NSE: PENIND · BSE: 513228
PENNAR INDUSTRIES LTD
Manufactures engineered components and pre-engineered buildings through 14 plants spread across India, the USA, France, Germany and the UAE. The business is split into two near-equal segments: Diversified Engineering (50.5% of segment revenue, ₹1,871.77 crore in FY26), which covers industrial components, tubes, steel, railway components, hydraulic cylinders, boilers and engineering services; and Custom Designed Building Solutions & Auxiliaries (49.5%, ₹1,835.60 crore), which is the pre-engineered buildings (PEB) business operated in India and the US. PEB India carried an order backlog of ₹810 crores at FY26 end with capacity utilisation at 70%, PEB US had a $63 million backlog including the Ascent Structural acquisition, and the boiler backlog stood at ₹145 crores. Named customers include Reliance, JSW Steel, Air India, Saint Gobain and Wabtec. Materials are the biggest cost line at 58% of revenue, with employees at 10.8% and other operating costs at 21.5%. International revenue made up 24.1% of FY26 revenue. The company has also invested ₹5.80 crores for a 45% stake in ZAP91 Solar India, a joint venture building a solar module plant in Sadashivpet, Telangana. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Diversified engineering (51%), Custom designed building solutions & auxiliaries (50%). Cyclical, asset-heavy industrial engineering and pre-engineered buildings manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,266 | 2,895 | 3,131 | 3,227 | 3,620 |
| EBITDA (ex other income) | 171 | 221 | 273 | 310 | 355 |
| margin % | 7.6 | 7.6 | 8.7 | 9.6 | 9.8 |
| Owners' profit | 39 | 75 | 98 | 119 | 165 |
| EPS, as reported (₹) | 2.94 | 5.49 | 7.29 | 8.84 | 10.29 |
| ROE % · ROCE % | 5.7 · 14.7 | 9.7 · 20.0 | 11.2 · 23.1 | 11.9 · 21.8 | 11.9 · 20.2 |
| Debt / equity (x) | 0.80 | 0.80 | 0.84 | 0.78 | 0.98 |
| Cash from operations | 167 | 244 | 225 | 256 | 202 |
| Capex | (57) | (71) | (247) | (126) | (328) |
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 | 748 | 840 | 906 | 846 | 907 | 943 | 925 | 870 |
| Profit before tax | 36 | 40 | 47 | 40 | 41 | 43 | 55 | 47 |
| Net profit | 27 | 30 | 36 | 32 | 32 | 34 | 41 | 35 |
| EPS (₹) | 1.99 | 2.25 | 2.64 | 2.37 | 2.39 | 2.49 | 3.04 | 2.62 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Diversified engineering | 1,872 | 50.5 |
| Custom designed building solutions & auxiliaries | 1,836 | 49.5 |
| Total, before eliminations | 3,707 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 26.7 | 38 of 130 | 71% |
| P/B | 1.8 | 3.1 | 40 of 112 | 65% |
| ROCE | 11.5 | 11.3 | 70 of 142 | 51% |
| ROE | 11.9 | 9.8 | 39 of 113 | 66% |
| Debt / Equity | 1.0 | 0.2 | 101 of 113 | 11% |
| EBITDA margin | 12.3 | 12.4 | 56 of 110 | 50% |
| Revenue growth | 2.9 | 20.6 | 77 of 114 | 33% |
| Profit growth | 10.8 | 17.1 | 60 of 109 | 45% |
| Market cap | 2096 | 273 | 32 of 141 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · CARE reaffirms Pennar ratings; long-term facility raised to Rs 1,068 cr | credit debt | medium | — | — |
| 6 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Promoter warrants converted; 5.5L shares to list from Sep 29 | capital market events | low | — | — |
| 24 Sept 2026 · Pennar Industries passes all 3 AGM resolutions; scrutinizer report filed | compliance | low | — | — |
| 24 Sept 2026 · Pennar Industries 50th AGM held on Sep 24, 2026; voting results awaited | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper advertisement for 50th AGM and remote e-Voting notice | compliance | minimal | — | — |
| 2 Sept 2026 · Pennar Industries FY26 Annual Report, record revenue, EBITDA and PAT | results | high | — | — |
| 2 Sept 2026 · Pennar Industries files BRSR for FY26 with sustainability metrics | general | medium | — | — |
| 2 Sept 2026 · 50th AGM on 24 Sep 2026; e-voting 21-23 Sep, cut-off 17 Sep | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Pennar Industries FY26 Annual Report: Record Revenue, EBITDA and Profit | results | high | — | — |
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.