NSE: SALASAR · BSE: 540642
SALASAR TECHNO ENGG. LTD.
Manufactures telecom towers and engineering steel structures at its units in Hapur, Uttar Pradesh, and also executes engineering, procurement and construction (EPC) projects. The Steel Structures segment, which makes up 65.7% of segment revenue at Rs 974.12 crore (FY26), is the larger contributor and also the more profitable, with segment EBIT of Rs 105.44 crore. The EPC Projects segment contributes the remaining 34.3% at Rs 509.35 crore in revenue and Rs 30.91 crore in EBIT, and has shown more variability across recent quarters including a loss in one quarter. The business runs on a raw-material-heavy cost base: materials account for 84.6% of revenue, employee costs 4.6%, other operating expenses 7.1%, and depreciation 1.7%. Capex runs at 4.5% of revenue. Operations have been affected by restricted LPG supply linked to the Middle East conflict, which has disrupted production, material deliveries, EPC business and exports to the Gulf region. Two amalgamation schemes are in process — EMC Limited has received NCLT approval to merge into the company, while Hill View Infrabuild Limited is awaiting shareholder and creditor approval through NCLT-convened meetings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel Structures (66%), EPC Projects (34%). Cyclical, materials-heavy industrial manufacturing and EPC execution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 719 | 1,005 | 1,208 | 1,447 | 1,503 |
| EBITDA (ex other income) | 69 | 91 | 122 | 104 | 112 |
| margin % | 9.6 | 9.1 | 10.1 | 7.2 | 7.5 |
| Owners' profit | 31 | 40 | 53 | 19 | 17 |
| EPS, as reported (₹) | 11.01 | 1.33 | 0.34 | 0.11 | 0.10 |
| ROE % · ROCE % | 11.1 · 19.2 | 10.0 · 19.0 | 11.7 · 23.0 | 2.4 · 11.0 | 2.1 · 10.9 |
| Debt / equity (x) | 0.88 | 0.68 | 0.77 | 0.40 | 0.50 |
| Cash from operations | 1 | (0) | 52 | (5) | 161 |
| Capex | (26) | 0 | (56) | (12) | (68) |
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 | 281 | 375 | 483 | 300 | 427 | 331 | 445 | 296 |
| Profit before tax | 12 | 16 | 5 | 12 | 24 | 8 | (3) | 4 |
| Net profit | 10 | 12 | (5) | 9 | 16 | 7 | (14) | 5 |
| EPS (₹) | 0.06 | 0.07 | (0.03) | 0.05 | 0.09 | 0.04 | (0.08) | 0.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Structures | 974 | 63.8 |
| EPC Projects | 553 | 36.2 |
| Total, before eliminations | 1,527 | 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) | 49.8 | 26.7 | 92 of 130 | 30% |
| P/B | 0.8 | 3.1 | 11 of 112 | 91% |
| ROCE | 4.6 | 11.3 | 107 of 142 | 25% |
| ROE | 2.1 | 9.8 | 95 of 113 | 16% |
| Debt / Equity | 0.5 | 0.2 | 84 of 113 | 26% |
| EBITDA margin | 8.6 | 12.4 | 77 of 110 | 30% |
| Revenue growth | (1.5) | 20.6 | 84 of 114 | 27% |
| Profit growth | (41.5) | 17.1 | 85 of 109 | 21% |
| Market cap | 696 | 273 | 48 of 141 | 66% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA compliance certificate on dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Trading window closed ahead of Q2 FY26 financial results | compliance | minimal | — | — |
| 1 Oct 2026 · Salasar Techno AGM: All 10 Resolutions Approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Salasar Techno Engineering holds 25th AGM, 10 resolutions proposed | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Transfer of unclaimed FY20 interim dividend and shares to IEPF | compliance | minimal | — | — |
| 23 Sept 2026 · Salasar Techno credit rating placed on watch with negative implications | credit debt | high | — | — |
| 19 Sept 2026 · Salasar promoter family inter-se gift transfer; stake unchanged | ownership changes | high | — | — |
| 15 Sept 2026 · ED provisionally attaches Salasar properties worth 98.31 crore under PMLA | regulatory legal | critical | — | — |
| 8 Sept 2026 · Notice of 25th AGM on September 30, 2026 via Video Conferencing | compliance | minimal | — | — |
| 7 Sept 2026 · Salasar Techno Engineering - 25th AGM notice published in newspapers | compliance | minimal | — | — |
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.