BSE: 540259
SHANGAR DECOR LIMITED
Provides decor services for weddings, themed events, exhibitions and corporate events out of Ahmedabad. In FY26, revenue was Rs. 23.26 crore and net profit Rs. 1.47 crore, with EBITDA margin of 22.9%. The cost stack shows no separately reported materials expense; the main operating lines are "other operating expenses" at 14.8% of revenue and depreciation at 13.8%, while employee cost is just 1.9% of revenue. Capital expenditure in FY26 was 92.5% of revenue, indicating heavy ongoing investment in fixed assets used to deliver decor services. Debt-to-equity is low at 0.11, so this capex is being funded largely from internal accruals. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Wedding decor, Theme decor, Exhibition decor, Corporate events decor. Service-based event decor business with high capex intensity and low financial leverage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6 | 10 | 13 | 18 | 23 |
| EBITDA (ex other income) | 1 | 2 | 2 | 3 | 5 |
| margin % | 20.0 | 16.2 | 18.8 | 15.2 | 22.9 |
| Owners' profit | 0 | 0 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.08 | 0.33 | 0.61 | 0.02 | 0.03 |
| ROE % · ROCE % | 0.8 · 1.3 | 3.0 · 2.0 | 10.2 · 7.0 | 1.4 · 2.3 | 2.5 · 3.3 |
| Debt / equity (x) | 0.97 | 1.48 | 1.15 | 0.01 | 0.11 |
| Cash from operations | (0) | 0 | 5 | (10) | 20 |
| Capex | (2) | (4) | (2) | (8) | (22) |
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 | 2 | 3 | 7 | 6 | 2 | 3 | 5 | 13 |
| Profit before tax | 0 | 1 | 2 | (2) | 0 | 0 | 1 | 1 |
| Net profit | 0 | 1 | 1 | (2) | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.08 | 0.64 | 0.15 | (0.03) | 0.00 | 0.00 | 0.01 | 0.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.0 | 13.5 | 27 of 80 | 67% |
| P/B | 0.2 | 1.4 | 11 of 96 | 88% |
| ROCE | 3.2 | 3.4 | 54 of 103 | 48% |
| ROE | 2.5 | 2.9 | 58 of 113 | 49% |
| Debt / Equity | 0.1 | 0.1 | 49 of 91 | 47% |
| EBITDA margin | 14.0 | 25.4 | 53 of 92 | 43% |
| Revenue growth | 100.5 | 16.2 | 15 of 91 | 84% |
| Profit growth | 132.0 | 5.2 | 25 of 110 | 78% |
| Market cap | 10 | 48 | 86 of 109 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · AGM 2026: All 3 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM proceedings for FY 2025-26 held; three resolutions tabled | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading Window Closure for Shangar Decor from 1 October 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · Shangar Decor Annual Report FY26, PAT up 82% to Rs 147 lakh, no dividend | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Board approves 31st AGM notice and Directors Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27: revenue doubles YoY, net profit jumps 5x to Rs 69 lakh | results | high | — | — |
| 14 Aug 2026 · Shangar Decor Q1 FY27 profit rises to Rs 69.31 lakh on strong revenue growth | results | high | — | — |
| 11 Aug 2026 · Board Meeting on 14 Aug to Consider Q1 FY 2026-27 Results | results | low | — | — |
| 11 Aug 2026 · Board Meeting on 14 Aug 2026 to Consider Q1 FY27 Results | results | low | — | — |
| 13 Jul 2026 · Company Secretary and Compliance Officer resigns | management 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.