BSE: 514412
SARUP INDUSTRIES LTD.
Manufactures and sells shoes and shoe uppers from a Punjab-based operation with a manufacturing facility at Una, Himachal Pradesh. The business earns its entire revenue from this single footwear line — finished shoes sold under its own brand as well as shoe uppers supplied to other footwear players. In FY26, total revenue was Rs 16.08 crore, with materials accounting for 39.5% of revenue, employee costs 24.7%, and other operating expenses 21.5%, leaving depreciation at 3.5% and capex around 5.7% of revenue. A new brand, 'Lotus Bawa', was launched for men's real leather shoes, with a ladies' segment planned. Borrowings were cut from Rs 7.72 crore to Rs 3.08 crore in FY25, and a new machine was imported and installed at the Una plant. The promoter group holds 74.36% of the equity, and accumulated losses of Rs 2,400.51 lakh continue to keep reserves negative. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Footwear manufacturing (shoes and shoe uppers). Small, single-line footwear manufacturer with negative reserves and high asset base relative to revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12 | 9 | 12 | 16 | 16 |
| EBITDA (ex other income) | 1 | 0 | 1 | 6 | 1 |
| margin % | 6.5 | 1.3 | 10.1 | 40.1 | 9.3 |
| Owners' profit | (2) | (2) | (2) | 5 | 1 |
| EPS, as reported (₹) | (6.66) | (7.68) | (5.24) | 14.72 | 1.75 |
| ROE % · ROCE % | 66.6 · 0.1 | 43.4 · (0.5) | 21.9 · 1.5 | (159.0) · 11.5 | (23.6) · 4.0 |
| Debt / equity (x) | (12.00) | (6.86) | (4.67) | (12.21) | (15.07) |
| Cash from operations | 5 | 2 | 15 | 2 | 1 |
| Capex | (0) | 0 | (0) | 0 | (1) |
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 | 4 | 3 | 5 | 5 | 4 | 4 | 4 | 4 |
| Profit before tax | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.16 | 12.87 | 0.39 | 1.31 | 0.36 | 0.39 | 0.17 | 0.84 |
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. % |
|---|---|---|---|---|---|---|---|---|
| METRO BRANDS LIMITED | 22,925 | 56.4 | 11.31 | 23.6 | 20.5 | 16.3 | — | 33.4 |
| BATA INDIA LTD | 7,776 | 53.2 | 4.87 | 10.5 | 8.4 | 6.5 | 15.5 | 22.7 |
| RELAXO FOOT LTD. | 7,119 | 38.4 | 3.23 | — | 8.1 | 9.9 | — | 17.2 |
| REDTAPE LIMITED | 6,247 | 25.4 | 6.12 | 13.8 | 23.6 | 24.3 | — | 20.5 |
| CAMPUS ACTIVEWEAR LIMITED | 6,058 | 117.3 | 14.17 | 25.6 | 25.2 | 29.5 | — | 18.4 |
| SREELEATHERS LIMITED | 658 | 20.0 | 1.32 | — | 5.8 | 7.5 | — | 16.3 |
| LIBERTY SHOES LTD | 360 | 41.9 | 1.54 | — | 4.8 | 4.3 | — | 7.9 |
| LEHAR FOOTWEARS LIMITED | 351 | 16.8 | 2.65 | — | 15.7 | 19.3 | — | 8.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 1.0 | 7.5 | 11 of 11 | 0% |
| EBITDA margin | 12.0 | 17.4 | 8 of 10 | 22% |
| Revenue growth | (10.4) | 3.6 | 7 of 9 | 25% |
| Profit growth | (36.1) | (3.6) | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · FY26 Annual Report: Sales up but profit falls sharply, no dividend | compliance | medium | — | — |
| 8 Sept 2026 · 47th AGM scheduled for 30 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 47th AGM scheduled on 30 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Two independent directors exit, two new ones appointed | management changes | medium | — | — |
| 5 Sept 2026 · Two independent directors exit board, two new ones appointed | management changes | medium | — | — |
| 14 Aug 2026 · Q1 FY27 profit falls 53 percent to Rs 5.48 lacs | results | high | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Sales Down 21% YoY, Profit Falls 53% | results | high | — | — |
| 11 Aug 2026 · Board meeting on Aug 14, 2026 to approve Q1 FY27 results | results | low | — | — |
| 22 Jul 2026 · Compliance certificate for share dematerialisation filed with BSE | compliance | minimal | — | — |
| 30 Jun 2026 · Trading window closed from July 1 for Q1 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.