Shanthi Gears Limited (SHANTIGEAR)

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Shanthi Gears Limited (SHANTIGEAR) · mywealthgrid

About

Shanthi Gears Limited manufactures industrial products (market cap ₹3,048 Cr). Strong capital efficiency (18.19% ROE), zero debt. Recent quarters show margin compression (22.62% → 13.14% YoY) and 14% revenue decline to ₹115.49 Cr, signaling sector cyclicality or demand headwinds.

Face value: ₹1

Market cap

₹4,400 Cr

P/E

68.9×

P/B

10.0×

Dividend yield

1.2%

ROE

18.2%

ROCE

25.2%

Debt / equity

OPM

20%

EPS (TTM)

₹8.3

Book value

₹57.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin fell from 22.62% (Jun 2025) to 13.14% (Jun 2026), paired with 14% revenue decline to ₹115.49 Cr and 57% net profit decline to ₹9.85 Cr—verify whether this reflects sector cyclicality, customer losses, or input cost impacts
PE ratio of 47.77 appears elevated against recent earnings deterioration; verify whether valuation assumes cycle trough recovery or stretched pricing
Industrial manufacturing cyclically sensitive; verify company's concentration in capex-dependent end-markets and exposure to economic slowdown

Generated analysis · source review pending

Growth drivers

Operating margin recovery from 13.14% (Jun 2026) if recent compression reflects sector cyclicality or input cost pressures rather than structural decline
Capex-cycle recovery in end-markets (auto, infrastructure) would drive demand for precision gears—verify company's exposure to capex-intensive segments
Balance sheet strength (zero debt, 18.19% ROE) provides capacity to invest if demand environment improves

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹573.7-4.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.1% (3-yr avg)
+High return on capital employed of 31.2%
+Healthy operating margin of 20%
+Profit CAGR of 30.6% over the last 5 years
+Revenue CAGR of 19.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Dividend payout of 84.1% of profit
+High promoter holding of 70.5% with no pledge

Cons

−Expensive at 68.9× trailing earnings
−Trading at 10× book value

Research score

Structured signal from quality, growth, valuation and momentum.

27/100

Business quality

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.

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Financials

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

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	162	203	220	243	242	216	3	446	536	605	519
COGS	-60	-69	90	108	-116	104	2	214	257	284	245
Gross profit	—	—	129	135	—	112	2	231	279	320	274
	194	242	92	94	324	85	1	142	178	192	170
	29	31	37	41	35	27	1	90	102	129	104
OPM %	17.8%	15%	16.8%	17%	14.3%	12.4%	17.8%	20.2%	19%	21.3%	20%
Depreciation	17	—	16	11	8	9	0	11	13	13	16
Interest	—	—	0	0	—	0	0	0	0	0	0
	9	11	12	12	7	8	0	11	21	15	15
Profit before tax	23	29	33	42	33	26	1	90	110	130	103
Tax	5	6	5	9	8	6	0	23	27	34	26
Tax %	22.3%	21%	13.8%	21.5%	22.9%	22.6%	27.1%	25.7%	25%	26.2%	25.4%
	18	23	29	33	25	20	0	67	82	96	77
PAT margin %	11.2%	11.1%	13%	13.7%	10.4%	9.4%	12.5%	15.1%	15.3%	15.9%	14.8%
EPS (₹)	2.2	2.8	3.5	4.1	3.3	2.6	5.5	8.7	10.7	12.5	10
EPS adjusted (₹)	2.2	2.8	3.5	4.1	3.3	2.6	0.1	8.7	10.7	12.5	10
	22.4%	27.3%	28.6%	147.1%	61.2%	57%	45.1%	57.2%	46.6%	39.9%	50.1%
Annual report	Annual report for Mar 2016	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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	8	8	8	8	8	8	8
Reserves	262	298	310	294	—	229	252	295	338	395	432
	—	—	—	—	—	0	0	0	0	0	0
	35	41	42	51	—	88	81	76	97	101	116
Total equity & liabilities	306	348	360	353	—	325	341	378	443	504	556
	74	58	50	52	53	67	59	63	65	72	99
CWIP	4	1	1	0	—	0	3	2	4	5	26
Investments	22	70	114	124	—	54	57	44	35	96	83
	206	219	196	177	—	205	221	269	339	332	348
Total assets	306	348	360	353	—	325	341	378	443	504	556

