Smiths & Founders (India) Ltd (SMFIL)

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Smiths & Founders (India) Ltd (SMFIL) · mywealthgrid

About

Smiths & Founders manufactures Castings & Forgings for Industrial Products, a commodity-like segment serving OEMs and end-users in automotive and heavy engineering. Tiny scale with quarterly revenues around ₹3.5 Cr and virtually no debt (D/E 0.02). Profitable but with stagnant revenue and lately volatile margins.

Face value: ₹1

Market cap

₹91 Cr

P/E

91.8×

P/B

4.6×

Dividend yield

ROE

5.1%

ROCE

7.2%

Debt / equity

0.02

OPM

13.1%

EPS (TTM)

₹0.1

Book value

₹1.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin collapse: OPM fell from 13.95% (Dec 2024) to -0.46% (Mar 2026) — verify if temporary cyclicality or structural deterioration in labour, material, or input costs
Valuation disconnect: PE 144.24 with 180% 1y return, but revenue flat ~₹3.5 Cr/quarter for 2+ years — downside risk if this reflects speculative buying or if fundamental story does not emerge
Scale and liquidity: ₹142.8 Cr market cap with 71.3% public hold and zero FII/DII presence limits analyst coverage and exit liquidity for retail holders
Earnings volatility: Net profit swung from ₹0.62 Cr (Mar 2026) to ₹0.23 Cr (Sep 2025) despite flat revenue — verify what drove the spikes and whether they recur

Generated analysis · source review pending

Growth drivers

Margin recovery: If operating efficiency returns to prior 13–14% level while revenue stays at ₹3.5 Cr/quarter, net profit could double — verify cost drivers (raw material, labour, utilisation) that caused Mar 2026 collapse
OEM capex cycle: Castings & Forgings serve automotive and heavy equipment makers; a capex upturn or order inflow could absorb idle capacity — verify order book and customer capex plans
Pricing or mix: EPS 0.07 (Mar 2026) outpaced prior run-rate despite negative OPM, suggesting pricing or product-mix benefit — verify if this is sustainable or one-time
Scale from low base: At ₹3.5 Cr/quarter, even 10–15% revenue CAGR is achievable if market share or sector demand recovers — verify competitive position and capacity utilisation

Generated analysis · source review pending

1,715 historical price candles were omitted because the exchange source has not been verified.

₹8.9-1.1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 11.9×

Cons

−Low return on equity of 3.5% (3-yr avg)
−Profit declined 11.1% a year over the last 3 years
−Modest revenue growth of 6.2% a year over the last 3 years
−Expensive at 91.8× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 42
Growth: 12
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

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Aia Engineering LimitedAIAENGAIAENG	₹35,682 Cr	₹35,682 Cr	₹4,549 Cr	₹1,258 Cr	28.4%	₹1,266 Cr	28.7%	21.3%	17%	320
Ptc Industries LimitedPTCILPTCIL	₹33,038 Cr	₹33,299 Cr	₹697 Cr	₹172 Cr	21.9%	₹126 Cr	16.9%	8.6%	7%	970
Happy Forgings LimitedHAPPYFORGEHAPPYFORGE	₹18,915 Cr	₹19,245 Cr	₹1,642 Cr	₹510 Cr	30.4%	₹327 Cr	19.5%	20.3%	15.2%	193
Balu Forge Industries LimitedBALUFORGEBALUFORGE	₹5,623 Cr	₹5,750 Cr	₹1,175 Cr	₹312 Cr	27.1%	₹268 Cr	23.4%	23.9%	19.6%	182
Steelcast LimitedSTEELCASSTEELCAS	₹3,607 Cr	₹3,607 Cr	₹441 Cr	₹119 Cr	27%	₹91 Cr	20.5%	31.3%	24.1%	158
Amic Forging LtdAMICAMIC	₹2,673 Cr	—	₹142 Cr	₹43 Cr	30.2%	₹28 Cr	20%	—	—	—
Investment & Precision Castings LimitedINVPRECQINVPRECQ	₹1,595 Cr	—	₹188 Cr	₹31 Cr	16.4%	₹12 Cr	6.3%	—	—	—
Nelcast LimitedNELCASTNELCAST	₹1,053 Cr	₹1,310 Cr	₹1,338 Cr	₹98 Cr	8.3%	₹41 Cr	3.7%	14.3%	8.4%	51
Synergy Green Industries LimitedSGILSGIL	₹951 Cr	₹1,202 Cr	₹366 Cr	₹39 Cr	10.7%	₹5 Cr	1.3%	10.8%	4.2%	44
Neetu Yoshi LtdNEETUYOSHINEETUYOSHI	₹927 Cr	₹931 Cr	₹98 Cr	₹31 Cr	31.1%	₹13 Cr	25.4%	33.4%	27.5%	152
Magna Electro Castings LtdMAGNAELQMAGNAELQ	₹546 Cr	₹560 Cr	₹176 Cr	₹34 Cr	16.9%	₹23 Cr	9.4%	17.4%	13.5%	—
Kalyani Forge LimitedKALYANIFRGKALYANIFRG	₹340 Cr	₹446 Cr	₹237 Cr	₹33 Cr	11.9%	₹12 Cr	4%	17.7%	10.1%	185

