NSE: SAHYADRI · BSE: 532841
SAHYADRI INDUSTRIES LTD
Manufactures fibre cement roofing sheets and related building products, with asbestos-based roofing as the core line and non-asbestos (fireproof and waterproof) products positioned as a growth lever. The Building Material segment accounted for 97.9% of FY26 segment revenue at Rs. 671.68 crore, while a captive Power Generation segment contributed the remaining 2.1% at Rs. 14.44 crore. Overall capacity utilisation improved to 74% in FY26 from 68% in FY25, reaching 93% in Q1 FY26, with the Western plant running at ~90% and the Southern plant at 45-60%. Non-asbestos products' share of sales rose from 22% in FY24 to 26% in FY25, and value-added products are targeted to grow from 14% to 20% of revenue in FY26. Two new units are being added — a 72,000 MTPA non-asbestos cement board plant in Orissa and a 1,20,000 MTPA asbestos corrugated sheet unit in Maharashtra, each with Rs. 95 crore planned capex — while the Palghar facility has been delayed to Q4 FY27, with Rs. 50 crore already spent of Rs. 100 crore total. Demand is anchored in rural housing and infrastructure end-uses, and materials cost (mainly imported asbestos fibre and freight) at 53.6% of revenue is the key sensitivity. The Building Material segment earned Rs. 38.61 crore in EBIT and Power Generation earned Rs. 3.3 crore in EBIT in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Building Material (98%), Power Generation (2%). Asset-heavy fibre cement building materials manufacturing with exposure to rural construction cycles and monsoon-driven demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 542 | 594 | 634 | 605 | 679 |
| EBITDA (ex other income) | 98 | 81 | 66 | 54 | 60 |
| margin % | 18.0 | 13.6 | 10.5 | 9.0 | 8.9 |
| Owners' profit | 60 | 37 | 26 | 19 | 29 |
| EPS, as reported (₹) | 62.84 | 33.90 | 24.09 | 17.78 | 26.50 |
| ROE % · ROCE % | 20.1 · 26.2 | 11.1 · 15.7 | 7.3 · 11.6 | 5.1 · 8.5 | 7.1 · 10.2 |
| Debt / equity (x) | 0.27 | 0.37 | 0.32 | 0.21 | 0.04 |
| Cash from operations | 11 | 17 | 58 | 54 | 121 |
| Capex | (65) | (55) | (37) | (22) | (15) |
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 | 106 | 131 | 151 | 215 | 125 | 145 | 195 | 259 |
| Profit before tax | 3 | 1 | 6 | 15 | 4 | 7 | 14 | 36 |
| Net profit | 2 | 1 | 4 | 11 | 3 | 5 | 11 | 27 |
| EPS (₹) | 1.76 | 0.70 | 3.90 | 9.84 | 2.48 | 4.54 | 9.64 | 24.22 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a)Segment - Building Material | 672 | 97.9 |
| b) Segment - Power Generation | 14 | 2.1 |
| Total, before eliminations | 686 | 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. % |
|---|---|---|---|---|---|---|---|---|
| RAMCO INDUSTRIES LIMITED | 2,504 | 7.6 | 0.55 | 10.0 | 6.8 | 4.3 | 8.2 | 19.2 |
| ARISINFRA SOLUTIONS LTD | 1,159 | 16.6 | 1.54 | 10.1 | 8.0 | 10.2 | — | 12.0 |
| BIRLANU LIMITED | 946 | — | 0.85 | 16.9 | (10.8) | (6.5) | 4.2 | 6.8 |
| EVEREST INDUSTRIES LTD | 766 | — | 1.55 | — | (20.6) | (16.0) | 3.1 | 31.7 |
| MARBLE CITY INDIA LIMITED | 393 | 51.9 | 4.21 | 17.3 | 9.5 | 7.0 | — | 23.5 |
| SAHYADRI INDUSTRIES LTD ◆ | 350 | 7.8 | 0.86 | — | 7.1 | 9.4 | — | 16.1 |
| MIDWEST ENERGY LIMITED | 348 | 221.9 | 0.87 | — | (3.5) | (2.3) | — | 19.4 |
| GLITTEK GRANITES LTD. | 199 | 226.9 | 18.19 | — | (3.6) | (3.6) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.8 | 27.1 | 4 of 17 | 81% |
| P/B | 0.9 | 1.5 | 6 of 20 | 74% |
| ROCE | 9.4 | 2.8 | 5 of 22 | 81% |
| ROE | 7.1 | 2.5 | 7 of 20 | 68% |
| Debt / Equity | 0.0 | 0.1 | 8 of 20 | 63% |
| EBITDA margin | 16.1 | 16.7 | 10 of 16 | 40% |
| Revenue growth | 20.5 | 14.0 | 7 of 18 | 65% |
| Profit growth | 146.0 | 83.2 | 7 of 19 | 67% |
| Market cap | 350 | 49 | 6 of 22 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Sahyadri Industries to approve September quarter results on 31 October 2026 | results | low | — | — |
| 8 Oct 2026 · Compliance certificate under Reg 74(5) filed for Sep 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure for Q2 FY26 results period | compliance | minimal | — | — |
| 19 Aug 2026 · Sahyadri Industries 32nd AGM results: all 6 resolutions passed, dividend Rs 1.5/share | board shareholder meetings | low | — | — |
| 17 Aug 2026 · 32nd AGM proceedings held on 17 Aug 2026 via video conferencing | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Sahyadri Q1FY27: income up 21% YoY, EBITDA up 92%, Rs 2.5 dividend | compliance | low | — | — |
| 14 Aug 2026 · Sahyadi Q1 FY27 results: Revenue up 21%, EBITDA margin jumps to 16% | investor communications | medium | — | — |
| 13 Aug 2026 · Sahyadri Q1 FY27 revenue up 21%, PAT rises 146% | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27: Revenue up 41%, PAT up 151%; declares Rs 2.50 interim dividend | results | high | — | — |
| 12 Aug 2026 · Sahyadri Industries Q1 profit up 151 percent, board declares INR 2.50 interim dividend | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.