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Assets	Liabilities
India	449.11	0	0
America	53.08	0	0
Others	11.13

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Ratios

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

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.6%	—	52%	50.7%	51.9%	52.1%	53%	52.8%
EBITDA margin %	17%	14.3%	12.4%	17.8%	20.2%	19%	21.3%	20%
EBIT margin %	12.6%	10.8%	8.3%	14.8%	17.7%	16.5%	19.1%	16.9%
PAT margin %	13.7%	10.4%	9.4%	12.5%	15.1%	15.3%	15.9%	14.8%
Working capital
Receivable days	85	—	80	7,827	56	80	83	81
Inventory days	237	—	275	14,101	113	121	103	168
Payable days	105	—	193	9,690	74	85	80	108
NWC days	218	—	163	12,238	95	116	106	142
Leverage
Current ratio	5.34	—	2.48	2.99	3.6	3.38	3.8	3.71
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	—	—	—	—	—	—	—
Asset turnover	0.69	—	0.66	0.01	1.18	1.21	1.2	0.93
Return ratios
Return on assets %	9.5%	—	6.2%	0.1%	17.7%	18.6%	19%	13.8%
Return on capital employed %	13.7%	—	10.9%	0.2%	32%	33.8%	34.7%	25.2%
Return on equity %	11%	—	8.5%	0.2%	22.2%	23.8%	23.8%	17.4%

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
	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%	70.47%
	3.61%	3.44%	3.5%	3.47%	3.3%	3.25%	3.23%	3.26%	3.22%	3.16%	3.14%	3.13%
	0.61%	0.59%	0.5%	0.51%	0.74%	0.74%	0.76%	0.48%	0.29%	0.23%	0.22%	0.22%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	25.31%	25.5%	25.53%	25.55%	25.49%	25.54%	25.54%	25.79%	26.02%	26.14%	26.17%	26.18%
No. of shareholders	—	—	—	—	—	—	—	—	29,461	30,013	28,913	28,529

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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.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

0.01%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	66	0	0.01%	0%	-0

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Documents

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

Announcements

Annual reports

Credit ratings

Credit Rating issued by ICRA Limited16 Sept 2025 from ICRA

Documents link to external sources (exchange filings, company investor pages).

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Events

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

24

Final dividend17 Jul 2026 · ex-date₹2
Interim dividend29 Jan 2026 · ex-date₹3
Final dividend18 Jul 2025 · ex-date₹2
Interim dividend7 Feb 2025 · ex-date₹3
Final dividend19 Jul 2024 · ex-date₹2
Interim dividend9 Feb 2024 · ex-date₹3
Final dividend14 Jul 2023 · ex-date₹2
Interim dividend8 Feb 2023 · ex-date₹3
Interim dividend14 Feb 2022 · ex-date₹2.5
Interim dividend22 Feb 2021 · ex-date₹1.5
Interim dividend11 Mar 2020 · ex-date₹2
Final dividend11 Jul 2019 · ex-date₹1
Interim dividend4 Jan 2019 · ex-date₹5
Interim dividend15 Feb 2018 · ex-date₹1
Final dividend13 Jul 2017 · ex-date₹0.75
Interim dividend8 Feb 2016 · ex-date₹0.5
Interim dividend12 Feb 2015 · ex-date₹0.5
Interim dividend6 Feb 2014 · ex-date₹1
Dividend dividend11 Jul 2013 · ex-date₹0.6
Dividend dividend21 Jun 2012 · ex-date₹1
Dividend dividend2 Jun 2011 · ex-date₹1
Dividend dividend29 Jul 2010 · ex-date₹0.8
Dividend dividend29 Jun 2009 · ex-date₹1.2
Dividend dividend27 Jun 2008 · ex-date₹1.2

