Sunflag Iron And Steel Company Limited (SUNFLAG)

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Sunflag Iron And Steel Company Limited (SUNFLAG) · mywealthgrid

About

Sunflag Iron And Steel manufactures iron and steel products for industrial applications, with quarterly revenues around ₹1,000 Crore. A mid-cap company in the industrials sector (market cap ₹6,399.8 Crore), it operates in a commodity-exposed business where margins and returns fluctuate with both demand cycles and input costs.

Face value: ₹10

Market cap

₹7,812 Cr

P/E

38.0×

P/B

0.9×

Dividend yield

0.4%

ROE

2.3%

ROCE

3.8%

Debt / equity

0.05

OPM

12.1%

EPS (TTM)

₹11.4

Book value

₹492.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE of 31.1 versus ROE of only 2.29% suggests equity markets are pricing in earnings growth or capital-return improvements not yet evident in recent performance.

Operating margin compression from 14% (Dec 2025) to 11.06% (Jun 2026)—verify whether this is cyclical pricing pressure, input cost inflation, or structural headwind.

Institutional holdings minimal (FII 0.86%, DII 0.21%), which may signal thin float and lower analyst coverage, increasing idiosyncratic risk.

Iron & steel sector is commodity-exposed; verify forward raw-material costs, customer contract terms, and pricing power to assess margin sustainability.

Generated analysis · source review pending

Growth drivers

Sequential revenue growth from ₹972.99 Cr (Sep 2025) to ₹1,078.95 Cr (Jun 2026) suggests momentum—verify whether this reflects market recovery or temporary demand surge.
One-year stock return of 22.28% despite low ROE implies market confidence in recovery; verify whether this reflects sector tailwinds or valuation catch-up.
Debt-to-equity ratio of 0.05 provides balance-sheet capacity for capex or working-capital investment if demand sustains—verify management capex plans and capacity roadmap.
Low current profitability (ROE 2.29%) leaves substantial upside if capital returns improve; verify operational efficiency initiatives and cost-reduction programs.

Generated analysis · source review pending

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

₹433.5-6.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 15.8% over the last 5 years
+Almost debt-free (debt/equity 0.1)

Cons

−Low return on equity of 2.7% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

35/100

Business quality: 30
Growth: 21
Valuation: 55

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.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,758	1,892	2,698	3,488	3,415	3,536	3,939
COGS	1,079	1,210	1,641	2,224	2,215	2,208	2,481
Gross profit	679	682	1,057	1,265	1,200	1,328	1,458
	509	428	658	818	824	938	980
	170	254	399	447	377	390	478
OPM %	9.7%	13.4%	14.8%	12.8%	11%	11%	12.2%
Depreciation	46	70	76	81	103	104	113
Interest	43	29	42	81	97	90	72
	13	11	5	1,200	6	17	8
Profit before tax	94	166	285	1,485	183	212	301
Tax	2	25	68	370	40	50	98
Tax %	1.9%	15.1%	23.8%	24.9%	21.7%	23.5%	32.7%
	92	141	217	1,115	144	162	202
PAT margin %	5.2%	7.4%	8%	32%	4.2%	4.6%	5.1%
EPS (₹)	5.2	7.8	12	61.9	8	9	11.2
EPS adjusted (₹)	5.1	7.8	12	61.9	8	9	11.2
	0%	0%	0%	0%	0%	8.3%	8.9%
Annual report	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	—

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	180	180	180	180	180	180	180	180	180	180
Reserves	404	463	760	—	1,353	1,569	3,162	4,984	8,586	8,692
Minority interest	—	—	—	—	2	2	2	2	2	2
	325	174	318	—	209	528	549	670	571	475
	450	432	510	914	646	812	1,050	1,187	1,848	1,944
Total equity & liabilities	1,360	1,248	1,769	1,095	2,389	3,091	4,942	7,022	11,187	11,292
	572	543	537	1,088	1,134	1,252	1,591	1,525	1,442	1,539
CWIP	26	26	202	—	229	373	193	281	297	214
Investments	4	7	12	—	16	17	1,726	3,642	7,779	7,692
	757	671	1,019	6	1,011	1,449	1,432	1,574	1,669	1,848
Total assets	1,360	1,248	1,769	1,095	2,389	3,091	4,942	7,022	11,187	11,292

