon-Executive - Independent Director-Chairperson
Mr. SUKUMAR SRINIVASExecutive Director-MD
Mr. N MUTHURAMANNon-Executive - Independent Director
Ms. SUJATHA GNon-Executive - Independent Director
Mr. C RAVIKUMARNon-Executive - Non Independent Director
Mr. DHANANJAY MIRLAY SRINIVASNon-Executive - Non Independent Director
Mr. MEDEPALLI ESWARA RAONon-Executive - Independent Director
Mr. Satyanarayana J WChief Financial Officer
Mr. Ramesh SCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Shankara Building Products Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

5 announcementsExport CSV

28 Sept 2026, 11:34 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	11.1%	9.1%	7.5%	7.2%	5.6%	5.7%	5.6%	5.1%
EBITDA margin %	4.5%	4.4%	3.5%	3.5%	2.9%	3.1%	3%	1.7%
EBIT margin %	3.8%	3.5%	2.3%	2.8%	2.5%	2.8%	2.7%	1.1%
PAT margin %	1.2%	1.5%	0.7%	1.4%	1.6%	1.7%	1.4%	0.3%
Working capital
Receivable days	—	—	53	53	46	52	51	25
Inventory days	—	—	61	61	41	39	39	70
Payable days	—	—	40	52	50	52	53	27
NWC days	—	—	74	62	37	39	37	69
Leverage
Current ratio	—	—	1.9	1.77	1.63	1.67	1.6	1.47
Debt to EBITDA	—	—	2.14	1.44	0.7	0.55	0.6	8.18
Debt to equity	—	—	0.29	0.22	0.13	0.1	0.12	0.43
Interest coverage	1.9	2.2	1.6	2.9	4.5	4.3	3	1.6
Asset turnover	—	—	2.2	2.32	3.12	3.05	3.16	1.8
Return ratios
Return on assets %	—	—	1.5%	3.3%	4.9%	5.1%	4.3%	0.5%
Return on capital employed %	—	—	9.1%	11.8%	16.8%	18.7%	18.3%	3.3%
Return on equity %	—	—	2.7%	6.2%	9.8%	10.2%	8.9%	0.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lenskart Solutions LimitedLENSKARTLENSKART	₹1,20,170 Cr	₹1,20,390 Cr	₹9,634 Cr	₹2,005 Cr	19.9%	₹655 Cr	5.7%	8.6%	6.7%	19
Vedant Fashions LimitedMANYAVARMANYAVAR	₹12,617 Cr	₹12,617 Cr	₹1,345 Cr	₹652 Cr	48.1%	₹403 Cr	30.3%	30.4%	27.6%	198
Aditya Birla Lifestyle Brands LimitedABLBLABLBL	₹9,085 Cr	₹9,919 Cr	₹8,601 Cr	₹1,389 Cr	16%	₹176 Cr	2%	15.6%	23.3%	59
Aditya Vision LimitedAVLAVL	₹7,388 Cr	₹7,719 Cr	₹2,924 Cr	₹263 Cr	8.5%	₹139 Cr	4.4%	23.7%	18.4%	104
V2 Retail LimitedV2RETAILV2RETAIL	₹7,343 Cr	₹7,597 Cr	₹3,432 Cr	₹508 Cr	14.9%	₹179 Cr	5.3%	22%	26%	116
Aditya Birla Fashion And Retail LimitedABFRLABFRL	₹5,435 Cr	₹7,129 Cr	₹8,371 Cr	₹675 Cr	8%	₹-779 Cr	-10.2%	-2.9%	-12.3%	68
Ss Retail LimitedSSRETAILSSRETAIL	₹5,315 Cr	—	₹2,351 Cr	₹125 Cr	5.3%	₹60 Cr	2.5%	28.7%	26.5%	—
Arvind Fashions LimitedARVINDFASNARVINDFASN	₹5,073 Cr	₹5,604 Cr	₹5,437 Cr	₹731 Cr	13.4%	₹120 Cr	3.5%	23%	12.9%	52
Purple Style Labs LimitedPERNIASPOPPERNIASPOP	₹4,363 Cr	₹4,734 Cr	₹558 Cr	₹21 Cr	3.8%	₹-285 Cr	-51.2%	-24.9%	-875.1%	131
Shankara Buildpro LimitedBUILDPROBUILDPRO	₹3,023 Cr	₹3,084 Cr	₹6,826 Cr	₹227 Cr	3.3%	₹128 Cr	1.9%	40%	23.4%	24
Baazar Style Retail LimitedSTYLEBAAZASTYLEBAAZA	₹2,803 Cr	₹3,151 Cr	₹1,950 Cr	₹279 Cr	14.4%	₹47 Cr	2.6%	9.5%	11%	86
Go Fashion (India) LimitedGOCOLORSGOCOLORS	₹1,551 Cr	₹1,551 Cr	₹838 Cr	₹229 Cr	28.3%	₹53 Cr	7.1%	11.5%	8.5%	334

Date	Category	Subject	Filing
28 Sept 2026, 11:34 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
19 Sept 2026, 3:37 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
11 Sept 2026, 3:45 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
4 Sept 2026, 12:26 pm	Company Update General	Offer Opening Public Announcement & Corrigendum to Detailed Public Statement	PDF
2 Sept 2026, 2:42 pm	Company Update General	Recommendations On The Open Offer To The Shareholders Of Shankara Building Products Limited ('SBPL' Or 'TC' Or 'Target Company') By Committee Of Independent Directors In Terms Of Regulation 26(7) Of Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011 (SEBI (SAST) Regulations, 2011)	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	171	-30	133	70	92	10	64	-101
	-48	55	-8	-18	-45	-27	-26	-63
	-115	-21	-128	-60	-43	40	-42	164
Net cash flow	8	4	-3	-8	3	22	-5	0
Free cash flow	—	—	116	50	48	-20	38	-166
CFO / Operating profit %	143.2%	-25.5%	187.4%	82.4%	78.4%	6.4%	37.7%	-429.9%

Shankara Building Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

8

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Channel & Enterprise · revenue

Shankara Building Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends8

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Channel & Enterprise · revenue

8

1