NSE: SMLT · BSE: 540393
SARTHAK METALS LIMITED
Makes specialised steel downstream products from its base in Bhilai, with cored wire as the core product and welding consumables and aluminium flipping coils as newer or smaller lines. Cored wire volumes grew 14% in FY26, with Q4 FY26 volumes up 32% year-on-year, and the new welding consumables division delivered about Rs 15.7 crore in revenue in its first full year backed by RDSO approval from Indian Railways. The welding division is running at monthly volumes exceeding 115 tonnes, with management targeting Rs 25 crore in annual welding sales the following year. Aluminium flipping coils recovered in Q4 FY26 with 35% year-on-year volume growth, though the full year stayed subdued due to domestic overcapacity. FY26 revenue was Rs 192.25 crore with a net profit of Rs 4.61 crore, and the company is virtually debt-free at 0.05x debt-to-equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cored wire, Welding consumables, Aluminium flipping coils. Small-cap, virtually debt-free industrial products maker in specialised steel downstream goods
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 457 | 408 | 305 | 178 | 192 |
| EBITDA (ex other income) | 41 | 39 | 20 | 7 | 8 |
| margin % | 8.9 | 9.6 | 6.5 | 3.9 | 4.1 |
| Owners' profit | 27 | 30 | 14 | 4 | 5 |
| EPS, as reported (₹) | 20.03 | 21.74 | 10.10 | 3.01 | 3.37 |
| ROE % · ROCE % | 35.3 · 49.0 | 28.3 · 39.2 | 11.9 · 16.8 | 3.4 · 5.7 | 3.7 · 5.6 |
| Debt / equity (x) | 0.29 | 0.00 | 0.00 | 0.00 | 0.05 |
| Cash from operations | 16 | 35 | 27 | (0) | (33) |
| Capex | (2) | (3) | (5) | (7) | (1) |
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 | 46 | 44 | 48 | 46 | 36 | 48 | 62 | 55 |
| Profit before tax | 2 | 2 | 1 | 2 | 1 | 2 | 2 | 2 |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.61 | 0.92 | 0.49 | 0.77 | 0.57 | 0.95 | 1.09 | 0.97 |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 69,891 | 30.3 | 7.43 | 29.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 56,651 | 46.1 | 10.70 | 29.5 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,867 | 26.6 | 2.42 | 12.1 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 17,838 | 41.2 | 4.24 | 20.8 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 17,267 | 26.3 | 1.41 | 9.3 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 15,365 | 30.3 | 4.65 | 20.2 | 14.1 | 17.7 | 12.0 | 21.0 |
| GODAWARI POW & ISP LTD | 13,363 | 15.7 | 2.28 | 10.2 | 13.7 | 17.0 | 5.7 | 21.0 |
| GALLANTT ISPAT LIMITED | 12,112 | 27.9 | 3.65 | 16.2 | 14.6 | 16.8 | 34.4 | 17.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.1 | 17.0 | 64 of 105 | 39% |
| P/B | 0.8 | 1.6 | 20 of 101 | 81% |
| ROCE | 5.2 | 9.1 | 75 of 115 | 35% |
| ROE | 3.7 | 8.6 | 74 of 103 | 28% |
| Debt / Equity | 0.1 | 0.2 | 31 of 101 | 70% |
| EBITDA margin | 5.3 | 11.0 | 74 of 100 | 26% |
| Revenue growth | 19.4 | 13.7 | 38 of 97 | 62% |
| Profit growth | 25.3 | 29.3 | 56 of 105 | 47% |
| Market cap | 104 | 240 | 75 of 122 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Clarification on price movement - no pending disclosure | regulatory legal | medium | — | — |
| 6 Oct 2026 · BSE seeks clarification on sharp price movement in Sarthak Metals | compliance | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 9 Sept 2026 · CFO Mr Narendra Dewangan passes away | management changes | high | — | — |
| 20 Aug 2026 · 31st AGM held; 5 resolutions passed including new director and RPT approval | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Sarthak Metals: All 5 resolutions passed at 31st AGM with over 99.99% approval | board shareholder meetings | low | — | — |
| 19 Aug 2026 · 31st AGM held on Aug 18, 2026; five resolutions passed | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Q1 FY27 results revised after expense correction; profit unchanged | results | medium | — | — |
| 14 Aug 2026 · Sarthak Metals Q1 FY27: revenue up 19%, margins dip | investor communications | medium | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | 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.