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.6%	36%	39.2%	36.3%	35.1%	37.6%	37%
EBITDA margin %	9.7%	13.4%	14.8%	12.8%	11%	11%	12.1%
EBIT margin %	7.1%	9.7%	11.9%	10.5%	8%	8.1%	9.2%
PAT margin %	5.2%	7.4%	8%	32%	4.2%	4.6%	5.1%
Working capital
Receivable days	—	41	37	33	37	37	31
Inventory days	—	164	186	142	137	154	144
Payable days	—	80	102	93	87	79	80
NWC days	—	124	122	83	88	112	95
Leverage
Current ratio	—	2.07	1.53	1.56	1.45	1.49	1.47
Debt to EBITDA	—	0.82	1.33	1.23	1.79	1.47	1
Debt to equity	—	0.14	0.3	0.16	0.13	0.07	0.05
Interest coverage	3.2	6.8	7.7	4.6	2.9	3.4	5.3
Asset turnover	1.61	0.79	0.87	0.71	0.49	0.32	0.35
Return ratios
Return on assets %	8.4%	5.9%	7%	22.6%	2%	1.4%	1.8%
Return on capital employed %	—	9.9%	15.7%	11.9%	5.5%	3.7%	3.8%
Return on equity %	—	9.2%	12.4%	33.4%	2.8%	1.8%	2.3%

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
	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%	51.16%
	0.96%	0.93%	0.8%	0.86%	0.89%	0.6%	0.48%	0.6%	0.65%	0.47%	0.54%	0.86%
	0.04%	0.08%	0.1%	0.11%	0.12%	0.14%	0.15%	0.19%	0.18%	0.17%	0.04%	0.21%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.84%	47.83%	47.94%	47.87%	47.83%	48.1%	48.21%	48.05%	48.01%	48.2%	48.26%	47.77%
No. of shareholders	—	—	—	—	—	—	—	—	64,003	56,631	56,098	55,328

Promoter holding up 0 percentage points since Sep 2023.

10 deals · 15 Dec 2023 – 4 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 May 2026	VALLABH ROOPCHAND BHANSHALI	Bulk	BSE	Buy	20,00,000	₹300.00	₹60.00 Cr
4 May 2026	BHUPENDRA GOKALDAS SANGHAVI	Block	BSE	Sell	11,65,000	₹300.00	₹34.95 Cr
4 May 2026	VALLABH ROOPCHAND BHANSHALI	Block	BSE	Buy	11,65,000	₹300.00	₹34.95 Cr
4 May 2026	BHUPENDRA GOKALDAS SANGHAVI	Bulk	BSE	Sell	11,65,000	₹300.00	₹34.95 Cr
4 May 2026	VALLABH ROOPCHAND BHANSHALI	Block	BSE	Buy	8,35,000	₹300.00	₹25.05 Cr
4 May 2026	BHAVINI DHIRENDRA SANGHAVI	Block	BSE	Sell	8,35,000	₹300.00	₹25.05 Cr
4 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	12,59,582	₹258.17	₹32.52 Cr
4 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	12,59,582	₹258.06	₹32.50 Cr
15 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	12,96,750	₹220.10	₹28.54 Cr
15 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	12,96,750	₹220.23	₹28.56 Cr

1–10 of 10

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.

