NSE: AHLADA
AHLADA ENGINEERS LIMITED
Manufactures and sells steel products, including steel doors, windows, RO water purifier systems and allied items, and reports under a single steel products segment. FY26 revenue was Rs 100.85 crore, down approximately 24% from the prior year, and profit after tax collapsed to Rs 17.83 lakhs — a drop of over 95% — with Q4 FY26 standalone showing a net loss of Rs 103.52 lakhs. The company is incorporating a Dubai subsidiary (proposed names 'Ahlada Global LLC' or 'Ahlada International LLC') for trading, distribution and marketing of its steel product range in the Middle East and GCC markets, with planned investment of up to AED 1,000,000 (approximately Rs 21-22 lakhs) and at least 76% ownership. Materials are the largest cost at 48.4% of revenue, followed by other operating expenses at 17.1%, employee cost at 10.8% and depreciation at 9.6%; capex was Rs 3.21 crore, or 3.2% of revenue. The statutory auditor issued an unmodified opinion but flagged Rs 6,301.92 lakhs of outstanding supplier and capital advances as of March 31, 2026, of which Rs 5,995.33 lakhs were given to three major parties for project execution. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel products (100%). Single-segment steel products manufacturer; FY26 saw steep revenue and profit contraction
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 152 | 158 | 260 | 132 | 101 |
| EBITDA (ex other income) | 27 | 25 | 36 | 21 | 14 |
| margin % | 17.6 | 16.0 | 14.0 | 15.8 | 14.0 |
| Owners' profit | 0 | 5 | 14 | 4 | 0 |
| EPS, as reported (₹) | 4.01 | 3.94 | 10.56 | 2.87 | 0.14 |
| ROE % · ROCE % | — · — | 4.1 · 9.3 | 9.9 · 16.9 | 2.7 · 7.3 | 0.1 · 3.2 |
| Debt / equity (x) | — | 0.26 | 0.31 | 0.26 | 0.28 |
| Cash from operations | 37 | 8 | (0) | 14 | 8 |
| Capex | (1) | (4) | (4) | (0) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 26 | 38 | 27 | 24 | 24 | 26 | 24 |
| Profit before tax | 1 | 1 | 2 | 1 | 1 | 0 | (2) | 0 |
| Net profit | 1 | 0 | 1 | 1 | 0 | 0 | (1) | 0 |
| EPS (₹) | 0.40 | 0.27 | 0.75 | 0.45 | 0.34 | 0.15 | (0.80) | 0.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHEELA FOAM LIMITED | 6,086 | 28.4 | 1.87 | 15.3 | 4.9 | 5.0 | 9.4 | 12.7 |
| WAKEFIT INNOVATIONS LTD | 4,487 | 25.0 | 3.96 | — | 16.7 | 6.8 | — | 17.8 |
| RESPONSIVE INDUSTRIES LTD | 3,986 | 39.3 | 2.56 | 16.6 | 9.5 | 9.2 | 13.0 | 13.1 |
| EURO PRATIK SALES LIMITED | 1,728 | 20.0 | 5.39 | 15.2 | 24.1 | 31.2 | — | 28.2 |
| STANLEY LIFESTYLES LTD | 732 | 180.3 | 1.55 | 7.5 | 2.8 | 2.3 | — | 23.0 |
| HARDWYN INDIA LIMITED | 444 | 35.0 | 1.09 | 20.7 | 3.3 | 4.6 | — | 13.1 |
| AHLADA ENGINEERS LIMITED ◆ | 47 | — | 0.34 | — | 0.1 | 0.2 | — | 13.8 |
| PRITI INTERNATIONAL LTD | 39 | 49.8 | 0.53 | — | 1.2 | 1.7 | — | 8.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 1.7 | 1 of 8 | 100% |
| ROCE | 0.2 | 4.8 | 8 of 8 | 0% |
| ROE | 0.1 | 4.1 | 8 of 8 | 0% |
| Debt / Equity | 0.3 | 0.0 | 8 of 8 | 0% |
| EBITDA margin | 13.8 | 13.5 | 4 of 8 | 57% |
| Revenue growth | (12.1) | (12.1) | 4 of 7 | 50% |
| Profit growth | (69.7) | (53.6) | 5 of 7 | 33% |
| Market cap | 47 | 1230 | 7 of 8 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Non-applicability certificate under SEBI Depositories Regulations filed | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 19 Aug 2026 · Newspaper Publication Copy Submitted to Exchange | compliance | minimal | — | — |
| 7 Aug 2026 · All 5 resolutions passed at Ahlada Engineers 21st AGM with 100% approval | board shareholder meetings | low | — | — |
| 5 Aug 2026 · 21st AGM held on Aug 5, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 20 Jul 2026 · Newspaper publication of 21st AGM notice filed with NSE | compliance | minimal | — | — |
| 13 Jul 2026 · Filing confirms all shares held in demat form for Q1 FY27 | compliance | minimal | — | — |
| 11 Jul 2026 · Senior General Manager Srinivas Reddy K resigns from Ahlada Engineers | management changes | medium | — | — |
| 11 Jul 2026 · Senior GM Procurement resigns from Ahlada Engineers citing health reasons | management changes | medium | — | — |
| 11 Jul 2026 · Ahlada Engineers 21st AGM on Aug 5 2026 - auditor change and director reappointment on agenda | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.