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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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	9	11	10	12	13
Operating expenses	—	—	—	—	—
Operating profit (EBITDA)	1	2	1	1	2
OPM %	10.3%	16%	7.4%	8.8%	13.1%
Depreciation	0	0	0	0	0
Interest	0	0	0	0	0
	0	0	0	0	0
Profit before tax	1	1	0	1	1
Tax	—	—	—	—	—
	1	1	0	1	1
PAT margin %	7.7%	13.2%	2.3%	5.4%	7.9%
EPS (₹)	—	—	—	—	—
EPS adjusted (₹)	0.1	0.1	0	0.1	0.1
Annual report	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

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	10	10	10	10	10
Reserves	-7	-5	8	9	10
Borrowings	5	3	3	2	0
Other liabilities	1	1	2	2	2
Total equity & liabilities	10	9	23	23	22
Fixed assets	6	6	19	19	19
CWIP	—	—	—	—	—
Investments	—	—	—	—	—
Other assets	—	—	—	—	—
Total assets	10	9	23	23	22

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from operations	-0	2	0	1	2
Cash from investing	0	0	-0	-0	-0
Cash from financing	1	-2	-0	-1	-2
Net cash flow	2	0	-0	-0	0
Free cash flow	—	—	—	—	—
CFO / Operating profit %	-4.4%	129.6%	49.4%	114.7%	117.9%

Compounded sales growth

7 years: —
5 years: —
3 years: 6%
1 year: 13%

Compounded profit growth

7 years: —
5 years: —
3 years: -10%
1 year: 67%

Return on equity

7 years: —
5 years: 12%
3 years: 3%
Last year: 5%

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	—	—
EBITDA margin %	10.3%	16%	7.4%	8.8%	13.1%
EBIT margin %	7.5%	13.8%	5.1%	6.7%	11.2%
PAT margin %	7.7%	13.2%	2.3%	5.4%	7.9%
Working capital
Receivable days	—	—	—	—	—
Inventory days	—	—	—	—	—
Payable days	—	—	—	—	—
NWC days	—	—	—	—	—
Leverage
Current ratio	1.35	4.24	2.43	2.92	3.13
Debt to EBITDA	5.23	1.6	3.78	2.2	0.24
Debt to equity	1.34	0.57	0.16	0.12	0.02
Interest coverage	2.6	5.3	1.8	3.4	11.9
Asset turnover	0.91	1.21	0.46	0.51	0.59
Return ratios
Return on assets %	7%	16%	1.1%	2.7%	4.7%
Return on capital employed %	15.8%	23.4%	3.7%	4.2%	7.2%
Return on equity %	19.2%	29.5%	1.3%	3.3%	5.3%

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
	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%	28.69%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%	71.3%
No. of shareholders	—	—	—	—	—	—	—	—	17,842	17,788	17,624	17,277

Promoter holding up 0 percentage points since Sep 2023.

Mr. SURESH SHASTRYExecutive Director-Chairperson related to Promoter-MD
Mr. R RAMESH RAONon-Executive - Independent Director
Mrs. SHAILAJA SURESHNon-Executive - Independent Director
Mr. N. SREERAMAIAHNon-Executive - Independent Director
Mr. ARKALGUD SURYANARAYANA SUNDARNon-Executive - Independent Director
Mrs. Supriya ShastryChief Financial Officer
Smt. Roopashree B ShettigarCompany 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

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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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 Smiths & Founders (India) Ltd. 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

Annual reports

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

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Events

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

1

Board meeting to consider results24 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

10 announcementsExport CSV

9 Jul 2026, 11:38 amCompany Update

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 PDF

2 Jul 2026, 3:15 pmCompany Update

Communication To The Shareholders On Weblink Of Notice Of 35Th Annual General Meeting And Annual Report For The Financial Year 2025-26

General PDF

Date	Category	Subject	Filing
9 Jul 2026, 11:38 am	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF
2 Jul 2026, 3:15 pm	Company Update General	Communication To The Shareholders On Weblink Of Notice Of 35Th Annual General Meeting And Annual Report For The Financial Year 2025-26

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Smiths & Founders (India) Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1