1

Board meeting to consider results29 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

18 announcementsExport CSV

29 Jul 2026, 12:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management 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 %	55.6%	—	52%	50.7%	51.9%	52.1%	53%	52.8%
EBITDA margin %	17%	14.3%	12.4%	17.8%	20.2%	19%	21.3%	20%
EBIT margin %	12.6%	10.8%	8.3%	14.8%	17.7%	16.5%	19.1%	16.9%
PAT margin %	13.7%	10.4%	9.4%	12.5%	15.1%	15.3%	15.9%	14.8%
Working capital
Receivable days	85	—	80	7,827	56	80	83	81
Inventory days	237	—	275	14,101	113	121	103	168
Payable days	105	—	193	9,690	74	85	80	108
NWC days	218	—	163	12,238	95	116	106	142
Leverage
Current ratio	5.34	—	2.48	2.99	3.6	3.38	3.8	3.71
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	—	—	—	—	—	—	—	—
Asset turnover	0.69	—	0.66	0.01	1.18	1.21	1.2	0.93
Return ratios
Return on assets %	9.5%	—	6.2%	0.1%	17.7%	18.6%	19%	13.8%
Return on capital employed %	13.7%	—	10.9%	0.2%	32%	33.8%	34.7%	25.2%
Return on equity %	11%	—	8.5%	0.2%	22.2%	23.8%	23.8%	17.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

4 deals · 21 Aug 2026 – 21 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Aug 2026	TUBE INVESTMENT OF INDIA LIMITED	Block	NSE	Buy	20,64,713	₹375.30	₹77.49 Cr
21 Aug 2026	PACIFIC ASSETS TRUST PLC	Block	NSE	Sell	20,64,713	₹375.30	₹77.49 Cr
21 Aug 2026	TUBE INVESTMENT OF INDIA LIMITED	Bulk	NSE	Buy	20,64,713	₹375.30	₹77.49 Cr
21 Aug 2026	PACIFIC ASSETS TRUST PLC	Bulk	NSE	Sell	20,64,713	₹375.30	₹77.49 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
29 Jul 2026, 12:40 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Jul 2026, 12:35 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome For The Unaudited Standalone Financial Results For The Quarter Ended 30Th June 2026	PDF
17 Jul 2026, 5:42 pm	Board Meeting	Board Meeting Intimation for The Unaudited Financial Results For The Quarter Ended 30Th June, 2026	PDF
13 Jul 2026, 11:18 am	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
8 Jul 2026, 1:18 pm	Company Update General	Newspaper Advertisement On The Notice Of The 53Rd Annual General Meeting And E-Voting Information	PDF
7 Jul 2026, 3:55 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
6 Jul 2026, 12:02 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
6 Jul 2026, 11:53 am	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	46	14	42	27	56	33	0	63	36	91	70
	-43	-13	-26	40	24	-20	-0	-26	-12	-38	-45
	-5	0	-17	-49	-98	-12	-0	-23	-38	-38	-38
Net cash flow	-2	1	-1	18	-18	1	0	14	-14	14	-14
Free cash flow	—	—	—	—	—	17	0	48	16	66	17
CFO / Operating profit %	159%	45.2%	114.8%	65.8%	160.9%	123%	58.3%	70.1%	35.7%	70.5%	67.5%

Shanthi Gears 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

Documents

Announcements

Annual reports

Credit ratings

Events

24

1

Announcements

24

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

America · revenue

Shanthi Gears 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

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends24

Board meetings1

Announcements

Dividends24

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

America · revenue

24

1

24

1