BSE: 539353
SAL AUTOMOTIVE LIMITED
Makes automobile components — primarily seat frames — and agriculture implements, running manufacturing plants in Punjab (Nabha), Karnataka (Dharwad), Uttarakhand (Rudrapur), and Maharashtra (Pune). FY26 revenue of 384.44 crore was split between the two segments, with Automobile Components at 187.65 crore (up 23.7% YoY) and Agriculture Implements at 196.79 crore (down about 13% YoY). Raw materials are the dominant cost at 78% of revenue, followed by employee costs at 13.8% and other operating expenses at 5.5%. The Board approved a new ~1,800 sq m satellite plant in Haridwar for seat frame manufacturing and a ~100,000 sq ft extension to the Nabha plant in November 2025 to handle customer demand. FY26 EBITDA margin stood at 3.3% and net profit at 4.26 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automobile Components, Agriculture Implements. Asset-light manufacturing of auto components and agriculture implements with thin margins (FY26 EBITDA margin ~3.3%)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 151 | 304 | 308 | 378 | 384 |
| EBITDA (ex other income) | (1) | 10 | 13 | 13 | 10 |
| margin % | (0.9) | 3.4 | 4.1 | 3.4 | 2.7 |
| Owners' profit | (2) | 5 | 5 | 5 | 4 |
| EPS, as reported (₹) | (9.91) | 19.21 | 20.21 | 21.99 | 8.95 |
| ROE % · ROCE % | (7.7) · (5.4) | 13.4 · 18.3 | 13.1 · 22.7 | 12.5 · 20.0 | 9.2 · 14.2 |
| Debt / equity (x) | 0.89 | 1.03 | 0.63 | 0.51 | 0.72 |
| Cash from operations | (8) | 15 | 12 | 10 | (6) |
| Capex | (15) | (11) | (4) | (7) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 100 | 94 | 95 | 88 | 100 | 108 | 88 | 89 |
| Profit before tax | 2 | 2 | 2 | 1 | 1 | 3 | 1 | 1 |
| Net profit | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 |
| EPS (₹) | 6.17 | 6.54 | 5.84 | 3.44 | 1.79 | 3.87 | 1.28 | 2.01 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automobile Components | 100 | 25.9 |
| Agriculture Implements | 77 | 20.0 |
| AUTOMOBILE COMPONENTS | 88 | 22.9 |
| AGRICULTURE IMPLEMENTS | 64 | 16.6 |
| AGRI IMPLEMENTS | 56 | 14.6 |
| Total, before eliminations | 384 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.7 | 25.3 | 52 of 119 | 57% |
| P/B | 2.1 | 3.2 | 40 of 117 | 66% |
| ROCE | 10.0 | 12.6 | 78 of 125 | 38% |
| ROE | 9.2 | 11.7 | 74 of 117 | 37% |
| Debt / Equity | 0.7 | 0.3 | 97 of 117 | 17% |
| EBITDA margin | 4.1 | 12.2 | 110 of 118 | 7% |
| Revenue growth | 0.8 | 20.2 | 103 of 113 | 9% |
| Profit growth | (1.1) | 24.4 | 85 of 115 | 26% |
| Market cap | 97 | 1460 | 110 of 126 | 13% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closed for Q2 and Half Year Ended September 30, 2026 | compliance | minimal | — | — |
| 22 Sept 2026 · SAL Automotive 51st AGM: All 7 resolutions passed, Rs. 2 dividend declared | board shareholder meetings | low | — | — |
| 22 Sept 2026 · New Memorandum of Association approved at 51st AGM | general | medium | — | — |
| 22 Sept 2026 · Re-appointment of Managing Director and Independent Director approved by shareholders | management changes | medium | — | — |
| 22 Sept 2026 · All 7 resolutions cleared at SAL Automotive 51st AGM; Rs 2 dividend declared | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · SAL Automotive 51st AGM held via video conferencing; final dividend of Rs 2 per share declared | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Special window reopens for physical share transfer and demat | compliance | minimal | — | — |
| 25 Aug 2026 · SAL Automotive 51st AGM notice published in newspapers | compliance | minimal | — | — |
| 25 Aug 2026 · Letter to shareholders for accessing Annual Report and 51st AGM Notice | 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.