Mr. RAVI BHUSHAN SATYA DEV BHARDWAJNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. PRANAV RAVI BHARDWAJExecutive Director-MD
Mr. ANAND SADASHIV KAPRENon-Executive - Independent Director
Mr. SUHRIT RAVI BHUSHAN BHARDWAJNon-Executive - Non Independent Director
Mr. RAMCHANDRA VASANT DALVIExecutive Director
Mrs. VINITA BAHRINon-Executive - Independent Director
Mr. MATTEGUNTA ANJANI VENKATRAMANA GOUTHAMNon-Executive - Independent Director
Mr. TIRTHNATH INDRANATH JHANon-Executive - Independent Director
Mr. S. Mahadevan IyerChief Financial Officer
Ashutosh MishraCompany 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.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

0.02%

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	192	0.01	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

Intimation regarding Assignment of Credir Rating by Crisil Rating Limited15 Nov 2025 from CRISIL

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

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Events

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

9

Final dividend11 Sept 2026 · ex-date₹1
Final dividend12 Sept 2025 · ex-date₹0.75
Final dividend5 Sept 2019 · ex-date₹0.5
Final dividend6 Sept 2018 · ex-date₹0.5
Final dividend30 Aug 2011 · ex-date₹0.5
Final dividend2 Sept 2010 · ex-date₹0.5
Dividend dividend3 Sept 2009 · ex-date₹0.5
Dividend dividend4 Sept 2008 · ex-date₹0.5
Dividend dividend6 Sept 2007 · ex-date₹0.25

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

55 announcementsExport CSV

30 Sept 2026, 11:23 amCompany Update

Announcement Under Regulation 30- Clarification On Price Movement

General PDF

29 Sept 2026, 5:46 pmCompany Update

Clarification sought from Sunflag Iron & Steel Company Ltd

Clarification

21 Sept 2026, 10:15 amCompany Update

Announcement under Regulation 30 (LODR)-Cessation

Cessation PDF

18 Sept 2026, 6:33 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

2 Sept 2026, 3:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 6:48 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

1 Sept 2026, 6:40 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

1 Sept 2026, 6:24 pmAGM/EGM

Shareholders/ Members Meeting - AGM On 25Th September 2026 At 12.00 HRS

AGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 11:23 am	Company Update General	Announcement Under Regulation 30- Clarification On Price Movement	PDF
29 Sept 2026, 5:46 pm	Company Update Clarification	Clarification sought from Sunflag Iron & Steel Company Ltd

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.6%	36%	39.2%	36.3%	35.1%	37.6%	37%
EBITDA margin %	9.7%	13.4%	14.8%	12.8%	11%	11%	12.1%
EBIT margin %	7.1%	9.7%	11.9%	10.5%	8%	8.1%	9.2%
PAT margin %	5.2%	7.4%	8%	32%	4.2%	4.6%	5.1%
Working capital
Receivable days	—	41	37	33	37	37	31
Inventory days	—	164	186	142	137	154	144
Payable days	—	80	102	93	87	79	80
NWC days	—	124	122	83	88	112	95
Leverage
Current ratio	—	2.07	1.53	1.56	1.45	1.49	1.47
Debt to EBITDA	—	0.82	1.33	1.23	1.79	1.47	1
Debt to equity	—	0.14	0.3	0.16	0.13	0.07	0.05
Interest coverage	3.2	6.8	7.7	4.6	2.9	3.4	5.3
Asset turnover	1.61	0.79	0.87	0.71	0.49	0.32	0.35
Return ratios
Return on assets %	8.4%	5.9%	7%	22.6%	2%	1.4%	1.8%
Return on capital employed %	—	9.9%	15.7%	11.9%	5.5%	3.7%	3.8%
Return on equity %	—	9.2%	12.4%	33.4%	2.8%	1.8%	2.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

₹ Cr	Mar 2016	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	236	-15	177	209	223	43	278	244	187	390
	-13	-33	-141	-125	-60	-335	-219	-83	-87	-122
	-213	60	-39	-79	-150	289	-63	21	-193	-188
Net cash flow	10	13	-3	5	12	-3	-4	182	-93	81
Free cash flow	—	—	—	—	169	-296	109	119	107	262
CFO / Operating profit %	—	—	—	122.6%	88.1%	10.8%	62.3%	65.2%	48.1%	81.8%

Sunflag Iron And Steel Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

9

1

Announcements

9

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Sunflag Iron And Steel Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends9

Board meetings1

Announcements

Dividends9

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

9

1

9

1