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Dossier · SARTHAK INDUSTRIES LTD. · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Operates a Trading Business that accounted for the entirety of reported segment revenue at ₹276.38 crore in FY26, alongside a Cylinder Business. Total revenue for FY26 stood at ₹282.18 crore, up 38.1% year-on-year, with EBITDA margin of 2.23% and net profit of ₹3.48 crore. The Trading Business recorded EBIT of ₹8.78 crore on ₹276.38 crore of revenue. The cost structure is dominated by other operating expenses at ₹10.59 crore (3.8% of revenue), with materials at ₹3.89 crore (1.4%) and employee costs at ₹2.71 crore (1.0%). Depreciation and capex are minimal at 0.1% and 0.0% of revenue respectively. The Cylinder Business reported an EBIT loss of ₹0.08 crore on ₹1.58 crore of revenue in the quarter ended March 2026. The board has re-appointed Mr. Ajay Peshkar as Whole-time Director for a further three-year term effective May 19, 2026 at a monthly salary of ₹1.47 lakh. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading Business (100%), Cylinder Business. Thin-margin trading business with small cylinder operations
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
FY22
FY23
FY24
FY25
FY26
Revenue
164
58
30
204
282
EBITDA (ex other income)
2
(1)
(1)
4
3
margin %
1.1
(1.2)
(4.7)
1.7
1.0
Owners' profit
2
1
1
3
3
EPS, as reported (₹)
2.41
0.82
0.73
3.04
3.75
ROE % · ROCE %
4.3 · 8.7
2.0 · 5.0
1.7 · 3.9
6.7 · 11.6
7.6 · 13.2
Debt / equity (x)
0.09
0.08
0.04
0.13
0.32
Cash from operations
2
(8)
(2)
(15)
(22)
Capex
(6)
(1)
(0)
(0)
(0)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SARTHAK INDUSTRIES LTD. · 29 October 2026Page 2 of 3
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
8
32
61
103
59
83
43
97
Profit before tax
0
1
1
1
1
1
1
1
Net profit
0
1
1
1
1
0
0
2
EPS (₹)
0.27
0.95
1.12
0.74
1.22
0.34
0.46
1.72
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Cylinder Business
6
2.1
Trading Business
276
96.7
Unallocated- Others
3
1.2
Total, before eliminations
286
100.0
Source: the filed segment block, four quarters summed.
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. %
REDINGTON LIMITED
27,525
16.2
2.64
12.8
12.3
15.7
15.9
2.2
MMTC LIMITED
7,740
17.3
3.65
16.5
18.3
21.6
(83.7)
18426.5
MSTC LIMITED
3,896
16.6
4.31
11.3
24.2
31.8
(13.9)
86.5
CREATIVE NEWTECH LIMITED
1,653
25.4
4.27
19.0
18.1
21.0
—
5.2
Pervasive Commodities Limited
1,104
—
12.27
—
(0.0)
(0.0)
—
45.0
SHIV AUM STEELS LIMITED
736
64.8
6.09
47.0
6.0
6.9
—
4.9
The Yamuna Syndicate Ltd
736
8.1
0.57
185.3
4.0
0.3
4.8
6.2
THE STATE TRADING CORPN
602
0.9
—
51.0
—
—
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
6.4
13.9
29 of 130
78%
P/B
0.5
0.9
41 of 150
71%
ROCE
8.6
2.1
37 of 177
80%
ROE
7.6
2.3
43 of 158
73%
Debt / Equity
0.3
0.1
107 of 154
31%
EBITDA margin
2.1
4.5
92 of 137
33%
Revenue growth
(5.8)
(8.6)
61 of 135
55%
Profit growth
132.3
0.6
37 of 157
77%
Market cap
22
21
86 of 179
52%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SARTHAK INDUSTRIES LTD. · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
6 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation
14 Aug 2026 · Sarthak Industries files Q1 FY27 results newspaper clippings with BSE
compliance
minimal
—
—
13 Aug 2026 · Sarthak Industries Q1 FY27 Results: Revenue Up 40% YoY, PAT Falls
results
high
—
—
13 Aug 2026 · Sarthak Industries Q1 FY27 results: Revenue up 40% YoY, profit falls 55%
board shareholder meetings
medium
—
—
8 Aug 2026 · Board meeting on Aug 13, 2026 to consider Q1 FY27 results
results
low
—
—
28 Jul 2026 · Newspaper notice published for 42nd AGM and e-voting details
compliance
minimal
—
—
25 Jul 2026 · 42nd Annual Report for FY 2025-26 submitted to BSE
compliance
minimal
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
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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
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
