BSE: 538992
Sar Auto Products Limited
Makes gears, gearboxes and transmission components from its base in Rajkot, Gujarat, supplying to automotive customers. The business operates through a single Manufacturing segment, which accounted for 100% of segment revenue in the company's segment disclosure, with a Construction segment shown but contributing nothing. For FY26, the company reported revenue of ₹14.35 cr and a net profit of ₹0.67 cr, with an EBITDA margin of 21.29% on total assets of ₹44.87 cr. Raw materials form the largest cost at 66.1% of revenue, followed by other operating expenses at 29.8% and employees at 5.3%. Depreciation at 15.4% of revenue and capex at 24.8% indicate a capital-intensive operation. The promoter and PAC group holds 74.59% of the 47,64,740 outstanding equity shares. Total borrowings stood at ₹3,850.75 lakhs. Q3 FY26 quarterly revenue came in at ₹358.48 lakhs with a net profit of ₹20.59 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (100%), Construction (0%). Small, asset-heavy auto components manufacturer focused on gears and transmission parts.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11 | 12 | 20 | 14 | 14 |
| EBITDA (ex other income) | 2 | 2 | 2 | 2 | 2 |
| margin % | 18.6 | 16.7 | 9.6 | 13.3 | 13.5 |
| Owners' profit | 1 | 1 | 1 | 0 | 1 |
| EPS, as reported (₹) | 2.37 | 1.30 | 2.45 | 0.88 | 1.41 |
| ROE % · ROCE % | 7.5 · 8.1 | 3.9 · 6.4 | 6.9 · 9.2 | 2.4 · 4.8 | 3.7 · 4.6 |
| Debt / equity (x) | 0.35 | 0.44 | 0.94 | 1.05 | 1.44 |
| Cash from operations | 0 | 1 | 3 | 0 | (3) |
| Capex | (2) | (4) | (5) | (3) | (4) |
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 | 4 | 4 | 2 | 2 | 2 | 4 | 6 | 5 |
| Profit before tax | 0 | 0 | (0) | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | (0) | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.66 | 0.32 | (0.73) | 0.24 | 0.29 | 0.43 | 0.43 | 0.78 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2122.8 | 25.3 | 119 of 119 | 0% |
| P/B | 108.6 | 3.2 | 117 of 117 | 0% |
| ROCE | 4.0 | 12.6 | 103 of 125 | 18% |
| ROE | 3.7 | 11.7 | 96 of 117 | 18% |
| Debt / Equity | 1.4 | 0.3 | 111 of 117 | 5% |
| EBITDA margin | 18.7 | 12.2 | 22 of 118 | 82% |
| Revenue growth | 134.9 | 20.2 | 1 of 113 | 100% |
| Profit growth | 221.2 | 24.4 | 8 of 115 | 94% |
| Market cap | 1952 | 1460 | 57 of 126 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of Sep 2026 unaudited standalone results | compliance | minimal | — | — |
| 27 Oct 2026 · Unaudited September 2026 results show higher profit but cash outflow | results | medium | — | — |
| 27 Oct 2026 · Board approves September 2026 results with no material misstatement found | results | high | — | — |
| 21 Oct 2026 · Board meeting on Oct 27 to approve Q2 FY26 results | results | low | — | — |
| 9 Oct 2026 · Reg 74(5) demat confirmation certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Sar Auto Products expands into defence and aerospace via MoA amendment | corporate actions | medium | — | — |
| 29 Sept 2026 · Sar Auto Products: New Independent Director Regularized by Shareholders | management changes | medium | — | — |
| 29 Sept 2026 · All 7 resolutions passed at Sar Auto Products 39th AGM | compliance | low | — | — |
| 28 Sept 2026 · SAR Auto Products 39th AGM held on Sep 28, 2026; 7 resolutions tabled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Promoter Shreyas R Virani sells 26 shares via open market | ownership changes | 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.